Presentation

(In Rs Millions, Except per share items)

3 months 3 months 3 months 3 months
3 months 3 months
For the Fiscal
FY2007
PeriodAEnding
Jun-30- Sep-30- Dec-31- Mar-31- FY2008 A Jun-30- Sep-302007
2007
2007
2008
2008
2008
Geographic Revenue
India
#######
China
976.00
Rest of the World
4,229.80
Consolidated#######

Quarterly data not available

#######
285.80
5,014.90
#######

Quarterly data not available

Segment Revenues
Formulations
USA
1,563.00
546.00
518.00
497.00
798.00
Europe
1,280.00
362.00
562.00
641.00
446.00
ARV's
2,875.00
642.00 1,072.00
939.00 1,391.00
Rest of the World
1,478.20
246.00
245.00
389.00
754.00
Total
7,196.20 1,796.00 2,397.00 2,466.00 3,389.00

2,359.00
817.00 1,051.00
2,011.00
447.00
557.00
4,044.00 1,249.00
858.00
1,634.00
384.00
727.00
####### 2,897.00 3,193.00

Active Ingredients
SSPs
5,913.00 2,123.00 2,278.00 1,748.00 1,892.00
Cephs
6,429.00 1,309.00 1,577.00 1,620.00 1,412.00
ARVs & Others
2,964.00
436.00
418.00
268.00
395.00
Total
####### 3,868.00 4,273.00 3,636.00 3,699.00

8,041.00 2,140.00 1,856.00

5,918.00 1,564.00 1,560.00
1,517.00
467.00
631.00
####### 4,171.00 4,047.00

Formulations7,196.20 1,796.00 2,397.00 2,466.00 3,389.00

Active Ingredients
####### 3,868.00 4,273.00 3,636.00 3,699.00
Total
####### 5,664.00 6,670.00 6,102.00 7,088.00

####### 2,897.00 3,193.00

####### 4,171.00 4,047.00
####### 7,068.00 7,240.00

Income Statement
Total Income####### 5,323.40

6,302.00

5,695.60

7,056.20

####### 6,832.40

7,094.53

Material Consumed
####### 3,036.90
Staff Cost 1,504.20
442.30
Other Expenditure
4,486.80 1,258.70
Depreciation &997.20
Amortization
233.50

3,309.30
492.90
1,422.60
249.50

2,974.70
497.90
1,380.60
256.00

3,290.80
496.90
1,441.70
264.80

####### 3,572.40
1,930.00
573.70
5,503.60 1,424.70
1,003.80
270.40

3,995.00
589.60
1,641.10
288.30

Total Expenditure
####### 4,862.00

5,599.50

5,163.70

6,326.20

461.40

702.50

531.90

711.80

2,407.60

874.50

960.83

8.15%

10.53%

8.72%

10.04%

9.43%

12.37%

13.27%

Profit Before2,517.80
Interest and796.70
Tax (PBIT)728.60
PBIT Margin (%)
11.19%
14.07%
10.92%

707.10 1,117.60 3,350.00

11.59%
15.77%
13.13%

889.50
12.59%

998.43
13.79%

EBITDA
EBITDA
Margin
(%)

Operating
Income
2,024.70
Operatin
g Income
Margin(%
)

9.00%

####### 5,957.90

6,133.70

3,515.00

1,030.20

978.10

963.10

1,382.40

4,353.80

1,159.90

1,286.73

15.62%

18.19%

14.67%

15.78%

19.51%

17.06%

16.41%

17.77%

Interest (net) 453.60

106.30

116.10

101.00

109.00

432.40

132.50

156.30

Profit
from
Ordinary
Activities
before
Tax (PBT) 2,064.20
PBT Margin (%)9.17%

690.40
12.19%

838.20
12.57%

606.10
9.93%

782.90 2,917.60
11.05%
11.43%

219.90
3.11%

(208.87)
-2.89%

Total Tax
Tax Rate

43.70
2.12%

70.10
10.15%

215.00
25.65%

161.70
26.68%

89.20
11.39%

536.00
18.37%

55.30
25.15%

173.30
-82.97%

Net Profit (PAT)

2,009.50
Net Profit Margin
8.93%
(%)
Diluted EPS 30.27

617.40
10.90%
9.13

620.60
9.30%
9.19

445.70
7.30%
6.59

701.30 2,385.00
9.90%
9.34%
10.37
35.33

164.20
2.32%
2.43

(384.17)
-5.31%
(7.15)

Other Selected Items and Ratios

Cash and
Bank
Balances
Capex
Total
Debt

5,824.60
1,809.50

2,825.70
2,456.90

#######

#######

Total
Sharehold
er's Equity 8,860.10
Cash
1.3
Ratio

Days Sales
Outstandi
ng (DSO)
Inventory
Days
Payable
Days

#######
0.5

Quarterly data not available

Quarterly data not available

101.56

95.10

91.34

103.64

123.71

142.29

Book
Value Per
Share

133.46

166.51

Net Cash
Per Share

87.74

41.86

Valuation Metrics
EBITDA
Margin
(%)
EBIT
Margin
(%)
Net Profit
Margin
(%)
Interest
Cover
ROE
EV/Sales
EV/EBITD
A
P/E

15.62%

18.19%

14.67%

15.78%

19.51%

17.06%

16.41%

17.77%

11.19%

14.07%

10.92%

11.59%

15.77%

13.13%

12.59%

13.79%

8.93%

10.90%

9.30%

7.30%

9.90%

9.34%

2.32%

-5.31%

9.69
8.42
9.54
12.68
Quarterly data not available

10.07
21.22%

7.75
22.68%

8.75
8.23
Quarterly data not available

3 months 3 months
3 months 3 months 3 months 3 months
3 months
Dec-31- Mar-31- FY2009 A Jun-30Sep-30- Dec-31- Mar-31- FY2010 E Jun-302008
2009
2009
2009
2009
2010
2010

uarterly data not available

#######
366.56
6,432.02
#######

Quarterly data not available

#######
461.87
7,479.44
#######

Quarterly data not availab

1,427.00 2,289.00
467.00
452.00
1,215.00 1,318.00
422.00
418.00
3,531.00 4,477.00

5,584.00 2,310.00 1,777.77 2,247.86 2,943.13

1,923.00
464.00
942.17
735.63
581.17
4,640.00 1,375.10 1,451.31 1,913.91 1,694.65
1,951.00
540.00 1,229.72
664.75
537.45
####### 4,689.10 5,400.98 5,562.15 5,756.39

9,278.76 3,265.37
2,722.97
655.90
6,434.97 1,943.81
2,971.92
763.33
####### 6,628.41

1,744.00 1,639.00
1,543.00 1,677.00
750.00
895.00
4,037.00 4,211.00

7,379.00 1,517.00 2,277.07 2,075.34 1,794.19

6,344.00 1,390.00 1,913.92 1,836.15 1,835.79
2,743.00
671.00
774.15
892.49
979.74
####### 3,578.00 4,965.14 4,803.97 4,609.73

7,663.60 1,975.64
6,975.86 1,810.25
3,317.39
873.87
####### 4,659.75

3,531.00 4,477.00
4,037.00 4,211.00
7,568.00 8,688.00

####### 4,689.10
####### 3,578.00
####### 8,267.10

5,400.98 5,562.15 5,756.39

4,965.14 4,803.97 4,609.73
####### ####### #######

####### 6,628.41
####### 4,659.75
####### #######

8,228.20

9,087.30

####### 8,527.50

#######

#######

#######

#######

4,281.40
653.60
1,728.90
310.80

3,650.20
617.80
1,998.10
351.70

####### 4,013.10
2,434.70
690.60
6,792.80 1,666.10
1,221.20
332.60

5,720.19
844.21
2,349.79
292.40

5,864.52
895.28
2,368.19
292.40

4,355.10
737.10
2,383.96
292.40

####### 5,479.62
3,167.20
942.97
8,768.04 2,274.95
1,209.81
339.18

#######

6,961.20

7,679.30

####### 6,903.10

8,662.07

9,401.90

9,035.05

####### 9,310.75

1,267.00

1,408.00

4,510.33

1,624.40

1,459.62

1,544.49

1,693.80

6,322.31

2,175.47

16.74%

16.21%

14.76%

19.65%

14.08%

14.90%

16.34%

16.06%

19.27%

1,320.20 1,461.30 4,669.43 1,646.70 1,497.22 1,597.69 1,747.10 6,488.71 2,197.77

17.44%
16.82%
15.28%
19.92%
14.44%
15.41%
16.85%
16.48%
19.47%
1,631.00

1,813.00

5,890.63

1,979.30

1,789.62

1,890.10

2,039.50

7,698.52

2,536.95

21.55%

20.87%

19.27%

23.94%

17.26%

18.23%

19.67%

19.56%

22.47%

254.70

267.40

810.90

226.80

544.03

544.03

544.03

1,858.90

532.89

495.00
6.54%

805.80 1,311.83 1,995.30 1,042.61 1,143.09 1,292.50 5,473.50 1,664.88

9.27%
4.29%
24.14%
10.06%
11.03%
12.47%
13.90%
14.75%

78.60
15.88%

5.70
0.71%

418.40
5.53%
6.19

800.50
9.21%
12.37

312.90
23.85%

330.80
16.58%

135.54
13.00%

148.60
13.00%

168.02
13.00%

782.97
14.30%

998.93 1,664.50
3.27%
20.13%
15.43
25.76

907.07
8.75%
14.04

994.49 1,124.47 4,690.54 1,448.45

9.59%
10.85%
11.92%
12.83%
15.39
17.40
72.59
22.42

1,594.63
2,292.28

869.29
2,755.58

#######

#######

216.43
13.00%

#######

#######

0.2

0.1

uarterly data not available

Quarterly data not available

Quarterly data not availab

95.10

95.10

103.64

103.64

142.29

142.29

189.05

262.01

24.63

13.45

21.55%

20.87%

19.27%

23.94%

17.26%

18.23%

19.67%

19.56%

22.47%

17.44%

16.82%

15.28%

19.92%

14.44%

15.41%

16.85%

16.48%

19.47%

5.53%

9.21%

3.27%

20.13%

8.75%

9.59%

10.85%

11.92%

12.83%

6.78

7.26
8.16%

3.75
1.55

4.14
27.71%
1.63

7.88
10.82

8.35
10.37

6.40
uarterly data not available

8.73
3.29
3.47
Quarterly data not available
1.55
1.55
8.98
13.41

8.50
12.23

4.76
Quarterly data not availab
1.42
6.34
8.40

3 months 3 months 3 months

3 months 3 months 3 months 3 months
Sep-30- Dec-31- Mar-31- FY2011 E Jun-30- Sep-30- Dec-31- Mar-31- FY2012 E
2010
2010
2011
2011
2011
2011
2012

Quarterly data not available

#######
572.72
8,786.37
#######

Quarterly data not available

#######
710.17
#######
#######

2,135.25 2,767.50 4,152.31

1,131.62
905.69
819.94
1,743.15 2,356.35 2,390.89
1,477.00
818.42
758.26
6,487.02 6,847.96 8,121.41

####### 4,049.06 2,647.71 3,431.70

3,513.16
813.32 1,403.21 1,123.06
8,434.20 2,410.33 2,161.50 2,921.87
3,817.02
946.53 1,831.48 1,014.84
####### 8,219.23 8,043.91 8,491.47

5,148.87 #######
1,016.73 4,356.31
2,964.70 #######
940.25 4,733.10
####### #######

2,327.84 2,263.16 2,239.57

1,956.59 2,002.32 2,291.50
791.41
973.26 1,222.95
5,075.84 5,238.74 5,754.03

8,806.21
8,060.66
3,861.50
#######

2,449.80 2,886.52 2,806.32 2,777.07

2,244.70 2,426.17 2,482.88 2,841.46
1,083.59
981.35 1,206.84 1,516.46
5,778.09 6,294.04 6,496.04 7,134.99

#######
9,995.21
4,788.25
#######

6,487.02 6,847.96 8,121.41

5,075.84 5,238.74 5,754.03
####### ####### #######

####### 8,219.23 8,043.91 8,491.47 #######

####### 5,778.09 6,294.04 6,496.04 7,134.99
####### ####### ####### ####### #######

#######
#######
#######

#######

#######

#######

#######

#######

#######

#######

#######

#######

6,380.58
941.67
2,621.07
339.18

6,837.92
1,043.88
2,761.27
339.18

5,829.46
986.64
3,191.02
339.18

####### 6,794.72
3,915.16 1,169.28
####### 2,820.93
1,356.72
381.61

7,911.91
1,167.68
3,250.12
381.61

8,479.02
1,294.41
3,423.97
381.61

7,228.53
1,223.44
3,956.86
381.61

#######
4,854.80
#######
1,526.44

9,675.10

#######

#######

#######

#######

#######

#######

#######

#######

1,605.34

1,657.02

2,120.77

7,558.60

2,633.12

2,009.29

1,883.18

2,527.90

9,053.48

13.88%

13.71%

15.28%

15.48%

18.81%

14.01%

12.56%

14.69%

14.96%

1,642.94 1,710.22 2,174.07 7,725.00 2,655.42 2,046.89 1,936.38 2,581.20 9,219.88

14.21%
14.15%
15.67%
15.83%
18.97%
14.28%
12.92%
15.00%
15.23%
1,982.12

2,049.40

2,513.25

9,081.72

3,037.03

2,428.50

2,317.99

2,962.81

#######

17.14%

16.96%

18.11%

18.61%

21.70%

16.94%

15.47%

17.22%

17.75%

532.89

532.89

532.89

2,131.56

656.91

656.91

656.91

656.91

2,627.65

1,110.05 1,177.33 1,641.18 5,829.65 1,998.50 1,389.98 1,279.47 1,924.29 6,592.23

9.60%
9.74%
11.83%
11.94%
14.28%
9.69%
8.54%
11.18%
10.89%
144.31
13.00%

153.05
13.00%

213.35
13.00%

727.15
12.47%

259.81
13.00%

180.70
13.00%

166.33
13.00%

250.16
13.00%

856.99
13.00%

965.74 1,024.28 1,427.83 5,102.50 1,738.70 1,209.28 1,113.14 1,674.13 5,735.24

8.35%
8.47%
10.29%
10.45%
12.42%
8.43%
7.43%
9.73%
9.48%
14.95
15.85
22.10
78.97
29.88
20.78
19.13
28.77
98.57

2,450.17
3,416.92

747.33
3,631.70

#######

#######

#######

#######

0.2

0.1

Quarterly data not available

Quarterly data not available

95.10

95.10

103.64

103.64

142.29

142.29

376.97

517.21

37.92

12.84

17.14%

16.96%

18.11%

18.61%

21.70%

16.94%

15.47%

17.22%

17.75%

14.21%

14.15%

15.67%

15.83%

18.97%

14.28%

12.92%

15.00%

15.23%

8.35%

8.47%

10.29%

10.45%

12.42%

8.43%

7.43%

9.73%

9.48%

4.72

4.26
20.95%
1.32

4.51

4.09
19.06%
1.06

3.72
3.85
Quarterly data not available
1.39
1.33
8.11
12.60

7.84
11.88

1.16
6.40
8.52

7.08
9.54

4.62
3.70
3.53
Quarterly data not available
1.15
1.12
1.07

0.93

5.29
6.30

5.43
6.54

6.62
9.06

6.93
9.84

5.98
7.64

3 months 3 months 3 months 3 months

3 months 3 months 3 months 3 months
Jun-30Sep-30- Dec-31- Mar-31- FY2013 E Jun-30- Sep-30- Dec-31- Mar-312012
2012
2012
2013
2013
2013
2013
2014

Quarterly data not available

4,939.85
992.25
2,940.60
1,154.77
#######

3,230.21
1,711.92
2,637.03
2,234.41
9,813.57

4,186.67
1,370.13
3,564.69
1,238.11
#######

#######
866.41
#######
#######

6,281.62 #######
1,240.41 5,314.70
3,616.94 #######
1,147.10 5,774.38
####### #######

Quarterly data not available

5,927.82
1,190.70
3,528.72
1,385.72
#######

3,876.25
2,054.30
3,164.44
2,681.29
#######

5,024.01
1,644.16
4,277.62
1,485.73
#######

7,537.94
1,488.49
4,340.33
1,376.52
#######

2,988.75 3,521.55 3,423.71 3,388.03

2,738.54 2,959.93 3,029.12 3,466.58
1,321.99 1,197.25 1,472.35 1,850.08
7,049.28 7,678.73 7,925.17 8,704.69

#######
#######
5,841.67
#######

3,586.50 4,225.86 4,108.45

3,286.25 3,551.91 3,634.94
1,586.38 1,436.70 1,766.82
8,459.13 9,214.48 9,510.21

4,065.63
4,159.90
2,220.10
#######

####### 9,813.57 ####### #######

7,049.28 7,678.73 7,925.17 8,704.69
####### ####### ####### #######

####### ####### ####### #######

####### 8,459.13 9,214.48 9,510.21
####### ####### ####### #######

#######
#######
#######

#######

#######

#######

#######

#######

8,289.56
1,426.52
3,441.54
430.64

9,652.53
1,424.56
3,965.15
430.64

####### 8,818.81
1,579.18 1,492.59
4,177.24 4,827.37
430.64
430.64

#######

#######

####### 9,947.48
5,922.86 1,711.83
####### 4,129.85
1,722.55
492.32

#######

#######

####### ####### #######

1,709.48 1,895.02 1,791.11
4,758.18 5,012.69 5,792.84
492.32
492.32
492.32

#######

#######

#######

#######

#######

#######

#######

#######

#######

3,152.51

2,467.65

2,139.44

2,989.87

####### 3,721.26

2,968.70

2,416.36

3,494.93

18.46%

14.11%

11.70%

14.24%

14.14%

11.01%

13.87%

14.56%

18.16%

3,174.81 2,505.25 2,192.64 3,043.17

18.59%
14.32%
11.99%
14.50%

####### 3,743.56 3,006.30 2,469.56 3,548.23

14.78%
18.27%
14.32%
11.26%
14.09%

3,605.45

2,935.88

2,623.28

3,473.80

####### 4,235.87

21.11%

16.78%

14.35%

16.55%

17.11%

435.01

435.01

435.01

435.01

1,740.04

3,498.62

2,961.88

4,040.54

20.67%

16.67%

13.50%

16.04%

423.96

423.96

423.96

423.96

2,739.80 2,070.24 1,757.64 2,608.16 9,175.83 3,319.59 2,582.34 2,045.60 3,124.26

16.04%
11.84%
9.61%
12.43%
12.43%
16.20%
12.30%
9.32%
12.40%
356.17
13.00%

269.13
13.00%

228.49
13.00%

339.06 1,192.86
13.00%
13.00%

431.55
13.00%

335.70
13.00%

265.93
13.00%

406.15
13.00%

2,383.63 1,801.11 1,529.14 2,269.10 7,982.97 2,888.05 2,246.63 1,779.67 2,718.11

13.96%
10.30%
8.36%
10.81%
10.81%
14.09%
10.70%
8.11%
10.79%
40.97
30.96
26.28
39.00
137.20
49.64
38.61
30.59
46.72

1,555.52
4,430.67
#######

#######
0.1

Quarterly data not available

Quarterly data not available

95.10
103.64
142.29

654.42

26.73

21.11%

16.78%

14.35%

16.55%

17.11%

20.67%

16.67%

13.50%

16.04%

18.59%

14.32%

11.99%

14.50%

14.78%

18.27%

14.32%

11.26%

14.09%

13.96%

10.30%

8.36%

10.81%

10.81%

14.09%

10.70%

8.11%

10.79%

7.99

7.26
20.97%
0.87

8.29
6.75
6.03
Quarterly data not available
0.94
0.92
0.88

0.77

4.46
4.60

4.63
4.83

5.48
6.08

6.13
7.16

5.09
5.49

9.99
8.25
6.99
Quarterly data not available
0.78
0.77
0.73

0.64

3.79
3.79

3.98
4.03

4.59
4.88

5.43
6.15

9.53

FY2014 E

#######
1,039.69
#######
#######

#######
6,377.64
#######
6,929.26
#######

#######
#######
7,010.01
#######
#######
#######
#######

#######
#######
7,107.43
#######
1,969.27

#######

#######

14.22%
#######
14.41%
#######

16.63%
1,695.86

#######
12.49%
1,439.33
13.00%
9,632.46
10.87%
165.55

2,886.51
5,316.81
#######

#######
0.2

95.10
103.64
142.29

819.97

49.61

16.63%

14.41%

10.87%

8.69
20.19%
0.73
4.36
4.55