| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 168 | 186 | 205 | 146 |
| Cost of Material Consumed | 64 | 50 | 37 | 41 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 61.9 | 73.12 | 77.07 | 71.92 |
| Employee Benefit Expenses | 13 | 19 | 25 | 24 |
| Other Expenses | 31 | 37 | 61 | 55 |
| EBITDA | 60 | 70 | 72 | 26 |
| OPM | 35.71 | 37.63 | 35.12 | 17.81 |
| Other Income | 12 | 26 | 24 | 34 |
| Finance Cost | 0 | 0.15 | 0 | 0.6 |
| D&A | 3 | 3 | 4 | 5 |
| EBIT | 57 | 67 | 68 | 21 |
| EBIT Margins | 33.93 | 36.02 | 33.17 | 14.38 |
| PBT | 69 | 93 | 92 | 55 |
| PBT Margins | 41.07 | 50 | 44.88 | 37.67 |
| Tax | 17 | 23 | 24 | 15 |
| PAT | 52 | 70 | 68 | 40 |
| NPM | 30.95 | 37.63 | 33.17 | 27.4 |
| EPS | 133.33 | 175.44 | 170.43 | 100.25 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 35.71 | 37.63 | 35.12 | 17.81 |
| Net Profit Margin | 30.95 | 37.63 | 33.17 | 27.4 |
| Earning Per Share (Diluted) | 133.33 | 175.44 | 170.43 | 100.25 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 13 | 13 | 15 | 18 |
| CWIP | 0 | 0.4 | 3 | 0 |
| Investments | 112 | 373 | 62 | 70 |
| Trade Receivables | 0 | 0 | 1 | 2 |
| Inventory | 19 | 24 | 19 | 30 |
| Other Assets | 316 | 132.6 | 515 | 542 |
| Total Assets | 460 | 543 | 615 | 662 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 3.9 | 3.99 | 3.99 | 3.99 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 442 | 523 | 589 | 628 |
| Borrowings | 5 | 5 | 4 | 8 |
| Trade Payables | 5 | 4 | 10 | 17 |
| Other Liabilities | 4.1 | 7.01 | 8.01 | 5.01 |
| Total Liabilities | 460 | 543 | 615 | 662 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 69 | 93 | 92 | 55 |
| OPBWC | 62 | 79 | 72 | 27 |
| Change in Receivables | 18 | 0 | -1.3 | -0.6 |
| Change in Inventories | 2 | -6 | 5.3 | -12 |
| Change in Payables | 6 | 1.5 | 4.5 | 7 |
| Other Changes | -206 | 100.5 | -400.5 | 11.6 |
| Working Capital Change | -192 | 96 | -392 | 6 |
| Cash Generated From Operations | -130 | 175 | -320 | 33 |
| Tax | -37 | -23 | -24 | -14 |
| Cash Flow From Operations | -167 | 152 | -344 | 19 |
| Purchase of PPE | -3 | -2 | -8.2 | -12 |
| Sale of PPE | 0 | 0 | 0 | 10 |
| Cash Flow From Investment | 178 | -132 | 325.4 | -21 |
| Borrowing | -8.5 | 0.7 | 0.2 | 4 |
| Dividend | -0.8 | -1.4 | -2 | -2 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -0.2 | 0 | -0.14 | -1 |
| Cash Flow from Financing | -9.5 | -0.7 | -1.94 | 1 |
| Net Cash Generated | 1.5 | 19.3 | -20.54 | -1 |
| Cash at the Start | 0.7 | 2.3 | 21.32 | 0.8 |
| Cash at the End | 2.2 | 21.6 | 0.78 | -0.2 |
Martin and Harris Laboratories Limited is a respected pharmaceutical and healthcare company in India, known for its strong legacy, quality-driven manufacturing, and diverse product portfolio. The company specializes in the development, production, and marketing of formulations across therapeutic categories such as anti-infectives, pain management, dermatology, respiratory care, and nutraceuticals. Over the years, Martin and Harris has built a robust presence in the domestic market while also catering to select international markets. Supported by modern manufacturing facilities and stringent quality standards, the company focuses on research-backed innovations and compliance with regulatory norms, which have contributed to its long-term credibility in the pharma industry.
The unlisted shares of Martin and Harris Laboratories draw investor attention due to the company’s consistent performance and the growth potential within India’s pharmaceutical sector. The company benefits from rising healthcare expenditure, increasing demand for generic drugs, and growing awareness of preventive healthcare. Its diversified product range and strong distribution network offer stable revenue visibility. Investors view the company’s unlisted shares as a potential long-term opportunity, especially considering its emphasis on operational efficiency and value-driven product development. However, unlisted share prices can fluctuate depending on market trends, investor appetite, and availability of shares in the private equity market. The unlisted space also tends to reflect expectations related to overall pharma sector growth and the company’s expansion plans.
Looking forward, Martin and Harris Laboratories is well-positioned for steady growth by enhancing its R&D capabilities, expanding product categories, and exploring additional global markets. The company’s focus on high-quality formulations and modern manufacturing standards supports its competitive advantage. For investors, the unlisted shares offer exposure to a stable mid-sized pharmaceutical company with strong fundamentals, though considerations such as lower liquidity and longer investment horizons remain essential. Overall, Martin and Harris Laboratories Limited presents an appealing opportunity for those seeking participation in India’s growing healthcare and pharmaceuticals landscape through the unlisted market.
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