Table of Contents

Merck Ltd

Updated on June 14, 2025

Stock/Share Code - MERCK

Merck Limited is engaged in manufacturing and marketing of pharmaceuticals, bulk drugs, fine chemicals and pigments.

Below is the details of MERCK Merck Ltd

Market Cap	₹6,791 Cr.
Current Price	₹4,091
52 Week High / Low Price	₹5,050 / ₹2,100
Face Value	₹10
Stock P/E	7.93
Book Value	₹441.72
Dividend Yield	0.37 %
ROCE	19.38 %
ROE	12.04 %
Sales Growth (3yrs)	8.37 %
Sector	Pharmaceuticals
Industry	Pharmaceuticals - Multinational
Listed on	BSE AND NSE
Company Website	Company Website

Pros: Company is virtually debt free. Company has been maintaining a healthy dividend payout of 24.28%

Cons: Stock is trading at 9.26 times its book value The company has delivered a poor growth of 9.94% over past five years. Company has a low return on equity of 11.46% for last 3 years. Earnings include an other income of Rs.765.26 Cr.

Merck Ltd Peer Comparison in Pharmaceuticals

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Qtr Sales Var %	Sales Qtr Rs.Cr.	ROCE %
1.	Glaxosmi. Pharma	₹19.55	50.61	₹21,429.86 Cr.	1.38	₹123.03 Cr.	18.42	0.35	751.22	25.61
2.		36.70	₹16,527.29 Cr.	0.71	₹113.19 Cr.	13.10	14.96	906.31	40.63
3.		33.90	₹14,545.72 Cr.	0.63	₹109.47 Cr.	4.75	3.02	535.66	21.48
4.	Sanofi India		32.19	₹12,587.28 Cr.	1.53	₹92.9 Cr.	12.61	16.12	717.30	28.84
5.	Merck		7.93	₹6,791.14 Cr.	0.37	₹40.71 Cr.	109.85	16.58	231.03	19.38
6.	Astrazeneca Phar		90.45	₹4,923 Cr.	0.00	₹9.82 Cr.	204.97	26.25	190.30	18.64
7.	Novartis India		54.24	₹1,714.53 Cr.	1.44	₹19.53 Cr.	-26.22	-11.92	110.38	17.32

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Merck Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
Sales	266	269	250	229	165	206	179	198	220	226	204	231
YOY Sales Growth %	7.73%	5.16%	5.2%	6.22%	-37.96%	-23.54%	-28.53%	-13.44%	33.28%	9.86%	14.47%	16.58%
Expenses	232	223	226	206	150	169	174	174	169	168	189	181
Material Cost %	46.01%	41.4%	37.78%	39.42%	35.78%	37.87%	27.92%	32.03%	31.3%	31.15%	32.54%	34.68%
Employee Cost %	14.8%	14.67%	16.11%	17.89%	15.15%	13.97%	15.71%	15.24%	15.38%	12.78%	18.74%	13.11%
Operating Profit	34	47	24	23	15	37	4	24	51	58	15	50
OPM %	13%	17%	10%	10%	9%	18%	2%	12%	23%	26%	8%	22%
Other Income	7	4	8	7	13	16	38	20	21	17	709	18
Interest	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	6	6	6	6	5	5	5	7	5	4	5	4
Profit before tax	34	44	26	23	23	48	37	37	67	71	720	63
Tax %	34%	36%	25%	36%	13%	34%	26%	38%	28%	26%	1%	36%
Net Profit	23	28	19	15	20	32	27	23	48	52	715	41
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

	Dec 2006	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	TTM
Sales	328	313	387	473	509	590	687	798	867	940	993	1,104	882
Sales Growth %	-16.71%	-4.72%	23.96%	22.11%	7.6%	15.81%	16.57%	16.08%	8.74%	8.3%	5.65%	11.22%	%
Expenses	249	246	338	412	450	503	582	721	809	855	877	966	707
Material Cost %	42.47%	40.47%	41.29%	43.56%	40.83%	41.18%	43.51%	45.5%	46.16%	46.33%	41.46%	39.96%	%
Manufacturing Cost %	5.54%	6.27%	6.51%	6.54%	6.06%	6.99%	5.5%	7.76%	7.46%	6.64%	5.91%	6.83%	%
Employee Cost %	9.24%	9.38%	11.02%	11.09%	12.43%	13.58%	12.27%	12.66%	13.09%	13.11%	15.54%	15.37%	%
Other Cost %	18.56%	22.46%	28.33%	25.96%	28.99%	23.53%	23.37%	24.43%	26.49%	24.9%	25.43%	25.39%	%
Operating Profit	79	67	50	61	60	87	106	77	59	85	116	138	174
OPM %	24%	21%	13%	13%	12%	15%	15%	10%	7%	9%	12%	12%	20%
Other Income	97	40	48	43	43	17	20	21	20	22	24	41	765
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	6	7	6	8	7	8	9	10	13	23	25	26	18
Profit before tax	170	100	92	96	96	96	117	88	67	83	115	152	922
Tax %	21%	31%	31%	32%	34%	33%	33%	37%	35%	36%	31%	38%
Net Profit	133	69	63	65	63	64	78	56	43	54	79	94	857
EPS in Rs	76.29	37.72	34.40	36.05	22.28	38.36	46.83	32.22	24.84	30.74	47.67	56.57
Dividend Payout %	25%	49%	47%	51%	250%	0%	5%	25%	23%	23%	23%	27%

Compounded Sales Growth

10 Years:: 13.45%
5 Years:: 9.94%
3 Years:: 8.37%
TTM:: 17.92%

Compounded Profit Growth

10 Years:: 2.10%
5 Years:: 1.41%
3 Years:: 24.81%
TTM:: 741.54%

Return on Equity

10 Years:: 12.82%
5 Years:: 10.77%
3 Years:: 11.46%
Last Year:: 12.04%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

	Dec 2006	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018
Share Capital	17	17	17	17	17	17	17	17	17	17	17	17	17
Equity Capital	16.86	16.86	16.86	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6
Reserves	376	406	435	451	330	393	467	506	538	575	647	717	1,524
Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Liabilities	86	68	113	105	85	95	117	132	162	203	215	258	219
Trade Payables	19.19	20.06	40.16	35.16	54.25	29.38	39.59	37.43	54.48	67.43	81.95	87.01	91.42
Total Liabilities	479	491	564	572	431	505	600	655	716	794	879	991	1,759
Fixed Assets	40	38	60	63	49	72	75	85	110	132	111	115	104
Gross Block	115.39	116.82	140.58	148.29	153.6	167.94	178.38	196.93	231.72	271.28	143.96	191.51
Accumulated Depreciation	75.43	78.78	80.13	85.47	90.05	96.44	103.23	112.1	122.01	139.55	24.82	51.22
CWIP	0	2	2	1	2	0	2	9	28	7	30	9	17
Investments	248	234	153	24	20	23	24	24	24	42	28	70	0
Other Assets	191	216	349	485	360	411	500	537	555	613	711	797	1,639
Inventories	35.94	36.29	72.98	58.49	61.12	113.09	130.96	151.82	177.32	166.86	163.94	157.74	113.35
Trade receivables	28.03	31.12	44.44	43.81	56.08	62.18	64.42	84.12	104.53	126.57	107.04	122.66	66.17
Cash Equivalents	106.01	116.91	184.77	324.64	142.77	113.28	192.98	187.69	163.95	188.42	279.27	278.18	1243.42
Loans n Advances	21	31.79	46.57	57.71	100.1	73.85	52.64	36.52	38.81	64.36	77.34	154.58	4.02
Total Assets	479	491	564	572	431	505	600	655	716	794	879	991	1,759

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

	Dec 2006	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017
Cash from Operating Activity	66	38	4	42	66	19	54	0	5	83	107	54
Profit from operations	89.59	81.61	70.41	77.76	98.53	77.15	108.98	91.22	87.66	99.65	130.05	161.01
Working Capital Changes	12.96	-1.27	-29.57	-4.88	5.49	-27.91	-14.89	-50.94	-48.53	15.64	30.11	-47.82
Taxes paid	-36.43	-42.23	-36.95	-31.14	-38.05	-30.45	-39.83	-39.83	-34.18	-31.82	-53.12	-59.53
Cash from Investing Activity	-15	21	16	2	176	-9	-82	7	11	-68	-75	-48
Fixed Assets Purchased	-5.07	-7.12	-29.34	-9.55	-8.79	-15.06	-13.61	-33.41	-40.38	-45.19	-31.65	-30.3
Fixed Assets Sold	0.1	0.39	2.23	0.28	0.25	0.15	0.15	0.06	0.24	0.2	0.1	19.89
Investments purchased	-1487.73	-1658.83	-1485.34	-828.75	-954.22	-566.76	-731.99	-854.76	-911.33	-990.3	0	-42.2
Investments sold	1380.84	1673.59	1566.63	957.96	957.97	564.2	731.09	854.11	911.73	971.94	14.5	0
Cash from Financing Activity	-29	-58	-20	-45	-222	-0	0	-5	-17	-12	-15	-22
Dividends Paid	-25.18	-50.4	-16.82	-29.46	-189.94	0	0	-4.15	-14.22	-9.93	-12.45	-18.26
Net Cash Flow	22	2	-0	-2	20	10	-28	3	-1	4	17	-16

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Ratios

	Dec 2006	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017
ROCE %	30%	24%	21%	21%	24%	25%	26%	18%	12%	15%	18%	19%
Debtor Days	31	36	42	34	40	38	34	38	44	49	39	41
Inventory Turnover	8.43	8.65	7.09	7.20	8.51	6.77	5.63	5.64	5.27	5.46	6.00	6.86

Announcements & News

Recent Announcements

Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate | May 22, 2019
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate | May 22, 2019
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate | May 17, 2019
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate | May 10, 2019
Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015 | May 10, 2019

Credit Ratings

Annual Reports

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