Arvind Remedies Ventura

Arvind Remedies Ltd.
BUY
Target Price `100
CMP `40
Index Details
Sensex
25,999
Nifty
7,739
BSE 100
7,780
Industry
Pharma
FY17E P/E 4.0x
A series of new product launches and a shift in the product mix

leads us to believe that Arvind Remedies Ltd. (ARL) revenues and
earnings could grow at a CAGR of 30% and 42%, respectively, over
the period FY14-17. At these rates, the company should achieve
revenues of `2,096.9 crore and a PAT of `173.9 crore by FY17E.
Our optimism is based on the following:
Scrip Details
Timely commissioning of its manufacturing facilities augurs

well for volume growth. Accordingly, we expect revenues to
grow at a CAGR of 30% from `963.2 crore in FY14 to `2,096.9
crore by FY17.
270.2
BVPS (`)
40.5
O/s Shares (Cr)
6.8
Av Vol (Lacs)
7.3
52 Week H/L
66/30
Div Yield (%)
1.7
FVPS (`)
The shift in the product mix towards the higher margin,

branded retail segment will help ARL to boost its EBITDA and
PAT. We forecast a sharp jump in the EBIDTA as well as PAT
from the current `181.9 crore and `60.7 crore to `372.0 crore
and `173.9 crore by FY17, respectively. However margins
could be under pressure given the upfront costs associated
with the national launch. We expect margins to contract by
120 bps to 17.7%.
10.0
Shareholding Pattern
Shareholders
Promoters
36.1
DIIs
0.1
FIIs
0.0
Public
63.6
Total
100.0
ARL is an early entrant in the government promoted safe

drugs initiative for launch of phytopharmaceutical drugs.
ARL has acquired patent rights of three drug products and
tied up with a number of research institutes of repute for the
same, and, a number of these drugs are in various stages of
development. This pipeline seems promising and augurs well
for the long run.
ARL vs. Sensex
We initiate coverage on ARL as a BUY with a Price Objective of `100

representing a potential upside of ~150% over a period of 24 months.
At the CMP of `40, the stock is trading at a P/E multiple of 1.6x
FY17E. We assign ARL a P/E multiple of 4.0x which is in line with its
one year average. The P/E of 4.0x implies a target price of `100 on its
FY17 EPS of `25/share. Any announcement of further capacity
expansion and a higher than expected pick-up in growth and
margins are upside triggers to our target price.
Key Financials (` in Cr)
Net
Y/E Mar
EBITDA
Sales
2014
963.2
181.9
2015E
1301.1
257.1
2016E
1,677.9
322.9
2017E
2,096.9
372.0
- 1 of 13 -
PAT
EPS
(`)
EPS Growth
(%)
RONW
(%)
ROCE
(%)
P/E
(x)
EV/EBITDA
(x)
60.7
92.0
140.1
173.9
9.9
13.5
20.6
25.5
5.9
51.6
52.3
24.1
21.4
24.5
27.2
25.2
16.2
17.2
19.5
19.9
4.0
3.0
1.9
1.6
4.6
4.1
3.5
2.9
Thursday 16
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
th
October, 2014
STOCK POINTER
Mkt Cap (` cr)
Company Background
Promoted by Dr. Arvind Shah, Arvind Remedies Ltd (ARL) was incorporated in 1988
and its primarily business involves the manufacture of Branded and Generic
formulation products.
Arvind Remedies Group Structure
Arvind Remedies Ltd
Subsidiaries
Arvind Wellness Ltd.

(100%)
Coronet Labs Pvt.
Ltd. (63.75%)
Plant Locations
Kakkalur, Tamil Nadu

(2 plants)
Irungatukottai, Tamil
Nadu
Coronet Labs,
Uttarakhand
Source: Arvind Remedies, Ventura Research
Arvind Remedies Revenue Segments
- 2 of 13-
th
Thursday 16
October, 2014
ARL Aspires to have a Pan India Presence
ARL International Presence- Growth through Branded Markets

- 3 of 13-
th
Thursday 16
October, 2014
Key Investment Highlights

Robust revenue growth to propel earnings
Timely completion of Capital Expenditure to ensure volume
growth
ARLs original plan (in FY12) was to undertake an expansion of its capacities to
manufacture antibiotics and beta lactums at a single facility. However, due to a
government ruling which stipulated that an exclusive facility should be used for beta
lactums, ARL had to alter its plans and hence two units were conceptualized:
Unit 2- for Antibiotics
Unit 3- for Beta Lactum manufacture.
These two units are in addition to the two already existing facilities (Unit 1 at
Kakkarpur, Tamil Nadu, and Unit 4 Coronet Labs) located in Uttarakhand in which
ARL has a 63.8% stake.
Unit 2 & Unit 3 commenced production in FY13 and Q4FY14, respectively. Overall
we expect both these plants to reach optimum utilizations by FY16. Accordingly,
based on the above and planned rollout of new products we expect revenues to
grow at a CAGR of 30% from `963.2 crore in FY14 to `2,096.9 crore by FY17.
Manufacturing Unit Utilization
Segment wise Revenue
es
120
2500
(%)
Rs Crore
2096
100
1678
2000
1301
80
963
1500
706
60
1000
40
500
20
0
FY13
FY14
Unit 1
Source: Ventura Research
- 4 of 13-
FY15E
Unit 2
Unit 3
FY16E
Unit 4
FY17E
FY13
FY14
Branded Retail
Generic Formulations
FY15E
FY16E
Branded Institutional
CRAMS
FY17E
Branded Exports
th
Thursday 16
October, 2014
Branded retail to spear head growth

This revenue growth is expected to majorly be contributed by ARLs forceful thrust
on the branded retail (CAGR growth of 38% to `733.9 crore by FY17) and branded
institutional business (CAGR growth of 30% to `524.2 crore by FY17) segments. As
a result of the faster growth of the above two segments, the contribution of the low
margin generic segment (CAGR growth of 16% to `524.2 crore FY17) is expected to
reduce from 35% in FY14 to 25% FY17.
ARL has aspirations of a pan India presence

Currently, ARL is present in South and East India with 550 medical representatives
(MRs). Given the expansion plan, we expect ARL to gradually expand its pan India
presence by its foray into the North and West India. Over a period of time we expect
MR team to expand to 1000 by FY17.
Medical Representative and Efficiency
1200 Nos.
2.5
1000
2.0
800
1.5
600
1.0
400
200
0.5
0.0
Medical Representatives
Medical Representatives Efficiency (RHS)
Product mix enhancement and core focus on retail market to

boost profitability
As the contribution from the higher margin branded retail segment picks up, we
forecast a sharp jump in the EBIDTA as well as PAT from the current `181.9 crore
and `60.7 crore to `372 crore and `173.9 crore by FY17, respectively. As the
expansion rollout costs are front ended, we expect overall margins to contract by
120 bps to 17.7% from the current 18.9%.
- 5 of 13-
th
Thursday 16
October, 2014
Segment Contribution
Q1FY15
FY17E
7%
13%
34%
38%
25%
28%
2%
24%
28%
2%
Branded Retail
Branded Exports
Generic
CRAMS
Segment wise EBITDA

400
Net Profit to Grow at a CAGR of 42%
Rs.Crore
200
350
180
300
160
Rs. Crore
140
250
120
200
100
150
80
100
60
40
50
20
0
FY13
Branded Retail
Generic
FY14
FY15E
CRAMS
FY16E
FY17E
0
FY13
FY14
FY15E
FY16E
FY17E
Branded Exports
Innovation of Phytopharmaceutical drug product : Long term

visibility
Government emphasizing safe drugs
The Government of India, in order to propagate innovation of safe drugs products,
has launched an initiative to promote the development and manufacture of drug
products from phytopharmaceutical sources. Seizing this new exciting opportunity,
ARL has ventured into research and development of phytopharmaceutical drug
products. ARL has acquired patent rights of three granted US patents (product
patent of phytopharmaceutical drug products) for manufacturing and marketing of
phytopharmaceutical drug products. ARL has entered into agreement with Sri
Ramachandra Medical College (SRMU, Chennai), Department of Science &
- 6 of 13-
th
Thursday 16
October, 2014
Technology (DST), Ministry of Science & Technology, Government of India, Banaras

Hindu University, SRMU, Adesh University and Genome foundation for collaborative
research in New Drug discovery of Phytopharmaceutical drugs products.
As per the agreement, the Government of India would bear 70% and ARL the
balance 30% of the drug development cost. The profit sharing would be such that
the Government of India would receive 10% of net profit, once the drug product is
commercialized, as royalty, while ARL would get the balance 90%.
Phytopharmaceutical Drugs are initiative to promote Safe Drugs

Phytopharmaceutical drugs products contains drug substance obtained from botanical origin .These
are not single drug substance but comprise of standardized extracts or fractions of processed or
unprocessed medicinal plants. Like the chemical drug products, these drug products are also
evaluated for efficacy and safety as per Schedule Y of Drugs and Cosmetic Act. These drugs are,
however, required to be evaluated for their safety and efficacy like other new drugs belonging to the
modern system of medicines.
On 24th October 2013, The Government of India has published a draft amendment to the Drugs and
Cosmetics Act, and Rules (D&C Act and Rules). This creates regulatory provisions defining
phytopharmaceutical (botanical-based drugs) and a schedule providing requirements of scientific data
on quality, safety, and efficacy to evaluate and marketing authorization for a plant-based lead as a drug
on similar lines to synthetic, chemical moieties.
Difference between Phytopharmaceutical Drugs and Chemical Drugs

Phytopharmaceutical
Chemical drugs
The terms are often used to describe the large A pharmaceutical drug is any chemical
substance formulated as single active
number of primary and secondary metabolic
compounds found in plants, which are used to ingredient used in the medical diagnosis,
cure, treatment, or prevention of disease
prepare drugs
Common names of Phytochemicals are
Antioxidants, Flavonoids, Phytoneutrients,
Flavones, isoflavones etc.
Drugs often have several names. Like

Chemical names, Generic Names and trade
names.
Some drugs can cause addiction and

Phytochemicals, consumed in large quantities,
habituation and all drugs have side effects.
in a healthy diet, are likely to be helpful and are
Many drugs are illegal for recreational
unlikely to cause any major problems
purposes and international treaties
ARL is in the process of developing a portfolio of products made from biological

sources which would significantly reduce the risk of side-effects caused by regular
chemical sourced drugs. Around 5 of these products are in advanced clinical trial
phases.
- 7 of 13-
th
Thursday 16
October, 2014
Phytopharmaceutical Drugs Pipeline

Therapeutic Segments
Stage
Arthiritis
Associations
Phase 2 completed
DST, SRMU, Dept of Rheumatology, Govt of India

Banaras Hindu University (BHU), Adesh Unitersity,
SRMU, Genome Foundation
Phase 2 completed
BHU, Adesh University, SRMU, Genome Foundation
Phase 1 completed
Depression
Neuro-Degeneration Disorder
Coronary Heart Disease
Phase 2 completed
Type II Diabetic
Phase 2 completed
Obesity
Pre-clinical completed
Viral Diseases
Pre-clinical completed

DST, SRMU, Dept of Cardiology, Govt of India
DST, IIIM (Jammu), Dept of Microbiology (Presidency
College), TANUVAS, Govt of India
Key Risks
High Leverage and Finance Cost
ARL has a debt of ` 591.2 crore (FY14) with an average cost of borrowing of 13%.
Though, ARL has been thinning down its long term debt by `40-45 crore every year,
we believe it will have to raise short term debt in order to fulfill its working capital
requirements, considering the expansion plan and new product launches. The
Companys debt repayment depends highly upon new product launches and its foray
into new markets.
D/E, Debt/EBITDA and Interest Coverage Ratio
6.0
(x)
5.0
4.0
3.0
2.0
1.0
0.0
FY11
FY12
Debt/EBITDA
FY13
FY14
FY15E
Interest Coverage Ratio
FY16E
FY17E
Debt Equity Ratio
- 8 of 13-
th
Thursday 16
October, 2014
We draw comfort from the fact that the core business which is expected to record `
372 crore in EBITDA by FY17 will help in enhancing the Net Worth by 143% and
lower the Debt to EBITDA from 3.3x in FY14 to 1.9x by FY17. Additionally, this will
augment the interest coverage ratio from 2.1x in FY14 to a comfortable 3.7x by
FY17. However, if in case the new product launches are not successful in the
market then it might be a downside risk to the companys revenues and profitability.
New product launch
Success of drug product development and also launches of new drug products carry
inherent risk. If the new drug product fails in drug product development stage or not
accepted by the market, then it might adversely impact the revenues and profitability
of ARL.
Financial Performance
Backed by two new product launches (Metnil for Diabetic Therapeutic Segment and
Arvistat 10 for Cardiovascular Therapeutic Segment) in the Branded Retail segment,
ARLs standalone revenues witnessed a robust growth of 41% YoY to ` 258.8 crore
in Q1FY15. In the same period, its EBITDA margins registered a growth of 267 bps
YoY and stood at 24.6% as against 21.9%. The PAT also witnessed a robust growth
of 58% YoY to ` 26.1 crore.
Quarterly Financial Performance (` in crore)
Particulars
Net Sales
Growth%
Total expenditure
EBITDA
Margin%
Depreciation
EBIT (Ex OI)
Other Income
EBIT
Margin%
Interest
Exceptional Items
PBT
Margin%
Provision for Tax
PAT
Margin%
Q1FY14
Q1FY15
FY14
FY13
184.0
258.8
41%
195.2
63.6
25%
6.5
57.1
0.0
57.1
22%
24.4
0.0
32.7
13%
6.6
26.1
10%
963.2
36%
781.3
181.9
19%
14.0
167.9
0.0
167.9
17%
78.5
0.0
89.4
9%
28.7
60.7
6%
706.1
143.7
40.3
22%
3.3
37.0
0.0
37.0
20%
15.6
0.0
21.4
12%
4.9
16.5
9%
564.8
141.3
20%
13.0
128.3
0.0
128.3
18%
60.0
0.0
68.3
10%
23.0
45.3
6%
- 9 of 13-
th
Thursday 16
October, 2014
Financial Outlook
We expect ARL revenues to grow at a 3 year CAGR of 30% to ` 2096.9 crore in
FY17 driven by new product launches, a shift towards the branded formulation
segment and foray into new geographies. We expect EBITDA to grow at a 3 year
CAGR of 27% to ` 372 crore in FY17 backed by an increase in utilization of existing
plants and expansion in India. However, we expect ARLs EBITDA margin to
contract by 180bps to 17% over FY14-FY17, as the expansion rollout costs are front
ended. We expect ARLs PAT to grow at a 3 year CAGR of 42% to ` 173.9 crore in
FY17 led by healthy revenue growth. The PAT margin is expected to expand to 8%
in FY17 from 6.3% in FY14.
Revenue, EBITDA Margin and PAT Margin
2500
Rs.Crore
25%
2000
20%
1500
15%
1000
10%
500
5%
0%
FY11
FY12
Revenue
FY13
FY14
FY15E
EBITDA Margin (RHS)
FY16E
FY17E
PAT Margin (RHS)
Valuation
We initiate coverage on ARL as a BUY with a Price Objective of ` 100 representing
a potential upside of ~150% over a period of 24 months. At the CMP of ` 40, the
stock is trading at a P/E multiple of 1.6x FY17E. We assign ARL a P/E multiple of
4.0x which is in line with its one year average. The P/E of 4.0x implies a target price
of ` 100 on FY17 EPS of ` 25/share. Also, in our opinion, there exists an upside risk
to our margin assumptions, which if it fructifies, could lead to a re-rating of the stock
sighting improved profitability.
- 10 of 13-
th
Thursday 16
October, 2014
P/E
120
100
80
60
40
20
0
Mar-08
Mar-10
CMP
3.5X
Mar-12
4.75X
6X
Mar-14
7.25X
8.5X
Source: Arvind Remedies,, Ventura Research
P/BV
70
60
50
40
30
20
10
0
Mar-08
Mar-10
CMP
0.6X
Mar-12
0.75X
0.9X
Mar-14
1.05X
1.2X
EV/EBITDA
1400
1200
1000
800
600
400
200
0
Mar-02 Mar-04 Mar-06 Mar-08 Mar-10 Mar-12 Mar-14
EV
1X
2X
3X
4X
5X

- 11 of 13-
th
Thursday 16
October, 2014
Financials and Projections

Y/E Mar, Fig in ` Cr
FY 2014 FY 2015E FY 2016E FY 2017E
Profit & Loss Statement

Net Sales
Y/E Mar, Fig in Rs. Cr
963.2
1301.1
1677.9
2096.9
36.3
35.1
29.0
25.0
781.3
1044.0
1355.0
1724.9
% Chg.
38.3
33.6
29.8
27.3
EBITDA
181.9
257.1
322.9
372.0
18.9
19.8
19.2
17.7
Other Income
0.0
0.0
0.0
0.0
Exceptional items
0.0
0.0
0.0
0.0
181.9
257.1
322.9
372.0
Depreciation
14.0
16.3
18.1
22.6
Dividend Yield (%)
Interest
78.5
105.5
98.8
93.6
Valuation Ratio (x)
PBT
89.4
135.3
206.1
255.8
Tax Provisions
28.7
43.3
65.9
81.8
Reported PAT
60.7
92.0
140.1
173.9
% Chg.
Total Expenditure
EBITDA Margin %
PBDIT
EPS
10.0
13.5
20.6
25.5
Cash EPS
12.2
15.9
23.2
28.9
0.8
0.8
0.8
0.8
46.4
55.1
75.6
101.2
Debt / Equity (x)
2.1
2.2
1.5
1.0
Current Ratio (x)
1.3
1.2
1.2
1.3
ROE (%)
21.4
24.5
27.2
25.2
ROCE (%)
16.2
17.2
19.5
19.9
2.0
2.0
2.0
2.0
P/E (x)
4.0
3.0
1.9
1.6
P/BV (x)
0.9
0.7
0.5
0.4
EV/Sales (x)
0.9
0.8
0.7
0.5
4.6
4.1
3.5
2.9
DPS
Book Value
Capital, Liquidity, Returns Ratio
Minority Interest
0.0
0.0
0.0
0.0
EV/EBIDTA (x)
Share of profit from associates
0.0
0.0
0.0
0.0
Efficiency Ratio (x)
60.7
92.0
140.1
173.9
6.3
7.1
8.4
8.3
PAT
PAT Margin (%)
Balance Sheet
Share Capital
Reserves & Surplus
Minority Interest
Total Provisions
Total Borrowings
Other Long-Term Liabilities
Total Liabilities
Gross Block
Less: Acc. Depreciation
Net Block
Capital Work in Progress
Inventory (days)
75.8
86.0
81.0
76.0
Debtors (days)
115.5
125.0
120.0
116.0
Creditors (days)
39.5
39.0
39.0
39.0
Profit Before Tax
89.4
135.3
206.1
255.8
Depreciation & Amortisation
14.0
16.3
18.1
22.6
-139.8
-125.8
118.2
-76.3
Cash Flow statement

68.1
68.1
68.1
68.1
214.9
306.9
447.0
620.9
4.9
0.0
0.0
0.0
Working Capital Changes
22.7
26.0
33.5
36.9
Direct Taxes Paid and Others
-28.7
-43.3
-65.9
-81.8
591.2
811.6
760.0
720.0
Operating Cash Flow
-65.1
-17.4
276.4
120.3
-142.2
-49.7
-70.0
-10.0
0.0
0.0
0.0
0.0
-14.5
-35.0
43.0
222.0
285.1
350.0
424.7
Capital Expenditure
1123.8
1497.7
1658.7
1870.6
Dividend Received
399.6
465.8
515.8
585.8
Others
116.9
-25.3
-64.2
-105.0
33.0
87.9
220.4
-51.6
-40.0
44.2
60.3
78.3
101.0
Cash Flow from Investing
355.4
405.6
437.5
484.8
Inc/(Dec) in Loan Fund
66.6
50.0
70.0
10.0
Others
Goodwill on Consolidation
1.3
1.3
1.3
1.3
Interest Paid
Non-Current Investments
0.0
0.0
0.0
0.0
Cash Flow from Financing
690.1
1016.9
1090.9
1358.5
Net Current Assets

Other Non-Current Assets
Total Assets
FY 2014 FY 2015E FY 2016E FY 2017E
Per Share Data (Rs)
Net Change in Cash
61.4
0.0
0.0
0.0
-78.0
-105.5
-98.8
-93.6
71.2
114.9
-150.4
-133.6
-19.2
33.2
21.0
19.7
10.5
25.0
60.0
17.0
Opening Cash Balance
24.3
5.1
38.4
59.4
1123.9
1498.7
1659.7
1871.6
Closing Cash Balance
5.1
38.4
59.4
79.1
Ventura Securities Limited

Corporate Office: C-112/116, Bldg No. 1, Kailash Industrial Complex, Park Site, Vikhroli (W), Mumbai 400079
This report is neither an offer nor a solicitation to purchase or sell securities. The information and views expressed herein are believed to be reliable,
but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in or have positions in the securities
mentioned in their articles. Neither Ventura Securities Limited nor any of the contributors accepts any liability arising out of the above
information/articles. Reproduction in whole or in part without written permission is prohibited. This report is for private circulation.
- 12 of 13-
th
Thursday 16
October, 2014
Appendix
New Product Pipeline Within Next 3 Years
Sr. No.
1
2
3
4
5
6
7
8
9
10
11
12
Name of the product

Levocetirizine , Monteluksat and Ambroxol syrup
Ferrous ascorbate and Folic acid SR tablet
Ferrous ascorbate and Folic acid SR suspension
Ambroxol SR suspension
Rosuvastatin Calcium eq. to Rosuvastatin 20mg/20mg + Fenofibrate
BP 67.5mg/145mg Tablets
Azilsartan tablets
Metformin HCl IP 500mg + Alpha Lipoic Acid USP 200mg Tablet
Diclofenac Diethylamine BP 2.32 % w/v Eq to Diclofenac Sodium
2.00 % w/v + Methyl Salicylate IP 10.00% w/v + Menthol 5.00 % w/v
Thiocolchicoside IP 8/16mg + Lornoxicam 8/16mg
BetahistineDihydrochloride SR Tablets
13
Metformin 500mg (sr)/UDCA 150 mg

Metformin 500 mg (SR) /ALA 200 mg
Each Hard Gelatin capsule contains UDCA 150 mg and
Mecobalamine 500 mcg/ 1000 mcg/ 1500 mcg
14
Pregabalin (SR) and Methylcobalamin tablets
- 13 of 13-
th
Thursday 16
October, 2014

Arvind Remedies Ventura

Transféré par

Informations du document

Description originale:

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Arvind Remedies Ventura

Transféré par

Droits d'auteur :

Formats disponibles

Arvind Remedies Ltd.

FY17E P/E 4.0x

A series of new product launches and a shift in the product mix

Timely commissioning of its manufacturing facilities augurs

O/s Shares (Cr)

Div Yield (%)

The shift in the product mix towards the higher margin,

ARL is an early entrant in the government promoted safe

ARL vs. Sensex

We initiate coverage on ARL as a BUY with a Price Objective of `100

Mkt Cap (` cr)

Arvind Remedies Ltd

Arvind Wellness Ltd.

Kakkalur, Tamil Nadu

Source: Arvind Remedies, Ventura Research

Arvind Remedies Revenue Segments

Source: Arvind Remedies, Ventura Research

ARL Aspires to have a Pan India Presence

Source: Arvind Remedies, Ventura Research

ARL International Presence- Growth through Branded Markets

Source: Arvind Remedies, Ventura Research

Key Investment Highlights

Segment wise Revenue

Source: Ventura Research

Source: Ventura Research

Branded retail to spear head growth

ARL has aspirations of a pan India presence

Product mix enhancement and core focus on retail market to

Source: Arvind Remedies, Ventura Research

Segment wise EBITDA

Net Profit to Grow at a CAGR of 42%

Source: Ventura Research

Source: Ventura Research

Innovation of Phytopharmaceutical drug product : Long term

Technology (DST), Ministry of Science & Technology, Government of India, Banaras

Phytopharmaceutical Drugs are initiative to promote Safe Drugs

Difference between Phytopharmaceutical Drugs and Chemical Drugs

Drugs often have several names. Like

Some drugs can cause addiction and

ARL is in the process of developing a portfolio of products made from biological

Phytopharmaceutical Drugs Pipeline

DST, SRMU, Dept of Rheumatology, Govt of India

BHU, Adesh University, SRMU, Genome Foundation

Banaras Hindu University (BHU), Adesh Unitersity,

Source: Arvind Remedies, Ventura Research

Interest Coverage Ratio

Debt Equity Ratio

Source: Arvind Remedies, Ventura Research

New product launch

Source: Arvind Remedies, Ventura Research

EBITDA Margin (RHS)

PAT Margin (RHS)

Source: Arvind Remedies, Ventura Research

Source: Arvind Remedies,, Ventura Research

Source: Arvind Remedies, Ventura Research

Source: Arvind Remedies, Ventura Research

Financials and Projections

FY 2014 FY 2015E FY 2016E FY 2017E

Profit & Loss Statement

Y/E Mar, Fig in Rs. Cr

Dividend Yield (%)

Valuation Ratio (x)

Debt / Equity (x)