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BSE: 531349 | NSE: PANACEABIO | Pharmaceuticals & Drugs | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Panacea Biotec Ltd is a below average quality company.
The key valuation ratios of Panacea Biotec Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Panacea Biotec Ltd is likely to Rise-somewhat 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'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -6.3% | 0.4% | 3.4% | 2.1% | 0.3% | -10% | -1.8% | -1.5% | -16.5% | -18.1% | - |
| Value Creation Index ⓘ | -1.5 | -1.0 | -0.8 | -0.9 | -1.0 | -1.7 | -1.1 | -1.1 | -2.2 | -2.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 498 | 679 | 647 | 530 | 574 | 444 | 490 | 344 | 236 | 257 | 354 |
| Sales YoY Gr. | - | 36.5% | -4.8% | -18.1% | 8.3% | -22.7% | 10.3% | -29.8% | -31.5% | 9.2% | - |
| Adj EPS ⓘ | -32.5 | -9.7 | -4.6 | -6.6 | -11.1 | -32.1 | -19.8 | -2.7 | -15.2 | -14.9 | -2.4 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 29.2 | 18.5 | 18.5 | 74.4 | 63.4 | 68.3 | 140.5 | 83 | 67.8 | 53.2 | 54 |
| Adj Net Profit ⓘ | -199 | -59.4 | -28.2 | -40.6 | -67.7 | -196 | -121 | -16.6 | -93.2 | -91 | -15 |
| Cash Flow from Ops. ⓘ | 53.2 | 44.8 | 97.9 | 104 | 172 | 107 | -82.9 | 38.3 | -52.7 | -10.7 | - |
| Debt/CF from Ops. ⓘ | 18.6 | 22.7 | 10.4 | 9.9 | 5.6 | 6.4 | -0.8 | 1.7 | -1.6 | -9.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -7.1% | -14.9% | -19.3% | 9.2% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | 6.9% | -3.5% | -27.7% | -21.5% | ||||
| Share Price | -2% | -7.7% | -26.9% | 14.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -35.4 | -10.8 | -5.2 | -8.2 | -16 | -48.7 | -18.5 | -2.4 | -20.2 | -24.6 | -4.5 |
| Op. Profit Mgn % ⓘ | -16.7 | 11.2 | 18.7 | 14.7 | 15.2 | -29.5 | 8.2 | 0.2 | -30.6 | -24.2 | 7.6 |
| Net Profit Mgn % ⓘ | -40 | -8.7 | -4.4 | -7.7 | -11.8 | -44.2 | -24.8 | -4.8 | -39.6 | -35.4 | -4.2 |
| Debt to Equity ⓘ | 5.5 | 7.8 | 7.8 | 2.2 | 2.5 | 1.7 | 0.1 | 0.1 | 0.2 | 0.3 | - |
| Working Cap Days ⓘ | 409 | 288 | 311 | 391 | 359 | 666 | 651 | 576 | 582 | 549 | 111 |
| Cash Conv. Cycle ⓘ | 70 | 12 | 26 | 47 | -8 | 1 | -39 | -20 | 72 | 35 | -26 |
Sales growth is good in last 4 quarters at 63.23%
Return on Equity is Poor
Sales growth has been subdued in last 3 years -19.33%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -2.4 | -2 |
| TTM Sales (₹ Cr.) | 354 | 552 |
| BVPS (₹.) ⓘ | 54 | 137.9 |
| Reserves (₹ Cr.) ⓘ | 324 | 839 |
| P/BV ⓘ | 2.56 | 1.00 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 113.55 / 202.20 |
| All Time Low / High (₹) | 3.35 / 531.00 |
| Market Cap (₹ Cr.) | 847 |
| Equity (₹ Cr.) | 6.1 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 47.6 |
| Pledged * | 94.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 498 | 679 | 647 | 530 | 574 | 444 | 490 | 344 | 236 | 257 |
| Operating Expenses ⓘ | 595 | 612 | 534 | 461 | 493 | 591 | 480 | 343 | 308 | 320 |
| Manufacturing Costs | 84 | 74 | 63 | 63 | 36 | 40 | 32 | 43 | 79 | 50 |
| Material Costs | 208 | 289 | 214 | 169 | 197 | 180 | 151 | 176 | 112 | 163 |
| Employee Cost | 143 | 133 | 140 | 132 | 137 | 142 | 123 | 59 | 73 | 71 |
| Other Costs ⓘ | 160 | 116 | 117 | 97 | 123 | 229 | 174 | 64 | 44 | 36 |
| Operating Profit ⓘ | -98 | 68 | 113 | 69 | 81 | -147 | 10 | 0 | -73 | -63 |
| Operating Profit Margin (%) | -19.6% | 9.9% | 17.4% | 13.1% | 14.2% | -33.0% | 2.1% | 0.1% | -30.9% | -24.4% |
| Other Income ⓘ | 17 | 28 | 26 | 54 | 18 | 8 | 44 | 21 | 13 | 34 |
| Interest ⓘ | 148 | 93 | 115 | 104 | 103 | 105 | 147 | 8 | 7 | 10 |
| Depreciation ⓘ | 69 | 66 | 71 | 66 | 57 | 54 | 27 | 27 | 26 | 24 |
| Exceptional Items ⓘ | 297 | 0 | 50 | -38 | 0 | 334 | -15 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 0 | -63 | 1 | -84 | -61 | 37 | -136 | -13 | -94 | -63 |
| Tax ⓘ | 0 | 2 | 1 | -11 | 11 | 11 | 17 | 2 | 0 | 25 |
| Profit After Tax | 0 | -65 | 1 | -73 | -72 | 27 | -153 | -14 | -94 | -88 |
| PAT Margin (%) | -0.1% | -9.6% | 0.1% | -13.7% | -12.5% | 6.0% | -31.3% | -4.2% | -39.7% | -34.1% |
| Adjusted EPS (₹) | -0.1 | -10.6 | 0.1 | -11.9 | -11.7 | 4.3 | -25.0 | -2.4 | -15.3 | -14.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 562 | 540 | 540 | 456 | 388 | 418 | 861 | 508 | 415 | 326 |
| Share Capital ⓘ | 6 | 22 | 22 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves ⓘ | 556 | 517 | 518 | 450 | 382 | 412 | 855 | 502 | 409 | 320 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 835 | 948 | 997 | 934 | 765 | 158 | 64 | 62 | 84 | 102 |
| Long Term Debt | 480 | 628 | 779 | 714 | 571 | 88 | 60 | 62 | 84 | 102 |
| Short Term Debt | 354 | 320 | 218 | 220 | 194 | 69 | 4 | 0 | 0 | 0 |
| Trade Payables | 226 | 187 | 174 | 227 | 242 | 78 | 136 | 124 | 145 | 129 |
| Others Liabilities ⓘ | 432 | 373 | 267 | 304 | 427 | 939 | 247 | 267 | 289 | 338 |
| Total Liabilities ⓘ | 2,055 | 2,048 | 1,978 | 1,920 | 1,822 | 1,593 | 1,307 | 962 | 933 | 895 |
Fixed Assets | ||||||||||
| Gross Block | 1,494 | 1,532 | 1,518 | 1,537 | 1,543 | 1,088 | 864 | 826 | 865 | 852 |
| Accumulated Depreciation | 408 | 472 | 531 | 595 | 652 | 591 | 416 | 428 | 449 | 467 |
| Net Fixed Assetsⓘ | 1,086 | 1,060 | 988 | 942 | 891 | 496 | 447 | 398 | 416 | 385 |
| CWIP ⓘ | 26 | 17 | 19 | 28 | 37 | 3 | 4 | 13 | 1 | 28 |
| Investmentsⓘ | 394 | 395 | 395 | 345 | 345 | 3 | 3 | 0 | 0 | 0 |
| Inventories | 177 | 141 | 137 | 141 | 149 | 43 | 99 | 87 | 129 | 116 |
| Trade Receivables | 91 | 100 | 142 | 176 | 142 | 25 | 18 | 35 | 23 | 12 |
| Cash Equivalents | 10 | 42 | 9 | 7 | 12 | 8 | 61 | 89 | 43 | 43 |
| Others Assetsⓘ | 272 | 293 | 288 | 282 | 246 | 1,015 | 676 | 339 | 321 | 310 |
| Total Assets ⓘ | 2,055 | 2,048 | 1,978 | 1,920 | 1,822 | 1,593 | 1,307 | 962 | 933 | 895 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 53 | 45 | 98 | 104 | 172 | 107 | -83 | 38 | -53 | -11 |
| PBT ⓘ | 0 | -63 | 1 | -84 | -61 | 37 | -136 | -13 | -94 | -63 |
| Adjustment ⓘ | -53 | 142 | 133 | 184 | 160 | -68 | 205 | 32 | 36 | 10 |
| Changes in Working Capital ⓘ | 108 | -30 | -58 | -3 | 73 | 137 | -144 | 20 | 6 | 43 |
| Tax Paid ⓘ | -1 | -3 | 21 | 6 | 0 | 0 | -8 | -1 | -1 | -1 |
| Cash Flow From Investing Activity ⓘ | -18 | -29 | 23 | -18 | -3 | -8 | -19 | -37 | 40 | 2 |
| Capex | -17 | -4 | -2 | -24 | -15 | -5 | 14 | -11 | -6 | 1 |
| Net Investments | -2 | 0 | 24 | -1 | -1 | -4 | -37 | -30 | 44 | -1 |
| Others ⓘ | 0 | -25 | 1 | 7 | 13 | 1 | 5 | 3 | 2 | 2 |
| Cash Flow From Financing Activityⓘ | -38 | -11 | -129 | -91 | -164 | -98 | 109 | -7 | 10 | 9 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | -39 | -16 | -29 | -16 | 182 | 1 | 18 | 17 |
| Interest Paid ⓘ | -93 | -11 | -61 | -94 | -109 | -64 | -39 | -4 | -9 | -8 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 55 | 0 | -29 | 19 | -26 | -19 | -34 | -4 | 0 | 0 |
| Net Cash Flow ⓘ | -3 | 5 | -8 | -5 | 6 | 0 | 8 | -6 | -3 | 1 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -0.23 | -44.62 | 0.77 | -25.52 | -17.03 | 6.59 | -23.93 | -2.11 | -20.27 | -23.64 |
| ROCE (%) | 12.95 | 2.58 | 10.15 | 1.48 | 2.96 | 11.51 | 1.09 | -0.7 | -16.14 | -11.36 |
| Asset Turnover Ratio | 0.26 | 0.33 | 0.32 | 0.28 | 0.31 | 0.26 | 0.35 | 0.31 | 0.25 | 0.28 |
| PAT to CFO Conversion(x) | N/A | N/A | 98 | N/A | N/A | 3.96 | N/A | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 58 | 51 | 68 | 107 | 101 | 69 | 15 | 28 | 45 | 25 |
| Inventory Days | 147 | 85 | 78 | 93 | 92 | 79 | 51 | 98 | 167 | 173 |
| Payable Days | 334 | 261 | 307 | 433 | 434 | 325 | 259 | 269 | 438 | 307 |
The company has product portfolio that’s caters therapeutics areas like pain management, diabetes and cardiovascular management, renal disease management, osteoporosis management, anti-tubercular, gastro-intestinal.
Panacea Biotec is the third largest biotechnology company (as per ABLE Survey, 2006), as well as among the top 50 pharmaceutical companies (as per ORG IMS July 2006) of India.
The company has been granted patents across countries like USA, U.K., France, Germany, Italy, Sweden, Denmark, Spain, Finland, Switzerland, The Netherlands, New Zealand, Mexico, Brazil, Nigeria, Zimbabwe, Australia, South Africa, Japan, Russia, Canada, Ukraine, Korea and China are among others.
Collaboration/ Strategic alliances The company has collaborated with Cambridge Biostability, U.K to develop thermo stable vaccines.
It has collaborated with National Institute of Immunology, India for Japanese Encephalitis candidate vaccine.
PBL has entered in strategic alliance with Biotech Consortium India to develop, manufacture and market of Anthrax vaccine.
The company has entered into an in-licensing arrangement with National Institute of Health, USA for use of a peptide based product for generation of hair follicles and hair growth.
The company has collaborated with Netherlands Vaccine Institute for inactivated polio vaccine.
It has collaborated with NRDC- India for Foot & Mouth Disease vaccine for veterinary use and Bio Farma-Indonesia for Measles vaccine.
The exclusive products based on patented Drug Delivery System include Panimun Bioral (Cyclosporine), Willgo, ThankGod (for comprehensive management of haemorrohoids), Xeed (anti-tubercular FDC with innovative Drug Delivery for optimum bioavailability of Rifampicin), Nimulid Safeinject, Nimulid MD, Nimulid Transgel.
Commencing fiscal 2008, the company plans for international marketing of novel NDDS based pharmaceutical formulation products to the international markets, like USA, U.K., Germany, France, Latin American countries and Italy through marketing collaborations and are on the look out for partners for distribution & marketing.
Business areas Research and Development (R&D) – Under this the company primarily focuses on New Chemical Entities (NCE), New Biological Entities (NBE) and Novel Drug Delivery System (NDDS). The company has a team of 200 scientists working on different aspect of research across its four R&D centers.
Vaccines- Under this the company has product portfolio of oral polio vaccines and Hepatitis-B vaccines. It is obtaining pre-qualifications for others vaccines. The company markets its vaccines through Chiron Panacea Vaccines, this is a 50:50 joint venture with Novartis Vaccines, U.K
Formulations- It has created flagship brands like Willgo for pain management, Glizid & Glizid-M for diabetes; Panimun Bioral and Mycept for kidney transplant.
Panacea Biotec in 2009 signed an agreement with Popular Pharma for technology transfer, marketing and distribution of vaccines. Popular Pharma is engaged in manufacturing life saving drugs and has presence in various countries.
In 2010 Panacea Biotech's Baddi unit gets US FDA approval
In 2011 PanaceBiotec - Panacea Biotec Launches - PacliALL
In 2012 Panacea Biotech launches Inactivated Polio Virus vaccine in Nigeria
PanaceBiotec - Panacea Biotec inaugurates state of the art Oncology Production Unit
PanaceBiotec - Panacea Biotec Entered into Strategic Alliance with Osmotica Pharmaceutical
Panacea Biotec wins order worth Rs 187 cr from Govt to supply polio vaccines.
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