Torrent Pharmaceuticals Ltd

Torrent Pharmaceuticals is engaged in one of the leading Indian Pharmaceutical Company engaged in research, development, manufacturing and marketing of generic pharmaceutical formulations.

Pros:
Company has reduced debt.
Company has a good return on equity (ROE) track record: 3 Years ROE 16.15%
Company has been maintaining a healthy dividend payout of 42.09%
Cons:
Stock is trading at 5.91 times its book value
Promoters have pledged 36.49% of their holding

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
1,443 1,434 1,374 1,417 1,463 1,708 1,872 1,894 2,051 1,856 2,022 2,005
1,127 1,139 1,077 1,088 1,104 1,344 1,395 1,421 1,490 1,383 1,481 1,464
Operating Profit 316 295 297 329 359 364 477 473 561 473 541 541
OPM % 22% 21% 22% 23% 25% 21% 25% 25% 27% 25% 27% 27%
Other Income 50 104 105 78 74 42 27 10 3 -340 20 34
Interest 48 58 56 51 80 121 122 126 133 123 122 116
Depreciation 73 97 80 84 94 151 150 152 156 160 160 163
Profit before tax 245 244 266 272 259 134 232 205 275 -150 279 296
Tax % 7% 16% 29% 25% 78% -70% 30% 13% 11% -1% 23% 18%
Net Profit 229 206 188 204 58 228 163 179 246 -152 216 244
EPS in Rs 13.47 12.17 11.08 12.07 3.37 13.55 9.66 10.57 14.50 -8.95 12.74 14.48
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
1,343 1,611 1,886 2,195 2,691 3,203 4,172 4,636 6,687 5,816 5,950 7,673 7,934
1,152 1,375 1,492 1,808 2,200 2,514 3,220 3,616 4,007 4,438 4,601 5,729 5,818
Operating Profit 191 236 394 388 491 688 951 1,020 2,680 1,377 1,349 1,944 2,116
OPM % 14% 15% 21% 18% 18% 22% 23% 22% 40% 24% 23% 25% 27%
Other Income 20 38 48 56 -11 10 38 286 85 223 299 -261 -283
Interest 23 39 29 39 39 34 59 175 184 206 308 504 494
Depreciation 39 42 66 63 82 83 87 191 238 307 409 618 639
Profit before tax 149 192 347 342 359 582 844 940 2,343 1,088 931 562 700
Tax % 10% 4% 33% 21% 20% 25% 21% 20% 26% 14% 27% 22%
Net Profit 135 184 231 270 284 433 664 751 1,733 934 678 436 554
EPS in Rs 7.66 10.56 13.17 15.32 16.10 23.64 37.53 42.12 102.41 55.16 40.07 25.78 32.77
Dividend Payout % 22% 18% 22% 25% 25% 45% 25% 25% 34% 25% 35% 66%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.89%
5 Years:12.96%
3 Years:4.69%
TTM:14.37%
Compounded Profit Growth
10 Years:12.14%
5 Years:-1.99%
3 Years:-31.26%
TTM:35.03%
Stock Price CAGR
10 Years:24.96%
5 Years:13.59%
3 Years:10.70%
1 Year:7.28%
Return on Equity
10 Years:27.56%
5 Years:25.65%
3 Years:16.15%
Last Year:12.75%

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 Sep 2019
42 42 42 42 42 42 85 85 85 85 85 85 85
Reserves 467 609 789 980 1,152 1,380 1,818 2,406 3,409 4,266 4,538 4,640 4,988
Borrowings 360 483 522 572 579 693 1,132 2,740 2,352 2,510 6,462 6,038 4,309
411 545 626 955 1,302 1,669 2,036 2,673 3,446 2,842 3,159 3,358 4,594
Total Liabilities 1,281 1,679 1,979 2,549 3,074 3,784 5,070 7,904 9,291 9,702 14,243 14,121 13,976
470 511 541 636 797 820 875 2,833 2,859 3,688 7,855 7,748 7,786
CWIP 82 53 110 180 119 285 534 678 1,042 519 647 617 525
Investments 55 139 141 146 124 60 186 298 780 804 492 353 451
674 974 1,187 1,588 2,035 2,618 3,475 4,095 4,611 4,691 5,249 5,403 5,214
Total Assets 1,281 1,679 1,979 2,549 3,074 3,784 5,070 7,904 9,291 9,702 14,243 14,121 13,976

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
236 254 287 395 486 153 599 810 2,742 1,009 894 1,798
-135 -40 -122 -233 -137 -247 -418 -2,113 -869 -798 -4,677 -246
31 -18 -5 -68 -193 20 86 1,212 -1,435 -193 3,417 -1,314
Net Cash Flow 133 197 160 94 156 -73 268 -90 437 18 -366 238

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 % 21% 24% 30% 25% 27% 33% 35% 27% 48% 19% 13% 13%
Debtor Days 57 60 58 57 71 78 96 125 79 60 77 68
Inventory Turnover 5.49 6.50 6.41 5.30 5.19 4.40 4.32 4.47 5.51 3.99 3.38 3.93