Sun Pharmaceuticals Industries Ltd

About

Sun Pharmaceuticals Industries is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs).(Source : 202003 Annual Report Page No:112)

  • Market Cap 180,382 Cr.
  • Current Price 752
  • High / Low 851 / 539
  • Stock P/E 101
  • Book Value 113
  • Dividend Yield 1.00 %
  • ROCE 8.03 %
  • ROE 9.01 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 29.56% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 64.93%

Cons

  • Stock is trading at 6.63 times its book value
  • The company has delivered a poor sales growth of 10.65% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 10.03% for last 3 years.
  • Company has high debtors of 181.62 days.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
2,261 2,552 3,309 3,373 3,014 2,836 2,963 3,531 3,388 3,160 3,665 4,143
2,087 1,994 2,367 2,538 2,308 2,608 2,241 3,092 2,642 2,479 3,278 3,279
Operating Profit 175 558 942 835 706 229 722 439 746 680 387 864
OPM % 8% 22% 28% 25% 23% 8% 24% 12% 22% 22% 11% 21%
Other Income 28 679 19 258 15 1,219 21 84 21 -55 -98 284
Interest 133 119 57 114 99 138 69 16 72 103 107 104
Depreciation 134 132 136 139 144 142 143 306 147 152 307 334
Profit before tax -65 986 768 840 478 1,167 532 201 548 371 -125 711
Tax % 41% -8% 1% 2% 2% 1% -0% -11% -1% 12% -11% -14%
Net Profit -39 1,068 763 823 469 1,156 532 224 556 327 -138 809
EPS in Rs -0.16 4.45 3.18 3.43 1.95 4.82 2.22 0.93 2.32 1.36 -0.58 3.37

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,486 3,108 4,016 2,432 2,829 8,028 7,719 7,684 8,982 10,303 12,532 12,803 14,356
1,557 1,783 2,253 1,919 2,810 8,581 8,130 7,559 7,998 8,513 9,815 9,857 11,678
Operating Profit 929 1,325 1,762 513 19 -552 -410 125 985 1,790 2,717 2,946 2,678
OPM % 37% 43% 44% 21% 1% -7% -5% 2% 11% 17% 22% 23% 19%
Other Income 91 194 40 236 -2,700 205 367 504 171 23 1,506 51 153
Interest 0 0 0 0 18 551 574 224 388 541 408 257 386
Depreciation 69 64 76 86 102 661 464 422 487 553 562 587 939
Profit before tax 949 1,454 1,726 663 -2,801 -1,559 -1,082 -17 280 719 3,253 2,153 1,505
Tax % 5% 5% 2% 22% -1% 5% -0% -36% -9% -14% 1% 1%
Net Profit 899 1,384 1,697 517 -2,829 -1,474 -1,088 -23 306 817 3,211 2,140 1,554
EPS in Rs 4.34 6.68 8.20 2.49 -13.66 -7.12 -4.52 -0.10 1.27 3.40 13.38 8.92 6.47
Dividend Payout % 32% 26% 26% 50% -11% -42% -22% -3,677% 157% 81% 30% 84%
Compounded Sales Growth
10 Years: 15%
5 Years: 11%
3 Years: 13%
TTM: 16%
Compounded Profit Growth
10 Years: 5%
5 Years: 30%
3 Years: 26%
TTM: -25%
Stock Price CAGR
10 Years: 11%
5 Years: 1%
3 Years: 22%
1 Year: 32%
Return on Equity
10 Years: 4%
5 Years: 7%
3 Years: 10%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
104 104 104 104 207 207 241 240 240 240 240 240 240
Reserves 5,614 6,577 7,775 7,685 7,201 22,531 21,649 20,773 22,083 22,604 24,156 24,800 26,986
Borrowings 29 51 40 43 2,409 6,811 5,829 6,047 6,884 6,437 6,406 6,689 7,054
721 876 1,213 1,414 4,548 7,897 6,548 6,810 7,585 8,434 7,608 7,270 8,489
Total Liabilities 6,469 7,607 9,131 9,246 14,364 37,446 34,266 33,869 36,792 37,714 38,410 38,999 42,769
741 794 977 1,136 1,267 3,185 3,575 4,039 4,645 4,978 5,229 5,244 10,131
CWIP 92 196 249 348 480 1,091 768 1,100 988 643 597 763 474
Investments 4,052 3,601 4,438 4,318 7,016 25,876 22,372 19,333 18,355 17,904 17,362 16,999 15,446
1,584 3,015 3,467 3,445 5,601 7,294 7,552 9,397 12,804 14,189 15,223 15,993 16,718
Total Assets 6,469 7,607 9,131 9,246 14,364 37,446 34,266 33,869 36,792 37,714 38,410 38,999 42,769

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
646 1,232 1,339 106 -2,405 149 -1,254 -1,621 -1,171 1,242 1,306 1,737
-159 -1,073 -771 456 517 2,642 3,640 2,381 1,394 431 1,483 -609
-327 -312 -420 -509 1,742 -2,674 -2,368 -753 -272 -1,469 -2,871 -1,126
Net Cash Flow 160 -153 148 53 -145 117 17 7 -50 205 -82 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 81 64 65 111 126 82 94 129 214 178 180 182
Inventory Days 255 252 221 354 315 227 260 256 218 277 210 241
Days Payable 100 110 138 148 130 164 216 229 262 214 170 197
Cash Conversion Cycle 236 206 148 317 311 146 138 155 170 242 220 225
Working Capital Days 131 104 75 210 370 -21 17 24 87 82 141 152
ROCE % 18% 23% 25% 8% 0% -6% -3% -0% 5% 8% 11% 8%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
54.38 54.38 54.38 54.55 54.56 54.69 54.69 54.69 54.48 54.48 54.48 54.48
14.88 15.54 14.93 14.70 13.89 12.81 12.70 12.38 12.19 11.67 11.50 12.07
17.65 17.32 17.98 18.53 19.07 19.56 20.11 20.45 20.84 21.62 21.97 21.73
13.09 12.76 12.71 12.23 12.48 12.94 12.51 12.48 12.49 12.23 12.05 11.72

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