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Last Updated on: 25 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Themis Medicare Ltd

Basic Stock Data

Last Updated: June 25, 2024, 10:18 pm

Market Cap 2,019 Cr.
Current Price 219
High / Low266/131
Stock P/E46.4
Book Value 41.0
Dividend Yield0.23 %
ROCE13.9 %
ROE12.1 %
Face Value 1.00
PEG Ratio3.91

Competitors of Themis Medicare Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Checkpoint Trends Ltd 5.18 Cr. 9.4712.4/3.76173 0.970.00 %3.39 %5.83 % 10.0
Venus Remedies Ltd 500 Cr. 374430/22217.5 3650.00 %8.67 %6.01 % 10.0
J B Chemicals & Pharmaceuticals Ltd 28,781 Cr. 1,8541,940/1,12852.1 1880.48 %25.1 %20.4 % 1.00
Alkem Laboratories Ltd 60,826 Cr. 5,0935,581/3,37632.2 8620.69 %19.6 %19.5 % 2.00
Auro Laboratories Ltd 120 Cr. 193307/75.115.4 67.30.00 %20.4 %20.5 % 10.0
Industry Average15,491.02 Cr1,230.2838.29197.880.36%17.36%16.76%6.57

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales61.77112.50107.3994.9279.8094.4491.0088.7880.1096.65104.7882.5197.82
Expenses49.5272.0383.9377.6265.3974.0769.6673.5169.6274.9192.3774.4688.53
Operating Profit12.2540.4723.4617.3014.4120.3721.3415.2710.4821.7412.418.059.29
OPM %19.83%35.97%21.85%18.23%18.06%21.57%23.45%17.20%13.08%22.49%11.84%9.76%9.50%
Other Income2.484.824.374.444.256.456.227.135.326.296.665.944.67
Interest3.092.672.052.131.932.262.372.232.712.492.042.682.16
Depreciation2.382.352.382.372.392.462.562.672.803.033.073.103.06
Profit before tax9.2640.2723.4017.2414.3422.1022.6317.5010.2922.5113.968.218.74
Tax %12.96%22.52%17.65%27.78%30.61%21.22%21.43%23.94%18.37%19.19%18.91%10.35%24.14%
Net Profit8.0531.2019.2812.469.9517.4017.7813.318.4118.1911.327.376.64
EPS in Rs0.883.392.101.351.081.891.931.450.911.981.230.800.72

Last Updated: June 10, 2024, 4:23 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: June 25, 2024, 9:09 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales174195202232217210184202231395354382
Expenses157171184194184184181166181299287330
Operating Profit17241838332523649966752
OPM %10%12%9%16%15%12%1%18%21%24%19%13%
Other Income351334651213182524
Interest1516151212121213139109
Depreciation9911127788991012
Profit before tax-445171811-132741957353
Tax %-56%32%-20%11%9%1%15%8%14%23%22%19%
Net Profit-636161611-112536735744
EPS in Rs-0.790.320.731.911.771.23-1.172.703.887.926.184.73
Dividend Payout %-11%28%25%9%0%0%0%6%11%6%8%11%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)150.00%100.00%166.67%0.00%-31.25%-200.00%327.27%44.00%102.78%-21.92%-22.81%
Change in YoY Net Profit Growth (%)0.00%-50.00%66.67%-166.67%-31.25%-168.75%527.27%-283.27%58.78%-124.70%-0.89%

Growth

Compounded Sales Growth
10 Years:7%
5 Years:16%
3 Years:18%
TTM:8%
Compounded Profit Growth
10 Years:32%
5 Years:42%
3 Years:7%
TTM:-20%
Stock Price CAGR
10 Years:38%
5 Years:57%
3 Years:46%
1 Year:61%
Return on Equity
10 Years:14%
5 Years:18%
3 Years:18%
Last Year:12%

Last Updated: June 21, 2024, 4:51 pm

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital8888999999999
Reserves5043485166143160149174209278330355
Borrowings15115514814012882808210087809295
Other Liabilities71657977735456746765618290
Total Liabilities280272284277275289305314350371428514548
Fixed Assets134124121122117124126123116133144162166
CWIP711124692282333
Investments144562324273545567080
Other Assets139134147146146133153162191191225279300
Total Assets280272284277275289305314350371428514548

Reserves and Borrowings Chart

Themis Medicare Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity -14481926-28110573416
Cash from Investing Activity -12-5-7-6-7-4-0-4-5-16-16-24
Cash from Financing Activity 5292-18-135-9-107-26-180
Net Cash Flow-21294-55-0-1-32161-8

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow-138.00-124.00-122.00-90.00-49.00-55.00-80.00-64.00-38.0016.00-25.00-44.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days111687482758112014518612393149
Inventory Days174246280246243250253287315272150213
Days Payable21723224023714516315618717114379123
Cash Conversion Cycle688211491172168216244330251164239
Working Capital Days1108781786474131132176152124176
ROCE %-8%5%10%9%15%13%10%-1%15%18%30%20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters67.22%67.18%67.18%67.18%67.18%67.17%67.17%67.16%67.16%67.16%67.16%67.15%
FIIs0.00%0.00%0.00%0.00%0.00%0.02%0.02%0.06%0.04%0.05%0.01%0.03%
DIIs0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public32.77%32.81%32.81%32.81%32.81%32.80%32.78%32.78%32.80%32.77%32.82%32.81%
No. of Shareholders6,8226,5116,2125,8915,9156,1266,3625,9276,0076,97011,24411,295

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal S&P BSE Healthcare ETF3220.080.013222024-06-200%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue1.0010.0010.0010.0010.00
Basic EPS (Rs.)4.7361.8379.2238.8626.97
Diluted EPS (Rs.)4.7261.7379.0738.8426.97
Cash EPS (Rs.)4.0258.4477.1937.8526.28
Book Value[Excl.RevalReserv]/Share (Rs.)41.03368.85312.48237.80199.20
Book Value[Incl.RevalReserv]/Share (Rs.)41.03368.85312.48237.80199.20
Revenue From Operations / Share (Rs.)41.48385.02428.91251.04219.40
PBDIT / Share (Rs.)6.1185.80111.0657.8142.58
PBIT / Share (Rs.)4.7874.39100.7548.5033.58
PBT / Share (Rs.)3.7664.0091.2234.6719.56
Net Profit / Share (Rs.)2.6947.0366.8928.5417.28
NP After MI And SOA / Share (Rs.)4.7361.8379.2238.8626.97
PBDIT Margin (%)14.7322.2825.8923.0219.40
PBIT Margin (%)11.5219.3223.4919.3215.30
PBT Margin (%)9.0716.6221.2613.818.91
Net Profit Margin (%)6.4712.2115.5911.377.87
NP After MI And SOA Margin (%)11.4016.0518.4615.4712.29
Return on Networth / Equity (%)11.5216.7625.3516.3313.54
Return on Capital Employeed (%)10.6818.2629.1218.3515.81
Return On Assets (%)7.6811.0717.039.617.08
Long Term Debt / Equity (X)0.070.080.080.100.06
Total Debt / Equity (X)0.250.270.270.360.48
Asset Turnover Ratio (%)0.700.801.050.670.62
Current Ratio (X)1.901.901.961.451.17
Quick Ratio (X)1.441.411.400.980.81
Inventory Turnover Ratio (X)1.211.481.901.200.95
Dividend Payout Ratio (NP) (%)0.008.085.424.500.00
Dividend Payout Ratio (CP) (%)0.006.824.803.630.00
Earning Retention Ratio (%)0.0091.9294.5895.500.00
Cash Earning Retention Ratio (%)0.0093.1895.2096.370.00
Interest Coverage Ratio (X)6.008.2611.644.183.04
Interest Coverage Ratio (Post Tax) (X)3.645.538.013.062.23
Enterprise Value (Cr.)2092.171146.53910.58312.04303.68
EV / Net Operating Revenue (X)5.483.242.311.351.51
EV / EBITDA (X)37.1914.528.915.877.76
MarketCap / Net Operating Revenue (X)5.283.032.181.121.09
Retention Ratios (%)0.0091.9194.5795.490.00
Price / BV (X)5.343.162.991.181.20
Price / Net Operating Revenue (X)5.283.032.181.121.09
EarningsYield0.020.050.080.130.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 230.72

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 5.35% compared to the current price 219

Intrinsic Value: 258.10

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 17.85% compared to the current price ₹219

Last 5 Year EPS CAGR: 11.87%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (168.25 cr) compared to borrowings (105.83 cr), indicating strong financial stability.
  2. The company has shown consistent growth in sales (248.17 cr) and profit (27.25 cr) over the years.
  1. The stock has a low average ROCE of 11.33%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 115.42, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 178.25, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Themis Medicare Ltd:
    1. Net Profit Margin: 6.47%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 10.68% (Industry Average ROCE: %)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 11.52% (Industry Average ROE: %)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 3.64
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.44
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. ✗ Stock P/E: 46.4 (Industry average Stock P/E: )
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.25
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company

Themis Medicare Ltd. is a Public Limited Listed company incorporated on 31/05/1969 and has its registered office in the State of Gujarat, India. Company’s Corporate Identification Number(CIN) is L24110GJ1969PLC001590 and registration number is 001590. Currently Company is involved in the business activities of Manufacture of pharmaceuticals, medicinal chemical and botanical products. Company’s Total Operating Revenue is Rs. 394.61 Cr. and Equity Capital is Rs. 9.20 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
PharmaceuticalsPlot No.69-A, GIDC Industrial Estate, Valsad District Gujarat 396195themis@themismedicare.com
http://www.themismedicare.com
Management
NamePosition Held
Dr. Dinesh S PatelChairman & Executive Director
Dr. Sachin D PatelManaging Director & CEO
Mr. Rajneesh AnandNon Executive Director
Mr. Hariharan SubramaniamIndependent Director
Ms. Manjul SandhuIndependent Director
Mr. Bhaskar V IyerIndependent Director
Mr. Vijay G AgarwalIndependent Director

FAQ

What is the latest fair value of Themis Medicare Ltd?

The latest fair value of Themis Medicare Ltd is ₹230.72.

What is the Market Cap of Themis Medicare Ltd?

The Market Cap of Themis Medicare Ltd is 2,019 Cr..

What is the current Stock Price of Themis Medicare Ltd as on 25 June 2024?

The current stock price of Themis Medicare Ltd as on 25 June 2024 is ₹219.

What is the High / Low of Themis Medicare Ltd stocks in FY 2024?

In FY 2024, the High / Low of Themis Medicare Ltd stocks is 266/131.

What is the Stock P/E of Themis Medicare Ltd?

The Stock P/E of Themis Medicare Ltd is 46.4.

What is the Book Value of Themis Medicare Ltd?

The Book Value of Themis Medicare Ltd is 41.0.

What is the Dividend Yield of Themis Medicare Ltd?

The Dividend Yield of Themis Medicare Ltd is 0.23 %.

What is the ROCE of Themis Medicare Ltd?

The ROCE of Themis Medicare Ltd is 13.9 %.

What is the ROE of Themis Medicare Ltd?

The ROE of Themis Medicare Ltd is 12.1 %.

What is the Face Value of Themis Medicare Ltd?

The Face Value of Themis Medicare Ltd is 1.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Themis Medicare Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE