Natco Pharma Ltd

About [ edit ]

NATCO Pharma Limited (NATCO) is a vertically integrated, research and development focused pharmaceutical company engaged in developing, manufacturing, and marketing complex products for niche therapeutic areas. #
NATCO has established its presence in all three business segments viz. finished dosage formulations (“FDF”), active pharmaceutical ingredients (“APIs”), Contract Manufacturing Business.#

Key Points [ edit ]
  • Market Cap 16,911 Cr.
  • Current Price 927
  • High / Low 996 / 572
  • Stock P/E 35.1
  • Book Value 223
  • Dividend Yield 0.73 %
  • ROCE 14.4 %
  • ROE 12.7 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 22.07%

Cons

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
768 539 544 557 456 492 486 482 455 563 802 355
384 321 323 348 307 301 351 354 326 392 526 273
Operating Profit 383 218 220 208 148 191 134 129 128 171 276 82
OPM % 50% 40% 41% 37% 33% 39% 28% 27% 28% 30% 34% 23%
Other Income 20 36 40 23 31 21 33 31 22 19 26 31
Interest 3 3 5 6 5 6 6 5 4 4 3 3
Depreciation 18 18 20 21 22 22 22 25 30 28 29 30
Profit before tax 382 232 235 205 152 184 139 129 117 158 271 80
Tax % 22% 22% 23% 22% 21% 22% 16% 19% 20% 23% 25% 21%
Net Profit 300 182 182 160 121 143 119 104 94 123 202 63
EPS in Rs 16.26 9.84 9.84 8.67 6.61 7.88 6.54 5.75 5.17 6.74 11.11 3.44

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
444 457 460 524 661 739 825 1,042 2,020 2,185 2,094 1,915 2,176
363 366 364 414 512 560 615 777 1,337 1,256 1,300 1,332 1,517
Operating Profit 81 91 96 109 149 179 210 266 683 928 795 583 658
OPM % 18% 20% 21% 21% 23% 24% 25% 25% 34% 42% 38% 30% 30%
Other Income 5 5 -1 9 2 17 0 12 14 40 130 107 98
Interest 15 15 14 23 26 37 32 23 18 15 19 22 13
Depreciation 14 20 16 16 22 30 47 51 54 66 81 100 117
Profit before tax 57 62 65 80 102 129 132 204 624 887 825 569 626
Tax % 20% 22% 20% 26% 36% 24% 1% 24% 22% 22% 22% 19%
Net Profit 44 49 54 60 72 103 135 157 486 696 644 461 482
EPS in Rs 3.14 3.46 3.80 3.83 4.58 6.21 8.10 9.02 27.88 37.74 35.24 25.31 26.46
Dividend Payout % 8% 12% 11% 16% 17% 16% 12% 14% 24% 22% 18% 27%
Compounded Sales Growth
10 Years:15%
5 Years:18%
3 Years:-2%
TTM:14%
Compounded Profit Growth
10 Years:25%
5 Years:28%
3 Years:-2%
TTM:-1%
Stock Price CAGR
10 Years:33%
5 Years:16%
3 Years:5%
1 Year:59%
Return on Equity
10 Years:20%
5 Years:21%
3 Years:19%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
28 28 28 31 31 33 33 35 35 37 36 36 36
Reserves 230 278 324 442 502 693 813 1,261 1,614 3,035 3,452 3,737 4,029
Borrowings 126 120 220 259 338 240 312 113 222 173 386 316 434
142 129 135 173 209 229 226 413 446 470 428 498 606
Total Liabilities 526 554 707 905 1,080 1,196 1,384 1,822 2,318 3,715 4,303 4,588 5,106
234 262 270 320 583 645 710 710 833 1,019 1,227 1,584 1,685
CWIP 47 40 76 164 106 124 129 212 336 480 638 518 454
Investments 34 61 63 63 2 2 2 22 32 76 169 112 301
210 192 299 359 389 425 543 878 1,116 2,140 2,270 2,373 2,666
Total Assets 526 554 707 905 1,080 1,196 1,384 1,822 2,318 3,715 4,303 4,588 5,106

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
61 75 37 65 61 144 93 112 346 464 669 417
-74 -61 -89 -125 -111 -108 -120 -176 -299 -1,116 -611 -175
16 -34 77 63 26 -35 29 154 -48 651 -51 -251
Net Cash Flow 3 -20 25 3 -24 0 2 90 -1 -2 7 -8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 21% 19% 17% 16% 17% 18% 17% 18% 39% 35% 23% 14%
Debtor Days 51 46 56 66 72 59 85 92 86 106 88 105
Inventory Turnover 3.25 2.95 2.31 2.16 2.20 1.70 1.42 1.09 1.84 1.19 0.86 0.82

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
48.38 48.34 48.42 48.71 49.01 48.98 48.98 48.93 48.93 48.91 48.91 48.87
24.39 24.32 23.82 21.39 20.10 21.59 21.98 21.67 20.40 19.32 18.17 16.35
6.26 6.10 6.09 7.13 8.14 8.97 9.64 10.57 12.82 13.71 15.04 16.14
20.97 21.24 21.67 22.77 22.75 20.47 19.40 18.83 17.85 18.07 17.88 18.65

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