FDC Ltd - Stock Valuation and Financial Performance

BSE: 531599 | NSE: FDC | Pharmaceuticals & Drugs | Small Cap

FDC Share Price

491.45 -8.50 -1.70%
as on 12-Jul'24 16:01

DeciZen - make an informed investing decision on FDC

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

FDC stock performance -

mw4me loader
P/E Ratio (SA):
25.96
Market Cap:
7,974.4 Cr.
52-wk low:
320.3
52-wk high:
523.9

Is FDC Ltd an attractive stock to invest in?

1. Is FDC Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that FDC Ltd is a good quality company.

2. Is FDC Ltd undervalued or overvalued?

The key valuation ratios of FDC Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is FDC Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of FDC Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of FDC:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
FDC Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 15.1%15.3%16%16%13.5%12.5%16.8%17.3%11.7%9.8%-
Value Creation
Index
0.10.10.20.10-0.10.20.2-0.2-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 8378789871,0091,0621,0761,3311,3251,5191,7771,916
Sales YoY Gr.-4.9%12.4%2.2%5.3%1.3%23.7%-0.4%14.6%17%-
Adj EPS 6.87.6910.59.79.614.516.612.611.518.9
YoY Gr.-11.8%19.1%16.1%-6.9%-1.5%51.3%14.6%-24%-8.8%-
BVPS (₹) 47.252.260.571.172.482.290.2102115.4119.4128.8
Adj Net
Profit
120134160186170167248280213191307
Cash Flow from Ops. 149127171153148104239210162165-
Debt/CF from Ops. 0000000000.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 8.7%10.8%10.1%17%
Adj EPS 6.1%3.4%-7.4%-8.8%
BVPS10.9%10.5%9.8%3.4%
Share Price 14.1% 23.9% 9.5% 48.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
14.815.21615.913.412.416.717.211.69.715.2
Op. Profit
Mgn %
24.322.5232421.220.523.22516.714.317.7
Net Profit
Mgn %
14.415.316.218.41615.518.621.21410.816
Debt to
Equity
00000000000
Working Cap
Days
1181128215724027125328928227497
Cash Conv.
Cycle
2223243134424252524367

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 15.20%

Sales growth is growing at healthy rate in last 3 years 10.11%

Net Profit has been subdued in last 3 years -7.39%

Sales growth is not so good in last 4 quarters at 7.89%

Latest Financials - FDC Ltd.

Standalone Consolidated
TTM EPS (₹) 18.9 18.8
TTM Sales (₹ Cr.) 1,916 1,943
BVPS (₹.) 128.8 128.8
Reserves (₹ Cr.) 2,081 2,081
P/BV 3.80 3.80
PE 25.96 26.13
From the Market
52 Week Low / High (₹) 320.30 / 523.90
All Time Low / High (₹) 2.44 / 523.90
Market Cap (₹ Cr.) 7,974
Equity (₹ Cr.) 16.3
Face Value (₹) 1
Industry PE 43.9

Management X-Ray of FDC:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of FDC

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales8378789871,0091,0621,0761,3311,3251,5191,777
Operating Expenses 6336817607678438561,0481,0011,2721,524
Manufacturing Costs116127728397106118125157189
Material Costs261266355338350344425412528654
Employee Cost 121136175190215226276294340387
Other Costs 136151159156181180229170247294
Operating Profit 204197227242219220284324247253
Operating Profit Margin (%) 24.3%22.4%23.0%24.0%20.6%20.5%21.3%24.5%16.3%14.2%
Other Income 41444050515583977955
Interest 3211113334
Depreciation 25383435353337383739
Exceptional Items 000-60-40000
Profit Before Tax 217201232250234236325380285266
Tax 83556363666579866665
Profit After Tax 134146169187168172247294220201
PAT Margin (%) 16.1%16.6%17.1%18.5%15.8%15.9%18.5%22.2%14.5%11.3%
Adjusted EPS (₹)7.68.29.510.59.79.814.417.513.012.1
Dividend Payout Ratio (%)30%27%24%21%0%0%6%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 8409301,0771,2641,2621,4331,5421,7221,9491,981
Share Capital 18181818181817171717
Reserves 8239121,0591,2461,2451,4161,5251,7051,9321,964
Minority Interest0000000000
Debt1111100000
Long Term Debt1111100000
Short Term Debt0000000000
Trade Payables79868275977711877136178
Others Liabilities 143123995295906467598439371,013
Total Liabilities 1,0641,1401,2591,8681,9502,1562,4192,6423,0223,172

Fixed Assets

Gross Block455614704742772814841891942972
Accumulated Depreciation1822323368103135171206241277
Net Fixed Assets272381671674670678670685701695
CWIP 182920613122419104198
Investments 423496325491472585665790886806
Inventories101122130136160173209213304323
Trade Receivables61616477778412410880121
Cash Equivalents 21121423211629273221
Others Assets16840354595386086987999151,008
Total Assets 1,0641,1401,2591,8681,9502,1562,4192,6423,0223,172

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 149127171153148104239210162165
PBT 217201232256234240325380285266
Adjustment -7-20-11-2-148-41-241
Changes in Working Capital 7-11-6-19-17-51-11-36-21-25
Tax Paid -68-62-55-70-68-72-84-94-78-77
Cash Flow From Investing Activity -55-89-73-14420-109-85-84-1474
Capex -151-45-306-25-36-42-4-59-127-111
Net Investments 65-65216-12923-94-136-30-4296
Others 3021181033275542119
Cash Flow From Financing Activity -75-47-970-1690-142-126-10-180
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -1000000-1-1-1
Dividend Paid -40-40-960-400-14000
Others -34-7-10-1290-128-126-9-179
Net Cash Flow 19-10110-2-612-15-11
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)16.6116.516.8415.9913.3312.7316.5918.0411.9710.23
ROCE (%)27.1322.8723.2521.4518.6217.6322.0623.4315.6613.68
Asset Turnover Ratio0.840.810.840.670.580.540.60.540.550.59
PAT to CFO Conversion(x)1.110.871.010.820.880.60.970.710.740.82
Working Capital Days
Receivable Days23252325262728312220
Inventory Days42454646495551576062
Payable Days971148785899284867488

FDC Ltd Stock News

FDC Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of FDC on 12-Jul-2024 16:01 is ₹491.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Jul-2024 16:01 the market cap of FDC stood at ₹7,974.4.
The latest P/E ratio of FDC as of 12-Jul-2024 16:01 is 25.96.
The latest P/B ratio of FDC as of 12-Jul-2024 16:01 is 3.80.
The 52-week high of FDC is ₹523.9 and the 52-week low is ₹320.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of FDC is ₹1,916 ( Cr.) .

About FDC Ltd

FDC make modest beginning in 1936, with marketing of vitamins and a range of prescription formulations. FDC set up its first formulations manufacturing facility in 1949. Subsequently, in 1963, FDC pioneered the manufacture of specialized ophthalmic formulations in India. FDC was the first organization to introduce the BFS (Blow-Fill-Seal) technology for ophthalmic in South East Asia. In 1972, FDC initiated the concept of Oral Rehydration Salts (ORS). Today its pioneer brand ‘Electral’ stands apart with a special identity- an impressive achievement in a fiercely competitive market. FDC’s API plant at Roha (Maharashtra) was among the first few API facilities in India to get US-FDA approval in 1984. Since then, FDC has to its credit a number of new molecules, introduced for the first time in the nation.

Today, FDC carries forward the flaming spirit of its first dream, achieving accreditations from the US-FDA, UK-MHRA, MCC-RSA, and the UAE, to cite a few. FDC is a forerunner in manufacturing and marketing of Oral Rehydration Salts (ORS) and Ophthalmics. FDC has also set-up globally approved, multi-location manufacturing facilities for Active Pharmaceuticals Ingredients (APIs) as well as Finished Dosage Forms. These facilities are located at Roha, Waluj and Sinnar in Maharashtra, Verna in Goa and Baddi in Himachal Pradesh. FDC markets hundreds of products in India and exports many of these to various countries.

Business area of the company

FDC Limited is among India’s leading fully integrated pharmaceutical companies. The Company is a pioneer in the manufacture of specialised formulations, and among the world’s foremost manufacturers and marketers of Oral Rehydration Salts (ORS). Over its long history of 85 years, the Company has maintained a distinguished reputation for high-quality, affordable products and built a market-leading brand portfolio.

Products

Formulations

FDC is a pioneer in the manufacture of specialized formulations, and the world's leading manufacturer of ORS (Oral Rehydration Salts) since 1972. It is a fully-integrated Pharmaceutical Company, with US-FDA and UK-MHRA approved API and formulations manufacturing facilities. FDC was the first in South East Asia to offer ophthalmic formulations, using Blow-Fill-Seal (BFS) technology.

It has its presence in numerous therapeutic segments: anti-infectives, gastrointestinals, ophthalmologicals, vitamins/ minerals/ dietary supplements, cardiac, anti-diabetes, respiratory, gynaecology, dermatology, analgesics and others. FDC’s Zifi, Electral, Enerzal, Vitcofol, Pyrimon, Zocon, Zoxan, Zathrin, Zipod, Zefu, Cotaryl and Mycoderm are leading brands in their respective segments in India.

Functional Food

Products that deliver benefits consistently are the hallmark of FDC's Food Division. These products have quality certifications such as BIS (ISI mark) and HACCP. FDC has a wide range of functional foods and beverages.

Few well known brands and their use/categories are: Prosoyal for lactose intolerance; Humyl as an ideal protein supplement; Zefrich as a complete family nourisher; Enerzal, a Balanced Energy drink; and Simyl MCT, Simyl LBW and MumMum 1 and 2 as infant milk substitutes.

API

To develop cost-effective, environment-friendly, high-quality APIs meeting stringent ICH standards is the main focus of FDC’s API division. The company’s products and manufacturing facilities have been inspected and approved multiple times by major Regulatory bodies such as US-FDA and WHO-GMP. Till date the company has developed over twenty-three APIs of which fourteen have already been commercialized and exported across the world.

Milestones

  • 1936: Mr. Anand Chandavarkar set-up Fairdeal Corporation (FDC) to import drugs, infant foods and surgical appliances for distribution in India
  • 1940: The Fairdeal Corporation was incorporated as a Fairdeal Corporation (Private) Limited Company under Indian Companies Act, 1913
  • 1949: Formulation plant established in Jogeshwari, Mumbai
  • 1963: Introduced Vanmycetin Eye Drops - starting point for ophthalmic and ENT range
  • 1972: Introduced Electral - a result of pioneering work in Oral Rehydration Therapy
  • 1974: Fairdeal's R&D facilities obtain recognition from Government of India
  • 1977: Active Pharmaceutical Ingredient (API) plant commissioned at Roha, Maharashtra
  • 1984: Foods division set up for manufacture of specialized infant foods at Roha
  • 1985: First US FDA approval of API plant at Roha
  • 1986: Fairdeal Corporation (Pvt.) Ltd. was renamed FDC Private Limited
  • 1987: Multi-purpose formulation plant commissioned at Waluj in Maharashtra
  • 1989: Started commercial production of Flurbiprofen
  • 1991: Biotechnology research centre set-up at Waluj
  • 1991: Production of Timolol Maleate (API) started
  • 1992: National Award from the Council of Scientific Research and Industry (CSRI) for Indigenous R&D of Flurbiprofen and Timolol Maleate
  • 1994: First Indian company to introduce BFS (Blow-Fill-Seal) technology in Ophthalmics, which optimizes sterility and is highly user friendly
  • 1996: Public issue of 26,28,200 equity shares of Rs. 10 each at a premium of Rs. 90 each
  • 1996: FDC awarded 'Export House' status
  • 1996: Specialized & dedicated field force established to promote ophthalmic specialties
  • 1998: UK-MHRA approval for ophthalmic facility at Waluj
  • 1999: FDC International set-up in the UK for distribution and marketing of Ophthalmic products
  • 2002: First UK-MHRA approval for oral solids facility at Goa Plant - I
  • 2004: FDC South Africa established
  • 2005: First US-FDA approval for ophthalmic facility at Waluj
  • 2005: 2 ANDAs filed for ophthalmic dosage forms in the U.S.
  • 2006: Forbes rates FDC among the 'BEST UNDER A BILLION COMPANIES'
  • 2006: US Patent awarded for UV-Lube, the first definitive therapy for dry-eye syndrome
  • 2008: US-ANDA approval received for three ophthalmic formulations
  • 2008: US-FDA approval received for Waluj
  • 2008: MHRA approval received for Goa unit - I
  • 2008: New oral Cephalosporins facility set-up at Baddi
  • 2009: UK-MHRA approval received for Goa units - I, II & III
  • 2011: Pharmexcil CERTIFICATE OF APPRECIATION PATENT AWARD 2010-2011, in recognition of commendable contribution in Bulk Drugs Category
  • 2012: UK-MHRA renewal received for Goa Plants - I, II & III
  • 2012: US-FDA renewal received for Waluj
  • 2012: Pharmexcil CERTIFICATE OF APPRECIATION PATENT AWARD 2011-2012, in recognition of commendable contribution in Bulk Drugs Category
  • 2013: UK-MHRA renewal received for Waluj
  • 2013: US-FDA renewal received for Roha
  • 2013: IDMA Margi Memorial Best Patent Award for “BEST NEW CHEMICAL ENTITY PATENT AWARD 2012-13”
  • 2013: Pharmexcil Patent Award “NEW CHEMICAL ENTITIES (NCEs) – SILVER AWARD 2012-2013”
  • 2014: US-FDA renewal received for Waluj
  • 2014: PICS approval received for Waluj
  • 2016: US-FDA approval received for Baddi
  • 2016: Pharmexcil Patent Award “NEW CHEMICAL ENTITIES (NCEs) – SILVER AWARD 2015-2016”.
  • 2017-18: The company has launched the Enerzal 500 ml in pet bottle as well as 1 Litre in Tetrapak with Orange and Apple flavor.
  • 2018-19: The company received the Abbreviated New Drug Application (ANDA) Approval for Dorzolamide 2% Ophthalmic Solution 5 ml & 10 ml.
  • 2019-20: FDC receives GMP certificate from UK MHRA for Goa unit.
  • 2020: FDC has launched new strength variants of its Favipiravir brands - PiFLU and Favenza, used to treat mild to moderate cases of COVID-19 in India.
  • 2020: FDC inks pact to acquire additional stake in FDC SA.
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