Shilpa Medicare Ltd

Shilpa Medicare Ltd

₹ 530 -0.92%
22 Apr 12:12 p.m.
About

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]

Key Points

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]

  • Market Cap 5,180 Cr.
  • Current Price 530
  • High / Low 558 / 228
  • Stock P/E
  • Book Value 205
  • Dividend Yield 0.00 %
  • ROCE 0.81 %
  • ROE -1.71 %
  • Face Value 1.00

Pros

Cons

  • Stock is trading at 2.60 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 5.81% over past five years.
  • Company has a low return on equity of 2.60% over last 3 years.
  • Promoters have pledged 90.4% of their holding.
  • 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
191.25 208.03 237.36 295.27 272.30 340.60 261.16 262.91 262.50 263.56 260.17 312.98 286.48
170.75 182.19 206.22 243.25 227.97 267.87 241.32 252.91 231.22 226.54 213.91 254.59 221.60
Operating Profit 20.50 25.84 31.14 52.02 44.33 72.73 19.84 10.00 31.28 37.02 46.26 58.39 64.88
OPM % 10.72% 12.42% 13.12% 17.62% 16.28% 21.35% 7.60% 3.80% 11.92% 14.05% 17.78% 18.66% 22.65%
8.61 6.91 1.99 10.19 5.48 5.37 8.10 4.39 3.07 2.17 1.93 1.81 2.21
Interest 4.80 9.12 10.32 11.58 9.92 9.35 9.59 13.47 17.85 17.74 18.15 23.24 26.22
Depreciation 13.72 15.23 17.63 19.18 20.65 22.34 22.42 23.31 24.08 25.69 26.75 27.79 26.71
Profit before tax 10.59 8.40 5.18 31.45 19.24 46.41 -4.07 -22.39 -7.58 -4.24 3.29 9.17 14.16
Tax % 27.48% 9.52% 68.73% 36.76% 50.47% 36.33% 157.74% 17.06% 12.66% -90.09% 64.44% 82.88% 66.81%
7.67 7.61 1.62 19.89 9.54 29.55 2.34 -18.58 -6.62 -8.05 1.18 1.57 4.70
EPS in Rs 0.94 0.96 0.20 2.45 1.10 3.40 0.10 -2.15 -0.76 -0.93 0.14 0.19 0.53
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
318 371 571 614 719 779 789 733 908 899 1,141 1,046 1,123
258 301 455 485 566 614 634 585 688 718 940 947 917
Operating Profit 61 70 116 129 153 165 155 148 219 181 202 99 207
OPM % 19% 19% 20% 21% 21% 21% 20% 20% 24% 20% 18% 9% 18%
10 5 6 5 5 15 22 33 17 90 21 17 8
Interest 2 2 4 4 7 3 3 4 5 22 41 59 85
Depreciation 14 15 23 21 29 31 37 42 44 54 80 96 107
Profit before tax 53 57 95 108 122 146 137 136 188 195 102 -38 22
Tax % 23% 17% 21% 33% 19% 29% 25% 19% 18% 25% 41% 19%
41 47 75 73 99 104 103 110 155 146 61 -31 -1
EPS in Rs 5.61 6.44 10.28 9.56 13.46 13.43 12.91 13.77 19.15 18.13 6.99 -3.74 -0.07
Dividend Payout % 5% 7% 5% 6% 4% 4% 5% 7% 6% 6% 16% 0%
Compounded Sales Growth
10 Years: 11%
5 Years: 6%
3 Years: 5%
TTM: 0%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -113%
Stock Price CAGR
10 Years: 9%
5 Years: 6%
3 Years: 7%
1 Year: 109%
Return on Equity
10 Years: 8%
5 Years: 5%
3 Years: 3%
Last Year: -2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 271 316 389 539 639 979 1,077 1,189 1,321 1,471 1,814 1,775 1,775
61 132 118 189 221 241 191 194 390 846 683 798 865
96 99 163 169 194 244 223 218 270 308 370 321 355
Total Liabilities 433 551 678 905 1,062 1,472 1,499 1,610 1,989 2,632 2,876 2,902 3,004
167 181 294 316 580 492 534 558 650 1,111 1,342 1,368 1,653
CWIP 58 129 111 222 95 141 210 429 666 541 506 655 389
Investments 68 50 10 66 53 253 140 2 10 21 34 43 45
141 191 262 301 334 587 615 621 662 959 993 836 917
Total Assets 433 551 678 905 1,062 1,472 1,499 1,610 1,989 2,632 2,876 2,902 3,004

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
57 44 70 69 129 37 45 147 124 47 105 226
-152 -95 -49 -196 -106 -257 -10 -196 -290 -404 -286 -278
10 66 -28 136 -20 313 -61 10 176 436 83 46
Net Cash Flow -86 15 -8 9 3 93 -26 -39 10 79 -98 -7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 47 41 43 48 43 80 102 101 99 88 124 113
Inventory Days 134 126 143 147 161 187 194 266 298 427 338 281
Days Payable 99 87 108 85 101 110 106 115 122 91 139 127
Cash Conversion Cycle 82 80 79 111 104 157 189 253 275 425 323 267
Working Capital Days 60 81 50 67 64 122 144 141 134 222 182 164
ROCE % 18% 15% 20% 18% 16% 14% 10% 9% 12% 8% 6% 1%

Shareholding Pattern

Numbers in percentages

6 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024
53.25% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 44.39%
12.27% 14.59% 14.41% 14.41% 14.46% 15.32% 13.73% 10.26% 8.60% 8.52% 5.63% 9.68%
2.91% 2.86% 1.93% 1.99% 1.76% 0.61% 0.54% 0.37% 0.41% 0.06% 1.65% 7.53%
31.57% 32.54% 33.65% 33.59% 33.78% 34.04% 35.72% 39.36% 40.98% 41.41% 42.71% 38.37%
No. of Shareholders 46,54039,56539,72439,09741,57946,14346,86950,43444,09443,63046,04644,809

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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