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 0.46 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:
The company has delivered a poor growth of -1.51% over past five years.
Contingent liabilities of Rs.392.00 Cr.
Earnings include an other income of Rs.116.93 Cr.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
364 156 155 141 163 160 203 201 246 245 277 233
325 164 165 175 185 214 230 240 247 266 282 251
Operating Profit 40 -8 -11 -34 -23 -54 -27 -38 -1 -22 -5 -18
OPM % 11% -5% -7% -24% -14% -34% -13% -19% -0% -9% -2% -8%
Other Income 3 46 36 41 84 2,571 45 19 33 28 29 28
Interest 1 0 0 1 1 1 1 0 0 0 0 0
Depreciation 10 10 10 10 11 12 13 12 15 17 18 17
Profit before tax 32 27 15 -3 50 2,504 6 -32 17 -11 6 -7
Tax % 36% 3% -104% 148% 8% -0% 60% 35% 11% 139% -70% 107%
Net Profit 21 26 31 2 46 2,507 2 -21 15 4 10 0
EPS in Rs 2.26 2.88 3.46 0.16 5.04 275.74 0.25 -2.94 2.16 0.61 1.41 0.07
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 TTM
576 653 687 765 803 1,005 1,044 1,091 1,221 576 666 968 1,000
476 503 511 603 676 820 863 989 1,081 634 798 1,019 1,045
Operating Profit 99 150 176 161 127 186 181 102 139 -58 -132 -52 -45
OPM % 17% 23% 26% 21% 16% 18% 17% 9% 11% -10% -20% -5% -5%
Other Income 13 16 11 8 9 14 84 20 22 187 2,737 94 117
Interest 2 2 2 2 3 2 2 2 2 2 3 1 1
Depreciation 15 20 21 27 28 35 43 38 35 39 45 62 66
Profit before tax 94 144 164 140 105 162 220 82 124 87 2,556 -20 5
Tax % 18% 13% 18% 23% 22% 20% 20% 21% 19% -19% -0% 144%
Net Profit 78 125 134 108 82 130 177 64 100 104 2,557 9 30
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 4.25
Dividend Payout % 23% 23% 27% 33% 33% 31% 41% 28% 18% 26% 1% 320%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.01%
5 Years:-1.51%
3 Years:-7.44%
TTM:37.46%
Compounded Profit Growth
10 Years:-17.62%
5 Years:-31.68%
3 Years:-43.80%
TTM:-98.82%
Stock Price CAGR
10 Years:5.19%
5 Years:-3.87%
3 Years:-14.86%
1 Year:-6.35%
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 18 18 18 18 18 18 18 18 18 14 14
Reserves 410 502 593 660 712 795 888 929 1,009 1,112 2,748 2,718
Borrowings 23 26 23 31 48 6 1 0 8 1 0 0
150 168 200 212 255 321 311 287 329 406 373 374
Total Liabilities 601 714 833 921 1,034 1,140 1,218 1,235 1,365 1,538 3,135 3,106
224 280 315 356 385 426 394 396 381 468 555 789
CWIP 103 76 64 63 111 129 86 119 233 247 236 90
Investments 42 61 128 100 106 140 120 153 111 89 979 1,042
232 297 326 403 431 444 618 567 640 734 1,366 1,184
Total Assets 601 714 833 921 1,034 1,140 1,218 1,235 1,365 1,538 3,135 3,106

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
89 124 138 81 129 180 87 88 117 141 -66 -251
-85 -68 -111 -53 -111 -127 35 -62 -87 -132 1,648 -323
-5 -33 -38 -36 -15 -51 -98 -47 -39 -9 -930 -45
Net Cash Flow -1 23 -11 -9 3 3 24 -21 -9 -0 653 -619

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 % 23% 29% 28% 21% 14% 20% 19% 9% 13% -8% 132% -0%
Debtor Days 78 76 86 88 84 77 74 69 79 188 127 125
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