Alembic Ltd

₹ 125 1.26%

22 Nov 9:11 a.m.

alembiclimited.com BSE: 506235 NSE: ALEMBICLTD

About

Alembic Limited is engaged in the businesses of Pharmaceuticals, Real Estate, and Power Assets. The company was started in 1907 as the flagship company of the Alembic Group. In 2010, the company demerged its core pharmaceutical business (formulations) into a wholly-owned subsidiary, Alembic Pharma Ltd and after the demerger, APL became the flagship company of the Alembic Group.
With its registered office in Vadodra, Alembic Ltd currently holds a 28.41% stake in Alembic Pharma Ltd and a 19.01% stake in another group entity Paushak Limited.^[1]

Key Points

Business Segments
A) Real Estate (~80% in FY24 vs 59% in FY22): ^[1] ^[2] The company is involved in the construction of residential & commercial real estate projects. It also leases commercial properties. ^[3] Real Estate business experienced strong growth between FY23-FY24 bolstered by strong demand and higher property prices. ^[4]

Website BSE NSE

Market Cap ₹ 3,210 Cr.
Current Price ₹ 125
High / Low ₹ 169 / 78.1
Stock P/E 25.6
Book Value ₹ 33.0
Dividend Yield 1.92 %
ROCE 12.4 %
ROE 11.2 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 18.1% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 63.8%
Debtor days have improved from 60.2 to 41.7 days.
Company's working capital requirements have reduced from 146 days to 79.2 days

Cons

Stock is trading at 3.73 times its book value
Tax rate seems low
Company has a low return on equity of 9.84% over last 3 years.
Earnings include an other income of Rs.71.6 Cr.

* 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: Realty Industry: Construction

Part of BSE Allcap BSE Consumer Discretionary BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	19	19	17	21	36	30	36	36	31	38	48	49	51
	17	15	15	16	26	20	23	26	22	25	24	30	33
Operating Profit	3	3	3	5	10	10	13	10	10	13	23	19	18
OPM %	14%	18%	16%	23%	29%	33%	35%	28%	31%	35%	49%	40%	36%
	81	2	4	1	59	2	-9	3	48	2	2	2	66
Interest	0	0	0	0	0	0	0	0	0	0	0	0	1
Depreciation	1	1	1	2	2	2	2	2	2	3	1	2	3
Profit before tax	83	4	6	4	68	11	2	11	56	13	24	19	81
Tax %	11%	3%	20%	10%	10%	1%	-72%	13%	8%	10%	12%	9%	5%
	73	4	5	4	61	10	4	9	51	11	21	17	77
EPS in Rs	2.86	0.15	0.18	0.14	2.37	0.41	0.17	0.37	2.00	0.44	0.81	0.66	2.98
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	179	154	144	134	147	125	124	74	72	76	123	152	186
	164	126	134	128	140	114	106	70	62	63	85	96	111
Operating Profit	16	28	10	6	7	11	18	4	11	13	38	56	74
OPM %	9%	18%	7%	5%	5%	9%	15%	5%	15%	17%	31%	37%	40%
	10	18	21	25	25	37	29	93	10	89	54	55	72
Interest	5	4	1	0	0	0	0	0	0	0	0	1	1
Depreciation	10	8	6	6	5	4	3	3	4	4	6	7	9
Profit before tax	11	33	23	25	27	44	45	94	17	97	85	103	136
Tax %	-4%	12%	-3%	2%	-3%	5%	8%	0%	19%	12%	7%	10%
	11	30	24	25	27	42	41	94	13	86	79	93	125
EPS in Rs	0.43	1.11	0.90	0.93	1.03	1.56	1.60	3.64	0.52	3.34	3.09	3.62	4.89
Dividend Payout %	23%	14%	17%	16%	19%	13%	12%	16%	38%	54%	71%	66%

Compounded Sales Growth
10 Years:	0%
5 Years:	4%
3 Years:	28%
TTM:	40%

Compounded Profit Growth
10 Years:	12%
5 Years:	18%
3 Years:	112%
TTM:	45%

Stock Price CAGR
10 Years:	13%
5 Years:	19%
3 Years:	8%
1 Year:	49%

Return on Equity
10 Years:	9%
5 Years:	10%
3 Years:	10%
Last Year:	11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	27	53	53	53	53	53	51	51	51	51	51	51	51
Reserves	179	177	211	295	314	395	361	432	775	962	778	757	797
	25	22	0	9	0	0	0	0	0	0	0	9	16
	113	104	91	64	81	73	57	51	109	130	119	128	172
Total Liabilities	344	356	356	421	449	522	470	534	936	1,144	948	946	1,037
	185	178	169	146	171	179	209	225	261	294	318	366	382
CWIP	3	2	2	0	0	0	0	3	6	0	0	1	0
Investments	23	21	35	150	189	276	205	197	581	726	503	411	453
	132	155	149	124	89	67	55	109	88	124	127	168	201
Total Assets	344	356	356	421	449	522	470	534	936	1,144	948	946	1,037

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	80	-10	22	10	52	24	22	5	-1	-22	35	25
	12	18	5	-5	-47	-23	68	57	-35	23	11	23
	-94	-8	-25	-5	-5	-3	-89	-6	-15	-6	-46	-48
Net Cash Flow	-2	-0	2	-0	-0	-2	1	56	-52	-5	-0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	37	66	122	76	54	74	40	44	66	72	67	42
Inventory Days	351	1,924	880	659	438	247	289	411	2,112	2,885	5,118	3,694
Days Payable	173	659	200	144	128	125	202	151	675	635	993	1,213
Cash Conversion Cycle	215	1,330	801	591	364	195	126	304	1,504	2,322	4,191	2,523
Working Capital Days	93	200	235	172	39	20	13	28	98	231	127	79
ROCE %	6%	16%	9%	8%	8%	10%	10%	21%	2%	10%	10%	12%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%	70.88%
	1.19%	1.12%	1.08%	0.83%	0.82%	0.70%	0.72%	0.85%	0.89%	1.07%	1.42%	1.97%
	5.17%	4.69%	4.29%	4.12%	3.94%	3.94%	3.93%	3.40%	0.04%	0.04%	0.04%	0.08%
	22.76%	23.31%	23.75%	24.16%	24.34%	24.48%	24.46%	24.87%	28.17%	28.02%	27.66%	27.07%
No. of Shareholders	78,381	80,135	83,006	83,612	83,630	82,339	81,732	82,947	94,012	99,130	98,478	1,02,249

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	65.77%	63.71%	64.57%	67.62%	70.88%	70.88%	70.88%	70.88%	70.88%
	5.60%	1.16%	1.04%	1.80%	1.60%	1.12%	0.70%	1.07%	1.97%
	0.09%	5.35%	5.81%	5.94%	4.34%	4.69%	3.94%	0.04%	0.08%
	0.00%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	28.54%	29.11%	28.58%	24.64%	23.18%	23.31%	24.48%	28.02%	27.07%
No. of Shareholders	56,623	66,838	61,605	53,132	67,238	80,135	82,339	99,130	1,02,249

* 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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Alembic Ltd

Alembic Ltd

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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