Procter & Gamble Health Ltd

About [ edit ]

Merck Limited is engaged in manufacturing and marketing of pharmaceuticals, bulk drugs, fine chemicals and pigments.

  • Market Cap 11,121 Cr.
  • Current Price 6,699
  • High / Low 7,500 / 2,891
  • Stock P/E 50.0
  • Book Value 388
  • Dividend Yield 0.63 %
  • ROCE 29.3 %
  • ROE 21.0 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 42.74% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 38.30%
  • Company has been maintaining a healthy dividend payout of 87.96%
  • Debtor days have improved from 39.41 to 25.65 days.

Cons

  • Stock is trading at 17.24 times its book value
  • The company has delivered a poor sales growth of 9.34% over past five years.
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
198 220 226 204 231 234 225 237 228 201 264 240
174 169 168 189 181 179 175 188 169 148 186 151
Operating Profit 24 51 58 15 50 55 50 49 59 53 78 89
OPM % 12% 23% 26% 8% 22% 23% 22% 21% 26% 26% 30% 37%
Other Income 20 21 17 709 18 17 7 6 10 11 7 6
Interest -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 0 0
Depreciation 7 5 4 5 4 5 4 4 4 8 7 8
Profit before tax 37 67 71 720 63 67 53 51 65 56 77 86
Tax % 38% 28% 26% 1% 36% 35% 32% 25% 28% 12% 23% 21%
Net Profit 23 48 52 715 41 44 36 38 46 49 59 68
EPS in Rs 13.68 29.10 31.53 430.94 24.52 26.56 21.54 23.02 27.99 29.43 35.70 40.89
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Figures in Rs. Crores

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Jun 2020 TTM
387 473 509 590 687 798 867 940 993 698 849 1,356 933
338 412 450 503 582 721 809 855 877 621 701 1,037 655
Operating Profit 50 61 60 87 106 77 59 85 116 77 148 319 279
OPM % 13% 13% 12% 15% 15% 10% 7% 9% 12% 11% 17% 24% 30%
Other Income 48 43 43 17 20 21 20 22 24 74 768 66 33
Interest 0 0 0 0 -0 -0 -0 -0 -0 -0 -0 -0 0
Depreciation 6 8 7 8 9 10 13 23 25 19 21 29 28
Profit before tax 92 96 96 96 117 88 67 83 115 132 895 355 284
Tax % 31% 32% 34% 33% 33% 37% 35% 36% 31% 29% 6% 28%
Net Profit 63 65 63 64 78 56 43 54 79 94 839 254 222
EPS in Rs 39.45 38.06 38.36 47.23 33.66 26.04 32.27 47.67 56.57 505.27 153.07 134.01
Dividend Payout % 47% 51% 250% -0% 5% 25% 23% 23% 23% 27% 87% 150%
Compounded Sales Growth
10 Years:11%
5 Years:9%
3 Years:11%
TTM:1%
Compounded Profit Growth
10 Years:15%
5 Years:43%
3 Years:48%
TTM:40%
Stock Price CAGR
10 Years:28%
5 Years:59%
3 Years:65%
1 Year:68%
Return on Equity
10 Years:25%
5 Years:31%
3 Years:38%
Last Year:21%

Balance Sheet

Figures in Rs. Crores

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Jun 2020 Dec 2020
17 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 435 451 330 393 467 506 538 575 647 717 1,524 890 628
Borrowings -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 10
109 101 84 90 111 125 154 192 215 258 219 269 197
Total Liabilities 561 568 430 500 594 648 708 784 879 991 1,759 1,176 852
60 63 49 72 75 85 110 132 111 115 104 101 102
CWIP 2 1 2 0 2 9 28 7 30 9 17 21 39
Investments 153 24 20 23 24 24 24 42 28 70 -0 -0 -0
345 480 359 405 494 530 547 603 711 797 1,639 1,053 711
Total Assets 561 568 430 500 594 648 708 784 879 991 1,759 1,176 852

Cash Flows

Figures in Rs. Crores

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Jun 2020
4 42 66 19 54 0 5 83 107 54 -130 235
16 2 176 -9 -82 7 11 -68 -75 -48 1,270 165
-20 -45 -222 -0 -0 -5 -17 -12 -15 -22 -30 -883
Net Cash Flow -0 -2 20 10 -28 3 -1 4 17 -16 1,109 -483

Ratios

Figures in Rs. Crores

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Jun 2020
ROCE % 21% 21% 24% 25% 26% 18% 12% 15% 18% 16% 78% 29%
Debtor Days 42 34 40 38 34 38 44 49 39 64 28 26
Inventory Turnover 3.03 3.23 3.59 2.87 2.51 2.66 2.49 2.62 2.58 1.55 2.08 3.64

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
51.80 51.80 51.80 51.82 51.82 51.82 51.82 51.82 51.82 51.82 51.82 51.82
3.66 3.12 3.39 3.67 4.24 4.42 4.51 4.64 4.62 4.76 5.29 6.15
9.59 9.67 8.57 7.29 7.42 8.50 9.55 9.64 10.39 10.89 11.94 11.72
34.95 35.40 36.24 37.22 36.53 35.26 34.13 33.91 33.17 32.53 30.96 30.31

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