Neuland Laboratories Ltd

Neuland is primarily an API manufacturer with a large bouquet of products that find acceptance with over 500+ generics and innovator companies largely in regulated markets (Europe, North America and Japan). Apart from APIs, the company focused on the custom manufacturing services (CMS) segment. This R&D focused business vertical partners with global innovator companies for developing intermediates and APIs for their novel molecules. In addition, it also includes manufacturing APIs for commercial molecules in line with customer specifications.(Source : 201903 Annual Report Page No: 18)

  • Market Cap: 608.33 Cr.
  • Current Price: 474.15
  • 52 weeks High / Low 827.30 / 380.00
  • Book Value: 542.16
  • Stock P/E: 23.85
  • Dividend Yield: 0.25 %
  • ROCE: 3.96 %
  • ROE: 2.60 %
  • Sales Growth (3Yrs): 9.35 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 10.00
Pros:
Company has reduced debt.
Stock is trading at 0.87 times its book value
Debtor days have improved from 112.73 to 89.78 days.
Cons:
The company has delivered a poor growth of 7.44% over past five years.
Company has a low return on equity of 4.85% for last 3 years.
Company might be capitalizing the interest cost
Dividend payout has been low at 3.20% of profits over last 3 years
Promoter holding has decreased by -15.82% over last 3 years.

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
132 139 115 130 122 160 154 169 171 173 181 186
117 111 107 116 113 141 145 154 156 154 162 161
Operating Profit 15 28 8 14 9 19 9 15 16 18 19 25
OPM % 11% 20% 7% 11% 8% 12% 6% 9% 9% 11% 10% 13%
Other Income 0 0 3 0 1 0 1 1 0 1 1 1
Interest 5 5 5 5 5 5 4 4 3 5 4 5
Depreciation 5 5 5 6 6 6 6 6 7 7 8 8
Profit before tax 6 19 1 4 0 9 1 5 6 8 8 12
Tax % 35% 21% 24% 38% -306% 6% 25% 17% 22% 17% 25% 30%
Net Profit 4 15 1 2 1 8 0 4 5 7 6 9
EPS in Rs 4.09 13.17 0.58 2.15 0.66 7.22 0.35 3.43 3.59 5.25 4.38 6.68
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
218 307 278 397 448 461 466 469 510 579 527 667 711
197 281 255 349 402 402 395 402 430 473 477 609 634
Operating Profit 21 26 24 48 47 58 70 67 80 106 50 58 78
OPM % 10% 8% 9% 12% 10% 13% 15% 14% 16% 18% 10% 9% 11%
Other Income 5 11 5 2 2 3 3 0 2 1 4 3 3
Interest 10 14 26 30 33 31 25 27 24 21 19 16 17
Depreciation 5 7 14 15 15 15 15 15 16 19 22 26 30
Profit before tax 11 14 -10 5 0 16 34 24 41 67 14 20 34
Tax % -6% 18% 29% -8% -1,028% 12% 22% 36% 36% 30% 13% 19%
Net Profit 11 12 -7 5 2 14 27 16 26 46 12 16 26
EPS in Rs 12.33 12.72 0.00 5.62 3.19 15.02 29.27 17.33 29.10 51.80 13.19 12.51 19.90
Dividend Payout % 12% 16% -0% 0% 0% 7% 9% 9% 7% 0% 0% 10%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.08%
5 Years:7.44%
3 Years:9.35%
TTM:17.62%
Compounded Profit Growth
10 Years:3.25%
5 Years:-9.51%
3 Years:-14.94%
TTM:87.57%
Stock Price CAGR
10 Years:18.96%
5 Years:0.45%
3 Years:-21.13%
1 Year:-4.13%
Return on Equity
10 Years:6.93%
5 Years:6.32%
3 Years:4.85%
Last Year:2.60%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5 5 5 5 5 8 8 9 9 9 9 13
Reserves 63 70 63 68 70 91 115 151 175 534 546 683
Borrowings 134 200 233 234 220 210 190 188 182 192 319 231
89 115 96 120 130 135 181 171 162 181 249 272
Total Liabilities 291 391 398 427 425 444 494 519 528 915 1,123 1,200
60 147 163 158 151 136 131 123 139 466 475 541
CWIP 60 37 30 27 27 36 35 41 40 20 126 104
Investments 7 7 8 8 8 8 8 8 8 8 8 8
165 200 197 234 239 265 321 346 342 422 514 545
Total Assets 291 391 398 427 425 444 494 519 528 915 1,123 1,200

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12 22 15 32 49 26 49 13 45 39 12 70
-59 -74 -23 -8 -5 -7 -10 -14 -20 -42 -116 -77
48 54 10 -24 -44 -20 -39 1 -24 -0 105 12
Net Cash Flow 1 1 2 -0 0 -1 0 0 1 -3 0 4

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 12% 12% 5% 11% 11% 15% 19% 16% 18% 16% 4% 4%
Debtor Days 86 85 95 92 79 78 93 100 85 114 134 90
Inventory Turnover 4.18 4.89 3.91 5.23 5.20 4.99 5.02 4.54 4.25 4.42 3.40 3.63