Shilpa Medicare Ltd
Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing service for some of its customers. The company’s formulation products consist of 16 injectable dosage forms, 19 oral solid dosage forms under SML and 13 formulations under SML’s wholly owned subsidiary Shilpa Therapeutics.[1]
- Market Cap ₹ 5,232 Cr.
- Current Price ₹ 535
- High / Low ₹ 558 / 228
- Stock P/E 816
- Book Value ₹ 246
- Dividend Yield 0.00 %
- ROCE -0.93 %
- ROE 3.49 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- The company has delivered a poor sales growth of -19.7% over past five years.
- Company has a low return on equity of 6.26% over last 3 years.
- Promoters have pledged 90.4% of their holding.
- Earnings include an other income of Rs.64.6 Cr.
- Dividend payout has been low at 3.88% of profits over last 3 years
- Company has high debtors of 165 days.
- Company's cost of borrowing seems high
- Promoter holding has decreased over last 3 years: -3.24%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
280 | 328 | 527 | 565 | 676 | 734 | 741 | 664 | 806 | 257 | 357 | 248 | 289 | |
223 | 263 | 410 | 429 | 511 | 551 | 562 | 487 | 561 | 223 | 335 | 291 | 283 | |
Operating Profit | 56 | 66 | 118 | 137 | 164 | 183 | 179 | 177 | 245 | 34 | 22 | -44 | 6 |
OPM % | 20% | 20% | 22% | 24% | 24% | 25% | 24% | 27% | 30% | 13% | 6% | -18% | 2% |
8 | 5 | 9 | 5 | 9 | 15 | 23 | 21 | 32 | 204 | 170 | 159 | 65 | |
Interest | 2 | 2 | 3 | 4 | 3 | 3 | 2 | 3 | 4 | 6 | 9 | 21 | 21 |
Depreciation | 11 | 13 | 21 | 19 | 21 | 27 | 33 | 34 | 35 | 22 | 35 | 47 | 49 |
Profit before tax | 51 | 56 | 102 | 119 | 149 | 169 | 167 | 162 | 238 | 210 | 148 | 48 | -0 |
Tax % | 22% | 17% | 21% | 29% | 24% | 24% | 20% | 23% | 19% | 12% | 5% | -18% | |
40 | 46 | 81 | 84 | 113 | 127 | 133 | 124 | 194 | 184 | 141 | 57 | -12 | |
EPS in Rs | 5.41 | 6.25 | 10.99 | 10.91 | 14.64 | 15.91 | 16.34 | 15.22 | 23.76 | 22.62 | 16.24 | 6.59 | -1.35 |
Dividend Payout % | 6% | 7% | 5% | 5% | 4% | 4% | 4% | 7% | 5% | 5% | 7% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | -3% |
5 Years: | -20% |
3 Years: | -33% |
TTM: | 14% |
Compounded Profit Growth | |
---|---|
10 Years: | 5% |
5 Years: | -10% |
3 Years: | -28% |
TTM: | -59% |
Stock Price CAGR | |
---|---|
10 Years: | 9% |
5 Years: | 6% |
3 Years: | 7% |
1 Year: | 110% |
Return on Equity | |
---|---|
10 Years: | 10% |
5 Years: | 8% |
3 Years: | 6% |
Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 5 | 5 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 9 |
Reserves | 282 | 326 | 405 | 555 | 657 | 1,022 | 1,149 | 1,273 | 1,445 | 1,630 | 2,057 | 2,109 | 2,123 |
55 | 98 | 80 | 87 | 86 | 237 | 186 | 186 | 380 | 655 | 195 | 290 | 110 | |
80 | 78 | 134 | 132 | 178 | 224 | 204 | 201 | 188 | 225 | 635 | 110 | 109 | |
Total Liabilities | 422 | 507 | 627 | 783 | 929 | 1,490 | 1,547 | 1,668 | 2,021 | 2,517 | 2,896 | 2,517 | 2,352 |
141 | 153 | 258 | 280 | 350 | 449 | 489 | 511 | 517 | 641 | 566 | 609 | 799 | |
CWIP | 55 | 114 | 49 | 88 | 89 | 137 | 201 | 401 | 373 | 482 | 293 | 226 | 27 |
Investments | 101 | 87 | 75 | 140 | 154 | 326 | 231 | 89 | 93 | 219 | 238 | 244 | 247 |
125 | 153 | 245 | 275 | 336 | 579 | 627 | 667 | 1,038 | 1,175 | 1,800 | 1,438 | 1,279 | |
Total Assets | 422 | 507 | 627 | 783 | 929 | 1,490 | 1,547 | 1,668 | 2,021 | 2,517 | 2,896 | 2,517 | 2,352 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
50 | 36 | 59 | 67 | 120 | 50 | 54 | 164 | 130 | 70 | 174 | 2 | |
-145 | -63 | -38 | -139 | -101 | -275 | -13 | -215 | -295 | -238 | -379 | -95 | |
13 | 36 | -31 | 74 | -15 | 315 | -61 | 8 | 170 | 256 | 97 | 88 | |
Net Cash Flow | -82 | 9 | -10 | 2 | 4 | 91 | -20 | -42 | 5 | 87 | -108 | -5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 43 | 35 | 42 | 45 | 60 | 83 | 107 | 100 | 103 | 310 | 105 | 165 |
Inventory Days | 125 | 117 | 130 | 142 | 126 | 173 | 174 | 275 | 283 | 1,847 | 472 | 420 |
Days Payable | 97 | 85 | 103 | 77 | 99 | 103 | 103 | 111 | 105 | 351 | 111 | 142 |
Cash Conversion Cycle | 71 | 68 | 68 | 110 | 87 | 153 | 179 | 264 | 281 | 1,806 | 466 | 443 |
Working Capital Days | 48 | 54 | 60 | 70 | 71 | 127 | 149 | 153 | 306 | 739 | 210 | 816 |
ROCE % | 17% | 15% | 22% | 21% | 21% | 16% | 12% | 11% | 15% | 2% | 1% | -1% |
Documents
Announcements
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 19 Apr
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Compliance Certificate Under Regulation 40(10) SEBI (LODR) Regulations, 2015.
19 Apr - Certificate dated April 19, 2024, for the year ending March 31, 2024, issued by CS D S Rao, Practicing Company Secretary, CP No. 14487.
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Compliance Certificate For The Period Ending March 31, 2024.
19 Apr - All activities in relation to both physical and electronic share transfer facilities were maintained by "M/s Kfin Technologies Limited" (SEBI Registration No. INR000000221) the Registrar …
- Launch Of Pemetrexed Injection, 100Mg/10 Ml, 500 Mg/50 Ml, 1000 Mg/100 Ml (NDA) 18 Apr
- Europe GMP Approval Of SML, Unit 4, Jadcherla, Telangana 16 Apr
Annual reports
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Financial Year 2023
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Financial Year 2021
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT REC
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Feb 2023Transcript PPT REC
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Nov 2022TranscriptPPT
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Nov 2022Transcript PPT REC
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Aug 2022Transcript PPT REC
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Feb 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Aug 2020TranscriptNotesPPT
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Jun 2020TranscriptNotesPPT
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Jun 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
Established Business of API & Formulations
The Co. is one of the leading API and formulations manufacturers with strong capabilities in the therapeutic area of oncology. It supplies more than 30 oncology APIs for various regulated markets including USA, Europe, Japan, South Korea, Russia, Mexico, Brazil, and other emerging markets. [1] The API facilities are approved by several national and international regulatory bodies like USFDA, EU, Cofepris- Mexico, PMDA-Japan, Korean FDA, TPD Canada & TGA-Australia. [2]
It has about 19 API & intermediate manufacturing blocks with segregation of Oncology and Non-Oncology manufacturing facilities. [3]
It has vertically integrated the formulations segment. It manufactures Injectable Dosage Forms, Oral Solid Dosage Forms, Oral Disintegrating Films, and various prescription and OTX products for the overseas and Indian markets. [4]