Bliss GVS Pharma Ltd

₹ 130 7.45%

21 Nov 4:00 p.m.

About

Incorporated in 1984, Bliss GVS Pharma Limited is engaged in manufacturing, marketing, trading and export of pharmaceutical formulations in the form of suppositories, pessaries, capsules, tablets, and syrups.

Key Points

Product Portfolio:
The company manufactures, markets, and exports over 150 branded formulations across 60+ therapeutic segments, including anti-malarial, anti-fungal, anti-bacterial, antibiotic, anti-inflammatory, contraceptive, and anti-diabetic. It sells these formulations as suppositories, pessaries, capsules, tablets, and syrups. Its portfolio includes over 150 brands such as P-Alaxin, Lonart, Funbact, and Lofnac. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 1,365 Cr.
Current Price ₹ 130
High / Low ₹ 150 / 92.2
Stock P/E 15.4
Book Value ₹ 96.0
Dividend Yield 0.39 %
ROCE 14.4 %
ROE 10.2 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.

Cons

The company has delivered a poor sales growth of -3.04% over past five years.
Promoter holding is low: 34.8%
Company has a low return on equity of 7.46% over last 3 years.
Company has high debtors of 192 days.

* 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 - Formulations

Part of BSE Healthcare BSE Allcap BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	196	216	167	189	172	206	185	160	212	201	198	184	218
	167	182	147	150	148	158	179	135	158	157	170	149	176
Operating Profit	29	34	20	39	25	48	6	24	54	44	28	34	41
OPM %	15%	16%	12%	21%	14%	23%	3%	15%	26%	22%	14%	19%	19%
	5	-68	12	7	2	6	3	5	13	5	-24	4	5
Interest	1	1	2	2	2	1	5	1	1	2	2	2	4
Depreciation	4	4	4	5	5	5	5	6	6	7	7	7	7
Profit before tax	30	-39	26	39	20	47	-1	22	59	40	-4	30	36
Tax %	26%	25%	11%	30%	21%	37%	-561%	34%	27%	27%	24%	26%	28%
	22	-49	23	27	16	30	3	14	43	29	-5	22	26
EPS in Rs	2.05	-4.83	1.89	2.48	1.33	2.68	0.32	1.41	4.05	2.64	-0.87	1.97	2.31
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	397	345	407	547	798	815	899	689	577	747	752	770	800
	285	273	304	391	596	618	739	566	471	629	634	620	652
Operating Profit	111	71	103	156	203	197	160	123	107	118	117	151	148
OPM %	28%	21%	25%	29%	25%	24%	18%	18%	18%	16%	16%	20%	18%
	14	28	20	24	12	-8	35	26	20	-42	18	-0	-9
Interest	10	18	16	19	20	23	4	8	6	5	10	7	9
Depreciation	6	11	11	13	20	21	9	13	17	17	19	26	28
Profit before tax	109	71	96	148	175	145	182	129	104	54	106	117	102
Tax %	46%	42%	36%	32%	36%	39%	30%	26%	29%	57%	28%	30%
	60	41	61	100	113	89	127	95	74	23	77	82	72
EPS in Rs	5.60	3.97	5.81	8.00	7.95	5.70	11.99	9.43	6.64	1.45	6.80	7.21	6.05
Dividend Payout %	12%	13%	12%	6%	8%	18%	8%	5%	8%	34%	7%	7%

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

Compounded Profit Growth
10 Years:	9%
5 Years:	-6%
3 Years:	11%
TTM:	1%

Stock Price CAGR
10 Years:	7%
5 Years:	-1%
3 Years:	10%
1 Year:	-5%

Return on Equity
10 Years:	13%
5 Years:	9%
3 Years:	7%
Last Year:	10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	10	10	10	10	10	10	10	10	10	10	10	10	11
Reserves	248	277	327	402	476	526	636	725	798	808	873	957	999
	148	173	160	132	225	118	102	126	122	109	102	100	94
	165	123	166	218	311	206	157	168	147	181	171	147	178
Total Liabilities	571	583	662	762	1,023	860	905	1,030	1,077	1,109	1,157	1,214	1,283
	168	213	234	225	305	143	146	242	234	281	379	370	364
CWIP	1	4	0	9	4	0	47	0	2	22	3	8	24
Investments	0	0	0	0	0	0	0	0	0	2	8	4	4
	402	365	428	527	714	717	712	788	840	803	768	832	890
Total Assets	571	583	662	762	1,023	860	905	1,030	1,077	1,109	1,157	1,214	1,283

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	6	41	38	113	289	18	40	47	64	135	34	152
	-124	-11	-29	-50	-249	48	-79	-40	-45	-103	-6	-133
	110	-8	-42	-40	-10	-76	17	-6	-21	-24	-25	-21
Net Cash Flow	-8	22	-34	23	30	-10	-22	0	-2	9	3	-1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	225	228	222	201	116	134	187	290	293	192	187	192
Inventory Days	58	70	69	55	50	55	46	64	110	116	94	113
Days Payable	212	176	165	153	100	55	47	75	82	86	79	58
Cash Conversion Cycle	71	121	126	102	67	134	186	279	321	221	202	247
Working Capital Days	130	146	160	125	76	182	180	269	319	219	221	232
ROCE %	35%	20%	23%	31%	29%	27%	26%	18%	12%	14%	12%	14%

Shareholding Pattern

Numbers in percentages

3 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	33.14%	33.14%	34.51%	34.55%	34.46%	35.04%	35.12%	35.06%	34.97%	34.97%	34.90%	34.82%
	19.59%	17.33%	17.17%	16.68%	16.53%	16.60%	16.50%	16.31%	15.35%	14.74%	13.24%	12.13%
	6.66%	6.66%	6.65%	6.64%	6.63%	6.63%	6.62%	6.61%	6.60%	6.59%	6.58%	6.56%
	40.61%	42.87%	41.67%	42.13%	42.35%	41.73%	41.73%	42.00%	43.08%	43.71%	45.27%	46.49%
No. of Shareholders	41,080	45,866	46,327	45,753	44,983	43,041	42,182	43,234	40,758	45,157	44,737	52,937

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	60.16%	60.16%	41.60%	41.60%	33.31%	33.14%	35.04%	34.97%	34.82%
	5.44%	10.84%	23.87%	24.16%	22.83%	17.33%	16.60%	14.74%	12.13%
	0.25%	0.14%	1.62%	2.96%	6.72%	6.66%	6.63%	6.59%	6.56%
	34.15%	28.86%	32.91%	31.28%	37.14%	42.87%	41.73%	43.71%	46.49%
No. of Shareholders	15,811	19,930	15,010	14,151	28,543	45,866	43,041	45,157	52,937

* 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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