TTK Healthcare Ltd

About

TTK Healthcare Ltd is engaged in the business of Pharmaceuticals, Consumer Products, Medical Devices, Protective Devices and Foods. [1]
It is a part of TT Krishnamachari group; whose flagship company, TTK Prestige Ltd is one of the leading kitchen appliances company in India.[2]

Key Points

Pharmaceuticals Business (~37% of revenues)[1]
The company's pharmaceuticals business include products for both human and veterinary use :-

See full details
  • Market Cap 965 Cr.
  • Current Price 683
  • High / Low 825 / 416
  • Stock P/E 20.6
  • Book Value 209
  • Dividend Yield 0.88 %
  • ROCE 10.6 %
  • ROE 15.1 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 27.22%

Cons

  • Stock is trading at 3.27 times its book value
  • The company has delivered a poor sales growth of 4.17% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 10.19% for last 3 years.
  • Earnings include an other income of Rs.19.83 Cr.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
166.10 149.05 139.61 178.59 164.85 165.81 136.52 116.40 159.67 179.19 181.28 170.79
152.62 138.60 129.80 170.14 156.43 157.10 133.79 117.08 150.63 167.38 166.56 161.98
Operating Profit 13.48 10.45 9.81 8.45 8.42 8.71 2.73 -0.68 9.04 11.81 14.72 8.81
OPM % 8.12% 7.01% 7.03% 4.73% 5.11% 5.25% 2.00% -0.58% 5.66% 6.59% 8.12% 5.16%
Other Income 1.90 1.74 2.28 1.86 1.95 2.22 2.74 1.92 10.25 2.53 3.39 3.66
Interest 0.94 0.70 0.69 0.68 0.75 0.91 0.93 0.63 0.58 0.35 0.66 0.63
Depreciation 3.48 3.47 4.08 3.54 3.58 3.66 3.60 3.53 3.43 3.37 3.38 3.35
Profit before tax 10.96 8.02 7.32 6.09 6.04 6.36 0.94 -2.92 15.28 10.62 14.07 8.49
Tax % 39.32% 39.15% 32.24% 40.23% 37.42% 29.56% 55.32% 17.81% -101.64% 27.68% 26.44% 29.45%
Net Profit 6.66 4.88 4.95 3.64 3.78 4.48 0.42 -2.40 30.81 7.69 10.35 6.00
EPS in Rs 4.71 3.45 3.50 2.58 2.68 3.17 0.30 -1.70 21.80 5.44 7.32 4.25

Profit & Loss

Figures in Rs. Crores

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
252 311 354 382 416 483 519 528 578 628 646 637 691
237 289 330 362 396 453 478 489 535 578 617 602 647
Operating Profit 15 22 24 20 20 30 40 38 43 50 28 35 44
OPM % 6% 7% 7% 5% 5% 6% 8% 7% 7% 8% 4% 6% 6%
Other Income 4 4 5 7 6 7 6 6 8 8 9 18 20
Interest 2 2 3 3 3 4 3 3 5 3 3 2 2
Depreciation 2 2 2 3 3 6 7 12 15 15 14 14 14
Profit before tax 16 22 24 22 20 26 36 29 30 39 19 37 48
Tax % 41% 34% 34% 34% 37% 39% 36% 36% 40% 38% 37% -25%
Net Profit 9 15 16 14 12 16 23 19 18 24 12 46 55
EPS in Rs 11.76 18.95 20.13 18.28 15.95 20.81 29.19 24.13 12.86 17.25 8.72 32.87 38.81
Dividend Payout % 30% 21% 20% 22% 25% 22% 17% 21% 39% 29% 34% 18%
Compounded Sales Growth
10 Years:7%
5 Years:4%
3 Years:3%
TTM:18%
Compounded Profit Growth
10 Years:11%
5 Years:13%
3 Years:31%
TTM:644%
Stock Price CAGR
10 Years:4%
5 Years:-8%
3 Years:-8%
1 Year:54%
Return on Equity
10 Years:12%
5 Years:10%
3 Years:10%
Last Year:15%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8 8 8 8 8 8 8 8 14 14 14 14
Reserves 57 68 80 90 99 110 128 150 219 237 235 281
Borrowings 14 13 18 22 32 42 38 23 47 29 30 19
75 104 86 89 102 115 128 104 127 136 152 180
Total Liabilities 154 193 192 209 240 275 303 285 407 416 431 494
24 33 33 43 54 52 106 99 110 98 89 85
CWIP 6 5 6 0 2 46 1 0 1 2 9 0
Investments 8 7 7 1 0 0 10 9 9 13 9 13
116 149 146 165 184 177 185 177 288 304 325 395
Total Assets 154 193 192 209 240 275 303 285 407 416 431 494

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
19 25 6 24 13 39 37 18 25 17 20 96
-11 -7 -4 -1 -15 -49 -27 5 -22 10 -13 -77
-9 -7 -1 -2 2 3 -11 -23 -7 -31 -10 -17
Net Cash Flow -1 11 1 22 0 -7 -0 0 -4 -4 -4 2

Ratios

Figures in Rs. Crores

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 33 38 39 34 34 34 33 24 35 47 43 34
Inventory Days 62 60 64 52 64 62 66 65 80 77 101 102
Days Payable 144 71 70 55 56 50 53 100 130 101 121 142
Cash Conversion Cycle -50 27 32 31 41 46 46 -11 -16 22 23 -5
Working Capital Days -10 -10 1 -8 -10 -11 -11 -9 -1 10 13 -14
ROCE % 22% 27% 27% 21% 17% 20% 23% 18% 15% 15% 8% 11%

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
74.56 74.56 74.56 74.56 74.56 74.56 74.56 74.56 74.56 74.56 74.56 74.56
2.30 2.26 2.27 2.23 2.22 2.12 2.12 2.00 2.00 1.99 2.04 2.32
2.34 2.35 2.34 2.34 2.34 2.34 2.34 2.33 2.31 2.29 2.29 2.26
20.80 20.83 20.83 20.87 20.88 20.97 20.97 21.11 21.13 21.16 21.11 20.86

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