Sun Pharmaceuticals Industries Ltd

₹ 916 -0.28%
05 Aug - close price
About

Sun Pharmaceutical Industries Ltd is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APIs). The company and its subsidiaries has various manufacturing facilities spread across the world with trading and other incidental and related activities extending to global market.[1] It is the largest pharmaceutical company in India.[2]

Key Points

Product Offerings
The company produces a comprehensive and diverse portfolio of generic and specialty medicines targeting wide spectrum of chronic and acute treatments. Its product portfolio includes generics, branded generics, specialty, difficult-to-make technology intensive products, anti-retrovirals, APIs and intermediates.[1] It offers medicines in all form of dosages i.e. injectables, sprays, ointments, creams, liquids, tablets and capsules.[2]

  • Market Cap 219,767 Cr.
  • Current Price 916
  • High / Low 967 / 734
  • Stock P/E 28.4
  • Book Value 200
  • Dividend Yield 1.09 %
  • ROCE 18.4 %
  • ROE 14.0 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 53.6%

Cons

  • Stock is trading at 4.58 times its book value
  • The company has delivered a poor sales growth of 4.13% over past five years.
  • Company has a low return on equity of 11.8% for last 3 years.

* 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
8,374 8,123 8,155 8,185 7,585 8,553 8,837 8,523 9,719 9,626 9,863 9,447 10,762
6,379 6,334 6,313 6,822 5,742 6,360 6,431 6,475 6,898 6,996 7,257 7,106 7,877
Operating Profit 1,996 1,790 1,841 1,363 1,844 2,193 2,406 2,048 2,821 2,630 2,606 2,340 2,884
OPM % 24% 22% 23% 17% 24% 26% 27% 24% 29% 27% 26% 25% 27%
213 201 120 -158 -3,480 544 315 -562 -479 223 433 -3,822 2
Interest 104 84 63 52 52 33 26 30 35 36 19 37 14
Depreciation 457 473 547 575 496 499 532 553 503 530 554 556 588
Profit before tax 1,647 1,433 1,351 577 -2,184 2,205 2,163 903 1,804 2,287 2,466 -2,076 2,285
Tax % 9% 19% 24% 14% -11% 12% 11% 6% 22% 9% 14% -7% 8%
Net Profit 1,387 1,064 914 400 -1,656 1,813 1,852 894 1,444 2,047 2,059 -2,277 2,061
EPS in Rs 5.78 4.43 3.81 1.67 -6.90 7.56 7.72 3.73 6.02 8.53 8.58 -9.49 8.59

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
5,728 8,019 11,131 16,080 27,392 28,487 31,578 26,489 29,066 32,838 33,498 38,654 39,698
3,766 5,047 6,346 9,078 19,498 20,313 21,476 20,858 22,689 25,855 25,028 28,257 29,236
Operating Profit 1,962 2,972 4,784 7,003 7,894 8,174 10,102 5,631 6,377 6,983 8,470 10,398 10,461
OPM % 34% 37% 43% 44% 29% 29% 32% 21% 22% 21% 25% 27% 26%
353 702 -90 -1,968 283 -42 610 -135 -258 382 -3,449 -3,645 -3,165
Interest 74 28 43 44 579 523 400 518 555 303 141 127 106
Depreciation 205 291 336 409 1,195 1,038 1,265 1,500 1,753 2,053 2,080 2,144 2,229
Profit before tax 2,036 3,355 4,315 4,581 6,403 6,571 9,048 3,479 3,810 5,010 2,799 4,481 4,962
Tax % 6% 9% 20% 15% 14% 14% 13% 26% 16% 16% 18% 24%
Net Profit 1,816 2,657 2,983 3,141 4,539 4,546 6,964 2,096 2,665 3,765 2,904 3,273 3,889
EPS in Rs 8.77 12.83 14.40 15.17 21.92 18.89 29.03 8.73 11.11 15.69 12.10 13.64 16.21
Dividend Payout % 20% 17% 9% 10% 14% 5% 12% 23% 25% 25% 62% 73%
Compounded Sales Growth
10 Years: 17%
5 Years: 4%
3 Years: 10%
TTM: 11%
Compounded Profit Growth
10 Years: 10%
5 Years: -1%
3 Years: 24%
TTM: 14%
Stock Price CAGR
10 Years: 10%
5 Years: 14%
3 Years: 29%
1 Year: 17%
Return on Equity
10 Years: 14%
5 Years: 10%
3 Years: 12%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
104 104 104 207 207 241 240 240 240 240 240 240
Reserves 9,380 12,132 14,886 18,318 25,383 32,741 36,400 38,074 41,169 45,025 46,223 47,771
426 321 260 2,561 8,996 8,497 9,832 10,385 10,514 8,315 3,869 1,290
2,329 3,762 5,128 8,009 14,137 13,949 14,624 15,598 12,666 14,615 17,291 20,498
Total Liabilities 12,238 16,319 20,377 29,095 48,723 55,428 61,095 64,297 64,590 68,194 67,622 69,800
3,293 3,951 5,647 6,817 12,682 15,872 17,675 18,853 21,837 22,847 21,553 22,949
CWIP 235 345 563 842 2,039 2,175 2,801 2,465 1,411 1,220 1,567 798
Investments 2,230 2,213 2,412 2,786 2,716 1,830 1,192 7,143 7,903 10,143 9,612 12,849
6,480 9,810 11,756 18,650 31,286 35,550 39,427 35,837 33,439 33,984 34,890 33,205
Total Assets 12,238 16,319 20,377 29,095 48,723 55,428 61,095 64,297 64,590 68,194 67,622 69,800

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2,281 2,234 3,357 3,959 5,616 6,686 7,082 3,907 2,196 6,555 6,170 8,985
-1,300 -748 -2,375 -2,176 -1,502 -3,949 -4,186 -3,104 -310 -2,225 407 -5,725
-804 -544 -665 507 -1,187 -1,889 -2,285 -1,539 -2,731 -5,715 -5,980 -5,193
Net Cash Flow 177 942 316 2,290 2,927 848 611 -736 -844 -1,386 596 -1,934

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 70 95 79 50 68 87 83 108 112 105 99 100
Inventory Days 372 464 454 410 307 370 307 338 366 311 378 317
Days Payable 161 221 185 174 178 207 197 234 192 142 167 158
Cash Conversion Cycle 281 338 348 286 197 251 193 212 285 274 310 259
Working Capital Days 126 127 111 126 76 104 73 79 137 112 78 128
ROCE % 23% 28% 35% 38% 25% 20% 21% 10% 11% 11% 14% 18%

Shareholding Pattern

Numbers in percentages

9 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
54.55 54.56 54.69 54.69 54.69 54.48 54.48 54.48 54.48 54.48 54.48 54.48
14.70 13.89 12.81 12.70 12.38 12.19 11.67 11.50 12.07 13.00 14.44 14.95
18.53 19.07 19.56 20.11 20.45 20.84 21.62 21.97 21.73 20.99 20.02 19.66
12.23 12.48 12.94 12.51 12.48 12.49 12.23 12.05 11.72 11.53 11.06 10.91

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