Financial

January 20
Analysis
of Pharma
Companie 2011
s
Sun Pharmaceutical Industries

Balance Sheet

Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 94.27 98.07 103.56 103.56 103.56
Equity Share Capital 92.87 96.70 103.56 103.56 103.56
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 1.40 1.37 0.00 0.00 0.00
Reserves 1,370.67 2,351.42 4,104.06 5,047.86 5,614.42
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 1,464.94 2,449.49 4,207.62 5,151.42 5,717.98
Secured Loans 18.23 20.39 22.88 23.60 29.49
Unsecured Loans 1,727.59 1,047.76 79.64 0.00 0.00
Total Debt 1,745.82 1,068.15 102.52 23.60 29.49
Total Liabilities 3,210.76 3,517.64 4,310.14 5,175.02 5,747.47
  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 744.26 838.70 935.03 1,061.90 1,159.76
Less: Accum. Depreciation 208.07 249.41 304.99 362.64 419.24
Net Block 536.19 589.29 630.04 699.26 740.52
Capital Work in Progress 30.80 31.91 33.43 75.95 92.15
Investments 779.62 1,057.49 1,843.57 2,694.59 3,951.69
Inventories 263.41 333.38 389.63 486.74 570.14
Sundry Debtors 256.47 310.00 1,055.44 680.03 553.29
Cash and Bank Balance 11.26 35.69 23.29 20.17 26.11
Total Current Assets 531.14 679.07 1,468.36 1,186.94 1,149.54
Loans and Advances 509.25 345.82 394.13 311.42 383.34
Fixed Deposits 1,219.56 1,166.99 1,049.13 1,245.30 161.16
Total CA, Loans & Advances 2,259.95 2,191.88 2,911.62 2,743.66 1,694.04
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 273.30 345.23 845.73 696.34 388.45
Provisions 122.50 7.70 262.79 342.10 342.48
Total CL & Provisions 395.80 352.93 1,108.52 1,038.44 730.93
Net Current Assets 1,864.15 1,838.95 1,803.10 1,705.22 963.11
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 3,210.76 3,517.64 4,310.14 5,175.02 5,747.47

Contingent Liabilities 39.76 107.62 72.08 85.36 184.22

Book Value (Rs) 78.80 126.58 203.15 248.72 276.08

Common Size Statement for Sun Pharmaceutical Industries Limited (Balance Sheet)

Mar 06  Mar 07  Mar 08  Mar 09  Mar 10 
SOURCES OF FUNDS :
Share Capital 2.94 2.79 2.4 2 1.8
Reserves Total 42.69 66.85 95.22 97.54 97.69
Equity Share Warrants 0 0 0 0 0
Equity Application Money 0 0 0 0 0
Total Shareholders Funds 45.62 69.63 97.62 99.54 99.49
Secured Loans 0.57 0.58 0.53 0.46 0.51
Unsecured Loans 53.8 29.79 1.85 0 0
Total Debt 54.38 30.37 2.38 0.46 0.51
Total Liabilities 100 100 100 100 100
APPLICATION OF FUNDS :
Gross Block 23.18 23.84 21.69 20.52 20.18
Less : Accumulated Depreciation 6.48 7.09 7.04 7.01 7.29
Less: Impairment of Assets 0 0 0.03 0 0
Net Block 16.7 16.75 14.62 13.51 12.88
Lease Adjustment 0 0 0 0 0
Capital Work in Progress 0.96 0.91 0.78 1.47 1.6
Investments 24.28 30.06 45.08 52.07 68.76
Current Assets, Loans & Advances
Inventories 8.2 9.48 9.04 9.41 9.92
Sundry Debtors 7.99 16.06 24.49 13.14 9.63
Cash and Bank 38.34 34.19 22.57 24.45 3.26
Loans and Advances 15.78 10.28 8.99 5.91 6.5
Total Current Assets 70.3 70.01 65.09 52.9 29.3
Less : Current Liabilities and Provisions
Current Liabilities 5.18 13.83 16.85 11.07 4.58
Provisions 3.82 0.8 6.1 6.61 5.96
Total Current Liabilities 8.99 14.62 22.95 17.68 10.54
Net Current Assets 61.31 55.39 42.14 35.22 18.76
Miscellaneous Expenses not written off 0 0 0 0 0
Deferred Tax Assets 0.08 0.13 0.15 0.11 0.17
Deferred Tax Liability 3.34 3.23 2.77 2.38 2.18
Net Deferred Tax -3.25 -3.11 -2.62 -2.27 -2.01
Total Assets 100 100 100 100 100

Trend Analysis of Sun Pharmaceutical Industries (Balance Sheet)

Sources Of Funds 2006 2007 2008 2009 2010

Total Share Capital 94.27 104.03 109.85 109.85 109.85
Equity Share Capital 92.87 104.12 111.51 111.51 111.51
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 1.40 97.86 0.00 0.00 0.00
Reserves 1370.67 171.55 299.42 368.28 409.61
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Net worth 1464.94 167.21 287.22 351.65 390.32
Secured Loans 18.23 111.85 125.51 129.46 161.77
Unsecured Loans 1727.59 60.65 4.61 0.00 0.00
Total Debt 1745.82 61.18 5.87 1.35 1.69
Total Liabilities 3210.76 109.56 134.24 161.18 179.01
Application Of Funds        
Gross Block 744.26 112.69 125.63 142.68 155.83
Less: Accum. Depreciation 208.07 119.87 146.58 174.29 201.49
Net Block 536.19 109.90 117.50 130.41 138.11
Capital Work in Progress 30.80 103.60 108.54 246.59 299.19
Investments 779.62 135.64 236.47 345.63 506.87
Inventories 263.41 126.56 147.92 184.78 216.45
Sundry Debtors 256.47 120.87 411.53 265.15 215.73
Cash and Bank Balance 11.26 316.96 206.84 179.13 231.88
Total Current Assets 531.14 127.85 276.45 223.47 216.43
Loans and Advances 509.25 67.91 77.39 61.15 75.28
Fixed Deposits 1219.56 95.69 86.03 102.11 13.21
Total CA, Loans & Advances 2259.95 96.99 128.84 121.40 74.96
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 273.30 126.32 309.45 254.79 142.13
Provisions 122.50 6.29 214.52 279.27 279.58
Total CL & Provisions 395.80 89.17 280.07 262.36 184.67
Net Current Assets 1864.15 98.65 96.73 91.47 51.66
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 3210.76 109.56 134.24 161.18 179.01
Contingent Liabilities 39.76 270.67 181.29 214.69 463.33
Book Value (Rs) 78.80 160.63 257.80 315.63 350.36

Profit & Loss A/c

Profit & Loss account ------------------- in Rs. Cr. -------------------

  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 1,353.01 1,722.13 2,427.35 2,833.65 1,891.16
Excise Duty 61.37 59.57 58.84 59.00 46.07
Net Sales 1,291.64 1,662.56 2,368.51 2,774.65 1,845.09
Other Income 525.55 750.26 914.83 1,276.22 765.98
Stock Adjustments 57.23 41.41 17.38 23.78 30.91
Total Income 1,874.42 2,454.23 3,300.72 4,074.65 2,641.98
Expenditure
Raw Materials 899.67 1,214.48 1,564.61 1,961.89 878.46
Power & Fuel Cost 25.55 31.14 37.36 50.44 47.38
Employee Cost 82.01 98.87 120.20 148.31 174.71
Other Manufacturing Expenses 23.11 25.08 35.21 43.93 52.90
Selling and Admin Expenses 287.47 370.20 415.35 494.98 439.11
Miscellaneous Expenses 15.97 18.85 14.62 18.06 31.92
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1,333.78 1,758.62 2,187.35 2,717.61 1,624.48
  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 15.09 -54.65 198.54 80.82 251.52

PBDIT 540.64 695.61 1,113.37 1,357.04 1,017.50
Interest 11.23 8.80 5.06 2.77 0.44
PBDT 529.41 686.81 1,108.31 1,354.27 1,017.06
Depreciation 40.73 46.27 56.11 58.86 69.47
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 488.68 640.54 1,052.20 1,295.41 947.59
Extra-ordinary items 0.00 -0.05 0.00 11.70 1.57
PBT (Post Extra-ord Items) 488.68 640.49 1,052.20 1,307.11 949.16
Tax 27.39 11.61 38.16 30.12 50.51
Reported Net Profit 461.29 628.93 1,014.04 1,265.29 898.65
Total Value Addition 434.11 544.14 622.74 755.72 746.02
Preference Dividend 0.08 0.08 0.05 0.00 0.00
Equity Dividend 102.30 130.01 217.47 284.79 284.79
Corporate Dividend Tax 14.36 18.25 37.20 48.40 47.30
Per share data (annualised)
Shares in issue (lakhs) 1,857.32 1,934.02 2,071.16 2,071.16 2,071.16
Earning Per Share (Rs) 24.83 32.52 48.96 61.09 43.39
Equity Dividend (%) 110.00 135.00 210.00 275.00 275.00
Book Value (Rs) 78.80 126.58 203.15 248.72 276.08

Common Size Statement of Sun Pharmaceutical Industries (P&L)

Mar 06  Mar 07  Mar 08  Mar 09  Mar 10 
INCOME :
Sales Turnover 100 100 100 100 100
Excise Duty 3.52 2.59 1.83 1.5 1.79
Net Sales 96.48 97.41 98.17 98.5 98.21
Other Income 7.91 7.37 4.33 4.77 5.44
Stock Adjustments 3.29 1.8 0.54 0.61 1.2
Total Income 107.68 106.58 103.04 103.87 104.85
EXPENDITURE :
Raw Materials 51.05 52.09 48.09 49.26 32.94
Power & Fuel Cost 1.47 1.35 1.16 1.28 1.84
Employee Cost 4.58 4.18 3.65 3.69 6.65
Other Manufacturing Expenses 2.25 1.98 1.96 2.1 3.69
Selling and Administration Expenses 16.39 16.04 13.05 12.51 17.57
Miscellaneous Expenses 0.91 0.74 0.46 0.46 2.48
Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Total Expenditure 76.64 76.37 68.37 69.3 65.18
Operating Profit 31.04 30.21 34.68 34.57 39.67
Interest 0.64 0.38 0.16 0.07 0.02
Gross Profit 30.4 29.83 34.52 34.5 39.65
Depreciation 2.34 2.01 1.75 1.5 2.7
Profit Before Tax 28.06 27.82 32.77 33 36.95
Tax 0.42 0.24 1.03 0.61 2.05
Fringe Benefit tax 0.05 0.05 0.05 0.04 0
Deferred Tax 1.1 0.21 0.11 0.11 -0.08
Reported Net Profit 26.48 27.31 31.58 32.23 34.98
Extraordinary Items 0.59 0.69 0.39 0.65 -1.21
Adjusted Net Profit 25.89 26.62 31.2 31.59 36.19

Trend Analysis of Sun Pharmaceutical Industries (P&L)

Income 2006 2007 2008 2009 2010

Sales Turnover 1,353.01 127.28 179.40 209.43 139.77
Excise Duty 61.37 97.07 95.88 96.14 75.07
Net Sales 1,291.64 128.72 183.37 214.82 142.85
Other Income 525.55 142.76 174.07 242.84 145.75
Stock Adjustments 57.23 72.36 30.37 41.55 54.01
Total Income 1,874.42 130.93 176.09 217.38 140.95
Expenditure      
Raw Materials 899.67 134.99 173.91 218.07 97.64
Power & Fuel Cost 25.55 121.88 146.22 197.42 185.44
Employee Cost 82.01 120.56 146.57 180.84 213.03
Other Manufacturing Expenses 23.11 108.52 152.36 190.09 228.91
Selling and Admin Expenses 287.47 128.78 144.48 172.18 152.75
Miscellaneous Expenses 15.97 118.03 91.55 113.09 199.87
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1,333.78 131.85 164.00 203.75 121.80
Operating Profit 15.09 362.16 1,315.71 535.59 1,666.80
PBDIT 540.64 128.66 205.94 251.01 188.20
Interest 11.23 78.36 45.06 24.67 3.92
PBDT 529.41 129.73 209.35 255.81 192.11
Depreciation 40.73 113.60 137.76 144.51 170.56
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 488.68 131.08 215.31 265.08 193.91
Extra-ordinary items 0.00 0.00 0.00 0.00 0.00
PBT (Post Extra-ord Items) 488.68 131.07 215.31 267.48 194.23
Tax 27.39 42.39 139.32 109.97 184.41
Reported Net Profit 461.29 136.34 219.83 274.29 194.81
Total Value Addition 434.11 125.35 143.45 174.08 171.85
Preference Dividend 0.08 100.00 62.50 0.00 0.00
Equity Dividend 102.30 127.09 212.58 278.39 278.39
Corporate Dividend Tax 14.36 127.09 259.05 337.05 329.39
Per share data (annualised)      
Shares in issue (lakhs) 1,857.32 104.13 111.51 111.51 111.51
Earning Per Share (Rs) 24.83 130.97 197.18 246.03 174.75
Equity Dividend (%) 110.00 122.73 190.91 250.00 250.00
Book Value (Rs) 78.80 160.63 257.80 315.63 350.36

Dr Reddys Laboratories

Balance Sheet

Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 38.35 83.96 84.09 84.20 84.40
Equity Share Capital 38.35 83.96 84.09 84.20 84.40
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 2,223.79 4,289.40 4,727.72 5,174.90 5,830.20
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 2,262.14 4,373.36 4,811.81 5,259.10 5,914.60
Secured Loans 145.13 1.92 3.40 2.60 0.80
Unsecured Loans 778.74 327.98 458.91 637.70 562.40
Total Debt 923.87 329.90 462.31 640.30 563.20
Total Liabilities 3,186.01 4,703.26 5,274.12 5,899.40 6,477.80
  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 1,052.90 1,291.19 1,750.21 2,157.30 2,425.70
Less: Accum. Depreciation 491.08 609.15 762.80 946.50 1,110.10
Net Block 561.82 682.04 987.41 1,210.80 1,315.60
Capital Work in Progress 112.92 280.61 245.71 411.20 745.40
Investments 911.36 966.99 2,080.71 1,865.10 2,652.70
Inventories 443.10 487.58 640.93 735.10 897.40
Sundry Debtors 581.22 1,055.70 897.71 1,419.70 1,060.50
Cash and Bank Balance 25.50 148.60 67.19 84.30 47.90
Total Current Assets 1,049.82 1,691.88 1,605.83 2,239.10 2,005.80
Loans and Advances 723.61 1,028.56 1,272.02 1,331.20 1,321.40
Fixed Deposits 625.44 1,308.11 470.15 300.10 320.10
Total CA, Loans & Advances 2,398.87 4,028.55 3,348.00 3,870.40 3,647.30
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 624.25 731.96 786.36 1,163.30 1,543.80
Provisions 174.70 522.97 601.38 294.80 339.40
Total CL & Provisions 798.95 1,254.93 1,387.74 1,458.10 1,883.20
Net Current Assets 1,599.92 2,773.62 1,960.26 2,412.30 1,764.10
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 3,186.02 4,703.26 5,274.09 5,899.40 6,477.80

Contingent Liabilities 2,409.27 1,896.92 1,892.55 1,934.80 2,016.10

Book Value (Rs) 294.95 260.45 286.12 312.17 350.30

Common Size Statement for Dr Reddys Laboratories (Balance Sheet)

Mar 06  Mar 07  Mar 08  Mar 09  Mar 10 
SOURCES OF FUNDS :
Share Capital 1.2 1.79 1.59 1.43 1.3
Reserves Total 69.8 91.2 89.64 87.72 90
Equity Share Warrants 0 0 0 0 0
Equity Application Money 0 0 0 0 0
Total Shareholders Funds 71 92.99 91.23 89.15 91.31
Secured Loans 4.56 0.04 0.06 0.04 0.01
Unsecured Loans 24.44 6.97 8.7 10.81 8.68
Total Debt 29 7.01 8.77 10.85 8.69
Total Liabilities 100 100 100 100 100
APPLICATION OF FUNDS :
Gross Block 33.05 27.45 33.18 36.57 37.45
Less : Accumulated Depreciation 15.41 12.95 14.46 16.04 17.14
Less:Impairment of Assets 0 0 0 0 0
Net Block 17.63 14.5 18.72 20.52 20.31
Lease Adjustment 0 0 0 0 0
Capital Work in Progress 3.54 5.97 4.67 6.97 11.51
Investments 25.79 17.65 36.61 28.88 39.44
Current Assets, Loans & Advances
Inventories 13.91 10.37 12.15 12.46 13.85
Sundry Debtors 18.24 22.45 17.02 24.07 16.37
Cash and Bank 20.43 30.97 10.18 6.52 5.68
Loans and Advances 22.15 21 16.92 22.18 20.07
Total Current Assets 74.73 84.78 56.27 65.22 55.98
Less : Current Liabilities and Provisions
Current Liabilities 17.37 13.47 12.91 17.8 22.35
Provisions 2.67 8.21 1.71 2.26 3.73
Total Current Liabilities 20.04 21.68 14.62 20.06 26.08
Net Current Assets 54.69 63.11 41.65 45.16 29.9
Miscellaneous Expenses not written off 0 0 0 0 0
Deferred Tax Assets 0.56 0.37 0.36 0.38 0.33
Deferred Tax Liability 2.23 1.59 2.01 1.92 1.49
Net Deferred Tax -1.67 -1.23 -1.65 -1.53 -1.16
Total Assets 100 100 100 100 100

Trend Analysis of Dr Reddys Laboratories (Balance Sheet)

Sources Of Funds 2006 2007 2008 2009 2010

Total Share Capital 38.35 218.93 219.27 219.56 220.08
Equity Share Capital 38.35 218.93 219.27 219.56 220.08
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 2223.79 192.89 212.60 232.71 262.17
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 2262.14 193.33 212.71 232.48 261.46
Secured Loans 145.13 1.32 2.34 1.79 0.55
Unsecured Loans 778.74 42.12 58.93 81.89 72.22
Total Debt 923.87 35.71 50.04 69.31 60.96
Total Liabilities 3186.01 147.62 165.54 185.17 203.32
Application Of Funds        
Gross Block 1052.90 122.63 166.23 204.89 230.38
Less: Accum. Depreciation 491.08 124.04 155.33 192.74 226.05
Net Block 561.82 121.40 175.75 215.51 234.17
Capital Work in Progress 112.92 248.50 217.60 364.15 660.11
Investments 911.36 106.10 228.31 204.65 291.07
Inventories 443.10 110.04 144.65 165.90 202.53
Sundry Debtors 581.22 181.64 154.45 244.26 182.46
Cash and Bank Balance 25.50 582.75 263.49 330.59 187.84
Total Current Assets 1049.82 161.16 152.96 213.28 191.06
Loans and Advances 723.61 142.14 175.79 183.97 182.61
Fixed Deposits 625.44 209.15 75.17 47.98 51.18
Total CA, Loans & Advances 2398.87 167.94 139.57 161.34 152.04
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 624.25 117.25 125.97 186.35 247.30
Provisions 174.70 299.35 344.24 168.75 194.28
Total CL & Provisions 798.95 157.07 173.70 182.50 235.71
Net Current Assets 1599.92 173.36 122.52 150.78 110.26
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 3186.02 147.62 165.54 185.17 203.32
Contingent Liabilities 2409.27 78.73 78.55 80.31 83.68
Book Value (Rs) 294.95 88.30 97.01 105.84 118.77

Profit & Loss

Profit & Loss account ------------------- in Rs. Cr. -------------------

  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 2,101.97 3,872.92 3,428.40 4,080.40 4,469.60
Excise Duty 98.71 89.66 84.51 80.90 74.00
Net Sales 2,003.26 3,783.26 3,343.89 3,999.50 4,395.60
Other Income 95.98 233.95 197.29 212.20 254.00
Stock Adjustments 36.72 23.23 93.87 64.10 117.30
Total Income 2,135.96 4,040.44 3,635.05 4,275.80 4,766.90
Expenditure
Raw Materials 792.87 1,144.82 1,347.33 1,534.00 1,599.40
Power & Fuel Cost 48.23 57.83 77.12 90.00 104.10
Employee Cost 205.85 299.04 366.28 412.50 516.40
Other Manufacturing Expenses 74.95 155.63 130.35 105.90 117.30
Selling and Admin Expenses 567.59 777.06 896.54 1,117.90 1,036.60
Miscellaneous Expenses 33.42 44.76 37.44 45.30 50.60
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1,722.91 2,479.14 2,855.06 3,305.60 3,424.40
  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 317.07 1,327.35 582.70 758.00 1,088.50

PBDIT 413.05 1,561.30 779.99 970.20 1,342.50
Interest 24.63 51.96 14.69 27.40 16.00
PBDT 388.42 1,509.34 765.30 942.80 1,326.50
Depreciation 111.33 133.50 161.99 193.60 222.40
Other Written Off 13.31 18.16 20.71 19.70 19.30
Profit Before Tax 263.78 1,357.68 582.60 729.50 1,084.80
Extra-ordinary items -0.01 -0.02 -0.06 -0.10 -0.10
PBT (Post Extra-ord Items) 263.77 1,357.66 582.54 729.40 1,084.70
Tax 52.64 188.99 108.88 168.60 238.70
Reported Net Profit 211.12 1,176.86 475.22 560.90 846.10
Total Value Addition 930.04 1,334.32 1,507.73 1,771.60 1,825.00
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 38.35 62.97 63.06 105.30 190.00
Corporate Dividend Tax 5.38 10.70 10.72 17.80 31.60
Per share data (annualised)
Shares in issue (lakhs) 766.95 1,679.12 1,681.73 1,684.69 1,688.45
Earning Per Share (Rs) 27.53 70.09 28.26 33.29 50.11
Equity Dividend (%) 100.00 75.00 75.00 125.00 225.00
Book Value (Rs) 294.95 260.45 286.12 312.17 350.30

Common Size Statement of Dr Reddys Laboratories (Profit & Loss)

Mar 06  Mar 07  Mar 08  Mar 09  Mar 10 
INCOME :
Sales Turnover 100 100 100 100 100
Excise Duty 4.69 2.22 2.45 1.91 1.63
Net Sales 95.31 97.78 97.55 98.09 98.37
Other Income 5.85 2.89 5.54 2.38 4.85
Stock Adjustments 1.74 0.57 2.72 1.51 2.58
Total Income 102.9 101.25 105.81 101.99 105.81
EXPENDITURE :
Raw Materials 34.05 25.71 33.22 27.77 29.62
Power & Fuel Cost 2.29 1.43 2.23 2.12 2.29
Employee Cost 9.48 6.47 10.08 9.28 10.8
Other Manufacturing Expenses 8.18 7.35 10.91 12.01 9.44
Selling and Administration Expenses 26.08 18.62 25.05 24.34 22.09
Miscellaneous Expenses 3.83 3.32 2.25 4.03 2.44
Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Total Expenditure 83.91 62.9 83.76 79.57 76.68
Operating Profit 18.99 38.35 22.06 22.42 29.12
Interest 1.17 1.28 0.43 0.65 0.35
Gross Profit 17.82 37.06 21.63 21.77 28.77
Depreciation 5.29 3.3 4.7 4.57 4.89
Profit Before Tax 12.53 33.76 16.93 17.21 23.87
Tax 0.66 4.28 1.8 3.63 5.65
Fringe Benefit tax 0.33 0.17 0.51 0.27 -0.05
Deferred Tax 1.52 0.22 0.84 0.08 -0.34
Reported Net Profit 10.03 29.09 13.78 13.23 18.62
Extraordinary Items 1.2 0.1 -0.01 0.18 -0.01
Adjusted Net Profit 8.83 28.99 13.79 13.04 18.63

Trend Analysis of Dr Reddys Laboratories (Profit & Loss)

Income 2006 2007 2008 2009 2010

Sales Turnover 2101.97 184.25 163.10 194.12 212.64
Excise Duty 98.71 90.83 85.61 81.96 74.97
Net Sales 2003.26 188.86 166.92 199.65 219.42
Other Income 95.98 243.75 205.55 221.09 264.64
Stock Adjustments 36.72 63.26 255.64 174.56 319.44
Total Income 2135.96 189.16 170.18 200.18 223.17
Expenditure          
Raw Materials 792.87 144.39 169.93 193.47 201.72
Power & Fuel Cost 48.23 119.90 159.90 186.61 215.84
Employee Cost 205.85 145.27 177.94 200.39 250.86
Other Manufacturing Expenses 74.95 207.65 173.92 141.29 156.50
Selling and Admin Expenses 567.59 136.91 157.96 196.96 182.63
Miscellaneous Expenses 33.42 133.93 112.03 135.55 151.41
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1722.91 143.89 165.71 191.86 198.76
Operating Profit 317.07 418.63 183.78 239.06 343.30
PBDIT 413.05 377.99 188.84 234.89 325.02
Interest 24.63 210.96 59.64 111.25 64.96
PBDT 388.42 388.58 197.03 242.73 341.51
Depreciation 111.33 119.91 145.50 173.90 199.77
Other Written Off 13.31 136.44 155.60 148.01 145.00
Profit Before Tax 263.78 514.70 220.87 276.56 411.25
Extra-ordinary items 0.01 200.00 600.00 1000.00 1000.00
PBT (Post Extra-ord Items) 263.77 514.71 220.85 276.53 411.23
Tax 52.64 359.02 206.84 320.29 453.46
Reported Net Profit 211.12 557.44 225.09 265.68 400.77
Total Value Addition 930.04 143.47 162.11 190.49 196.23
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 38.35 164.20 164.43 274.58 495.44
Corporate Dividend Tax 5.38 198.88 199.26 330.86 587.36
Per share data (annualised)          
Shares in issue (lakhs) 766.95 218.93 219.28 219.66 220.15
Earning Per Share (Rs) 27.53 254.59 102.65 120.92 182.02
Equity Dividend (%) 100.00 75.00 75.00 125.00 225.00
Book Value (Rs) 294.95 88.30 97.01 105.84 118.77

Cipla

Balance Sheet

Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 59.97 155.46 155.46 155.46 160.58
Equity Share Capital 59.97 155.46 155.46 155.46 160.58
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 1,913.98 3,071.84 3,591.39 4,186.32 5,744.54
Revaluation Reserves 9.32 8.97 8.97 8.97 8.97
Networth 1,983.27 3,236.27 3,755.82 4,350.75 5,914.09
Secured Loans 51.27 7.25 16.98 2.79 0.41
Unsecured Loans 417.64 116.31 563.55 937.45 4.66
Total Debt 468.91 123.56 580.53 940.24 5.07
Total Liabilities 2,452.18 3,359.83 4,336.35 5,290.99 5,919.16
  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 1,366.67 1,799.71 2,201.79 2,693.29 2,895.44
Less: Accum. Depreciation 310.06 411.64 540.43 700.80 884.27
Net Block 1,056.61 1,388.07 1,661.36 1,992.49 2,011.17
Capital Work in Progress 87.01 73.19 233.12 366.32 684.24
Investments 22.43 117.80 94.75 81.32 265.10
Inventories 957.00 978.60 1,120.49 1,398.32 1,512.58
Sundry Debtors 875.96 1,028.78 1,393.91 1,837.15 1,552.71
Cash and Bank Balance 44.45 56.33 79.12 52.84 60.32
Total Current Assets 1,877.41 2,063.71 2,593.52 3,288.31 3,125.61
Loans and Advances 414.84 695.81 1,150.30 1,131.10 2,357.29
Fixed Deposits 0.03 75.16 0.16 0.16 0.52
Total CA, Loans & Advances 2,292.28 2,834.68 3,743.98 4,419.57 5,483.42
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 733.84 643.78 980.05 1,177.00 1,177.11
Provisions 272.31 410.13 416.81 391.71 1,347.66
Total CL & Provisions 1,006.15 1,053.91 1,396.86 1,568.71 2,524.77
Net Current Assets 1,286.13 1,780.77 2,347.12 2,850.86 2,958.65
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 2,452.18 3,359.83 4,336.35 5,290.99 5,919.16

Contingent Liabilities 1,600.75 1,586.64 1,664.58 730.75 423.87

Book Value (Rs) 65.83 41.52 48.20 55.86 73.55

Common Size Statement for Cipla (Balance Sheet)

Mar 06  Mar 07  Mar 08  Mar 09  Mar 10 
SOURCES OF FUNDS :
Share Capital 2.45 4.63 3.62 2.94 2.71
Reserves Total 78.43 91.7 83.8 79.29 97.2
Equity Share Warrants 0 0 0 0 0
Equity Application Money 0 0 0 0 0
Total Shareholders Funds 80.88 96.32 87.42 82.23 99.91
Secured Loans 2.09 0.22 0.33 0.05 0.01
Unsecured Loans 17.03 3.46 12.25 17.72 0.08
Total Debt 19.12 3.68 12.58 17.77 0.09
Total Liabilities 100 100 100 100 100
APPLICATION OF FUNDS :
Gross Block 55.73 53.57 51.25 50.9 48.92
Less : Accumulated Depreciation 12.64 12.25 12.58 13.25 14.94
Less:Impairment of Assets 0 0 0 0 0
Net Block 43.09 41.31 38.67 37.66 33.98
Lease Adjustment 0 0 0 0 0
Capital Work in Progress 3.55 2.18 5.43 6.92 11.56
Investments 0.91 3.51 2.21 1.54 4.48
Current Assets, Loans & Advances
Inventories 39.03 29.13 26.08 26.43 25.55
Sundry Debtors 35.72 30.62 32.44 34.72 26.23
Cash and Bank 1.81 3.91 1.85 1 1.03
Loans and Advances 16.92 20.71 26.77 17.69 20.71
Total Current Assets 93.48 84.37 87.14 79.84 73.53
Less : Current Liabilities and Provisions
Current Liabilities 25.93 15.72 20.27 19.14 16.86
Provisions 11.1 12.3 9.7 3.72 3.66
Total Current Liabilities 37.04 28.02 29.97 22.86 20.52
Net Current Assets 56.44 56.35 57.17 56.98 53.01
Miscellaneous Expenses not written off 0 0 0 0 0
Deferred Tax Assets 0 0 0 0 0
Deferred Tax Liability 3.99 3.35 3.47 3.1 3.03
Net Deferred Tax -3.99 -3.35 -3.47 -3.1 -3.03
Total Assets 100 100 100 100 100

Trend Analysis for Cipla (Balance Sheet)

Sources Of Funds        
Total Share Capital 59.97 259.23 259.23 259.23 267.77
Equity Share Capital 59.97 259.23 259.23 259.23 267.77
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 1913.98 160.49 187.64 218.72 300.14
Revaluation Reserves 9.32 96.24 96.24 96.24 96.24
Networth 1983.27 163.18 189.38 219.37 298.20
Secured Loans 51.27 14.14 33.12 5.44 0.80
Unsecured Loans 417.64 27.85 134.94 224.46 1.12
Total Debt 468.91 26.35 123.80 200.52 1.08
Total Liabilities 2452.18 137.01 176.84 215.77 241.38
Application Of Funds
Gross Block 1,366.67 131.69 161.11 197.07 211.86
Less: Accum. Depreciation 310.06 132.76 174.30 226.02 285.19
Net Block 1,056.61 131.37 157.23 188.57 190.34
Capital Work in Progress 87.01 84.12 267.92 421.01 786.39
Investments 22.43 525.19 422.43 362.55 1181.90
Inventories 957 102.26 117.08 146.11 158.05
Sundry Debtors 875.96 117.45 159.13 209.73 177.26
Cash and Bank Balance 44.45 126.73 178.00 118.88 135.70
Total Current Assets 1,877.41 109.92 138.14 175.15 166.49
Loans and Advances 414.84 167.73 277.29 272.66 568.24
Fixed Deposits 0.03 250533.33 533.33 533.33 1733.33
Total CA, Loans & Advances 2,292.28 123.66 163.33 192.80 239.21
Deffered Credit 0 0.00 0.00 0.00 0.00
Current Liabilities 733.84 87.73 133.55 160.39 160.40
Provisions 272.31 150.61 153.06 143.85 494.90
Total CL & Provisions 1,006.15 104.75 138.83 155.91 250.93
Net Current Assets 1,286.13 138.46 182.49 221.66 230.04
Miscellaneous Expenses 0 0.00 0.00 0.00 0.00
Total Assets 2,452.18 137.01 176.84 215.77 241.38
Contingent Liabilities 1,600.75 99.12 103.99 45.65 26.48
Book Value (Rs) 65.83 63.07 73.22 84.85 111.73

Profit & Loss

Profit & Loss account ------------------- in Rs. Cr. -------------------

  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
  12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 3,103.62 3,656.92 4,293.95 5,295.33 5,657.85
Excise Duty 122.27 94.93 90.66 61.04 52.16
Net Sales 2,981.35 3,561.99 4,203.29 5,234.29 5,605.69
Other Income 112.20 100.68 134.92 -139.51 125.71
Stock Adjustments 94.35 -30.73 41.37 113.55 184.09
Total Income 3,187.90 3,631.94 4,379.58 5,208.33 5,915.49
Expenditure
Raw Materials 1,564.11 1,754.89 2,162.48 2,513.11 2,687.54
Power & Fuel Cost 63.08 86.71 96.90 91.71 92.15
Employee Cost 150.76 184.59 255.45 271.33 318.87
Other Manufacturing Expenses 170.63 186.47 233.90 262.65 259.67
Selling and Admin Expenses 354.33 418.34 547.10 887.28 867.98
Miscellaneous Expenses 78.90 78.43 96.66 76.92 182.64
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 2,381.81 2,709.43 3,392.49 4,103.00 4,408.85
  Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 693.89 821.83 852.17 1,244.84 1,380.93

PBDIT 806.09 922.51 987.09 1,105.33 1,506.64
Interest 16.07 11.16 18.05 52.23 28.30
PBDT 790.02 911.35 969.04 1,053.10 1,478.34
Depreciation 80.18 103.37 130.68 151.79 165.25
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 709.84 807.98 838.36 901.31 1,313.09
Extra-ordinary items 0.00 0.00 0.00 0.00 11.90
PBT (Post Extra-ord Items) 709.84 807.98 838.36 901.31 1,324.99
Tax 102.20 139.95 136.93 124.50 243.50
Reported Net Profit 607.64 668.03 701.43 776.81 1,081.49
Total Value Addition 817.70 954.54 1,230.01 1,589.89 1,721.31
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 155.46 155.46 155.46 155.46 160.58
Corporate Dividend Tax 21.80 26.42 26.42 26.42 26.67
Per share data (annualised)
Shares in issue (lakhs) 2,998.70 7,772.91 7,772.91 7,772.91 8,029.21
Earning Per Share (Rs) 20.26 8.59 9.02 9.99 13.47
Equity Dividend (%) 100.00 100.00 100.00 100.00 100.00
Book Value (Rs) 65.83 41.52 48.20 55.86 73.55

Common Size Statement for Cipla (Profit & Loss)

Mar 06  Mar 07  Mar 08  Mar 09  Mar 10 
INCOME :
Sales Turnover 100 100 100 100 100
Excise Duty 4.25 2.69 2.22 1.22 0.96
Net Sales 95.75 97.31 97.78 98.78 99.04
Other Income 7.16 6.53 8.32 7.07 8.29
Stock Adjustments 3.12 -0.87 1.01 2.26 3.4
Total Income 106.03 102.97 107.12 108.12 110.73
EXPENDITURE :
Raw Materials 49.87 47.97 50.97 49.01 48.73
Power & Fuel Cost 2.09 2.45 1.83 1.83 1.7
Employee Cost 4.22 4.59 4.56 4.84 5.35
Other Manufacturing Expenses 9.09 8.49 7.46 8.79 8.46
Selling and Administration Expenses 11.47 11.35 17.31 15.3 14.93
Miscellaneous Expenses 2.6 2.01 1.21 6.35 3.5
Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Total Expenditure 79.34 76.86 83.34 86.11 82.67
Operating Profit 26.69 26.11 23.78 22.01 28.06
Interest 0.53 0.32 0.43 1.04 0.52
Gross Profit 26.16 25.79 23.35 20.97 27.54
Depreciation 2.66 2.93 2.84 3.02 3.05
Profit Before Tax 23.51 22.87 20.51 17.95 24.48
Tax 2.95 3.45 2.3 2.01 4.22
Fringe Benefit tax 0.14 0.1 0.16 0.17 0
Deferred Tax 0.3 0.42 0.89 0.3 0.28
Reported Net Profit 20.12 18.91 17.16 15.47 19.98
Extraordinary Items -0.27 0.02 0.02 -0.06 1.42
Adjusted Net Profit 20.39 18.89 17.13 15.53 18.57

Trend Analysis for Cipla (Profit & Loss)

Income 2006 2007 2008 2009 2010

Sales Turnover 3,103.62 117.83 138.35 170.62 182.30
Excise Duty 122.27 77.64 74.15 49.92 42.66
Net Sales 2,981.35 119.48 140.99 175.57 188.03
Other Income 112.2 89.73 120.25 124.34 112.04
Stock Adjustments 94.35 32.57 43.85 120.35 195.11
Total Income 3,187.90 113.93 137.38 163.38 185.56
Expenditure          
Raw Materials 1,564.11 112.20 138.26 160.67 171.83
Power & Fuel Cost 63.08 137.46 153.61 145.39 146.08
Employee Cost 150.76 122.44 169.44 179.97 211.51
Other Manufacturing Expenses 170.63 109.28 137.08 153.93 152.18
Selling and Admin Expenses 354.33 118.07 154.40 250.41 244.96

Miscellaneous Expenses 78.9 99.40 122.51 97.49 231.48

Preoperative Exp Capitalised 0 0 0 0 0

Total Expenses 2,381.81 113.76 142.43 172.26 185.11

Operating Profit
PBDIT 693.89 118.44 122.81 179.40 199.01
Interest 806.09 114.44 122.45 137.12 186.91
PBDT 16.07 69.45 112.32 325.02 176.10
Depreciation 790.02 115.36 122.66 133.30 187.13
Other Written Off 80.18 128.92 162.98 189.31 206.10
Profit Before Tax 0.00 0.00 0.00 0.00 0.00
Extra-ordinary items 709.84 113.83 118.11 126.97 184.98
PBT (Post Extra-ord Items) 0.00 0.00 0.00 0.00 0.00
Tax 709.84 113.83 118.11 126.97 186.66
Reported Net Profit 102.2 136.94 133.98 121.82 238.26
Total Value Addition 607.64 109.94 115.44 127.84 177.98
Preference Dividend 817.7 116.73 150.42 194.43 210.51
Equity Dividend 0 0 0 0 0
Corporate Dividend Tax 155.46 100.00 100.00 100.00 103.29
21.8 121.19 121.19 121.19 122.34
Per share data (annualised)          

Shares in issue (lakhs) 2,998.70 259.21 259.21 259.21 267.76

Earning Per Share (Rs) 20.26 42.40 44.52 49.31 66.49
Equity Dividend (%) 100 100.00 100.00 100.00 100.00
Book Value (Rs) 65.83 63.07 73.22 84.85 111.73

Ranbaxy Laboratories

Balance Sheet

Balance Sheet ------------------- in Rs. Cr. -------------------

  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 186.22 186.34 186.54 210.19 210.21
Equity Share Capital 186.22 186.34 186.54 210.19 210.21
Share Application Money 0.28 0.88 1.18 175.66 175.85
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 2,190.80 2,162.79 2,350.68 3,330.92 3,748.54
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 2,377.30 2,350.01 2,538.40 3,716.77 4,134.60
Secured Loans 353.49 224.29 365.07 162.07 175.83
Unsecured Loans 676.31 2,954.31 3,137.96 3,563.30 3,172.55
Total Debt 1,029.80 3,178.60 3,503.03 3,725.37 3,348.38
Total Liabilities 3,407.10 5,528.61 6,041.43 7,442.14 7,482.98
  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 1,799.32 2,133.57 2,261.48 2,386.75 2,620.92
Less: Accum. Depreciation 599.35 699.54 791.96 930.07 1,027.52
Net Block 1,199.97 1,434.03 1,469.52 1,456.68 1,593.40
Capital Work in Progress 432.84 301.88 327.42 428.77 414.92
Investments 762.78 2,679.95 3,237.55 3,618.03 3,833.69
Inventories 890.93 954.91 976.07 1,198.52 1,230.48
Sundry Debtors 806.62 1,013.75 882.91 1,024.54 1,534.65
Cash and Bank Balance 30.48 27.06 69.38 49.86 25.56
Total Current Assets 1,728.03 1,995.72 1,928.36 2,272.92 2,790.69
Loans and Advances 594.94 581.18 882.99 2,351.98 1,967.65
Fixed Deposits 86.11 44.09 111.07 1,885.08 728.56
Total CA, Loans & Advances 2,409.08 2,620.99 2,922.42 6,509.98 5,486.90
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 983.57 985.57 1,177.35 3,840.11 3,082.89
Provisions 413.99 522.67 738.14 731.20 763.03
Total CL & Provisions 1,397.56 1,508.24 1,915.49 4,571.31 3,845.92
Net Current Assets 1,011.52 1,112.75 1,006.93 1,938.67 1,640.98
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 3,407.11 5,528.61 6,041.42 7,442.15 7,482.99

Contingent Liabilities 202.40 159.40 201.00 252.85 261.05

Book Value (Rs) 63.82 63.03 68.01 84.24 94.16

Common Size Statement of Ranbaxy Laboratories (Balance Sheet)

Dec 05  Dec 06  Dec 07  Dec 08  Dec 09 
SOURCES OF FUNDS :
Share Capital 5.47 3.37 3.09 2.83 2.81
Reserves Total 64.3 39.12 38.91 44.92 50.09
Equity Share Warrants 0 0 0 2.37 2.35
Equity Application Money 0.01 0.02 0.02 0 0
Total Shareholders Funds 69.77 42.51 42.02 50.12 55.25
Secured Loans 10.38 4.06 6.04 3.27 2.35
Unsecured Loans 19.85 53.44 51.94 46.61 42.4
Total Debt 30.23 57.49 57.98 49.88 44.75
Total Liabilities 100 100 100 100 100
APPLICATION OF FUNDS :
Gross Block 52.81 38.59 37.43 32.19 35.03
Less : Accumulated Depreciation 17.59 12.65 13.11 12.54 13.73
Less:Impairment of Assets 0 0 0 0 0
Net Block 35.22 25.94 24.32 19.64 21.29
Lease Adjustment 0 0 0 0 0
Capital Work in Progress 12.7 5.46 5.42 5.78 5.54
Investments 22.39 48.47 53.59 48.79 51.23
Current Assets, Loans & Advances
Inventories 26.15 17.27 16.16 16.16 16.44
Sundry Debtors 23.67 18.34 14.61 13.82 20.51
Cash and Bank 3.42 1.29 2.99 26.09 10.08
Loans and Advances 13.39 8.49 13.09 10.91 14.98
Total Current Assets 66.64 45.38 46.84 66.98 62.01
 Less : Current Liabilities and Provisions
Current Liabilities 21.38 13.08 13.79 48.11 35.49
Provisions 12.15 9.45 12.22 7.41 10.2
Total Current Liabilities 33.53 22.54 26.01 55.53 45.69
Net Current Assets 33.11 22.84 20.84 11.45 16.32
Miscellaneous Expenses not written off 0 0 0 0 0
Deferred Tax Assets 4.07 2.32 1.53 18.36 11.32
Deferred Tax Liability 7.49 5.04 5.7 4.03 5.71
Net Deferred Tax -3.42 -2.72 -4.17 14.33 5.61
Total Assets 100 100 100 100 100

Trend Analysis of Ranbaxy Laboratories (Balance Sheet)

Sources Of Funds 2005 2006 2007 2008 2009

Total Share Capital 186.22 100.06 100.17 112.87 112.88
Equity Share Capital 186.22 100.06 100.17 112.87 112.88
Share Application Money 0.28 314.29 421.43 62735.71 62803.57
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 2,190.80 98.72 107.30 152.04 171.10
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 2,377.30 98.85 106.78 156.34 173.92
Secured Loans 353.49 63.45 103.28 45.85 49.74
Unsecured Loans 676.31 436.83 463.98 526.87 469.10
Total Debt 1,029.80 308.66 340.17 361.76 325.15
Total Liabilities 3,407.10 162.27 177.32 218.43 219.63
Application Of Funds        
Gross Block 1,799.32 118.58 125.69 132.65 145.66
Less: Accum. Depreciation 599.35 116.72 132.14 155.18 171.44
Net Block 1,199.97 119.51 122.46 121.39 132.79
Capital Work in Progress 432.84 69.74 75.64 99.06 95.86
Investments 762.78 351.34 424.44 474.32 502.59
Inventories 890.93 107.18 109.56 134.52 138.11
Sundry Debtors 806.62 125.68 109.46 127.02 190.26
Cash and Bank Balance 30.48 88.78 227.62 163.58 83.86
Total Current Assets 1,728.03 115.49 111.59 131.53 161.50
Loans and Advances 594.94 97.69 148.42 395.33 330.73
Fixed Deposits 86.11 51.20 128.99 2189.15 846.08
Total CA, Loans & Advances 2,409.08 108.80 121.31 270.23 227.76
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 983.57 100.20 119.70 390.43 313.44
Provisions 413.99 126.25 178.30 176.62 184.31
Total CL & Provisions 1,397.56 107.92 137.06 327.09 275.19
Net Current Assets 1,011.52 110.01 99.55 191.66 162.23
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 3,407.11 162.27 177.32 218.43 219.63
Contingent Liabilities 202.4 78.75 99.31 124.93 128.98
Book Value (Rs) 63.82 98.76 106.57 132.00 147.54

Profit & Loss of Ranbaxy Laboratories

Profit & Loss account ------------------- in Rs. Cr. -------------------

  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 3,727.05 4,218.98 4,344.39 4,676.21 4,797.49
Excise Duty 86.56 53.86 51.37 24.17 15.90
Net Sales 3,640.49 4,165.12 4,293.02 4,652.04 4,781.59
Other Income 122.25 -28.65 551.13 -1,587.64 485.66
Stock Adjustments 30.96 44.70 40.66 115.59 33.96
Total Income 3,793.70 4,181.17 4,884.81 3,179.99 5,301.21
Expenditure
Raw Materials 1,567.55 1,708.23 1,861.17 2,049.30 2,083.29
Power & Fuel Cost 69.55 80.70 90.35 108.83 136.80
Employee Cost 298.38 328.45 420.04 472.65 728.40
Other Manufacturing Expenses 67.09 79.52 82.60 94.65 94.37
Selling and Admin Expenses 1,339.12 1,234.42 1,341.03 1,402.77 884.89
Miscellaneous Expenses 144.32 146.23 123.90 383.26 235.16
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 3,486.01 3,577.55 3,919.09 4,511.46 4,162.91
  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 185.44 632.27 414.59 256.17 652.64
PBDIT 307.69 603.62 965.72 -1,331.47 1,138.30
Interest 26.41 58.44 93.43 145.83 39.47
PBDT 281.28 545.18 872.29 -1,477.30 1,098.83
Depreciation 101.33 106.75 118.73 154.47 148.20
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 179.95 438.43 753.56 -1,631.77 950.63
Extra-ordinary items 12.72 19.34 35.46 17.76 111.42
PBT (Post Extra-ord Items) 192.67 457.77 789.02 -1,614.01 1,062.05
Tax -22.34 62.43 156.69 -574.24 488.86
Reported Net Profit 212.04 380.54 617.72 -1,044.80 571.98
Total Value Addition 1,918.46 1,869.31 2,057.93 2,462.16 2,079.62
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 316.67 316.89 317.15 0.00 0.00
Corporate Dividend Tax 44.41 44.44 53.90 0.00 0.00
Per share data (annualised)
Shares in issue (lakhs) 3,724.42 3,726.87 3,730.71 4,203.70 4,204.17
Earning Per Share (Rs) 5.69 10.21 16.56 -24.85 13.61
Equity Dividend (%) 170.00 170.00 170.00 0.00 0.00
Book Value (Rs) 63.82 63.03 68.01 84.24 94.16

Common Size Statement of Ranbaxy Laboratories (Profit & Loss)

Dec 05  Dec 06  Dec 07  Dec 08  Dec 09 
INCOME :
Sales Turnover 100 100 100 100 100
Excise Duty 2.36 1.31 1.2 0.55 0.34
Net Sales 97.64 98.69 98.8 99.45 99.66
Other Income 6.28 2.39 16.5 8.38 16.96
Stock Adjustments 0.85 1.09 0.95 2.62 0.72
Total Income 104.76 102.17 116.25 110.45 117.34
EXPENDITURE :
Raw Materials 41.94 40.89 42.61 46.88 41.76
Power & Fuel Cost 2.05 2.11 2.27 3.19 2.88
Employee Cost 7.93 7.68 9.09 13.15 14.8
Other Manufacturing Expenses 3.21 3.2 3.52 5.48 5.12
Selling and Administration Expenses 39.37 32.44 33.62 27.74 22.03
Miscellaneous Expenses 1.96 1.36 2.43 43.88 4.41
Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Total Expenditure 96.47 87.7 93.54 140.32 90.99
Operating Profit 8.3 14.47 22.71 -29.86 26.35
Interest 0.72 1.43 2.19 3.3 0.83
Gross Profit 7.57 13.04 20.52 -33.17 25.51
Depreciation 2.08 2.24 2.41 3.5 3.12
Profit Before Tax 5.5 10.8 18.11 -36.66 22.39
Tax -0.06 0.05 0.15 0.42 0.12
Fringe Benefit tax 0.23 0.19 0.29 0.35 0.07
Deferred Tax -0.78 1.29 3.22 -13.78 10.14
Reported Net Profit 6.11 9.28 14.45 -23.66 12.06
Extraordinary Items 1.39 0.04 0.58 2.2 0.3
Adjusted Net Profit 4.71 9.24 13.87 -25.86 11.76

Trend Analysis of Ranbaxy Laboratories (P&L)

Income 2005 2006 2007 2008 2009

Sales Turnover 3,727.05 113.20 116.56 125.47 128.72
Excise Duty 86.56 62.22 59.35 27.92 18.37
Net Sales 3,640.49 114.41 117.92 127.79 131.34
Other Income 122.25 23.44 450.82 1298.68 397.27
Stock Adjustments 30.96 144.38 131.33 373.35 109.69
Total Income 3,793.70 110.21 128.76 83.82 139.74
Expenditure          
Raw Materials 1,567.55 108.97 118.73 130.73 132.90
Power & Fuel Cost 69.55 116.03 129.91 156.48 196.69
Employee Cost 298.38 110.08 140.77 158.41 244.12
Other Manufacturing Expenses 67.09 118.53 123.12 141.08 140.66
Selling and Admin Expenses 1,339.12 92.18 100.14 104.75 66.08
Miscellaneous Expenses 144.32 101.32 85.85 265.56 162.94
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 3,486.01 102.63 112.42 129.42 119.42
Operating Profit 185.44 340.96 223.57 138.14 351.94
PBDIT 307.69 196.18 313.86 432.73 369.95
Interest 26.41 221.28 353.77 552.18 149.45
PBDT 281.28 193.82 310.11 525.21 390.65
Depreciation 101.33 105.35 117.17 152.44 146.25
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 179.95 243.64 418.76 906.79 528.27
Extra-ordinary items 12.72 152.04 278.77 139.62 875.94
PBT (Post Extra-ord Items) 192.67 237.59 409.52 837.71 551.23
Tax 22.34 279.45 701.39 2570.46 2188.27
Reported Net Profit 212.04 179.47 291.32 492.74 269.75
Total Value Addition 1918.46 97.44 107.27 128.34 108.40
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 316.67 100.07 100.15 0.00 0.00
Corporate Dividend Tax 44.41 100.07 121.37 0.00 0.00
Per share data (annualised)          
Shares in issue (lakhs) 3724.42 100.07 100.17 112.87 112.88
Earning Per Share (Rs) 5.69 179.44 291.04 436.73 239.19
Equity Dividend (%) 170.00 100.00 100.00 0.00 0.00
Book Value (Rs) 63.82 98.76 106.57 132.00 147.54

GlaxoSmithKline Pharmaceuticals

Balance Sheet

Balance Sheet ------------------- in Rs. Cr. -------------------

  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 84.70 84.70 84.70 84.70 84.70
Equity Share Capital 84.70 84.70 84.70 84.70 84.70
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 863.90 1,110.01 1,276.21 1,456.39 1,674.45
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 948.60 1,194.71 1,360.91 1,541.09 1,759.15
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 4.85 5.54 5.77 5.65 5.42
Total Debt 4.85 5.54 5.77 5.65 5.42
Total Liabilities 953.45 1,200.25 1,366.68 1,546.74 1,764.57
  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 253.11 253.63 266.71 282.15 289.18
Less: Accum. Depreciation 171.54 167.83 179.24 191.75 196.37
Net Block 81.57 85.80 87.47 90.40 92.81
Capital Work in Progress 15.37 8.66 5.43 9.95 21.36
Investments 913.06 1,139.41 1,333.32 751.87 190.91
Inventories 218.13 240.95 205.96 228.38 253.02
Sundry Debtors 67.39 60.45 37.77 57.94 53.73
Cash and Bank Balance 47.53 28.68 45.91 43.79 74.75
Total Current Assets 333.05 330.08 289.64 330.11 381.50
Loans and Advances 169.93 206.40 188.87 236.86 187.35
Fixed Deposits 0.00 6.35 109.08 862.75 1,597.85
Total CA, Loans & Advances 502.98 542.83 587.59 1,429.72 2,166.70
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 268.97 258.29 254.59 280.71 324.25
Provisions 290.55 318.15 392.55 454.51 382.96
Total CL & Provisions 559.52 576.44 647.14 735.22 707.21
Net Current Assets -56.54 -33.61 -59.55 694.50 1,459.49
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 953.46 1,200.26 1,366.67 1,546.72 1,764.57

Contingent Liabilities 142.49 264.97 208.40 258.47 208.47

Book Value (Rs) 111.99 141.05 160.67 181.94 207.68

Common Size Statement of GlaxoSmithKline Pharmaceuticals (Balance Sheet)

Dec 05  Dec 06  Dec 07  Dec 08  Dec 09 
SOURCES OF FUNDS :
Share Capital 8.88 7.06 6.2 5.48 4.8
Reserves Total 90.61 92.48 93.38 94.16 94.89
Equity Share Warrants 0 0 0 0 0
Equity Application Money 0 0 0 0 0
Total Shareholders Funds 99.49 99.54 99.58 99.63 99.69
Secured Loans 0 0 0 0 0
Unsecured Loans 0.51 0.46 0.42 0.37 0.31
Total Debt 0.51 0.46 0.42 0.37 0.31
Total Liabilities 100 100 100 100 100
APPLICATION OF FUNDS :
Gross Block 26.55 21.13 19.52 18.24 16.39
Less : Accumulated Depreciation 17.99 13.98 13.11 12.4 11.13
Less:Impairment of Assets 0 0 0 0 0
Net Block 8.56 7.15 6.4 5.84 5.26
Lease Adjustment 0 0 0 0 0
Capital Work in Progress 1.61 0.72 0.4 0.64 1.21
Investments 95.76 94.93 97.56 48.61 10.82
Current Assets, Loans & Advances
Inventories 22.88 20.07 15.07 14.77 14.34
Sundry Debtors 7.07 5.04 2.76 3.75 3.04
Cash and Bank 4.98 2.92 11.34 58.61 94.79
Loans and Advances 125.55 119.17 11.63 12.81 7.65
Total Current Assets 160.48 147.2 40.8 89.93 119.83
Less : Current Liabilities and Provisions
Current Liabilities 27.01 20.64 17.91 17.56 17.95
Provisions 142.52 131.41 28.72 29.38 21.7
Total Current Liabilities 169.53 152.05 46.63 46.94 39.65
Net Current Assets -9.05 -4.85 -5.83 42.99 80.18
Miscellaneous Expenses not written off 0 0 0 0 0
Deferred Tax Assets 4.32 2.93 2.19 2.5 2.96
Deferred Tax Liability 1.2 0.88 0.72 0.59 0.43
Net Deferred Tax 3.12 2.05 1.47 1.91 2.53
Total Assets 100 100 100 100 100

Trend Analysis of GlaxoSmithKline Pharmaceuticals (Balance Sheet)

Sources Of Funds 2005 2006 2007 2008 2009

Total Share Capital 84.70 100.00 100.00 100.00 100.00
Equity Share Capital 84.70 100.00 100.00 100.00 100.00
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 863.90 128.49 147.73 168.58 193.82
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 948.60 125.94 143.47 162.46 185.45
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 4.85 114.23 118.97 116.49 111.75
Total Debt 4.85 114.23 118.97 116.49 111.75
Total Liabilities 953.45 125.88 143.34 162.23 185.07
Application Of Funds          
Gross Block 253.11 100.21 105.37 111.47 114.25
Less: Accum. Depreciation 171.54 97.84 104.49 111.78 114.47
Net Block 81.57 105.19 107.23 110.83 113.78
Capital Work in Progress 15.37 56.34 35.33 64.74 138.97
Investments 913.06 124.79 146.03 82.35 20.91
Inventories 218.13 110.46 94.42 104.70 116.00
Sundry Debtors 67.39 89.70 56.05 85.98 79.73
Cash and Bank Balance 47.53 60.34 96.59 92.13 157.27
Total Current Assets 333.05 99.11 86.97 99.12 114.55
Loans and Advances 169.93 121.46 111.15 139.39 110.25
Fixed Deposits 0.00 0.00 0.00 0.00 0.00
Total CA, Loans & Advances 502.98 107.92 116.82 284.25 430.77
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 268.97 96.03 94.65 104.36 120.55
Provisions 290.55 109.50 135.11 156.43 131.81
Total CL & Provisions 559.52 103.02 115.66 131.40 126.40
Net Current Assets -56.54 59.44 105.32 1228.33 2581.34
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 953.46 125.88 143.34 162.22 185.07
Contingent Liabilities 142.49 185.96 146.26 181.40 146.31
Book Value (Rs) 111.99 125.95 143.47 162.46 185.45

Profit & Loss of GlaxoSmithKline Pharmaceuticals

Profit & Loss account ------------------- in Rs. Cr. -------------------

  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 1,579.58 1,681.07 1,721.12 1,762.64 1,924.27
Excise Duty 105.51 139.14 142.54 86.28 40.13
Net Sales 1,474.07 1,541.93 1,578.58 1,676.36 1,884.14
Other Income 262.55 254.01 241.51 216.03 91.39
Stock Adjustments -0.54 22.58 -16.80 2.33 32.41
Total Income 1,736.08 1,818.52 1,803.29 1,894.72 2,007.94
Expenditure
Raw Materials 637.26 651.18 616.40 653.26 728.65
Power & Fuel Cost 16.61 19.23 20.54 24.75 24.66
Employee Cost 156.06 153.87 151.45 173.05 209.71
Other Manufacturing Expenses 28.97 40.35 43.33 46.55 52.03
Selling and Admin Expenses 167.56 143.93 136.31 140.68 182.82
Miscellaneous Expenses 44.37 43.80 12.27 12.27 10.02
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1,050.83 1,052.36 980.30 1,050.56 1,207.89
  Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 422.70 512.15 581.48 628.13 708.66

PBDIT 685.25 766.16 822.99 844.16 800.05
Interest 1.67 1.35 1.35 0.53 0.37
PBDT 683.58 764.81 821.64 843.63 799.68
Depreciation 15.73 15.85 16.16 16.34 16.37
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 667.85 748.96 805.48 827.29 783.31
Extra-ordinary items 5.84 6.70 -38.87 0.50 2.72
PBT (Post Extra-ord Items) 673.69 755.66 766.61 827.79 786.03
Tax 171.62 194.23 211.46 231.54 253.59
Reported Net Profit 502.08 545.51 537.66 576.57 512.29
Total Value Addition 413.57 401.18 363.90 397.31 479.24
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 237.17 262.58 304.93 338.81 254.11
Corporate Dividend Tax 33.26 36.83 51.82 57.58 40.13
Per share data (annualised)
Shares in issue (lakhs) 847.03 847.03 847.03 847.03 847.03
Earning Per Share (Rs) 59.28 64.40 63.48 68.07 60.48
Equity Dividend (%) 280.00 310.00 360.00 400.00 300.00
Book Value (Rs) 111.99 141.05 160.67 181.94 207.68

Common Size Statement of GlaxoSmithKline Pharmaceuticals (Profit & Loss)

Dec 09  Dec 08  Dec 07  Dec 06  Dec 05 
INCOME :
Sales Turnover 100 100 100 100 100
Excise Duty 2.1 4.93 8.32 8.29 6.7
Net Sales 97.9 95.07 91.68 91.71 93.3
Other Income 10.58 17.74 19.76 17.6 19.21
Stock Adjustments 1.69 0.13 -0.98 1.35 0.51
Total Income 110.17 112.95 110.46 110.65 113.03
EXPENDITURE :
Raw Materials 37.88 37.11 35.71 38.57 40.26
Power & Fuel Cost 1.29 1.41 1.2 1.15 1.05
Employee Cost 10.66 9.61 8.64 9.03 9.75
Other Manufacturing Expenses 3.12 2.99 2.99 2.85 2.2
Selling and Administration Expenses 12.54 11.48 11.52 10.77 11.11
Miscellaneous Expenses 3.38 3.58 3.23 3.17 4.86
Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Total Expenditure 68.87 66.18 63.29 65.54 69.24
Operating Profit 41.3 46.77 47.18 45.11 43.79
Interest 0.02 0.03 0.04 0.08 0.15
Gross Profit 41.28 46.74 47.14 45.03 43.64
Depreciation 0.86 0.93 0.94 0.94 1
Profit Before Tax 40.43 45.8 46.2 44.09 42.65
Tax 14.34 13.02 13.71 10.85 9.34
Fringe Benefit tax 0.1 0.41 0.4 0.41 0.49
Deferred Tax -0.79 -0.54 0.7 0.31 0.96
Reported Net Profit 26.78 32.92 31.39 32.52 31.86
Extraordinary Items 0.51 5.02 8.31 11.23 12.43
Adjusted Net Profit 26.27 27.9 23.08 21.29 19.43

Trend Analysis of GlaxoSmithKline Pharmaceuticals (Profit & Loss)

Income 2005 2006 2007 2008 2009

Sales Turnover 1,579.58 106.43 108.96 111.59 121.82
Excise Duty 105.51 131.87 135.10 81.77 38.03
Net Sales 1,474.07 104.60 107.09 113.72 127.82
Other Income 262.55 96.75 91.99 82.28 34.81
Stock Adjustments -0.54 4181.48 3111.11 431.48 6001.85
Total Income 1,736.08 104.75 103.87 109.14 115.66
Expenditure          
Raw Materials 637.26 102.18 96.73 102.51 114.34
Power & Fuel Cost 16.61 115.77 123.66 149.01 148.46
Employee Cost 156.06 98.60 97.05 110.89 134.38
Other Manufacturing Expenses 28.97 139.28 149.57 160.68 179.60
Selling and Admin Expenses 167.56 85.90 81.35 83.96 109.11
Miscellaneous Expenses 44.37 98.72 27.65 27.65 22.58
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1,050.83 100.15 93.29 99.97 114.95
Operating Profit 422.7 121.16 137.56 148.60 167.65
PBDIT 685.25 111.81 120.10 123.19 116.75
Interest 1.67 80.84 80.84 31.74 22.16
PBDT 683.58 111.88 120.20 123.41 116.98
Depreciation 15.73 100.76 102.73 103.88 104.07
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 667.85 112.14 120.61 123.87 117.29
Extra-ordinary items 5.84 114.73 665.58 8.56 46.58
PBT (Post Extra-ord Items) 673.69 112.17 113.79 122.87 116.68
Tax 171.62 113.17 123.21 134.91 147.76
Reported Net Profit 502.08 108.65 107.09 114.84 102.03
Total Value Addition 413.57 97.00 87.99 96.07 115.88
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 237.17 110.71 128.57 142.86 107.14
Corporate Dividend Tax 33.26 110.73 155.80 173.12 120.66
Per share data (annualised)          
Shares in issue (lakhs) 847.03 100.00 100.00 100.00 100.00
Earning Per Share (Rs) 59.28 108.64 107.09 114.83 102.02
Equity Dividend (%) 280 110.71 128.57 142.86 107.14
Book Value (Rs) 111.99 125.95 143.47 162.46 185.45

Comparative Balance Sheet

Balance Sheet (All figures in Rs Mn)

Sun Pharmaceutical Industries
Limited Dr Reddy`s Laboratories Limited
31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-
Comparison 08 07 06 08 07 06
Assets
Gross Block 8905.7 7943.1 6998.7 16498.55 11908.36 9449.14
Net Block 6130.3 5693.5 5128.7 9762.69 6572.86 5173.43
CWIP 334.3 319.1 308 2457.11 2806.08 1129.16
Investments 17346.7 9394.8 6545.6 19306.2 8302.11 8217.92
Inventories 3896.3 3333.8 2634.1 6409.34 4875.84 4430.97
Receivables 10554.4 3100 2564.7 8977.09 10557.01 5812.16
Other Currrent Assets 15754.5 16665.1 18651.3 14295.26 21784.28 13464.89
Total Assets 54016.5 38506.3 35832.4 61207.68 54898.18 38228.53
Liabilities
Equity 1035.6 967 928.7 840.87 839.56 383.47
Reserves 40870.5 23314.8 13473.5 47165.72 42646.48 21793.23
Total Debt 1025.2 10695.2 17472.2 4623.07 3299.02 9238.69
Creditors 6464.8 674.5 769.6 6132.77 5984.92 5237.95
Other Current Liabilities 4620.4 2854.8 3188.4 2445.25 2128.19 1575.18
Total Liabilities 54016.5 38506.3 35832.4 61207.68 54898.18 38228.53

Glaxo Smithkline
Cipla Limited Ranbaxy Laboratories Limited Pharmaceuticals Limited
31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-
08 07 06 08 07 06 08 07 06

21928.2 17907.4 13573.5 20657.12 19685.66 16493.1 2667.08 2536.27 2359.32

16523.9 13791 10472.9 13937.03 13732.37 11392.94 874.73 858.01 758.36
2331.2 731.9 870.1 3274.2 3018.79 4328.43 54.3 86.61 153.73
12.7 12.7 0 32371.4 26795.34 7627.75 6692.86 7379.92 3743.98
11204.9 9786 9570 9760.71 9549.12 8909.33 2059.63 2409.54 2181.29
13939.1 10287.8 8759.6 8829.06 10137.45 8066.18 377.66 604.45 673.87
13230.6 9438.3 4817.5 9703.39 5398.69 5678.17 10079.05 6428.42 7561.2
57242.4 44047.7 34490.1 77875.79 68631.76 46002.8 20138.23 17766.95 15072.44

1554.6 1554.6 599.7 1865.35 1863.43 1862.21 847.03 847.03 847.03

35913.9 30718.4 19139.8 22748.63 21019.97 21301.24 12762.14 11100.1 8581.69
5805.3 1235.6 4689.1 35030.28 31786 10298.04 57.67 55.37 48.54
5335.1 3059.3 3712.7 5425.05 4708.6 5704.67 2262.98 2306.35 2374.56
8633.5 7479.8 6348.8 12806.48 9253.76 6836.64 4208.42 3458.1 3220.62
57242.4 44047.7 34490.1 77875.79 68631.76 46002.8 20138.23 17766.95 15072.44