Sun Pharmaceuticals Industries Ltd

Sun Pharmaceuticals Industries is in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs).

Pros:
Company has been maintaining a healthy dividend payout of 19.90%
Cons:
Tax rate seems low
Company has a low return on equity of 11.94% for last 3 years.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
8,260 7,925 7,137 6,209 6,650 6,653 6,977 7,224 6,938 7,740 7,164 8,374
5,092 5,472 5,589 5,113 5,275 5,200 5,294 5,617 5,406 5,587 6,147 6,379
Operating Profit 3,168 2,453 1,547 1,096 1,376 1,453 1,683 1,607 1,531 2,153 1,017 1,996
OPM % 38% 31% 22% 18% 21% 22% 24% 22% 22% 28% 14% 24%
Other Income 119 122 224 -799 255 129 303 200 -863 193 282 213
Interest 54 166 45 109 157 95 155 131 130 145 150 104
Depreciation 304 307 338 347 359 339 455 402 427 471 454 457
Profit before tax 2,930 2,102 1,389 -159 1,114 1,148 1,376 1,274 112 1,730 694 1,647
Tax % 15% 18% 3% -102% 10% 69% -15% 7% 241% 16% -4% 9%
Net Profit 2,471 1,472 1,224 -323 1,002 356 1,342 1,057 -160 1,242 636 1,387
EPS in Rs 9.30 6.10 5.20 -1.77 3.80 1.34 5.60 4.41 -1.12 5.18 2.65 5.78
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
3,295 4,183 4,007 5,728 8,019 11,131 16,080 27,392 28,487 31,578 26,489 29,066 30,216
1,744 2,319 2,644 3,768 4,816 6,346 9,367 19,706 20,425 21,489 20,885 22,710 23,520
Operating Profit 1,551 1,864 1,363 1,960 3,203 4,784 6,713 7,686 8,062 10,089 5,605 6,356 6,696
OPM % 47% 45% 34% 34% 40% 43% 42% 28% 28% 32% 21% 22% 22%
Other Income 154 214 211 355 472 -90 -1,679 491 69 623 -108 -237 -176
Interest 9 6 6 74 28 43 44 579 523 400 518 555 528
Depreciation 97 123 153 205 291 336 409 1,195 1,038 1,265 1,500 1,753 1,809
Profit before tax 1,599 1,949 1,415 2,036 3,355 4,315 4,581 6,403 6,571 9,048 3,479 3,810 4,184
Tax % 3% 4% 5% 6% 9% 20% 15% 14% 14% 13% 26% 16%
Net Profit 1,487 1,818 1,351 1,816 2,657 2,983 3,141 4,539 4,546 6,964 2,096 2,665 3,106
EPS in Rs 7.00 8.54 6.29 8.48 12.48 13.98 14.91 21.21 18.89 29.03 8.73 11.11 12.49
Dividend Payout % 15% 16% 21% 20% 17% 9% 10% 14% 5% 12% 23% 25%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:21.39%
5 Years:12.57%
3 Years:0.67%
TTM:9.86%
Compounded Profit Growth
10 Years:7.40%
5 Years:-5.96%
3 Years:-10.03%
TTM:-17.36%
Return on Equity
10 Years:16.72%
5 Years:14.07%
3 Years:11.94%
Last Year:9.19%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
104 104 104 104 104 104 207 207 241 240 240 240
Reserves 4,888 6,941 7,725 9,380 12,132 14,886 18,318 25,383 32,741 36,400 38,074 41,169
Borrowings 144 179 171 426 321 260 2,561 8,996 8,497 9,832 10,385 10,514
944 1,040 1,072 2,464 3,946 5,343 8,298 14,632 14,463 15,440 16,505 13,657
Total Liabilities 6,079 8,263 9,072 12,373 16,502 20,593 29,384 49,217 55,942 61,912 65,205 65,580
1,208 1,788 1,939 3,293 3,951 5,647 6,817 12,682 15,872 17,675 18,853 21,837
CWIP 69 157 145 235 345 563 842 2,039 2,175 2,801 2,465 1,411
Investments 756 1,859 3,166 2,230 2,213 2,412 2,786 2,716 1,830 1,192 7,143 7,903
4,046 4,459 3,822 6,615 9,993 11,971 18,939 31,780 36,064 40,243 36,744 34,430
Total Assets 6,079 8,263 9,072 12,373 16,502 20,593 29,384 49,217 55,942 61,912 65,205 65,580

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
505 2,165 781 2,281 2,234 3,357 3,959 5,616 6,686 7,082 3,907 2,196
-606 -1,484 -214 -1,300 -748 -2,375 -2,176 -1,502 -3,949 -4,186 -3,104 -310
66 -267 -346 -804 -544 -665 507 -1,187 -1,889 -2,285 -1,539 -2,731
Net Cash Flow -35 414 221 177 942 316 2,290 2,927 848 611 -736 -844

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 35% 31% 19% 23% 28% 35% 38% 25% 20% 21% 10% 11%
Debtor Days 157 77 107 70 95 79 50 68 87 83 108 112
Inventory Turnover 4.58 4.79 3.91 4.47 4.48 4.77 5.64 6.23 4.71 4.76 3.86 3.94