---------------

---- in Rs.
Cr.
---------------
Balance Sheet ----
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
 ---------------
---- in Rs.
Cr.
---------------
Profit & Loss account of Cipla ----
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
 ---------------
---- in Rs.
Cr.
---------------
Key Financial Ratios of Cipla ----

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

Investment Valuation Ratios

Face Value 2 2 2 2 2
Dividend Per Share 2 2 2 2 2
Operating Profit Per Share (Rs) 23.14 10.57 10.96 16.02 17.2
Net Operating Profit Per Share (Rs) 99.42 45.83 54.08 67.34 69.82
Free Reserves Per Share (Rs) 63.82 39.52 46.2 53.86 71.54
Bonus in Equity Capital 97.36 97.55 97.55 97.55 94.44
Profitability Ratios
Operating Profit Margin(%) 23.27 23.07 20.27 23.78 24.63
Profit Before Interest And Tax Margin(%) 20.32 19.8 16.9 20.52 21.32
Gross Profit Margin(%) 23.86 24.27 17.16 20.88 21.68
Cash Profit Margin(%) 22.78 21.26 17.85 21.75 21.11
Adjusted Cash Margin(%) 20.32 20.3 17.85 21.75 21.11
Net Profit Margin(%) 20.12 18.41 16.43 14.58 18.97
Adjusted Net Profit Margin(%) 17.66 17.45 16.43 14.58 18.97
Return On Capital Employed(%) 26.67 23.4 18.17 22.39 22.16
Return On Net Worth(%) 30.78 20.7 18.72 17.89 18.31
Adjusted Return on Net Worth(%) 27.02 19.61 16.85 23.17 17.57
Return on Assets Excluding Revaluations 17.57 41.52 48.2 55.86 73.55
Return on Assets Including Revaluations 17.62 41.64 48.32 55.97 73.66
Return on Long Term Funds(%) 27.24 23.45 18.24 26.79 22.16
Liquidity And Solvency Ratios
Current Ratio 2.07 2.65 2.62 1.81 2.17
Quick Ratio 1.33 1.76 1.88 1.93 1.57
Debt Equity Ratio 0.24 0.04 0.15 0.22 --
Long Term Debt Equity Ratio 0.21 0.04 0.15 0.02 --
Debt Coverage Ratios
Interest Cover 57.07 112.84 67.27 35.92 57.08
Total Debt to Owners Fund 0.24 0.04 0.15 0.22 0
Financial Charges Coverage Ratio 45.54 79.53 50.81 25.56 52.13
Financial Charges Coverage Ratio Post Tax 43.8 70.12 47.1 18.78 45.05
Management Efficiency Ratios
Inventory Turnover Ratio 3.16 3.71 3.83 3.79 3.74
Debtors Turnover Ratio 4.07 3.74 3.47 3.24 3.31
Investments Turnover Ratio 3.24 3.74 3.83 3.79 3.74
Fixed Assets Turnover Ratio 3.03 2.75 1.91 1.94 1.94
Total Assets Turnover Ratio 1.22 1.06 0.97 0.99 0.95
Asset Turnover Ratio 2.18 1.98 1.91 1.94 1.94

Average Raw Material Holding 189.49 200.76 181.28 203.3 168.92

Average Finished Goods Held 56.03 41.94 37.36 41.54 53.87
Number of Days In Working Capital 155.3 179.98 201.02 196.07 190.01
Profit & Loss Account Ratios
Material Cost Composition 52.46 49.26 51.44 48.01 47.94
Imported Composition of Raw Materials
Consumed 39.28 42.17 44.03 42.63 43.85
Selling Distribution Cost Composition 6.29 6.34 6.77 7.17 5.82
Expenses as Composition of Total Sales 52.51 52.36 53.65 56.55 54.54
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 29.17 27.22 25.92 23.41 17.31
Dividend Payout Ratio Cash Profit 25.77 23.57 21.85 19.58 15.01
Earning Retention Ratio 66.77 71.28 71.2 81.93 81.97
Cash Earning Retention Ratio 71.12 75.31 76.14 84.3 84.44
AdjustedCash Flow Times 0.76 0.17 0.76 0.81 0

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

Earnings Per Share 20.26 8.59 9.02 9.99 13.47

Book Value 65.83 41.52 48.2 55.86 73.55
 2
2
15.578
67.298
54.988
96.89
0
23.004
19.772
21.57
20.95
20.266
17.702
17.018
22.558
21.28
20.844
47.34
47.442
23.576
0
2.264
1.694
0.13
0.084
0
66.036
0.13
50.714
44.97
0
3.646
3.566
3.668
2.314
1.038
1.99
0
188.75
46.148
184.476
0
49.822

42.392
6.478
53.922
0
24.606
21.156
74.63
78.262
0.5
 ---------------
---- in Rs.
Cr.
---------------
Balance Sheet of Ranbaxy Laboratories ----
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
 ---------------
---- in Rs.
Cr.
---------------
Profit & Loss account ----
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 1,916.58
Power & Fuel Cost 69.55 80.70 90.35 108.83 109.57
Employee Cost 298.38 328.45 420.04 472.65 582.50
Other Manufacturing Expenses 67.09 79.52 82.60 94.65 89.94
Selling and Admin Expenses 1,339.12 1,234.42 1,341.03 1,402.77 1,306.25
Miscellaneous Expenses 144.32 146.23 123.90 383.26 158.07
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 2,246.33
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
 ---------------
---- in Rs.
Cr.
---------------
Key Financial Ratios ----

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

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per Share 8.5 8.5 8.5 -- --
Operating Profit Per Share (Rs) 4.9 16.96 10.72 5.97 15.5
Net Operating Profit Per Share (Rs) 97.75 111.76 115.07 110.67 113.73
Free Reserves Per Share (Rs) 58.26 57.48 62.52 80.8 88.9
Bonus in Equity Capital 78.85 78.8 78.72 69.86 69.85
Profitability Ratios
Operating Profit Margin(%) 5.01 15.17 9.31 5.39 13.62
Profit Before Interest And Tax Margin(%) 2.21 12.52 6.52 2.03 10.31
Gross Profit Margin(%) 4.9 14.39 7.51 2.07 10.52
Cash Profit Margin(%) 8.55 11.61 17.08 16.25 4.53
Adjusted Cash Margin(%) 5.5 12.9 3.87 16.25 4.53
Net Profit Margin(%) 5.78 9.07 14.33 -22.02 11.72
Adjusted Net Profit Margin(%) 2.74 10.36 1.12 -22.02 11.72
Return On Capital Employed(%) 3.07 10.05 4.93 2.52 8.03
Return On Net Worth(%) 8.92 16.19 24.34 -29.5 14.44
Adjusted Return on Net Worth(%) 4.22 18.5 1.9 17.4 1.84
Return on Assets Excluding Revaluations 4.41 5.41 68.01 84.24 94.16
Return on Assets Including Revaluations 4.41 5.41 68.01 84.24 94.16
Return on Long Term Funds(%) 4.11 12.23 6.19 2.94 9.02
Liquidity And Solvency Ratios
Current Ratio 0.92 0.96 0.83 1.16 1.18
Quick Ratio 0.98 1.03 0.97 0.86 0.89
Debt Equity Ratio 0.43 1.35 1.38 1.05 0.85
Long Term Debt Equity Ratio 0.07 0.93 0.9 0.8 0.68
Debt Coverage Ratios
Interest Cover 3.96 9.51 3.19 1.29 15.24
Total Debt to Owners Fund 0.43 1.35 1.38 1.05 0.85
Financial Charges Coverage Ratio 7.8 11.33 4.46 2.35 18.99
Financial Charges Coverage Ratio Post Tax 12.87 9.34 8.88 -5.11 19.25
Management Efficiency Ratios
Inventory Turnover Ratio 4.11 4.39 4.42 4.07 4.05
Debtors Turnover Ratio 4.58 4.58 4.53 4.88 3.74
Investments Turnover Ratio 4.42 4.66 4.67 4.07 4.05
Fixed Assets Turnover Ratio 2.92 2.73 2.71 2.14 2
Total Assets Turnover Ratio 1.12 0.78 0.73 0.64 0.66
Asset Turnover Ratio 2.21 2.12 2.08 2.14 2

Average Raw Material Holding 119.32 112.48 99.69 121.93 137.88

Average Finished Goods Held 35.7 39.36 35.13 34.66 35.02
Number of Days In Working Capital 100.03 96.18 84.44 150.02 123.55
Profit & Loss Account Ratios
Material Cost Composition 43.05 41.01 43.35 44.05 40.08

Imported Composition of Raw Materials Consumed 54.67 55.17 51.63 51.56 65.79
Selling Distribution Cost Composition 14.73 12.98 14.01 12.84 7.74
Expenses as Composition of Total Sales 64.76 66.16 61.98 61.34 65.59
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 170.28 94.95 60.06 -- --
Dividend Payout Ratio Cash Profit 115.22 74.15 50.38 -- --
Earning Retention Ratio -259.14 16.89 -668.18 -- 100
Cash Earning Retention Ratio -78.86 33.28 -122.14 100 100
AdjustedCash Flow Times 5.1 5.87 20.97 4.83 15.13

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

Earnings Per Share 5.69 10.21 16.56 -24.85 13.61

Book Value 63.82 63.03 68.01 84.24 94.1
 5
5.1
10.81
109.796
69.592
75.216
0
9.7
6.718
7.878
11.604
8.61
3.776
0.784
5.72
6.878
8.772
51.246
51.246
6.898
0
1.01
0.946
1.012
0.676
0
6.638
1.012
8.986
9.046
0
4.208
4.462
4.374
2.5
0.786
2.11
0
118.26
35.974
110.844
0
 42.308

55.764
12.46
63.966
0
65.058
47.95
-162.086
6.456
10.38
 ---------------
---- in Rs.
Cr.
---------------
Balance Sheet of GlaxoSmithKline Pharmaceuticals ----
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
 ---------------
---- in Rs.
Cr.
---------------
Profit & Loss account ----
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
 ---------------
---- in Rs.
Cr.
---------------
Key Financial Ratios ----

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

Investment Valuation Ratios

Face Value 10 10 10 10 10
Dividend Per Share 28 31 36 40 30
Operating Profit Per Share (Rs) 51.92 58.59 66.58 71.83 81.28
Net Operating Profit Per Share (Rs) 174.03 182.04 186.37 197.91 222.44
Free Reserves Per Share (Rs) 101.49 130.54 150.16 171.44 197.18
Bonus in Equity Capital 48.03 48.03 48.03 48.03 48.03
Profitability Ratios
Operating Profit Margin(%) 29.83 32.18 35.72 36.29 36.54
Profit Before Interest And Tax Margin(%) 27.72 29.62 33.12 33.24 33.77
Gross Profit Margin(%) 32.25 35.48 38.62 35.32 35.67
Cash Profit Margin(%) 33.85 34.61 33.48 27.01 27.16
Adjusted Cash Margin(%) 20.98 23.46 25.79 27.01 27.16
Net Profit Margin(%) 32.83 33.63 32.5 32.36 25.74
Adjusted Net Profit Margin(%) 19.96 22.48 24.81 32.36 25.74
Return On Capital Employed(%) 50.26 46.67 45.6 45.06 44.09
Return On Net Worth(%) 52.93 45.66 39.51 37.41 29.12
Adjusted Return on Net Worth(%) 32.17 30.52 30.16 30.16 29.79
Return on Assets Excluding Revaluations 33.19 30.7 160.67 181.94 207.68
Return on Assets Including Revaluations 33.19 30.7 160.67 181.94 207.68
Return on Long Term Funds(%) 50.26 46.67 45.6 45.06 44.09
Liquidity And Solvency Ratios
Current Ratio 0.9 0.94 0.91 1.94 3.06
Quick Ratio 0.44 0.46 0.54 1.58 2.63
Debt Equity Ratio 0.01 -- -- -- --
Long Term Debt Equity Ratio 0.01 -- -- -- --
Debt Coverage Ratios
Interest Cover 287 880.22 978.15 1,326.05 2,126.03
Total Debt to Owners Fund 0.01 0 0 0 0
Financial Charges Coverage Ratio 209.86 426.97 472.16 1,357.13 2,170.75
Financial Charges Coverage Ratio Post Tax 220.55 417.04 409.93 1,129.05 1,445.42
Management Efficiency Ratios
Inventory Turnover Ratio 7.01 6.73 8.03 7.85 7.71
Debtors Turnover Ratio 20.55 24.12 32.15 35.03 33.74
Investments Turnover Ratio 7.32 7.09 8.51 7.85 7.71
Fixed Assets Turnover Ratio 19.13 17.7 16.85 5.94 6.52
Total Assets Turnover Ratio 1.57 1.28 1.16 1.08 1.07
Asset Turnover Ratio 6.25 6.08 5.92 5.94 6.52

Average Raw Material Holding 71.87 74.12 66.56 87.21 66.98

Average Finished Goods Held 56.13 59.67 50.01 45.5 50.76
Number of Days In Working Capital -13.81 -7.85 -13.58 149.15 278.86
Profit & Loss Account Ratios
Material Cost Composition 43.23 42.23 39.04 38.96 38.67
Imported Composition of Raw Materials Consumed 26.17 27.94 27.41 29.86 29.86
Selling Distribution Cost Composition 6.93 6.7 6.24 5.64 6.95
Expenses as Composition of Total Sales 3.12 3.84 5.3 5.74 6.48
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 53.86 54.88 66.35 68.75 57.43
Dividend Payout Ratio Cash Profit 52.22 53.33 64.41 66.85 55.65
Earning Retention Ratio 11.41 17.9 13.09 14.74 43.87
Cash Earning Retention Ratio 15.75 21.32 16.38 17.64 45.57
AdjustedCash Flow Times 0.02 0.01 0.01 0.01 0.01

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

Earnings Per Share 59.28 64.4 63.48 68.07 60.48

Book Value 111.99 141.05 160.67 181.94 207.68
 10
33
66.04
192.558
150.162
48.03
0
34.112
31.494
35.468
31.222
24.88
31.412
25.07
46.336
40.926
30.56
122.836
122.836
46.336
0
1.55
1.13
0.002
0.002
0
1119.49
0.002
927.374
724.398
0
7.466
29.118
7.696
13.228
1.232
6.142
0
73.348
52.414
78.554
0
40.426
28.248
6.492
4.896
0
60.254
58.492
20.202
23.332
0.012
 ---------------
---- in Rs.
Cr.
---------------
Balance Sheet of Piramal Healthcare ----
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 95.17 80.17 41.80 41.80 41.80
Equity Share Capital 41.80 41.80 41.80 41.80 41.80
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 53.37 38.37 0.00 0.00 0.00
Reserves 874.29 976.22 974.67 1,147.22 1,458.83
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 969.46 1,056.39 1,016.47 1,189.02 1,500.63
Secured Loans 162.05 179.33 151.17 448.01 406.53
Unsecured Loans 31.20 216.88 353.12 528.85 254.43
Total Debt 193.25 396.21 504.29 976.86 660.96
Total Liabilities 1,162.71 1,452.60 1,520.76 2,165.88 2,161.59
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 891.84 1,152.56 1,137.23 1,427.81 1,570.25
Less: Accum. Depreciation 216.60 282.41 329.00 409.09 496.36
Net Block 675.24 870.15 808.23 1,018.72 1,073.89
Capital Work in Progress 175.45 45.97 47.82 46.33 50.56
Investments 78.94 126.50 128.26 129.98 192.65
Inventories 214.75 226.48 252.49 288.00 285.47
Sundry Debtors 174.75 229.88 302.92 361.88 273.07
Cash and Bank Balance 10.92 22.05 13.95 17.47 15.64
Total Current Assets 400.42 478.41 569.36 667.35 574.18
Loans and Advances 211.44 292.62 450.59 865.93 915.93
Fixed Deposits 0.00 0.00 20.12 0.00 0.00
Total CA, Loans & Advances 611.86 771.03 1,040.07 1,533.28 1,490.11
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 294.12 336.23 384.67 445.20 491.80
Provisions 84.66 24.82 118.95 117.23 153.82
Total CL & Provisions 378.78 361.05 503.62 562.43 645.62
Net Current Assets 233.08 409.98 536.45 970.85 844.49
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 1,162.71 1,452.60 1,520.76 2,165.88 2,161.59

Contingent Liabilities 484.12 885.17 879.85 1,156.66 1,670.48

Book Value (Rs) 43.83 48.71 48.63 56.89 71.80
Piramal Healthcare « Previous Years  
---------------
---- in Rs.
Cr.
---------------
Profit & Loss account ----
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 1,521.59 1,708.70 2,001.26 2,386.95 2,711.74
Excise Duty 97.74 99.04 83.55 65.04 57.24
Net Sales 1,423.85 1,609.66 1,917.71 2,321.91 2,654.50
Other Income 48.21 57.62 74.83 71.57 133.30
Stock Adjustments -74.11 18.57 -4.13 12.35 21.44
Total Income 1,397.95 1,685.85 1,988.41 2,405.83 2,809.24
Expenditure
Raw Materials 549.36 683.03 802.20 969.48 1,139.24
Power & Fuel Cost 26.52 39.48 48.16 48.68 50.25
Employee Cost 154.41 188.62 239.51 255.16 303.74
Other Manufacturing Expenses 45.26 49.27 32.58 37.28 33.81
Selling and Admin Expenses 274.85 328.03 323.76 421.89 461.93
Miscellaneous Expenses 66.17 64.64 66.87 94.26 94.43
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 1,116.57 1,353.07 1,513.08 1,826.75 2,083.40
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 233.17 275.16 400.50 507.51 592.54

PBDIT 281.38 332.78 475.33 579.08 725.84
Interest 26.22 39.84 72.09 180.69 156.36
PBDT 255.16 292.94 403.24 398.39 569.48
Depreciation 57.72 70.50 70.48 83.81 92.22
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 197.44 222.44 332.76 314.58 477.26
Extra-ordinary items -0.75 -0.25 -2.79 -0.84 -0.64
PBT (Post Extra-ord Items) 196.69 222.19 329.97 313.74 476.62
Tax 26.34 33.91 28.49 38.42 33.40
Reported Net Profit 170.35 188.28 301.48 275.32 443.22
Total Value Addition 567.21 670.04 710.88 857.27 944.16
Preference Dividend 2.82 2.29 1.34 0.00 0.00
Equity Dividend 62.71 73.16 87.79 87.79 112.86
Corporate Dividend Tax 9.19 10.90 15.15 14.92 18.75

Per share data (annualised)

Shares in issue (lakhs) 2,090.13 2,090.13 2,090.13 2,090.13 2,090.13
Earning Per Share (Rs) 8.02 8.90 14.36 13.17 21.21
Equity Dividend (%) 150.00 175.00 210.00 210.00 270.00
Book Value (Rs) 43.83 48.71 48.63 56.89 71.80

---------------
---- in Rs.
Cr.
---------------
Key Financial Ratios ----

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

Investment Valuation Ratios

Face Value 2 2 2 2 2
Dividend Per Share 3 3.5 4.2 4.2 5.4
Operating Profit Per Share (Rs) 11.16 13.16 19.16 24.28 28.35
Net Operating Profit Per Share (Rs) 68.12 77.01 91.75 111.09 127
Free Reserves Per Share (Rs) 41.73 45.89 43.98 50.68 64.04
Bonus in Equity Capital 18.7 18.7 18.7 18.7 18.7
Profitability Ratios
Operating Profit Margin(%) 16.37 17.09 20.88 21.85 22.32

Profit Before Interest And Tax Margin(%) 11.97 12.24 16.58 17.06 17.87
Gross Profit Margin(%) 16.93 17.78 17.2 18.24 18.84
Cash Profit Margin(%) 15.56 15.48 18.71 18.1 19.55
Adjusted Cash Margin(%) 15.13 15.75 18.71 18.1 19.55
Net Profit Margin(%) 11.62 11.26 15.14 11.08 15.83
Adjusted Net Profit Margin(%) 11.19 11.54 15.14 11.08 15.83
Return On Capital Employed(%) 18.62 18.35 26.47 26.99 29.83
Return On Net Worth(%) 17.57 17.82 29.52 23.15 29.53
Adjusted Return on Net Worth(%) 17.59 18.72 29.58 30.74 30.33

Return on Assets Excluding Revaluations 11.05 48.71 48.63 56.89 71.8

Return on Assets Including Revaluations 11.05 48.71 48.63 56.89 71.8

Return on Long Term Funds(%) 20.28 20.58 29.4 28.27 30.63
Liquidity And Solvency Ratios

Current Ratio 1.08 1.14 1.29 2.02 1.96

Quick Ratio 1.01 1.46 1.53 2.18 1.83
Debt Equity Ratio 0.27 0.43 0.5 0.82 0.44
Long Term Debt Equity Ratio 0.17 0.27 0.35 0.74 0.4
Debt Coverage Ratios
Interest Cover 8.26 6.69 5.59 3.24 4.12
Total Debt to Owners Fund 0.27 0.43 0.5 0.82 0.44
Financial Charges Coverage Ratio 10.46 8.46 6.56 3.7 4.71
Financial Charges Coverage Ratio Post
Tax 9.7 7.5 6.16 2.99 4.42
Management Efficiency Ratios

Inventory Turnover Ratio 6.82 7.38 8.12 8.44 9.69

Debtors Turnover Ratio 9.02 7.96 7.2 6.99 8.36
Investments Turnover Ratio 7.23 7.73 8.12 8.44 9.69
Fixed Assets Turnover Ratio 2.82 2.65 2.21 2.33 2.62
Total Assets Turnover Ratio 1.6 1.37 1.53 1.34 1.65
Asset Turnover Ratio 2.31 1.83 2.21 2.33 2.62

Average Raw Material Holding 98.73 65.81 70.32 78.45 63.35

Average Finished Goods Held 27.13 26.88 21.32 18.96 21.69
Number of Days In Working Capital 58.93 91.69 100.7 150.53 114.53
Profit & Loss Account Ratios

Material Cost Composition 38.58 42.43 41.83 41.75 42.91

Imported Composition of Raw Materials
Consumed 25.26 24.31 23.54 31.65 28.04
Selling Distribution Cost Composition 6.31 6.24 7.17 8.09 8.55

Expenses as Composition of Total Sales 15.77 17.92 24.28 24.88 14.41

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 42.91 45.19 34.29 37.3 29.69
Dividend Payout Ratio Cash Profit 31.92 32.77 27.77 28.59 24.57
Earning Retention Ratio 55.39 55.91 65.78 71.91 71.09
Cash Earning Retention Ratio 67.16 67.82 72.28 77.15 75.96
AdjustedCash Flow Times 0.87 1.5 1.35 2.17 1.21

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

Earnings Per Share 8.02 8.90 14.36 13.17 21.21

Book Value 43.83 48.71 48.63 56.89 71.80
 2
4.06
19.222
94.994
49.264
18.7
0
 0

41.5

26.56
7.272

19.452
0

37.876
29.124
64.016
72.074
1.42
 ---------------
---- in Rs.
Cr.
---------------
Balance Sheet of Sun Pharmaceutical Industries ----
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
 ---------------
---- in Rs.
Cr.
---------------
Profit & Loss account ----
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
 ---------------
---- in Rs.
Cr.
---------------
Key Financial Ratios ----

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

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per Share 5.5 6.75 10.5 13.75 13.75
Operating Profit Per Share (Rs) 0.81 -2.83 9.59 3.9 12.14
Net Operating Profit Per Share (Rs) 69.54 85.96 114.36 133.97 89.08
Free Reserves Per Share (Rs) 71.65 119.51 196.16 241.72 269.08
Bonus in Equity Capital 87.01 83.57 78.03 78.03 78.03
Profitability Ratios
Operating Profit Margin(%) 1.16 -3.28 8.38 2.91 13.63
Profit Before Interest And Tax Margin(%) -1.43 -4.28 4.35 0.54 6.88
Gross Profit Margin(%) 27.81 26.73 6.01 0.79 9.86
Cash Profit Margin(%) 28.13 28.66 32.31 32.24 37.78
Adjusted Cash Margin(%) 26.28 26.24 32.31 32.24 37.78
Net Profit Margin(%) 25.85 26.69 31.01 31.43 33.99
Adjusted Net Profit Margin(%) 24 24.27 31.01 31.43 33.99
Return On Capital Employed(%) 14.53 16.83 24.21 24.57 17.05
Return On Net Worth(%) 31.49 25.68 24.09 24.56 15.71
Adjusted Return on Net Worth(%) 29.25 23.35 23.77 24.05 16.25
Return on Assets Excluding Revaluations 12.79 126.58 203.15 248.72 276.08
Return on Assets Including Revaluations 12.79 126.58 203.15 248.72 276.08
Return on Long Term Funds(%) 14.62 16.93 24.34 24.68 17.14
Liquidity And Solvency Ratios
Current Ratio 5.23 5.57 2.52 2.53 2.14
Quick Ratio 5.04 5.25 2.27 2.17 1.52
Debt Equity Ratio 1.19 0.44 0.02 -- 0.01
Long Term Debt Equity Ratio 1.18 0.43 0.02 -- --
Debt Coverage Ratios
Interest Cover 41.57 67.31 206.27 459.14 2,228.18
Total Debt to Owners Fund 1.19 0.44 0.02 0 0.01
Financial Charges Coverage Ratio 45.2 72.57 217.36 480.39 2,386.07
Financial Charges Coverage Ratio Post Tax 45.7 77.73 212.49 479.03 2,201.27
Management Efficiency Ratios
Inventory Turnover Ratio 6.77 7.07 6.79 6.47 3.65
Debtors Turnover Ratio 5.26 5.87 3.47 3.2 2.99
Investments Turnover Ratio 5.53 5.62 6.79 6.47 3.65
Fixed Assets Turnover Ratio 2.67 3.02 2.66 2.73 1.65
Total Assets Turnover Ratio 0.41 0.48 0.56 0.54 0.32
Asset Turnover Ratio 1.85 2.09 2.66 2.73 1.65

Average Raw Material Holding 89 89.68 96.56 118.13 142.46

Average Finished Goods Held 17.48 19.08 14.19 13.78 19
Number of Days In Working Capital 519.57 398.19 274.06 221.25 187.91
Profit & Loss Account Ratios
Material Cost Composition 69.65 73.04 66.05 70.7 47.61

Imported Composition of Raw Materials Consumed 42.96 39.26 40.06 41.63 44.38
Selling Distribution Cost Composition 9.4 8.6 8.01 8.54 10.67
Expenses as Composition of Total Sales 31.34 28.98 37.79 29.84 46.11
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 25.29 23.57 25.11 26.33 36.95
Dividend Payout Ratio Cash Profit 23.24 21.96 23.79 25.16 34.3
Earning Retention Ratio 72.76 74.08 74.55 73.11 64.28
Cash Earning Retention Ratio 75.12 76.02 75.9 74.33 66.76
AdjustedCash Flow Times 3.72 1.73 0.1 0.02 0.03

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

Earnings Per Share 24.83 32.52 48.96 61.09 43.39

Book Value 78.8 126.58 203.15 248.72 276.08
 5
10.05
4.722
98.582
179.624
80.934
0
4.56
1.212
14.24
31.824
30.97
29.794
28.94
19.438
24.306
23.334
173.464
173.464
19.542
0
3.598
3.25
0.332
0.326
0
600.494
0.332
640.318
603.244
0
6.15
4.158
5.612
2.546
0.462
2.196
0
107.166
16.706
320.196
0
 65.41

41.658
9.044
34.812
0
27.45
25.69
71.756
73.626
1.12
 Industry trend CIPLA Ranbaxy
Profitability Ratios
Operating Profit Margin(%) 18.2156 23.004 9.7
Profit Before Interest And Tax Margin(%) 14.868 19.772 6.718
Gross Profit Margin(%) 19.3908 21.57 7.878
Cash Profit Margin(%) 22.616 20.95 11.604
Adjusted Cash Margin(%) 20.4348 20.266 8.61
Net Profit Margin(%) 19.134 17.702 3.776
Adjusted Net Profit Margin(%) 16.9536 17.018 0.784
Return On Capital Employed(%) 23.6208 22.558 5.72
Return On Net Worth(%) 23.3816 21.28 6.878
Adjusted Return on Net Worth(%) 21.7804 20.844 8.772
Return on Assets Excluding Revaluations 88.4604 47.34 51.246
Return on Assets Including Revaluations 88.4808 47.442 51.246
Return on Long Term Funds(%) 24.4368 23.576 6.898
Liquidity And Solvency Ratios
Current Ratio 1.984 2.264 1.01
Quick Ratio 1.7244 1.694 0.946
Debt Equity Ratio 0.3936 0.13 1.012
Long Term Debt Equity Ratio 0.2948 0.084 0.676
Debt Coverage Ratios
Interest Cover 359.6476 66.036 6.638
Total Debt to Owners Fund 0.3936 0.13 1.012
Financial Charges Coverage Ratio 326.834 50.714 8.986
Financial Charges Coverage Ratio Post Tax 277.5624 44.97 9.046
Management Efficiency Ratios
Inventory Turnover Ratio 5.912 3.646 4.208
Debtors Turnover Ratio 9.842 3.566 4.462
Investments Turnover Ratio 5.9184 3.668 4.374
Fixed Assets Turnover Ratio 4.6228 2.314 2.5
Total Assets Turnover Ratio 1.0032 1.038 0.786
Asset Turnover Ratio 2.9396 1.99 2.11

Average Raw Material Holding 112.5712 188.75 118.26

Average Finished Goods Held 34.8876 46.148 35.974
Number of Days In Working Capital 159.4692 184.476 110.844
 GSK Piramal Sun

34.112 19.702 4.56

31.494 15.144 1.212
35.468 17.798 14.24
31.222 17.48 31.824
24.88 17.448 30.97
31.412 12.986 29.794
25.07 12.956 28.94
46.336 24.052 19.438
40.926 23.518 24.306
30.56 25.392 23.334
122.836 47.416 173.464
122.836 47.416 173.464
46.336 25.832 19.542
0
1.55 1.498 3.598
1.13 1.602 3.25
0.002 0.492 0.332
0.002 0.386 0.326
0
1119.49 5.58 600.494
0.002 0.492 0.332
927.374 6.778 640.318
724.398 6.154 603.244
0
7.466 8.09 6.15
29.118 7.906 4.158
7.696 8.242 5.612
13.228 2.526 2.546
1.232 1.498 0.462
6.142 2.26 2.196
0
73.348 75.332 107.166
52.414 23.196 16.706
78.554 103.276 320.196