MARKSANS PHARMA LTD - Q2 FY 21 - RESULTS REVIEW

 

MARKSANS PHARMA LTD

Q2 FY 21 RESULTS REVIEW

DT 07 11 2020

 

COMPANY OVERVIEW

 

Marksans Pharma Limited together with its subsidiaries operates as an integrated international pharmaceutical company.

It is actively engaged in research and development (R&D) and offering contract research and manufacturing services (CRAMS) to global pharmaceutical companies.

The R&D capability of the Company includes dossier development service, formulation development and specified drug delivery system.

The Company's domestic formulation business is the specialty division, which mainly focuses on oncology and critical care therapy. The brands of this division are MARKPARIN and EPIGROF. 

EPIGROF is also being supplied to hospitals and other burns and trauma care institutes. Cerebella division is the specialty division marketing drugs meant for lifestyle diseases, neuro and psychiatric therapy. The brands of this division are BAZZY, CITOFAST, GABELLA, GABELLA M, XENOTRIL, which are the main contributors of sales

 

MANAGEMENT

Mark Saldanha  :  Chairman & Managing Director

Sandra Saldanha :  Whole Time Director

Varddhman V Jain  :  Whole Time Director

 

QUARTERLY RESULTS

Marksans Pharma (in Rs. Cr.)	Sep '20	Jun '20	Sep '19	YOY	QOQ
Net Sales	356.5	331.2	256.4	39.03	7.65
FINAL NPT	50.73	49.37	25.97	95.34	2.75
Equity	40.93	40.93	40.93	0	0
Basic EPS	1.21	1.2	0.63	92.06	0.83
Consumption of Raw Materials	117.64	91.6	79.85	47.33	28.43
Purchase of Traded Goods	52.72	43.46	42.06	25.34	21.31
Increase/Decrease in Stocks	-6.67	4.5	10.74	-162.1	-248.22
Employees Cost	43.88	42.7	40.63	8	2.76
Depreciation	18.99	7.25	4.98	281.33	161.93
Other Expenses	65.75	78.86	49.55	32.69	-16.62
P/L Before Other Inc., Int., Excpt. Items & Tax	64.16	62.77	28.59	124.41	2.21
Other Income	3.67	0.18	7.88	-53.43	1938.89
P/L Before Int., Excpt. Items & Tax	67.83	62.95	36.47	85.99	7.75
Interest	1.93	1.55	2.81	-31.32	24.52
P/L Before Tax	65.9	61.4	33.66	95.78	7.33
Tax	15.16	12.04	7.69	97.14	25.91
Net P/L After M.I & Associates	50.73	49.37	25.97	95.34	2.75
Equity Share Capital	40.93	40.93	40.93	0	0
Basic EPS	1.21	1.2	0.63	92.06	0.83

 

MP  51.85    

PE   10.71    

VOLUMES      57,84,759    

52 Wk L/H     9.9  57.1

MONTHLY          

TECHNICAL RATING       

Very Bullish  

 

Valuation

Market Cap (Rs Cr.)

2,120.24

P/E

38.98

Book Value (Rs)

12.35

Dividend (%)

10

Industry P/E

36.71

EPS (TTM)

1.33

P/C

32.2

 

Price/Book

4.19

Dividend Yield.(%)

0.19

Face Value (RS)

1

Deliverables (%)        45.6

Annual Results	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Sales	1,134	1,000	912	767	893
Other Income	0	4	8	7	8
Total Income	1,134	1,004	921	774	902
Total Expenditure	968	890	861	752	785
EBIT	165	113	60	21	117
Interest	8	9	10	6	10
Tax	36	23	14	3	24
Net Profit	120	80	35	11	82

 

cash flows	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Operating Activities	209	27	50	14	30
Investing Activities	-59	-13	-38	-20	-123
Financing Activities	-90	-20	3	-3	-57
Others	0	0	0	0	0
Net Cash Flow	60	-6	14	-10	-149

 

Per Share Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Basic EPS (Rs.)	2.86	1.87	0.8	0.22	1.92
Diluted Eps (Rs.)	2.86	1.87	0.8	0.22	1.92
Book Value [Excl. Reval Reserve]/Share (Rs.)	15.86	13.5	11.74	10.74	11
Dividend/Share (Rs.)	0.1	0.05	0.05	0.05	0.12
Face Value	1	1	1	1	1
Margin Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Gross Profit Margin (%)	16.97	13.67	9.51	6.74	16.24
Operating Margin (%)	14.62	11.39	6.57	2.82	13.09
Net Profit Margin (%)	10.64	8.04	3.92	1.47	9.26
Return Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Return on Networth / Equity (%)	18.98	14.82	7.6	2.61	17.76
ROCE (%)	24.5	19.95	12.06	4.75	16.96
Return On Assets (%)	13.46	10	4.88	1.5	10.87
Liquidity Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Current Ratio (X)	2.69	2.28	1.92	1.63	1.7
Quick Ratio (X)	1.59	1.02	0.99	0.99	1.05
Leverage Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Debt to Equity (x)	0.03	0.18	0.25	0.25	0.2
Interest Coverage Ratios (%)	18.97	11.8	5.87	3.2	11.52
Turnover Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Asset Turnover Ratio (%)	126.46	124.43	124.65	102.04	123.7
Inventory Turnover Ratio (X)	4.69	3.41	4.18	4.04	5.32
Valuation Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
P/E (x)	0	171.52	312.38	1333.64	101.17
P/B (x)	0.89	1.87	2.75	4.45	4.28
EV/EBITDA (x)	2.63	8.07	16.03	39.25	13.54
P/S (x)	0.5	1.02	1.42	2.52	2.12
Growth Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
3 Yr CAGR Sales (%)	13.92	3.83	4.64	6.79	26.78
3 Yr CAGR Net Profit (%)	120.07	-0.94	-31.62	-46.41	19.22

 

 

historical prices	then	now	diff%
3 yr before	50.5	54	6.93
2YR BEFORE	30.3	54	78.22
1YR BEFORE	15.05	54	258.8
3M BEFORE	48.05	54	12.38

 

Type	Dividend%	Ex-Dividend date
Final	10	Sep 22, 2020
Final	5	Sep 19, 2019
Final	5	Sep 19, 2018
Final	5	Sep 19, 2017
Final	12	Sep 22, 2016

 

Share Holding Pattern in (%)
Standalone	Mar-20	Dec-19	Jun-19	Mar-19
Promoters	48.25	48.25	48.25	48.25
Pledged	0	0	0	0
FII/FPI	2.48	2.38	2.66	2.72
Total DII	7.79	6.36	7.57	7.82
Fin.Insts	0.64	0.39	0.29	0.4
Insurance Co	0	0	0	0
MF	0	0	0	0
Others DIIs	7.15	5.97	7.28	7.42
Others	41.48	43.01	41.52	41.21
Total	100	100	100	100