Shilpa Medicare Ltd // Pharmaceuticals

Pros:
Company has reduced debt.
Cons:
Dividend payout has been low at 4.05% of profits over last 3 years

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Piramal Enterp. 2518.35 9.07 45502.37 0.99 -69.81 -33.36 2902.49 29.24 28.33
2. Sun Pharma.Inds. 624.00 37.04 149717.86 0.32 1111.06 138.36 7224.17 16.35 10.24
3. Unichem Labs. 207.25 0.58 1457.86 2.41 -20.65 -1476.67 201.43 42.54 -242.51
4. Aurobindo Pharma 731.35 18.15 42850.35 0.34 455.66 -12.12 4250.27 15.54 25.84
5. Cadila Health. 385.05 18.79 39419.21 0.91 460.50 232.73 2893.70 32.42 21.04
6. Claris Lifescien 396.55 1.37 2163.88 0.50 -317.43 -1809.37 2.07 -54.51 -10.91
7. Cipla 645.60 35.00 51985.51 0.46 445.61 4.87 3938.99 11.74 8.91
8. Shilpa Medicare 445.40 24.24 3631.21 0.16 42.71 68.02 180.18 13.94 17.67

Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
163 190 180 158 194 174 207 158 194 173 217 180
126 147 131 122 145 133 152 120 131 140 171 123
Operating Profit 38 43 48 36 49 41 54 38 63 34 46 58
OPM % 23.15% 22.63% 27.0% 22.67% 25.19% 23.65% 26.2% 24.1% 32.35% 19.4% 21.33% 31.96%
Other Income 4 2 3 3 4 3 10 5 6 5 9 4
Depreciation 5 5 5 6 6 7 7 8 7 8 10 9
Interest 1 1 1 1 1 1 1 1 1 0 1 1
Profit before tax 35 39 46 32 46 37 57 35 60 30 45 52
Tax 10 7 12 8 12 10 13 9 12 5 10 9
Net Profit 25 32 34 24 33 27 44 25 48 24 35 43

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
68 94 136 234 258 280 328 527 565 676 734 741 764
57 75 109 157 184 223 263 410 429 514 556 562 564
Operating Profit 12 19 27 77 73 56 65 118 136 162 178 179 200
OPM % 17.27% 19.88% 19.61% 32.91% 28.41% 20.12% 19.9% 22.32% 24.13% 23.97% 24.28% 24.15% 26.19%
Other Income 2 3 1 5 5 8 5 9 5 11 20 23 23
Interest 0 1 5 5 2 2 2 3 4 3 3 2 2
Depreciation 2 4 6 10 10 11 13 21 19 21 27 33 34
Profit before tax 11 16 16 67 66 51 56 102 119 149 169 167 187
Tax 4 5 9 21 15 12 10 21 35 36 41 34 37
Net Profit 8 11 8 46 51 40 46 81 84 113 127 133 150
EPS 1.49 2.08 1.12 6.95 7.02 5.36 6.18 10.9 10.79 14.52 15.91 16.34
Dividend Payout % 8.78% 6.28% 14.55% 3.34% 3.77% 5.56% 6.94% 4.55% 5.04% 4.1% 3.77% 4.29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:20.74%
5 Years:17.70%
3 Years:9.45%
TTM:4.23%
Compounded Profit Growth
10 Years:36.36%
5 Years:21.79%
3 Years:13.78%
TTM:15.35%
Return on Equity
10 Years:16.57%
5 Years:15.29%
3 Years:14.06%
TTM:11.32%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
4 4 4 4 5 5 5 7 8 8 8 8
Reserves 41 51 63 108 226 282 326 405 555 657 1,022 1,149
Borrowings 8 76 97 69 50 55 98 80 87 86 237 186
18 24 36 74 50 80 78 134 134 180 226 239
Total Liabilities 71 154 201 255 331 422 507 627 784 931 1,493 1,582
32 67 124 128 127 141 153 258 280 350 449 489
CWIP 4 16 3 3 1 55 114 49 88 89 137 201
Investments 0 0 0 4 28 101 87 75 140 154 326 231
36 71 74 120 174 125 153 245 277 338 581 661
Total Assets 71 154 201 255 331 422 507 627 784 931 1,493 1,582

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
12 -10 30 46 -14 50 36 59 67 120 50 54
-15 -50 -50 -17 -33 -145 -63 -38 -139 -101 -275 -13
3 66 10 -31 47 13 36 -31 74 -15 315 -62
Net Cash Flow 0 6 -10 -2 1 -82 9 -10 2 4 91 -20