Wockhardt Ltd

Wockhardt Ltd

₹ 586 4.99%
28 Mar - close price
About

Wockhardt is a global pharmaceutical and biotechnology organization engaged in manufacturing finished dosage formulations, injectables, biopharmaceuticals, orals and topicals (creams and ointments). [1]

Key Points

Market Position
The Co. is amongst top 3 Indian generic companies in the UK and 6th Largest generic supplier in Ireland in Retail and Hospital channels.
Its Wepox is the leader in Erythropoetin market (market share =21%)and Methylcobalamin Brand is no. 1 with (Methycobal= 26.7% market share) {#https://www.bseindia.com/bseplus/AnnualReport/532300/73832532300.pdf#page=34 #}

  • Market Cap 8,985 Cr.
  • Current Price 586
  • High / Low 630 / 151
  • Stock P/E
  • Book Value 106
  • Dividend Yield 0.00 %
  • ROCE -1.22 %
  • ROE -11.6 %
  • Face Value 5.00

Pros

Cons

  • Stock is trading at 5.51 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -15.4% over past five years.
  • Company has a low return on equity of 7.01% over last 3 years.
  • Promoters have pledged 74.5% of their holding.
  • Company has high debtors of 188 days.
  • Promoter holding has decreased over last 3 years: -17.2%

* 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

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
253 262 279 310 309 474 241 258 282 291 251 260 288
261 286 262 301 294 288 236 247 256 321 256 270 263
Operating Profit -8 -24 17 9 15 186 5 11 26 -30 -5 -10 25
OPM % -3% -9% 6% 3% 5% 39% 2% 4% 9% -10% -2% -4% 9%
10 8 3 4 3 22 49 -21 18 -156 -8 6 5
Interest 49 45 55 60 79 78 61 58 52 58 58 59 61
Depreciation 43 52 42 43 43 43 47 47 47 45 44 44 43
Profit before tax -90 -113 -78 -90 -104 87 -54 -115 -55 -289 -115 -107 -74
Tax % 24% 58% 37% 29% 36% 54% 31% 35% 0% -3% 0% 0% 0%
-69 -47 -49 -64 -67 40 -37 -75 -55 -299 -115 -107 -74
EPS in Rs -4.77 -3.26 -3.38 -4.44 -4.65 2.78 -2.57 -5.21 -3.82 -20.75 -7.98 -7.43 -5.14
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,297 2,203 1,805 1,887 2,217 2,298 2,477 1,557 890 987 1,372 1,072 1,090
1,549 2,168 1,780 1,879 2,091 2,153 2,154 1,619 1,023 1,125 1,150 1,002 1,110
Operating Profit 748 35 25 7 126 145 323 -62 -133 -138 222 70 -20
OPM % 33% 2% 1% 0% 6% 6% 13% -4% -15% -14% 16% 7% -2%
-83 906 319 465 62 248 57 126 138 884 38 -168 -153
Interest 215 154 34 19 108 169 170 171 220 200 273 229 236
Depreciation 66 81 96 103 99 106 106 120 173 184 171 186 176
Profit before tax 384 706 215 350 -20 119 104 -227 -389 362 -184 -513 -585
Tax % 52% 12% 8% 5% 143% -15% 34% 64% 41% -64% 24% 9%
184 623 199 332 8 137 69 -82 -231 593 -140 -466 -595
EPS in Rs 43.70 13.92 23.19 0.58 9.54 4.77 -5.69 -16.05 41.18 -9.72 -32.34 -41.30
Dividend Payout % 0% 9% 55% 66% 0% 81% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -7%
5 Years: -15%
3 Years: 6%
TTM: -13%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 0%
TTM: -423%
Stock Price CAGR
10 Years: 3%
5 Years: 7%
3 Years: 14%
1 Year: 288%
Return on Equity
10 Years: 6%
5 Years: 1%
3 Years: 7%
Last Year: -12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 55 55 55 55 55 55 55 55 55 55 72 72 72
Reserves 65 763 882 1,016 1,113 1,164 1,239 1,171 939 1,551 2,140 1,681 1,460
Preference Capital 761 299 299 299 0 0 0 234 0 0 0 0
1,141 174 184 840 1,984 2,120 1,773 1,651 2,370 2,078 2,024 2,013 2,068
1,904 2,175 2,271 2,238 1,431 1,230 1,318 1,660 1,395 1,211 1,562 966 930
Total Liabilities 3,164 3,167 3,391 4,149 4,584 4,569 4,386 4,538 4,760 4,895 5,798 4,732 4,530
856 937 1,033 1,005 1,402 1,465 1,423 1,614 2,044 1,684 1,828 1,625 2,307
CWIP 811 482 582 792 664 665 653 381 305 716 825 823 56
Investments 308 308 308 297 297 297 297 297 297 297 297 297 297
1,190 1,441 1,469 2,054 2,221 2,142 2,013 2,245 2,113 2,198 2,848 1,987 1,870
Total Assets 3,164 3,167 3,391 4,149 4,584 4,569 4,386 4,538 4,760 4,895 5,798 4,732 4,530

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
894 1,429 131 -53 -363 -235 119 58 222 -563 -93 71
-236 482 -25 203 -1,015 369 451 120 -16 1,014 -244 -3
-743 -1,841 -188 425 764 -133 -524 -69 -274 -480 430 -236
Net Cash Flow -85 70 -81 575 -614 1 46 109 -69 -29 93 -168

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 41 34 50 41 45 54 118 236 385 353 344 188
Inventory Days 201 186 221 240 216 206 141 195 367 305 297 330
Days Payable 164 165 151 158 134 133 167 325 611 355 446 507
Cash Conversion Cycle 79 55 120 123 126 127 92 105 141 303 194 11
Working Capital Days -42 -136 -56 -171 73 33 9 79 39 193 173 170
ROCE % 33% 34% 18% 20% 3% 9% 9% -2% -5% -8% 2% -1%

Shareholding Pattern

Numbers in percentages

4 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
69.68% 68.04% 67.13% 67.13% 65.75% 63.83% 60.36% 59.31% 58.40% 55.14% 54.93% 51.60%
2.74% 2.88% 2.95% 2.89% 2.82% 2.98% 2.87% 2.78% 2.60% 3.03% 4.18% 5.59%
0.08% 0.05% 0.09% 0.09% 0.09% 0.15% 0.22% 0.22% 0.18% 0.21% 0.30% 4.82%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%
27.50% 29.02% 29.83% 29.89% 31.34% 33.04% 36.55% 37.70% 38.83% 41.62% 40.59% 37.97%
No. of Shareholders 1,44,8451,61,6251,65,2701,72,4601,80,1701,80,6331,84,9081,82,4931,78,9151,72,9891,61,8131,46,376

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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