BSE: 506690 | NSE: UNICHEMLAB | Pharmaceuticals & Drugs | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Unichem Laboratories Ltd is a below average quality company.
The key valuation ratios of Unichem Laboratories Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Unichem Laboratories Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9% | 12.8% | -8.3% | -6.1% | -0.8% | -2.3% | 2.5% | -3.1% | -10.2% | -3.4% | - |
| Value Creation Index ⓘ | -0.4 | -0.1 | -1.6 | -1.4 | -1.1 | -1.2 | -0.8 | -1.2 | -1.7 | -1.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,091 | 1,221 | 576 | 666 | 968 | 904 | 1,124 | 943 | 1,072 | 1,442 | 1,588 |
| Sales YoY Gr. | - | 11.9% | -52.8% | 15.6% | 45.3% | -6.5% | 24.3% | -16.1% | 13.7% | 34.5% | - |
| Adj EPS ⓘ | 7.1 | 11.9 | -6.4 | -17.8 | 0.9 | -13.6 | 6.5 | -9.5 | -34.6 | -9.6 | 2.7 |
| YoY Gr. | - | 67.5% | -153.6% | NA | NA | -1677.9% | NA | -244.9% | NA | NA | - |
| BVPS (₹) ⓘ | 104.3 | 112.9 | 124.3 | 392.6 | 387.6 | 375.3 | 382 | 378 | 336.9 | 325.5 | 335.2 |
| Adj Net Profit ⓘ | 64.8 | 108 | -58.2 | -125 | 6 | -95.5 | 45.9 | -66.5 | -243 | -67.9 | 19 |
| Cash Flow from Ops. ⓘ | 88 | 117 | 141 | -66.3 | -251 | -41.8 | -32.6 | -158 | -117 | -41.6 | - |
| Debt/CF from Ops. ⓘ | 0 | 0.1 | 0 | -0 | 0 | -0.4 | 0 | -0.8 | -0.9 | -1.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.2% | 8.3% | 8.7% | 34.5% | ||||
| Adj EPS ⓘ | -203.4% | -262.2% | -213.9% | NA | ||||
| BVPSⓘ | 13.5% | -3.4% | -5.2% | -3.4% | ||||
| Share Price | 14% | 41% | 61.8% | 104.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7 | 11 | -5.4 | -6.4 | 0.2 | -3.6 | 1.7 | -2.5 | -9.6 | -2.9 | 0.8 |
| Op. Profit Mgn % ⓘ | 9.7 | 13.5 | -5.4 | -19.1 | -5 | -9.9 | 8.5 | -4 | -8.7 | 3.5 | 9.7 |
| Net Profit Mgn % ⓘ | 5.9 | 8.9 | -10.1 | -18.8 | 0.6 | -10.6 | 4.1 | -7.1 | -22.7 | -4.7 | 1.2 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 183 | 173 | 419 | 371 | 298 | 385 | 344 | 444 | 421 | 342 | 157 |
| Cash Conv. Cycle ⓘ | 71 | 63 | 181 | 152 | 122 | 175 | 154 | 245 | 243 | 191 | 101 |
Return on Equity has increased versus last 3 years average to 0.80%
Sales growth is good in last 4 quarters at 28.98%
Sales growth has been subdued in last 3 years 8.66%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 2.7 | -0.8 |
| TTM Sales (₹ Cr.) | 1,588 | 1,775 |
| BVPS (₹.) ⓘ | 335.2 | 341 |
| Reserves (₹ Cr.) ⓘ | 2,346 | 2,387 |
| P/BV ⓘ | 2.63 | 2.59 |
| PE ⓘ | 323.52 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 401.10 / 949.85 |
| All Time Low / High (₹) | 1.50 / 949.85 |
| Market Cap (₹ Cr.) | 6,207 |
| Equity (₹ Cr.) | 14.1 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 43 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,091 | 1,221 | 576 | 666 | 968 | 904 | 1,124 | 943 | 1,072 | 1,442 |
| Operating Expenses ⓘ | 990 | 1,078 | 634 | 802 | 1,029 | 995 | 1,029 | 986 | 1,165 | 1,391 |
| Manufacturing Costs | 168 | 170 | 131 | 164 | 306 | 293 | 276 | 266 | 290 | 329 |
| Material Costs | 375 | 396 | 188 | 275 | 339 | 311 | 359 | 325 | 455 | 592 |
| Employee Cost | 178 | 210 | 118 | 147 | 177 | 205 | 234 | 251 | 271 | 283 |
| Other Costs ⓘ | 268 | 303 | 197 | 217 | 207 | 186 | 160 | 145 | 149 | 187 |
| Operating Profit ⓘ | 101 | 142 | -58 | -136 | -61 | -91 | 95 | -44 | -93 | 51 |
| Operating Profit Margin (%) | 9.3% | 11.7% | -10.1% | -20.5% | -6.3% | -10.0% | 8.5% | -4.6% | -8.7% | 3.5% |
| Other Income ⓘ | 20 | 23 | 7 | 63 | 102 | 99 | 47 | 42 | 42 | 30 |
| Interest ⓘ | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 2 | 9 | 10 |
| Depreciation ⓘ | 38 | 35 | 39 | 45 | 62 | 71 | 76 | 83 | 106 | 105 |
| Exceptional Items ⓘ | 0 | -4 | 0 | 0 | 0 | 0 | 0 | 0 | -113 | -58 |
| Profit Before Tax ⓘ | 81 | 124 | -92 | -122 | -22 | -64 | 66 | -87 | -279 | -92 |
| Tax ⓘ | 17 | 24 | -17 | 0 | -29 | -7 | 12 | -31 | 21 | 0 |
| Profit After Tax | 64 | 100 | -76 | -121 | 7 | -56 | 54 | -55 | -300 | -92 |
| PAT Margin (%) | 5.9% | 8.2% | -13.1% | -18.2% | 0.7% | -6.2% | 4.8% | -5.9% | -27.9% | -6.4% |
| Adjusted EPS (₹) | 7.1 | 11.1 | -8.3 | -17.3 | 1.0 | -8.0 | 7.7 | -7.9 | -42.6 | -13.1 |
| Dividend Payout Ratio (%) | 28% | 18% | -36% | -29% | 400% | -50% | 52% | -51% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 947 | 1,026 | 1,129 | 2,761 | 2,728 | 2,642 | 2,690 | 2,661 | 2,372 | 2,292 |
| Share Capital ⓘ | 18 | 18 | 18 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves ⓘ | 928 | 1,008 | 1,111 | 2,747 | 2,714 | 2,628 | 2,676 | 2,647 | 2,358 | 2,277 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0 | 8 | 1 | 0 | 0 | 15 | 0 | 100 | 76 | 38 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89 | 64 | 38 |
| Short Term Debt | 0 | 8 | 1 | 0 | 0 | 15 | 0 | 11 | 12 | 0 |
| Trade Payables | 143 | 190 | 228 | 212 | 193 | 208 | 189 | 157 | 244 | 249 |
| Others Liabilities ⓘ | 132 | 149 | 144 | 135 | 109 | 159 | 241 | 203 | 193 | 284 |
| Total Liabilities ⓘ | 1,222 | 1,373 | 1,503 | 3,108 | 3,030 | 3,025 | 3,119 | 3,122 | 2,886 | 2,864 |
Fixed Assets | ||||||||||
| Gross Block | 684 | 415 | 536 | 655 | 939 | 1,038 | 1,128 | 1,324 | 1,691 | 1,718 |
| Accumulated Depreciation | 288 | 33 | 71 | 104 | 154 | 213 | 282 | 360 | 455 | 553 |
| Net Fixed Assetsⓘ | 396 | 381 | 464 | 551 | 785 | 825 | 846 | 963 | 1,236 | 1,165 |
| CWIP ⓘ | 119 | 233 | 247 | 236 | 90 | 331 | 568 | 494 | 148 | 122 |
| Investmentsⓘ | 153 | 111 | 89 | 979 | 1,042 | 668 | 520 | 390 | 41 | 44 |
| Inventories | 186 | 201 | 254 | 208 | 274 | 316 | 386 | 461 | 480 | 501 |
| Trade Receivables | 206 | 265 | 296 | 232 | 331 | 323 | 360 | 381 | 472 | 558 |
| Cash Equivalents | 20 | 11 | 10 | 674 | 191 | 205 | 58 | 99 | 157 | 129 |
| Others Assetsⓘ | 142 | 173 | 142 | 229 | 316 | 357 | 380 | 334 | 352 | 344 |
| Total Assets ⓘ | 1,222 | 1,373 | 1,503 | 3,108 | 3,030 | 3,025 | 3,119 | 3,122 | 2,886 | 2,864 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 88 | 117 | 141 | -66 | -251 | -42 | -33 | -158 | -117 | -42 |
| PBT ⓘ | 81 | 124 | 132 | 3,249 | -19 | -64 | 66 | -87 | -279 | -92 |
| Adjustment ⓘ | 36 | 56 | 72 | -3,214 | -7 | -6 | 50 | 72 | 203 | 165 |
| Changes in Working Capital ⓘ | -12 | -33 | -36 | -103 | -218 | 25 | -148 | -148 | -41 | -115 |
| Tax Paid ⓘ | -18 | -31 | -27 | 2 | -7 | 3 | 0 | 4 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | -62 | -87 | -132 | 1,648 | -323 | -36 | -80 | 106 | 202 | 53 |
| Capex | -76 | -134 | -142 | -153 | -189 | -377 | -285 | -126 | -36 | -11 |
| Net Investments | -29 | 27 | 1 | 2,480 | -147 | 296 | 187 | 204 | 237 | 65 |
| Others ⓘ | 44 | 20 | 9 | -679 | 14 | 45 | 18 | 29 | 2 | -1 |
| Cash Flow From Financing Activityⓘ | -47 | -39 | -9 | -930 | -45 | -21 | -45 | 96 | -62 | -48 |
| Net Proceeds from Shares ⓘ | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10 | -26 | -26 |
| Interest Paid ⓘ | -2 | -2 | -2 | -3 | -2 | -1 | -1 | -2 | -9 | -10 |
| Dividend Paid ⓘ | -36 | -43 | -1 | -33 | -42 | -34 | -29 | -28 | -28 | 0 |
| Others ⓘ | -10 | 6 | -7 | -894 | 0 | 14 | -15 | 135 | 1 | -13 |
| Net Cash Flow ⓘ | -21 | -9 | 0 | 653 | -619 | -98 | -158 | 44 | 23 | -36 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 6.95 | 10.19 | -7.01 | -6.24 | 0.26 | -2.1 | 2.03 | -2.07 | -11.91 | -3.95 |
| ROCE (%) | 9.04 | 12.75 | -8.33 | -6.08 | -0.76 | -2.32 | 2.5 | -3.08 | -10.21 | -3.38 |
| Asset Turnover Ratio | 0.91 | 0.95 | 0.4 | 0.29 | 0.32 | 0.3 | 0.37 | 0.3 | 0.36 | 0.5 |
| PAT to CFO Conversion(x) | 1.38 | 1.17 | N/A | N/A | -35.86 | N/A | -0.61 | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 69 | 70 | 178 | 145 | 106 | 132 | 111 | 143 | 145 | 130 |
| Inventory Days | 62 | 57 | 144 | 126 | 91 | 119 | 114 | 164 | 160 | 124 |
| Payable Days | 143 | 153 | 406 | 292 | 217 | 235 | 202 | 194 | 161 | 152 |
Unichem Laboratories, incorporated in 1962, is engaged in manufacturing formulations, pharmaceuticals and active pharmaceutical ingredients (APIs). The company was promoted by the late Amrut Mody, a pioneer in the Indian pharmaceuticals business.
The company offers products in therapeutic areas like gastro-intestinal, cardiovascular, diabetes, psychiatry, neurology, anti-bacterial, anti-infective and pain management, among others.
Headquartered in Mumbai, the company operates at five manufacturing locations in Roha (Maharashtra), Goa,
The company’s manufacturing facilities have received approval from various international agencies namely UK MHRA, MCC (
Unichem also operates a research and development facility located at Jogeshwari (Mumbai). This facility conducts research in area of Novel Drug Delivery Systems (NDDS) and develops non-infringing routes for the manufacture of products directed at the regulated markets.
Milestones
1944- Unichem was commissioned by Late Amrut Mody.
1952- The company forayed into exporting activities.
1953- Unichem entered into hormonal products segment. The same year it launched UNIPROGESTIN.
1962- The company collaborated with foreign entity UCB for bulk-drugs. It set up its first formulation plant at Jogeshwari. The company got listed at Bombay Stock Exchange. Unichem launched OESTROGEN and Progestin.
1963- The company entered co-marketing of formulations tie up with Uni Sankyo.
1968- Unichem set up a formulation plant at
1970- As part of back integration strategy, the company commissioned manufacturing of Anti-TB Drugs.
1972- As an acknowledgement for Late Amrut Mody’s pioneering effort in Indian pharma industry, he was awarded Padma Bhushan.
1973- Unichem's research laboratory was recognised for Phd work by
1976- The company set up a fine chemicals unit at Roha.
1978- Unichem commissioned its Roha bulk drug plant.
1979- The company received its first clearance from drug authorities for NEFEDIFINE.
1983- Unichem received the USFDA approval for hydrochlorothiazide manufactured at the Jogeshwari plant. The company introduced Anti-TB - Isoniazid, Rifampicin in white tablet form for the first time in
1984- UNISEARCH was established in collaboration with Upjohn. The company forayed anti-biotic segment and launched Ampoxin (Ampicillin and Cloxacillin combination).
1987- The company entered the animal health care business.
1994-1999- Unichem underwent thorough restructuring and transformation in line with future growth strategies.
1996- Two companies namely Unichem Exports and Unisearch was merged with Unichem Laboratories.
1997- The company’s formulation plant located at
1998- The company’s formulations plant located at Baddi was fully operational.
1997-2000- The company implemented BaaN ERP.
1999- Unichem set up a modern multipurpose bulk drug plant located at Roha. Molecular generics division was launched.
2000- The drug major received South African Health Authority and UK MCA (MHRA) certifications for
2001- Unichem set up new research and development centre at Mumbai. The same year it also set up New Biosciences R&D Centre located at
2002- It formed a joint venture in
2002-2003- The company divested its animal healthcare division. It established subsidiaries in
2004- Unichem conducted restructuring of Unisearch and launched of Unisearch CD Division.
2005- The company set up of new pharma technology development center located at
2006- The company received USFDA certification for the Goa Plant. It launched specialities division. In the same year it acquired 100% stake in Niche Generics,
2007- Unikare division launched that catered to Dermatology and Allied therapies segment.
Future Strategies
Unichem will continue to work on the therapeutic segments and will develop cost effective processes for the existing molecules. It will also focus on develop new drug delivery systems and new products for international business.
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