Wockhardt Ltd

₹ 349 -2.36%

05 Dec 11:16 a.m.

wockhardt.com BSE: 532300 NSE : WOCKPHARMA

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 #}

Website BSE NSE

Market Cap ₹ 5,027 Cr.
Current Price ₹ 349
High / Low ₹ 365 / 145
Stock P/E
Book Value ₹ 217
Dividend Yield 0.00 %
ROCE -0.46 %
ROE -8.31 %
Face Value ₹ 5.00

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Pros

Company's working capital requirements have reduced from 79.0 days to 52.7 days

Cons

Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -3.26%
The company has delivered a poor sales growth of -7.60% over past five years.
Company has a low return on equity of 4.21% over last 3 years.
Promoters have pledged 64.4% of their holding.

* 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.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	714	764	632	860	862	854	655	595	679	699	678	644	753
	697	706	698	739	765	742	688	611	636	654	675	628	681
Operating Profit	17	58	-66	121	97	112	-33	-16	43	45	3	16	72
OPM %	2%	8%	-10%	14%	11%	13%	-5%	-3%	6%	6%	0%	2%	10%
	16	101	8	2	4	2	-169	57	-138	-1	-64	0	24
Interest	61	60	55	64	69	80	86	73	70	83	76	79	76
Depreciation	57	68	65	64	61	62	59	64	65	66	56	55	55
Profit before tax	-85	31	-178	-6	-29	-28	-347	-96	-230	-105	-193	-118	-35
Tax %	104%	-4%	40%	-10%	228%	107%	10%	22%	10%	3%	-23%	-15%	-109%
	3	32	-107	-7	37	2	-311	-75	-207	-102	-237	-136	-73
EPS in Rs	0.25	1.06	-6.46	-0.88	2.36	-0.49	-17.91	-4.65	-13.12	-6.66	-14.44	-9.30	-5.34
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	4,350	5,609	4,830	4,482	4,453	4,015	3,937	3,566	2,844	2,708	3,230	2,651	2,774
	2,996	3,606	3,805	3,772	3,959	4,002	3,935	3,604	2,725	2,771	2,932	2,550	2,638
Operating Profit	1,355	2,004	1,026	709	494	13	2	-38	119	-63	298	101	136
OPM %	31%	36%	21%	16%	11%	0%	0%	-1%	4%	-2%	9%	4%	5%
	-394	187	88	67	66	114	-238	116	133	975	-163	-172	-41
Interest	269	215	83	55	129	225	255	265	276	249	299	302	314
Depreciation	115	122	140	145	142	149	150	164	224	246	247	251	232
Profit before tax	577	1,853	891	575	289	-247	-641	-351	-247	417	-411	-624	-451
Tax %	41%	14%	5%	28%	13%	9%	-4%	38%	82%	-65%	32%	0%
	343	1,594	843	413	252	-226	-667	-217	-43	688	-279	-621	-548
EPS in Rs		111.87	58.91	28.30	17.45	-13.62	-42.30	-13.52	-4.81	47.64	-16.94	-38.80	-35.74
Dividend Payout %	0%	3%	13%	54%	0%	-56%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-7%
5 Years:	-8%
3 Years:	-2%
TTM:	0%

Compounded Profit Growth
10 Years:	%
5 Years:	3%
3 Years:	%
TTM:	-132%

Stock Price CAGR
10 Years:	0%
5 Years:	-5%
3 Years:	-4%
1 Year:	51%

Return on Equity
10 Years:	3%
5 Years:	1%
3 Years:	4%
Last Year:	-8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	655	2,351	3,228	3,362	3,720	3,281	2,797	2,619	2,616	3,321	3,777	3,282	3,053
Preference Capital	761	299	299	299	0	0	0	234	0	0	0	0
	3,281	2,070	1,906	2,010	2,677	4,160	3,748	3,141	3,582	2,674	2,198	2,184	2,274
	2,263	1,547	1,433	1,512	1,622	1,486	1,528	1,998	1,894	1,696	2,168	2,113	2,021
Total Liabilities	6,254	6,023	6,622	6,939	8,074	8,982	8,128	7,813	8,148	7,746	8,215	7,651	7,420
	2,571	1,990	2,295	2,123	2,809	2,773	2,888	3,058	3,502	3,343	3,462	3,042	4,117
CWIP	902	491	708	1,007	1,036	1,244	1,433	1,445	1,585	1,379	1,342	1,539	419
Investments	91	3	577	341	0	563	214	0	0	0	0	0	0
	2,689	3,539	3,043	3,468	4,228	4,403	3,593	3,309	3,060	3,024	3,411	3,070	2,884
Total Assets	6,254	6,023	6,622	6,939	8,074	8,982	8,128	7,813	8,148	7,746	8,215	7,651	7,420

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	1,352	1,532	1,476	355	-42	-269	68	183	649	-287	413	153
	-305	1,074	-823	-222	-105	-684	635	93	-147	1,471	-204	-118
	-827	-2,246	-601	-76	193	1,254	-769	-776	-680	-1,171	-71	-315
Net Cash Flow	220	360	52	57	46	301	-66	-500	-178	13	138	-280

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	64	62	36	60	91	94	89	130	159	124	104	110
Inventory Days	211	221	201	250	249	243	174	183	209	256	222	216
Days Payable	129	132	113	136	144	117	122	187	272	223	265	285
Cash Conversion Cycle	146	151	124	175	196	220	141	126	97	157	60	41
Working Capital Days	13	42	9	43	97	96	-16	7	-47	122	62	53
ROCE %	29%	42%	18%	10%	7%	-1%	-1%	-1%	0%	12%	1%	-0%

Shareholding Pattern

Numbers in percentages

14 Recently

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	72.12%	72.12%	69.68%	68.04%	67.13%	67.13%	65.75%	63.83%	60.36%	59.31%	58.40%	55.14%
	4.07%	3.10%	2.74%	2.88%	2.95%	2.89%	2.82%	2.98%	2.87%	2.78%	2.60%	3.03%
	0.05%	0.09%	0.08%	0.05%	0.09%	0.09%	0.09%	0.15%	0.22%	0.22%	0.18%	0.21%
	23.75%	24.69%	27.50%	29.02%	29.83%	29.89%	31.34%	33.04%	36.55%	37.70%	38.83%	41.62%
No. of Shareholders	1,13,943	1,25,488	1,44,845	1,61,625	1,65,270	1,72,460	1,80,170	1,80,633	1,84,908	1,82,493	1,78,915	1,72,989

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	74.25%	74.11%	74.07%	72.13%	72.12%	67.13%	59.31%	55.14%
	4.55%	5.45%	4.74%	4.85%	3.10%	2.89%	2.78%	3.03%
	2.71%	4.99%	2.55%	0.24%	0.09%	0.09%	0.22%	0.21%
	18.49%	15.45%	18.64%	22.78%	24.69%	29.89%	37.70%	41.62%
No. of Shareholders	1,24,403	99,736	1,14,338	1,17,324	1,25,488	1,72,460	1,82,493	1,72,989

* 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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Wockhardt Ltd

Wockhardt Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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