Unichem Laboratories Ltd

Unichem Laboratories is engaged in manufacturing of pharmaceutical products.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.48 times its book value
Company is expected to give good quarter
Company has a good return on equity (ROE) track record: 3 Years ROE 43.37%
Company has been maintaining a healthy dividend payout of 115.88%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -1.51% over past five years.
Earnings include an other income of Rs.94.21 Cr.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
337.43 364.21 155.66 154.53 141.31 162.71 160.21 203.44 201.43 245.92 244.76 277.08
293.18 324.62 163.92 165.22 174.91 185.38 214.19 229.99 240.09 246.57 266.40 281.89
Operating Profit 44.25 39.59 -8.26 -10.69 -33.60 -22.67 -53.98 -26.55 -38.66 -0.65 -21.64 -4.81
OPM % 13.11% 10.87% -5.31% -6.92% -23.78% -13.93% -33.69% -13.05% -19.19% -0.26% -8.84% -1.74%
Other Income 5.04 3.48 45.59 36.41 41.10 84.32 2,570.61 45.43 19.32 32.58 27.56 28.81
Interest 0.60 0.62 0.44 0.36 0.66 1.06 0.93 0.51 0.01 0.07 0.13 0.41
Depreciation 9.76 10.48 10.03 9.97 9.95 10.81 11.53 12.75 12.35 14.81 16.83 17.72
Profit before tax 38.93 31.97 26.86 15.39 -3.11 49.78 2,504.17 5.62 -31.70 17.05 -11.04 5.87
Tax % 33.80% 35.78% 2.83% -104.48% 148.23% 7.93% -0.11% 59.96% 34.86% 10.79% 138.95% -69.51%
Net Profit 25.77 20.52 26.11 31.46 1.50 45.82 2,507.03 2.25 -20.65 15.21 4.30 9.94
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
575.73 653.11 687.22 764.74 803.19 1,005.22 1,044.18 1,090.99 1,220.52 576.07 666.08 967.74
476.44 502.71 511.14 603.35 675.76 819.55 863.04 989.41 1,081.37 634.08 798.22 1,019.44
Operating Profit 99.29 150.40 176.08 161.39 127.43 185.67 181.14 101.58 139.15 -58.01 -132.14 -51.70
OPM % 17.25% 23.03% 25.62% 21.10% 15.87% 18.47% 17.35% 9.31% 11.40% -10.07% -19.84% -5.34%
Other Income 12.61 15.54 11.21 7.96 9.39 14.07 83.98 19.97 22.31 186.59 2,736.81 94.21
Interest 2.07 1.93 1.77 1.95 3.30 2.48 2.48 2.37 2.29 2.00 3.17 0.62
Depreciation 15.37 19.92 21.47 27.22 28.29 34.82 42.67 37.68 34.99 39.41 45.04 61.71
Profit before tax 94.46 144.09 164.05 140.18 105.23 162.44 219.97 81.50 124.18 87.17 2,556.46 -19.82
Tax % 17.73% 13.42% 18.35% 22.60% 21.64% 20.22% 19.55% 20.98% 19.08% -19.16% -0.01% 144.40%
Net Profit 77.71 124.75 133.95 108.50 82.46 129.60 176.97 64.40 100.48 103.87 2,556.60 8.80
EPS in Rs 8.28 13.30 14.19 11.37 8.64 13.56 18.17 6.69 11.06 11.43 363.48 1.25
Dividend Payout % 23.19% 23.12% 26.92% 33.27% 32.85% 31.41% 40.98% 28.18% 18.08% 26.25% 1.38% 320.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.01%
5 Years:-1.51%
3 Years:-7.44%
TTM:45.29%
Compounded Profit Growth
10 Years:-17.62%
5 Years:-31.68%
3 Years:-43.80%
TTM:-99.30%
Return on Equity
10 Years:28.82%
5 Years:34.70%
3 Years:43.37%
Last Year:0.65%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
18.02 18.03 18.03 18.05 18.06 18.09 18.13 18.15 18.17 18.18 14.07 14.08
Reserves 410.00 501.93 592.61 659.98 711.95 794.86 888.14 929.26 1,008.98 1,112.44 2,747.60 2,717.86
Borrowings 23.36 25.53 22.96 31.18 48.36 5.72 0.63 0.22 8.36 1.00 0.44 0.00
150.06 168.31 199.50 212.04 255.42 321.05 310.70 287.02 329.15 406.47 372.87 373.74
Total Liabilities 601.44 713.80 833.10 921.25 1,033.79 1,139.72 1,217.60 1,234.65 1,364.66 1,538.09 3,134.98 3,105.68
224.30 280.11 314.92 355.64 385.21 426.22 393.72 395.87 381.20 467.96 554.84 788.81
CWIP 103.19 75.93 63.63 62.87 111.34 129.29 86.31 118.66 232.65 247.26 235.53 90.25
Investments 41.81 60.81 128.31 100.14 106.12 140.26 119.92 152.65 110.56 89.37 978.80 1,042.45
232.14 296.95 326.24 402.60 431.12 443.95 617.65 567.47 640.25 733.50 1,365.81 1,184.17
Total Assets 601.44 713.80 833.10 921.25 1,033.79 1,139.72 1,217.60 1,234.65 1,364.66 1,538.09 3,134.98 3,105.68

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
89.32 123.72 138.02 80.60 129.26 180.30 86.87 88.03 116.58 140.78 -66.26 -251.30
-85.20 -67.99 -110.85 -53.44 -110.97 -126.60 35.22 -62.18 -86.73 -131.91 1,648.30 -322.63
-4.65 -33.13 -37.68 -35.78 -14.87 -50.90 -97.92 -46.97 -38.63 -8.95 -929.51 -44.89
Net Cash Flow -0.53 22.60 -10.51 -8.62 3.42 2.80 24.17 -21.12 -8.77 -0.08 652.53 -618.82

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 22.61% 29.20% 28.11% 20.80% 14.44% 20.33% 18.76% 8.93% 12.79% -8.33% 131.68% -0.37%
Debtor Days 78.35 76.12 86.27 87.79 83.99 77.08 73.85 68.98 79.17 187.86 126.99 124.97
Inventory Turnover 8.13 7.99 7.24 6.56 5.81 7.37 6.57 5.85 6.31 2.53 2.89 4.02