Financials Zydus Lifesciences Limited

Equities

ZYDUSLIFE

INE010B01027

Pharmaceuticals

Market Closed - NSE India S.E. Other stock markets 07:43:49 2024-04-26 am EDT			5-day change	1st Jan Change
947.4 ^INR	-0.40%		+2.74%	+37.46%

Apr. 26	Weak March Quarter Earnings Weigh Down Indian Equities on Friday	MT
Apr. 26	Zydus Lifesciences Gets US FDA's Final Approval for Generic Acne Cream	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	355,290	273,595	451,368	356,774	497,549	953,306	-	-
Enterprise Value (EV) ¹	422,549	329,923	474,956	387,665	503,450	939,836	919,974	899,442
P/E ratio	19.2 x	23.3 x	21.2 x	7.95 x	25.5 x	26.4 x	25.4 x	24.4 x
Yield	1.01%	1.31%	0.79%	0.72%	1.22%	0.61%	0.61%	0.61%
Capitalization / Revenue	2.7 x	1.92 x	2.99 x	2.34 x	2.89 x	4.95 x	4.53 x	4.23 x
EV / Revenue	3.21 x	2.31 x	3.14 x	2.54 x	2.92 x	4.88 x	4.37 x	3.99 x
EV / EBITDA	14.2 x	12 x	14.2 x	11.6 x	14.1 x	18.2 x	16.7 x	15.7 x
EV / FCF	23.2 x	20.6 x	19.5 x	43 x	30.4 x	32.8 x	31.2 x	26.9 x
FCF Yield	4.32%	4.85%	5.14%	2.33%	3.29%	3.04%	3.21%	3.72%
Price to Book	3.42 x	2.64 x	3.47 x	2.1 x	2.84 x	4.63 x	4.05 x	3.58 x
Nbr of stocks (in thousands)	1,023,743	1,023,743	1,023,743	1,023,743	1,012,204	1,006,234	-	-
Reference price ²	347.0	267.2	440.9	348.5	491.6	947.4	947.4	947.4
Announcement Date	5/29/19	6/19/20	5/27/21	5/20/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	131,656	142,531	151,022	152,652	172,374	192,760	210,288	225,568
EBITDA ¹	29,731	27,392	33,410	33,407	35,755	51,577	54,981	57,227
EBIT ¹	23,745	20,427	26,162	26,277	31,372	44,151	46,107	47,938
Operating Margin	18.04%	14.33%	17.32%	17.21%	18.2%	22.9%	21.93%	21.25%
Earnings before Tax (EBT) ¹	23,821	14,954	22,848	28,381	25,897	45,696	48,306	49,950
Net income ¹	18,488	11,766	21,336	44,873	19,603	35,800	37,344	38,554
Net margin	14.04%	8.26%	14.13%	29.4%	11.37%	18.57%	17.76%	17.09%
EPS ²	18.06	11.49	20.84	43.83	19.30	35.84	37.33	38.75
Free Cash Flow ¹	18,249	16,013	24,390	9,015	16,579	28,616	29,501	33,466
FCF margin	13.86%	11.23%	16.15%	5.91%	9.62%	14.85%	14.03%	14.84%
FCF Conversion (EBITDA)	61.38%	58.46%	73%	26.99%	46.37%	55.48%	53.66%	58.48%
FCF Conversion (Net income)	98.71%	136.1%	114.31%	20.09%	84.57%	79.93%	79%	86.8%
Dividend per Share ²	3.500	3.500	3.500	2.500	6.000	5.765	5.817	5.816
Announcement Date	5/29/19	6/19/20	5/27/21	5/20/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	37,956	38,467	40,254	37,848	36,550	38,638	40,727	41,347	43,623	50,106	51,396	46,971	44,460	53,450
EBITDA ¹	8,069	8,553	9,330	8,608	8,741	7,177	8,301	8,153	9,560	13,141	15,324	11,495	10,414	15,357
EBIT ¹	6,265	6,667	7,503	6,760	6,909	5,323	6,523	6,335	7,744	10,770	13,526	10,542	8,150	13,313
Operating Margin	16.51%	17.33%	18.64%	17.86%	18.9%	13.78%	16.02%	15.32%	17.75%	21.49%	26.32%	22.44%	18.33%	24.91%
Earnings before Tax (EBT) ¹	6,272	-	7,546	32,890	5,990	5,729	6,810	6,428	7,801	4,858	13,292	10,296	9,038	12,639
Net income ¹	5,272	6,790	5,872	30,023	5,004	3,974	5,183	5,225	6,229	2,966	10,869	7,846	6,895	9,689
Net margin	13.89%	17.65%	14.59%	79.33%	13.69%	10.29%	12.73%	12.64%	14.28%	5.92%	21.15%	16.7%	15.51%	18.13%
EPS	5.150	-	-	-	4.890	3.880	-	5.150	6.150	2.930	-	8.900	7.690	8.485
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/5/21	5/27/21	8/11/21	10/29/21	2/3/22	5/20/22	8/10/22	11/11/22	2/3/23	5/18/23	8/11/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	67,259	56,328	23,588	30,891	5,901	-	-	-
Net Cash position ¹	-	-	-	-	-	13,470	33,332	53,864
Leverage (Debt/EBITDA)	2.262 x	2.056 x	0.706 x	0.9247 x	0.165 x	-	-	-
Free Cash Flow ¹	18,249	16,013	24,390	9,015	16,579	28,616	29,501	33,466
ROE (net income / shareholders' equity)	19.3%	11.3%	18.3%	14.3%	11.4%	18%	16.2%	15%
ROA (Net income/ Total Assets)	8.9%	4.99%	8.97%	8.32%	7.32%	13.8%	12.2%	11.7%
Assets ¹	207,730	235,792	237,857	539,514	267,760	259,924	306,524	330,371
Book Value Per Share ²	101.0	101.0	127.0	166.0	173.0	205.0	234.0	265.0
Cash Flow per Share ²	28.20	24.50	32.20	20.50	26.50	43.50	39.80	44.40
Capex ¹	10,574	9,041	8,540	12,026	10,309	9,418	9,700	9,950
Capex / Sales	8.03%	6.34%	5.65%	7.88%	5.98%	4.89%	4.61%	4.41%
Announcement Date	5/29/19	6/19/20	5/27/21	5/20/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Zydus Lifesciences Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

947.4 INR

Average target price

844.6 INR

Spread / Average Target

-10.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
ZYDUS LIFESCIENCES LIMITED	+37.46%	11.43B
SUN PHARMACEUTICAL INDUSTRIES LTD.	+19.62%	43.34B
OTSUKA HOLDINGS CO., LTD.	+20.44%	21.96B
SANDOZ GROUP AG	+10.86%	14.09B
CIPLA LIMITED	+13.07%	13.64B
ONO PHARMACEUTICAL CO., LTD.	-8.59%	6.86B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+8.46%	5.22B
SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.	-4.29%	4.71B

Generic Pharmaceuticals