Académique Documents
Professionnel Documents
Culture Documents
Health Check
Sector View
Positive
1M
3M
YTD
1Y
CNX 500
1.3
8.8
11.4
12.7
Nifty
1.3
6.8
10.5
10.0
NSE Pharma
1.2
10.4
-1.9
-7.7
Stocks Performance
Mcap
Return (%)
Company
1M
3M
YTD
1Y
14-Oct
Sun Pharma.Inds.
-0.6
5.8
-5.0
Lupin
-1.9
6.6
-15.9
-17.8
69689
-13.5 187445
Dr Reddy's Labs
4.7
3.4
1.4
-20.3
52244
Cipla
8.0
24.4
-7.4
-7.4
48323
Aurobindo Pharma
5.6
12.0
-7.8
13.5
47261
Cadila Health.
4.9
24.1
19.5
-1.6
40069
Divi's Lab.
2.3
19.0
15.1
19.0
35287
Torrent Pharma.
4.2
21.6
12.7
13.8
27360
Glenmark Pharma.
4.0
18.1
-2.4
-12.0
25394
Glaxosmit Pharma
-10.0
-20.0
-15.2
-16.1
23806
Biocon
11.6
30.5
82.5
114.9
18911
Apollo Hospitals
-5.8
0.4
-10.5
-3.8
18251
Ajanta Pharma
-0.2
34.1
47.6
35.8
17298
Alembic Pharma
1.1
20.3
-6.2
-5.8
12310
Natco Pharma
-0.8
26.9
10.0
41.2
11094
Jubilant Life
24.1
84.3
52.7
81.3
10007
Wockhardt
11.8
-1.0
-41.7
-35.4
9851
Syngene Int.
13.8
17.9
15.7
49.7
9641
Strides Arcolab
4.6
-5.2
-20.0
-14.1
9211
Pfizer
4.7
5.9
-15.3
-22.4
9140
Ipca Labs.
20.2
-20.3
-22.2
7457
8.1
25.7
1.2
1.1
3051
Unichem Labs.
-2.7
1.1
-1.6
-3.6
Price movement
Oct-15
12000
10000
8000
6000
4000
Jan-16
Apr-16
CNX Pharma
Jul-16
On the approvals front, Jubilant Life Sciences received USFDA 505 (b)(2)
approval (new drug application) for nuclear medicine Ruby-Fill (Rubidium
2389 M 82). The product is expected to be launched in Q3FY17. As per
management estimates, the current US market size is US$76 million and has
the potential to grow up to US$250 million annually in the next five years.
15.2
Indoco Remedies
15000
14000
13000
12000
11000
10000
9000
8000
7000
6000
5000
Oct-16
Nifty (RHS)
Research Analyst
Siddhant Khandekar
siddhant.khandekar@icicisecurities.com
Mitesh Shah
mitesh.sha@icicisecurities.com
Finally, on the domestic front, the Indian pharmaceutical market (IPM) grew
12.8% in Q2FY17. The growth was mainly driven by volume increase
6.7% followed by new product launches 3.3% and price hikes - 2.8%. On
a MAT basis, IPM growth was at 10.9% YoY to | 103820 crore.
Earnings likely to stabilise; regulatory worries waning
Despite pricing pressure and client consolidation in the US, most players
(barring a few) may manage to maintain growth mainly due to accelerated
new product approvals and market share gains in existing products thereby
neutralising these headwinds. Regarding USFDA issues, Indian players have
moved on and seem better prepared than 12-18 months ago as reflected in
the growing number of EIRs by the USFDA for Indian facilities. Indian
formulations are also likely to do well despite NLEM/FDC issues. Overall, in
the long run, we expect earnings momentum to continue on the back of
incremental product launches in the US and likely positive outcome from
the USFDA re-inspections besides normalising of Indian formulations
growth. We expect healthcare universe revenues, EBITDA and PAT to grow
at a CAGR of 12%, 13% and 16%, respectively, in FY16-18E. The growth is
expected to be steered by US (~13% CAGR over FY16-18E) and Indian
formulations (~14% CAGR over FY16-18E).
Regulatory approvals
Exhibit 1: Summary of USFDA approvals for Sep, 2016
[5
Company
Cipla
Taro Pharma
Glenmark Pharma
Ajanta Pharma
Glenmark Pharma
Aurobindo Pharma
Cipla (Invagen)
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Sun Pharma
Lupin
Drug Name
Darifenacin ER
Naftifine HCL
Lidocaine
Aripiprazole
Diclofenac Sodium
Eszopiclone tablets
Amlodipine Besylate; Valsartan
Darifenacin ER
Ayuna (Ethinyl Estradiol; Levonorgestrel)
Incassia (Norethindrone)
Zoledronic Acid
Memantine Hydrochloride
Memantine Hydrochloride
Company
Lupin
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Drug Name
SILODOSIN
DOLUTEGRAVIR
Abacavir Sulfate;Lamivudine tablets
Tadalafil
Final Approvals
Therapeutic Area
Urinary
Anti-Infective
Dermatology
CNS
Anti-inflammatory
Insomnia
CVS
Urinary
OC
OC
hypercalcemia
CNS
CNS
Tentative Approvals
Therapeutic Area
Urinary
Antiviral
HIV
CVS
Innovator company
APIL
MERZ PHARMS
Astrazeneca
Otsuka
Fougera Pharma
Sepracor
Novartis
APIL
NA
NA
Novartis
Forest Labs
Forest Labs
Generic Version of
ENABLEX ER
NAFTIN
Xylocaine
Abilify
Solaraze
Lunesta
Exforge
ENABLEX ER
NA
NA
Zometa
Namenda
Namenda
Market Size
US$ 85 million
NA
US$ 373 million
NA
US$ 298 million
NA
US$ 123 million
US$ 85 million
NA
NA
NA
US$ 1.22 billion
US$ 1.22 billion
Innovator company
Allergan
ViiV Healthcare
ViiV Healthcare
Eli Lilly
Generic Version of
RAPAFLO
Tivicay
Epzicom
Adcirca
Market Size
NA
NA
NA
NA
CNS: Central Nervous System; CVS: Cardiovascular, GI: Gastro Intestinal, NA: Not available;
Source: USFDA, ICICIdirect.com Research
Page 2
Cipla gets four observations from USFDA for three plants in Goa
Cipla has got four observations from USFDA for three of its manufacturing
facilities in Goa. As per the management, these observations were
procedural in nature. The company has already responded to the USFDA
Alembic receives EIR for Panelav facility
Alembic Pharma has received an establishment inspection report (EIR) from
USFDA for its Panelav formulation plant at Gujarat for the inspection carried
out in March 2016.
NPPA slashes prices of over 30 essential medicines
The National Pharmaceutical Pricing Authority (NPPA) has slashed prices of
over 30 essential medicines in a move would make several cancer
medicines and antibiotics cheaper. According to the body, prices of some
medicines have been slashed by as much as 55%.
Cipla receives EIR from USFDA for three Indore plants
Cipla has received an EIR from the USFDA for its Indore facility indicating
formal closure of the USFDA inspection conducted in July/September,
2015. US was 15% of total sales in FY16. A majority of the companys US
filings from India are from this facility. Although the financial impact may
not be material, this bodes well for approval continuum in the future.
Page 3
Others
Page 4
Month
Oct-15
Oct-15
Oct-15
Oct-15
Oct-15
Oct-15
Oct-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Dec-15
Dec-15
Dec-15
Dec-15
Dec-15
Dec-15
Jan-16
Jan-16
Feb-16
Feb-16
Feb-16
Mar-16
Mar-16
Apr-16
May-16
Jun-16
Jun-16
Jun-16
Jun-16
Jun-16
Jul-16
Jul-16
Jul-16
Jul-16
Jul-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Innovator
ANDA Filer
Merck
Lupin
Salix Pharmaceuticals, Inc.
Taro Pharma
Takeda Pharma
Aurobindo
Janssen Pharma
Aurobindo
Novartis Pharma
Natco Pharma
Otsuka Pharma
Zydus Pharma
AstraZeneca
Alembic Pharma
AstraZeneca
InvaGen Pharma
Novartis Pharma
Dr. Reddy's Labs
Allergan
Aurobindo Pharma
Shire Pharma
Lupin
Dexcel Pharma
Sun Pharma
Dexcel Pharma
Dr. Reddy's Labs
Cephalon Inc.
Aurobindo Pharma
Cosmo Techs
Lupin
Pfizer
Dr. Reddy's Labs
Vanda Pharma
Lupin
Forest Labs
InvaGen Pharma
Jazz Pharma
Sun Pharma
Otsuka Pharma
Alkem Labs
Symed Labs
Glenmark Pharma
UCB Inc.
InvaGen Pharma
Unimed Pharma
Dr. Reddy's Labs
Helsinn Healthcare
Dr. Reddy's Labs
Sanofi-Aventis
Glenmark Pharma
Otsuka Pharma
Ajanta Pharma
Merz Pharma
Taro Pharma
Dow Pharma
Taro Pharma
Cubist Pharma
Dr. Reddy's Labs
Bayer Pharma
InvaGen Pharma
Bristol Myers Squibb
Cipla
Janssen Products LP
Lupin
Shire Canada
Lupin
Daiichi Sankyo
Torrent Pharma
Daiichi Sankyo
Alembic Pharma
Daiichi Sankyo
Aurobindo Pharma
Apicore
Aurobindo Pharma
UCB, Inc.
Aurobindo Pharma
Gilead
Aurobindo Pharma
Janssen Biotech
Glenmark Pharma
Sanofi-Aventis
Cadila Healthcare
Sanofi-Aventis
Cadila Healthcare
Roche
Cadila
AstraZeneca AB
Aurobindo
Hyperion Therapeutics
Lupin
Gilead Sciences, Inc.
Aurobindo
Lupin
InvaGen Pharma
Gilead Sciences Inc
Hetero
Shire LLC
Alkem Lab
AbbVie Inc.
Amgen Inc.
Galderma Laboratories, LP
SEEGPharm
Reckitt Benckiser Inc.
Sun Pharma
Takeda Pharma
Dexcel Pharma
Dexcel
Aurobindo
Shionogi Inc
Hi-Tech Pharmacal
Nestle Skin Health
Perrigo Co.
Pfizer
Aurobindo
Arena Pharma
Lupin
Brigham and Women's Hospital InSun Pharma
Brigham and Women's Hospital InStrides Inc.
Brigham and Women's Hospital InCipla
Eli Lilly and Co., ICOS Corp.
Cipla
Brigham and Women's Hospital InAurobindo
Eli Lilly and Co., ICOS Corp.
Alembic Pharma
Brand Name
Beyaz
Moviprep
Prevacid
Xarelto
Gleevec
Abilify
Brilinta
Brilinta
Exelon Patch
Acular LS
Lialda
Omeprazole
Omeprazole
Nuvigili
Uceris
Toviaz
Fanapt
Viibryd
Xyrem
Abilify
Zyvox
Zyrtec-D
Androgel
Aloxi
Multaq
Abilify
Naftin
Onexton
Cubicin
Xarelto
Reyataz
Prezista
Daliresp
Benicar
Benicar
Benicar
LYMPHAZURIN
VIMPAT
EMTRIVA
ZYTIGA
MOZOBIL
MOZOBIL
Aloxi
Nexium 24HR
RAVICTI
Truvada
Antara
Complera
Fosrenol
Humira
Metrogel
Mucinex
Prevacid
Prilosec
Ulesfia
MIRVASO
Toviaz
Belviq
Sensipar
Sensipar
Sensipar
CIALIS
Sensipar
CIALIS
API
Used for
Drospirenone
Birth control
Polyethylene glycol electrolyte soln
Gastro Intestinal
lansoprazole
Stomach ulcers
Rivaroxaban
Blood Thinner
Matinib Mesylate
Anti-cancer
Aripiprazole
Schizophrenia
Ticagrelor
CVS
Ticagrelor
CVS
Rivastigmine
Dementia
Ketorolactromethamine
Ocular Pain
Mesalamine
Ulcerative Colitis
Omeprazole
GI
Omeprazole
GI
Modafinil
CNS
Budesonide
GI
Fesoterodine
Urotherapy
Iloperidone
Schizophrenia
Vilazodone
Anti-depressant
Gamma-hydroxybutyric acid
CNS
Aripiprazole
Schizophrenia
Linezolid
Anti-Infective
Cetirizine
Respiratory
Testosterone
Low Testosterone
Palanosetron
Nausea
Dronedarone
Atrial Fibrillation
Aripiprazole
Schizophrenia
Naftifine Hydrochloride
Fungal Infection
Cindamycin Phosphate and Benzoyl Peroxide Acne
Daptomycin
Antibiotic
Rivaroxaban
Blood Thinner
Atazanavir
HIV
Darunavir
HIV
Roflumilast
Respiratory
Olmesartan
Anti-depressant
Olmesartan
Anti-depressant
Olmesartan
Anti-depressant
isosulfan blue
lymphatic imaging agent
lacosamide
partial-onset seizures
emtricitabine
HIV
abiraterone
Oncology
plerixafor
non-Hodgkin's lymphoma
plerixafor
non-Hodgkin's lymphoma
palonosetron hydrochloride
prevention of acute nausea
esomeprazole magnesium
treatment of acid reflux
Glycerol Phenylbutyrate
urea cycle disorders
emtricitabine / tenofovir disoproxil fumarate HIV
fenofibrate
hypercholesterolemia; dyslipidem
Emtricitabine; Rilpivirine Hydrochloride; TenofoHIV
lanthanum carbonate
end stage renal disease
adalimumab
immunosuppressant
metronidazole
rosacea
guaifenesin / pseudoephedrine hydrochloride bronchial congestion
lansoprazole
stomach ulcers
Omeprazole
Heartburn
benzyl alcohol
anti-parasite
brimonidine
Dermatology
fesoterodine fumarate
overactive bladder
lorcaserin
weight loss
cinacalcet hydrochloride
hyper parathyroidism; hyper calc
cinacalcet hydrochloride
hyper parathyroidism; hyper calc
cinacalcet hydrochloride
hyper parathyroidism; hyper calc
tadalafil
erectile dysfunction
cinacalcet hydrochloride
hyper parathyroidism; hyper calc
tadalafil
erectile dysfunction
Page 5
12.6
10.2
7.0
4.9
7.3
20
15.6
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Feb-16
12.8
Apr-16
Jan-16
10.4
Mar-16
Dec-15
13.3
10
10.4
15
5
0
-5
25
13.8
(%)
10.2 11.2
12.0
Unichem
Torrent
17.0
8.3
9.9
Sun Pharma
Pfizer
Lupin
Novartis
21.5
19.6
18.1
15
10
Ipca Labs
22.2
20
Indoco
GSK Pharma
Glenmark
DRL
Cipla
Cadila
Biocon
SubChronic,
20912,
20.1%
Ajanta
Acute,
50238,
48.4%
Nov-15
20
10.0
25
23.1Oct-15
Sep-15
(%)
Brand
Company Therapy
Sep' 16
318.5
Spasmo Prox Wockhardt GI
Corex
Pfizer
Respiratory
312.8
Lantus
Sanofi
Anti Diabetic
310.7
Galvus Met Novartis
Anti Diabetic
301.4
Anti-Infectives 292.8
Augmentin GSK
Clavam
Alkem
Anti-Infectives 257.3
Volini
Ranbaxy
Pain
242.1
Becosules Sun Pharma Vitamins
220.3
Voveran
Novartis
Pain
209.8
Pan
Alkem
GI
209.0
Source: AIOCD data base
9.3
3.7
2.4
0.4
0
-5
-2.9
Page 6
(%)
Therapy
Q2FY17 Q2FY16 YoY (%) Q1FY17 QoQ (%)
Anti-Infectives
4532
3988
13.6
3510
29.1
Cardiac
3336
3030
10.1
3262
2.3
GI
3384
3048
11.0
3204
5.6
Vitamins
2541
2313
9.8
2395
6.1
Anti Diabetic
2395
2032
17.8
2280
5.0
Respiratory
2238
1788
25.2
1640
36.5
Pain
2058
1822
12.9
1760
17.0
Neuro
1649
1519
8.6
1600
3.1
Derma
1645
1505
9.3
1544
6.5
Gynaecological
1427
1304
9.5
1378
3.6
Ophthal
485
456
6.3
505
-4.1
Vaccines
503
484
3.9
428
17.7
Hormones
476
423
12.7
418
13.9
Anti-Neoplastics
479
418
14.5
399
20.0
Blood Related
326
308
5.8
301
8.4
Others
361
262
38.1
293
23.1
Urology
312
276
13.1
302
3.3
Anti Malarials
219
182
20.2
100 118.7
Sex Stimulants
145
127
14.5
139
4.4
Stomatologicals
129
115
12.1
124
4.3
Source: AIOCD data base
16.8
13.6
1.5
14.8
3.3
5.2
3.3
8.4
6.6
Q2FY15 Q3FY15
Volumes
2QFY16
Price Increases
2.9
6.4
2.8
3.1
6.7
4.2
Q4FY15 1QFY16
3.3
9.3
5.0
4.6
2.5
12.8
3.0
3.0
4.8
5.1
7.5
11.9
3.3
10.9
4.6
14.7
5.0
1.4
3QFY16 4QFY16
6.7
4.4
-1.0
1QFY17 2QFY17
New Products
[
30.0
20.6
20.0
17.7
16.4
14.8
(%)
15.0
5.0
Cadila
26.4
25.0
10.0
Unichem
Torrent
Sun Pharma
Sanofi
Pfizer
Novartis
Lupin
Ipca
Indoco
Glenmark
GSK Pharma
Dr Reddy's
Cipla
Biocon
Alembic
Ajanta
9.1
7.4
13.7
14.6 14.8
14.5
8.6
5.8
1.7
1.4
8.7
4.1
Page 7
Sun Pharmaceuticals
150
130
110
90
70
50
Chronic,
4123, 45.5%
Oct-15
SubChronic,
1238, 13.7%
Acute,
3691, 40.8%
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Sun Pharma
21 to 30
31 to 50
Sep-16
Aug-16
Jul-16
10.2
12.6
17.0
15.6
20.3
11 to 20
3.3
7.6
7.0
9.0
4.9
5.2
4.5
0
Top 10
Jun-16
May-16
Apr-16
20.3
12.8
10.4
7.3
12.3
7%
9%
8.2
13.3
18.1
10
9.9
57%
10.0
9%
10.4
12.5
(%)
15
Mar-16
Feb-16
Jan-16
Dec-15
20
18%
5.2
25
Nov-15
Sep-15
23.1Oct-15
Others
9.6
9.0
Therapy
Volini
Pain
(| crore)
18.2
29.1
22.1
6.0
-3.0
Rosuvas
Cardiac
16.5
12.8
28.1
17.0
Istamet
Anti Diabetic
17.4
12.5
39.3
16.6
4.7
7.8
Gemer
Anti Diabetic
17.5
12.6
38.4
17.4
0.3
7.2
Levipil
Neuro
15.3
12.3
24.7
14.3
6.6
6.6
Susten
Gynaecological
12.3
11.7
5.1
12.8
-4.1
Pantocid
Gastro Intestinal
13.1
11.6
13.3
13.5
-2.7
Revital H
Vitamins
15.2
9.4
63.0
14.3
6.3
Pantocid Dsr
Gastro Intestinal
11.4
10.0
14.1
11.1
2.7
Storvas
Cardiac
8.4
9.1
-7.3
8.7
-2.6
8.4
(%)
Brand
8.3 8.3
8.6 8.6
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
6.0
Anti-Infectives
18%
Derma
7%
Gastro
Intestinal
19%
Cardiac
29%
Therapy
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Cardiac
153.6
122.8
25.1
153.6
0.0
Neuro
144.8
121.8
18.9
141.4
2.4
98.1
89.1
10.2
102.2
-4.0
Gastro Intestinal
Neuro
27%
(| crore)
Anti-Infectives
92.7
97.7
-5.1
96.5
-3.9
Derma
42.8
34.9
22.5
76.3
-43.9
Anti Diabetic
77.0
62.6
22.9
59.6
29.3
Vitamins
36.4
28.2
29.3
41.0
-11.2
Pain
63.0
50.6
24.4
35.4
78.2
Respiratory
35.0
25.4
37.4
29.9
16.9
Gynaecological
29.1
29.2
-0.1
33.8
-13.9
Page 8
Cipla
Chronic,
2011,
Acute, 39.9%
2390,
47.5%
Stock Performance
140
120
100
80
60
SubChronic,
634, 12.6%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Cipla
31 to 50
5.4
5.2
5.2
5.1
5.1
5.2
5.1
4.9
4.9
(%)
4.7 4.7
4.6
4.6
4.4
4.5
4.4
4.2
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
4.0
Sep-15
Sep-16
Aug-16
12.6
15.6
Jul-16
10.2
8.6
8.9
4.9
Cipla
4.8
7.0
8.8
9.0
6.1
Jun-16
May-16
Apr-16
4.9
7.3
Others
0.4
21 to 30
3.5
11 to 20
2.0
Mar-16
Feb-16
12.8
11.5
10.0
10.4
Jan-16
Dec-15
13.3
16.6
10.0
15.9
(%)
8%
4.6
12%
10
10.4
15
12%
21.0
20
44%
Nov-15
Sep-15
25
24%
23.1Oct-15
5.0
Oct-16
Top 10
Aug-16
Cipla
Therapy
(| crore)
Foracort
Respiratory
16.5
15.9
3.8
16.5
-0.3
Budecort
Respiratory
12.6
13.4
-5.3
12.0
5.4
Asthalin
Respiratory
12.1
10.9
11.0
11.4
6.6
Duolin
Respiratory
13.1
10.2
28.8
12.4
6.1
Seroflo
Respiratory
11.6
11.2
3.1
11.4
1.3
Aerocort
Respiratory
7.9
8.2
-3.9
8.0
-1.7
Azee
Anti-Infectives
7.7
9.4
-18.4
7.6
0.8
Montair Lc
Respiratory
8.1
6.7
20.0
8.0
0.3
Novamox
Anti-Infectives
6.3
7.1
-11.6
5.6
12.3
Advent
Anti-Infectives
7.5
6.6
12.8
7.3
2.4
Other
18%
Respiratory
30%
Urology
5%
Gastro
Intestinal
8%
Cardiac
12%
Anti-Infectives
27%
Therapy
Respiratory
Anti-Infectives
(| crore)
Sep' 16
135.1
Sep' 15
124.3
YoY (%)
8.7
Aug' 16
132.3
MoM (% )
2.2
110.7
121.6
- 8.9
113.4
- 2.4
Cardiac
50.1
48.0
4.6
51.1
- 1.9
Gastro Intestinal
34.0
33.2
2.5
37.5
- 9.2
Urology
Neuro
20.9
13.4
20.2
15.3
3.5
-1 2.2
20.1
13.6
4.0
- 1.1
Ophthal
13.6
14.4
- 5.6
13.4
1.3
Pain
15.5
15.4
0.8
15.8
- 2.0
Derma
V itamins
12.3
7.5
11.5
7.6
6.8
- 1.4
12.0
7.9
2.6
- 5.5
Page 9
140
120
100
80
60
SubChronic,
520, 21.0%
Acute,
1235,
49.8%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Dr. Reddys
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Sep-15
Oct-15
Top 10
11 to 20
21 to 30
31 to 50
Others
2.8
2.7
2.7
2.6
2.4
2.4
2.6
2.3
2.3
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
2.2
2.3
2.2
2.2
2.1
Sep-15
2.3
Sep-16
2.5
2.5
Aug-16
2.6
(%)
12.6
22.2
17.3
10.2
4.8
7.0
1.5
2.2
2.2
9.0
4.1
4.9
7.3
-10
Indian Pharma Market
2.3
15.6
31.7
12.8
26.5
-1.4
6.7
10%
10.0
23.6
10
16%
7.5
12%
10.4
(%)
20
10.4
30
29%
23.1
30.7
33%
13.3
27.4
40
Gastro
Intestinal
21%
Cardiac
14%
Anti-Infectives
8%
Respiratory
9%
(| crore)
Omez
Gastro Intestinal
9.4
10.8
-12.6
8.9
6.2
Omez D
Gastro Intestinal
10.2
8.4
21.1
9.1
11.9
Econorm
Gastro Intestinal
4.6
5.7
-20.1
5.5
-16.1
Grafeel
Anti-Neoplastics
5.0
5.7
-12.4
6.3
-21.6
Stamlo
Cardiac
4.9
5.6
-12.4
4.7
4.7
Nise
Pain
6.1
5.9
3.2
5.8
5.3
Razo D
Gastro Intestinal
5.4
4.6
17.0
5.2
3.5
Atarax
Respiratory
6.3
4.0
56.6
5.6
12.9
Mintop
Derma
2.8
3.8
-24.6
2.9
-2.4
Razo
Gastro Intestinal
5.2
4.0
29.8
5.1
2.6
Therapy
AntiNeoplastics
12%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
Gastro Intestinal
45.4
43.5
4.3
44.5
MoM (%)
2.0
Cardiac
29.5
30.0
-1.7
27.7
6.5
Anti-Neoplastics
42.4
17.1
148.4
35.6
19.2
Respiratory
22.1
17.2
28.2
21.5
3.0
Anti-Infectives
22.9
16.9
35.5
21.1
8.2
Pain
14.9
14.0
6.3
14.5
2.8
Derma
11.7
11.7
0.0
11.4
2.6
Anti Diabetic
13.9
13.2
5.8
13.5
3.4
Urology
8.9
7.7
16.1
8.7
3.1
Neuro
7.6
7.0
8.2
7.3
4.3
Page 10
Lupin
Stock Performance
Chronic,
1706,
49.1%
140
120
100
80
60
SubChronic,
658, 18.9%
Acute,
1113,
32.0%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Lupin
Aug-16
13.5
11.1
4.7
6.7
7.0
15.8
14.9
Jul-16
May-16
8.8
11.7
Jun-16
Apr-16
Mar-16
20.5
Feb-16
12.6
18.4
10.1
12.9
14.5
13.1
Jan-16
Dec-15
Nov-15
9.8
4.7
9.9
9%
12
7.2
13%
(%)
11%
21.8
20
10.6
20%
12.1
47%
13.7
20.9
28
23.0 Oct-15
Aug-15
Sep-15
-4
Top 10
11 to 20
21 to 30
31 to 50
Others
3.4 3.4
Brand
Therapy
(| crore)
Gluconorm-G
Anti Diabetic
15.0
11.4
30.8
14.6
2.2
Budamate
Respiratory
8.4
6.1
39.0
7.6
11.4
Tonact
Cardiac
7.7
8.4
-8.1
7.5
3.6
Rablet-D
Gastro Intestinal
5.2
4.7
12.1
5.4
-3.5
2.7
Rablet
Gastro Intestinal
4.5
4.5
1.1
4.5
1.4
2.5
Tazar
Anti-Infectives
4.2
3.5
20.2
3.8
10.0
2.3
Esiflo
Respiratory
4.0
4.4
-7.5
3.6
11.4
3.3
3.1
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
2.9
Aug-15
(%)
Lupin
Lupin
Telekast-L
Respiratory
4.0
3.4
18.9
4.2
-4.4
Cetil
Anti-Infectives
3.9
3.4
14.2
4.2
-6.4
Ramistar
Cardiac
3.7
4.3
-15.2
3.5
3.7
Cardiac
24%
Other
22%
Gastro
Intestinal
8%
Anti Diabetic
12%
Anti-Infectives
21%
Respiratory
13%
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
Cardiac
71.9
70.0
2.8
68.5
5.0
Anti-Infectives
63.9
62.1
2.9
60.8
5.0
Respiratory
38.0
30.8
23.4
34.4
10.6
Anti Diabetic
38.2
29.5
29.4
36.9
3.5
Gastro Intestinal
25.4
23.0
10.2
25.1
1.3
Vitamins
15.8
16.8
-5.9
15.6
1.3
Neuro
14.4
14.0
2.9
13.8
4.4
Pain
13.2
12.8
3.3
12.7
3.4
Gynaecological
11.4
9.8
16.7
10.7
6.8
2.0
1.8
12.6
2.0
0.9
Ophthal
(| crore)
Therapy
Page 11
Cadila Healthcare
Stock Performance
Chronic,
1706,
49.1%
140
120
100
80
60
SubChronic,
658, 18.9%
Acute,
1113,
32.0%
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Oct-16
Cadila Healthcare
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Sep-15
Oct-15
12.6
15.6
13.8
7.0
9.0
5.0
7.4
7.7
4.9
10.2
12.8
10.4
13.4
7.3
8.9
Others
8.3
(%)
31 to 50
2.9
21 to 30
5.0
11 to 20
10
6.1
Top 10
15
10.4
12.4
13%
9%
13.3
20
11%
12.5
25
20%
10.0
47%
23.1
24.6
30
Cadila Healthcare
4.1
3.8
4.0
3.9
3.8
3.8
Aug-16
Jul-16
Jun-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
3.7
3.7
Sep-16
3.9
4.0
May-16
4.2
4.1
4.0
3.9
3.8
3.7
3.6
3.5
3.4
Sep-15
(%)
Cadila Healthcare
Therapy
Skinlite
Derma
14.7
14.0
5.2
13.9
5.9
Atorva
Cardiac
9.1
10.4
-12.3
9.0
0.8
Mifegest Kit
Gynaecological
5.2
8.8
-40.9
9.4
-44.4
Deriphyllin
Respiratory
9.8
8.5
15.0
9.2
6.6
Pantodac
Gastro Intestinal
9.2
8.0
15.1
9.1
0.7
Zyrop
Blood Related
7.0
4.8
45.3
6.5
8.1
Aten
Cardiac
5.4
5.4
-0.3
5.1
5.7
Falcigo
Anti Malarials
8.9
8.3
7.4
6.5
37.1
Amlodac
Cardiac
5.2
6.1
-15.2
4.8
6.7
Formonide
Respiratory
5.2
5.1
1.7
5.2
1.2
Gastro
Intestinal
13%
Pain
10%
(| crore)
Brand
Gynaecological
11%
Respiratory
11%
(| crore)
Therapy
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Cardiac
55.2
53.1
4.0
54.6
1.1
Gastro Intestinal
47.9
44.4
7.8
47.7
0.4
Respiratory
39.8
35.8
10.9
38.5
3.3
Gynaecological
31.2
33.2
-6.2
33.8
-7.7
Pain
37.2
32.2
15.2
36.1
2.9
Derma
28.0
25.3
10.6
26.9
3.9
Anti-Infectives
33.5
26.5
26.5
30.9
8.3
38.1
Anti-Neoplastics
31.7
18.3
73.2
23.0
Vitamins
17.8
13.8
28.4
17.5
1.7
Hormones
8.2
7.9
4.2
7.2
13.4
Page 12
GlaxoSmithKline
Stock Performance
Chronic,
417, 12.8%
Acute,
2130,
65.6%
140
120
100
80
60
SubChronic,
701, 21.6%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Oct-16
GSK Pharma
21 to 30
31 to 50
Sep-16
Aug-16
12.6
15.6
Jul-16
Jun-16
4.0
7.0
10.2
-2.9
4.5
0.3
-9.5
-7.2
-6.7
4.9
7.3
9.0
12.8
-5
-10
11 to 20
May-16
Apr-16
Mar-16
Feb-16
Jan-16
2.2
13.3
Dec-15
Nov-15
10.0
10.4
4.7
16%
6.9
(%)
4.5
10
52%
9%
1.1
15
10%
10.4
20
21.2
Sep-15
25
13%
23.1
Oct-15
Top 10
Aug-16
-15
Others
Glaxosmithkline Pharmaceuticals
3.5
3.4
3.4 3.4
3.4
3.3
3.1 3.1
3.0
3.0 3.0
3.0
2.9
2.8
3.0 2.9
Brand
Therapy
Augmentin
Anti-Infectives
(| crore)
27.9
-9.6
25.7
-2.0
-8.4
Synflorix
Vaccines
16.8
16.3
2.8
18.3
Calpol
Pain
23.7
19.6
21.2
23.5
0.8
Zinetac
Gastro Intestinal
13.5
12.1
11.9
13.1
3.4
10.7
14.9
11.6
5.7
Ceftum
Anti-Infectives
12.8
11.7
10.1
12.2
5.3
Rotarix
Vaccines
7.5
16.5
-54.5
8.0
-6.1
Betnesol
Hormones
9.7
10.6
-8.7
8.6
12.2
Sep-16
12.2
Aug-16
Hormones
Jun-16
12.7
Eltroxin
May-16
2.4
Apr-16
14.0
8.6
Mar-16
10.1
-16.0
Feb-16
-9.9
11.6
Jan-16
12.8
9.7
Dec-15
11.5
Derma
Nov-15
Derma
Betnovate N
Oct-15
Betnovate C
Sep-15
2.6
Jul-16
(%)
3.2
Glaxosmithkline Pharmaceuticals
Anti-Infectives
23%
Respiratory
8%
Derma
18%
Pain
10%
Vaccines
15%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Anti-Infectives
65.9
68.7
-4.1
66.7
-1.2
Derma
43.7
54.0
-19.2
45.4
-3.8
Vaccines
40.1
43.1
-7.0
43.2
-7.1
Pain
35.5
30.6
16.0
34.5
2.8
Respiratory
24.0
24.0
0.0
23.0
4.3
Hormones
22.7
22.3
1.4
20.9
8.2
Vitamins
24.7
22.5
9.6
23.4
5.5
Gastro Intestinal
15.4
14.4
7.2
14.9
3.7
Cardiac
4.7
6.2
-23.6
4.5
5.6
Gynaecological
2.1
3.1
-31.7
2.2
-5.0
Page 13
Wockhardt
Stock Performance
400
350
300
250
200
150
100
50
0
Chronic,
279,
20.5%
Acute,
931,
68.4%
SubChronic
151,
11.1%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Wockhardt
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Sep-15
Oct-15
60
14%
11 to 20
21 to 30
31 to 50
3.9
12.6
15.6
10.2
10.2
1.8
7.0
9.0
9.0
1.3
2.4
5.4
Others
4.9
4.5
7.3
12.8
38.2
13.3
29.6
10.4
9.8
10
10.4
(%)
20
15%
Top 10
23.1
30
10.0
55%
50.3
40
8%
42.5
50
8%
Wockhardt
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
Therapy
31.1
31.9
-2.4
27.5
13.1
Vitamins
7.4
5.6
31.9
7.6
-2.5
Tryptomer
Neuro
5.6
5.2
7.7
5.7
-3.0
Bro Zedex
Respiratory
4.4
4.4
0.5
4.8
-7.6
Methycobal
Vitamins
4.2
3.9
9.1
4.5
-5.4
Biovac V
Vaccines
2.6
5.3
-51.4
3.4
-24.9
Zedex
Respiratory
3.3
3.0
12.2
3.4
-2.2
Biovac A
Vaccines
3.9
5.1
-23.4
4.1
-6.7
Ace Proxyvon
Pain
2.2
3.1
-29.8
2.0
7.1
Wosulin
Anti Diabetic
2.5
2.1
18.9
2.7
-7.9
Practin
1.28
1.28
Sep-16
Aug-16
Jul-16
Jun-16
May-16
1.27 1.25
1.27
1.21
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Wockhardt
(| crore)
Sep-15
(%)
Gastro
Intestinal
25%
Other
32%
Vitamins
15%
Anti Diabetic
7%
Neuro
8%
Respiratory
13%
Therapy
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Gastro Intestinal
33.0
33.1
-0.3
29.4
12.3
Vitamins
18.1
16.0
13.2
18.9
-4.2
Respiratory
0.7
15.9
13.4
18.4
15.7
Neuro
9.8
8.6
14.4
9.7
1.3
Anti Diabetic
7.7
6.5
17.9
8.0
-4.0
Anti-Infectives
9.5
10.0
-5.5
8.6
9.9
Derma
8.7
8.0
7.9
8.3
5.0
Pain
6.1
7.8
-21.0
6.3
-1.8
Vaccines
6.9
10.4
-33.4
7.7
-10.1
Hormones
2.9
2.5
13.7
2.5
12.7
Page 14
Glenmark Pharmaceuticals
Stock Performance
Chronic,
904, 36.2%
200
180
160
140
120
100
80
60
SubChronic,
580, 23.2%
Acute,
1014,
40.6%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Oct-16
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
43.5
12.6
12.0
15.6
20.9
10.2
8.5
7.0
9.0
7.3
14.7
12.8
19.5
10.4
16.2
13.3
18.5
23.1
7.1
Others
8.8
31 to 50
4.9
8.6
21 to 30
10.0
12%
10%
11.4
14%
11 to 20
Sep-15
(%)
34%
10.4
13.0
30%
50
45
40
35
30
25
20
15
10
5
0
Oct-15
Top 10
Aug-16
Glenmark
Glenmark Pharmaceuticals
Telma
Cardiac
12.7
14.5
Telma H
Cardiac
12.5
Ascoril Plus
Respiratory
11.6
Candid
Derma
2.1
Candid-B
1.9
2.7
2.5
2.4
2.5 2.4
2.6
2.5
2.4 2.4
2.3
2.4
2.4
2.3 2.3
2.4
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
2.2
Sep-15
(%)
(| crore)
Brand
Glenmark Pharmaceuticals
Derma
29%
Anti-Infectives
13%
Respiratory
16%
-12.7
13.6
-6.9
11.6
7.6
12.9
-3.4
9.0
28.4
11.4
2.0
8.8
7.7
14.0
9.1
-3.1
Derma
9.3
8.1
15.0
8.6
8.4
Telma Am
Cardiac
6.6
6.3
4.1
6.9
-4.5
Ascoril Ls
Respiratory
6.0
4.1
45.1
5.5
8.1
Onabet
Derma
4.8
3.4
39.8
4.9
-2.0
Ascoril D
Respiratory
3.2
3.0
6.9
3.5
-8.8
Zita Plus
Anti Diabetic
2.7
2.4
9.5
3.0
-9.6
Anti Diabetic
8%
Cardiac
22%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
Derma
64.1
58.4
9.8
63.6
MoM (%)
0.8
Cardiac
45.0
44.5
1.1
47.4
-5.1
Respiratory
40.4
31.2
29.5
40.4
0.0
Anti-Infectives
36.0
30.7
17.1
36.9
-2.5
Anti Diabetic
-8.5
13.4
20.6
-34.9
14.7
Gastro Intestinal
8.9
5.1
74.3
8.2
8.6
Vitamins
5.1
5.7
-10.8
5.2
-3.2
Gynaecological
5.8
4.5
27.6
5.9
-1.8
Pain
4.2
4.3
-2.8
4.2
-0.9
Ophthal
4.6
3.6
27.7
4.4
3.8
Page 15
Torrent Pharmaceuticals
Stock Performance
Chronic,
1182,
51.0%
200
160
120
80
40
SubChronic,
583, 25.1%
Oct-15
Acute, 553,
23.8%
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Oct-16
Torrent Pharma
Others
Sep-16
Aug-16
9.3
12.7
12.6
15.6
Jul-16
10.2
4.1
7.0
9.0
1.4
4.9
7.3
2.4
Jun-16
May-16
Apr-16
Mar-16
Feb-16
12.8
10.2
10.4
-5
-2.4
31 to 50
-3.0
21 to 30
Jan-16
Dec-15
13.3
0
11 to 20
7.4
9%
5.4
12%
10.4
16.0
10
14%
10.0
(%)
15
3.8
20
33%
19.9
32%
Nov-15
Sep-15
25
23.1Oct-15
Top 10
Aug-16
Torrent Pharmaceuticals
2.33
2.3
2.3
(%)
2.32
2.28
2.22
2.2
2.19
2.29
2.25
2.22
2.23
2.21
2.18
2.16
2.2
2.16
2.1
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
2.1
Torrent Pharmaceuticals
Cardiac
29%
Pain
8%
Gastro
Intestinal
15%
Vitamins
16%
Therapy
Shelcal
Vitamins
17.9
16.6
7.9
17.5
2.3
Chymoral Forte
Pain
10.8
8.8
23.7
11.2
-3.6
Nikoran
Cardiac
8.1
7.3
10.2
7.6
5.8
Dilzem
Cardiac
5.7
5.3
7.6
5.4
4.5
Nebicard
Cardiac
5.8
4.9
17.4
5.7
1.6
Azulix-Mf
Anti Diabetic
5.9
4.7
25.4
6.1
-4.2
Nexpro Rd
Gastro Intestinal
5.9
4.4
36.1
5.3
11.6
Nexpro
Gastro Intestinal
5.0
4.2
18.8
4.7
6.9
Shelcal Ct
Vitamins
4.7
3.4
36.9
4.5
5.1
Alprax
Neuro
3.5
3.3
6.4
3.4
1.4
(| crore)
Brand
Neuro
16%
Sep' 16
(| crore)
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Cardiac
59.3
55.6
6.7
58.6
1.2
Neuro
33.3
30.8
8.1
33.9
-1.7
Vitamins
34.9
30.4
14.7
33.8
3.1
Gastro Intestinal
31.8
29.0
9.6
31.9
-0.2
Pain
17.5
14.5
20.7
17.8
-1.4
Anti Diabetic
13.5
11.5
16.7
13.8
-2.3
Anti-Infectives
8.3
9.4
-12.3
8.7
-4.6
Derma
6.0
5.0
20.4
5.9
2.3
Gynaecological
3.0
3.5
-13.0
3.0
-0.2
Urology
1.1
0.8
31.0
1.0
7.0
Page 16
Ipca Laboratories
Stock Performance
Acute, 890,
66.7%
150
125
100
75
50
Chronic,
359, 26.9%
SubChronic, 84,
6.3%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Ipca
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Sep-15
Oct-15
21 to 30
31 to 50
1.5
1.4
Sep-16
1.4
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
28.0
8.3
12.6
15.6
1.5 1.4
Sep-15
(%)
10.2
18.1
4.1
Ipca Laboratories
3.3
7.0
4.9
7.3
9.0
12.8
11.5
9.1
10.4
13.3
1.5
3.7
Others
3.7
11 to 20
11.8
10
16%
10.0
(%)
11%
15
10.4
20
12%
6.4
25
38%
Top 10
23.1
25.9
30
23%
Ipca Laboratories
Pain
25%
Anti-Infectives
6%
Gastro
Intestinal
8%
Cardiac
17%
Brand
Therapy
Zerodol Sp
Pain
7.9
4.1
8.5
-4.0
Zerodol P
Pain
7.4
8.8
-15.0
9.6
-22.2
Hcqs
Anti Malarials
5.4
5.3
0.6
5.1
5.7
Larinate
Anti Malarials
8.9
7.8
14.5
8.2
9.0
Rapither-Ab
Anti Malarials
7.3
5.0
45.5
9.2
-20.2
Lariago
Anti Malarials
6.1
5.6
8.7
7.5
-18.1
Glycinorm M
Anti Diabetic
3.4
3.1
9.4
3.3
0.2
Folitrax
Anti-Neoplastics
2.7
2.7
1.8
3.1
-10.7
Lumerax
Anti Malarials
4.9
4.4
10.7
4.6
6.5
Zerodol
Pain
2.2
2.6
-15.0
2.3
-2.1
(| crore)
Anti Malarials
20%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
Pain
31.9
31.8
0.3
34.7
MoM (%)
-7.9
Anti Malarials
36.9
33.4
10.4
39.4
-6.4
Cardiac
18.2
18.0
1.0
19.2
-5.2
-1.3
Gastro Intestinal
9.3
9.5
-2.1
9.4
Anti-Infectives
8.4
7.4
13.5
8.6
-1.6
Anti Diabetic
6.0
5.6
6.7
6.1
-2.3
Respiratory
5.4
4.8
11.6
5.7
-5.4
Anti-Neoplastics
5.4
4.3
24.7
5.0
8.4
Neuro
5.3
3.5
52.3
5.0
6.0
Derma
4.2
3.3
27.0
4.1
2.9
Page 17
Biocon
Stock Performance
Chronic,
245, 70.5%
140
120
100
80
SubChronic, 30,
8.6%
Acute, 73,
20.9%
60
Oct-15
Dec-15
Feb-16
Jun-16
Aug-16
Oct-16
Biocon
31 to 50
-11.2
2%
21 to 30
-10
Others
Sep-16
Aug-16
9.9
11.4
10.2
7.0
3.5
9.0
9.4
4.9
7.7
12.6
15.6
Jul-16
Jun-16
May-16
Apr-16
Mar-16
7.3
12.8
11.3
Feb-16
Jan-16
10.4
5.3
5.2
10.0
14.5
1.2
0
-5
-0.8
(%)
5%
10.0
10
5%
11 to 20
10.4
15
10%
13.3
20
78%
Dec-15
Nov-15
Sep-15
25
23.1
Oct-15
Top 10
Apr-16
CNX Pharma
-15
Biocon
Brand
0.38
0.37
0.36
0.35
0.33
0.33
0.34
0.34
Therapy
(| crore)
Insugen
Anti Diabetic
6.9
7.3
-6.0
7.7
-10.3
Basalog
Anti Diabetic
5.0
4.6
8.3
5.6
-10.8
Erypro
Blood Related
4.0
1.4
188.8
2.4
68.3
Canmab
Anti-Neoplastics
2.2
1.0
113.8
1.8
19.0
0.29
Abraxane
Anti-Neoplastics
0.6
1.4
-57.6
1.7
-64.8
0.27
Insugen R
Anti Diabetic
1.5
1.4
2.6
1.5
-4.4
Blisto Mf
Anti Diabetic
1.3
1.5
-13.4
1.3
-1.7
Biomab Egfr
Anti-Neoplastics
0.3
0.8
-64.6
1.9
-84.9
Psorid
Anti-Neoplastics
0.8
0.6
35.7
0.6
24.8
Insugen N
Anti Diabetic
0.6
0.7
-24.5
0.6
-12.8
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
0.31
0.32
0.30
Sep-16
0.32
Dec-15
Oct-15
Nov-15
0.31
0.31
Sep-15
(%)
Biocon
Derma
3%
AntiNeoplastics
23%
Other
4%
Anti Diabetic
58%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
16.3
16.8
-2.7
17.9
-9.0
5.8
5.4
7.7
7.4
-21.8
Blood Related
4.1
1.4
193.8
2.4
68.7
Cardiac
1.4
1.5
-6.7
1.3
10.0
Derma
0.8
0.7
18.0
0.7
12.7
Anti-Infectives
0.7
0.6
20.9
0.5
32.7
Others
0.2
0.2
30.4
0.2
5.6
Gastro Intestinal
0.3
0.4
-23.7
0.1
223.4
Vitamins
0.1
0.2
-49.0
0.1
-11.2
Pain
0.1
0.0
189.6
0.0
197.7
Page 18
Pfizer
Stock Performance
Chronic,
461, 15.7%
Acute,
1908,
65.0%
200
160
120
80
40
SubChronic,
566, 19.3%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Pfizer
21 to 30
31 to 50
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
12.6
15.6
3.0
6.8
2.4
10.2
7.0
7.2
4.9
2.7
7.3
3.4
9.0
12.8
5.1
-1.0
-5
11 to 20
Feb-16
Jan-16
Dec-15
10.4
10.0
-3.5
1.6
19%
3.3
(%)
10
8.9
15
50%
10%
10.4
20
13.3
23.1
25.0
25
10%
Nov-15
Sep-15
30
11%
Oct-15
-10
Others
Pfizer
2.90
2.93
2.8
2.95
2.88
2.84
(%)
2.73
2.79
2.72
2.6
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
2.4
Aug-15
Oct-16
Top 10
Aug-16
Pfizer
Therapy
Corex
Respiratory
24.9
27.7
-10.1
24.4
2.1
Becosules
Vitamins
21.3
20.5
4.0
20.8
2.7
Dolonex
Pain
12.7
11.0
15.3
12.1
5.1
Gelusil Mps
Gastro Intestinal
11.5
11.7
-1.5
12.3
-6.3
Magnex
Anti-Infectives
10.8
12.9
-16.6
12.7
-15.2
Minipress Xl
Cardiac
9.9
11.3
-12.5
13.1
-24.4
Mucaine
Gastro Intestinal
10.3
8.8
17.9
10.5
-1.2
Wysolone
Hormones
11.0
10.7
3.0
10.4
6.2
Folvite
Blood Related
6.3
7.1
-11.8
6.0
5.1
Dalacin C
Anti-Infectives
6.8
6.5
5.2
6.6
2.6
Respiratory
14%
Gastro
Intestinal
11%
Hormones
9%
(| crore)
Brand
Vitamins
10%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Anti-Infectives
35.9
42.7
-15.9
37.7
-4.9
Respiratory
34.3
33.6
2.3
33.5
2.6
Gastro Intestinal
26.5
25.2
5.2
27.6
-3.8
Vitamins
27.2
26.5
2.8
27.3
-0.2
Hormones
25.7
24.5
4.9
23.7
8.6
Gynaecological
21.6
19.5
11.0
21.1
2.2
Neuro
15.7
17.5
-10.1
16.4
-3.9
Cardiac
15.9
16.6
-4.6
19.1
-16.9
Pain
17.4
15.6
11.4
17.3
0.6
Vaccines
13.9
6.6
110.9
12.3
13.1
Page 19
Novartis
Stock Performance
Chronic,
505, 43.4%
190
140
90
SubChronic,
160, 13.7%
Acute, 501,
43.0%
40
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Novartis India
-5
11 to 20
21 to 30
31 to 50
Sep-16
Novartis India
1.3
1.21
1.2
1.15 1.16
1.19 1.19
1.1
1.10 1.10
1.06
1.02
1.1
Brand
Therapy
Galvus Met
Anti Diabetic
(| crore)
22.5
28.1
27.0
6.9
Voveran
Pain
21.2
15.9
33.0
19.7
7.7
Galvus
Anti Diabetic
10.0
10.1
-0.2
10.1
-0.5
Rabipur (Novartis)
Vaccines
5.4
6.6
-18.5
8.2
-34.3
2.8
Tegrital
Neuro
4.5
4.1
10.4
4.4
1.0
Voveran
Pain
3.6
3.2
12.7
3.5
1.1
0.9
Regestrone
Gynaecological
3.1
3.6
-14.8
2.5
22.7
Methergin
Gynaecological
2.5
2.8
-10.5
2.4
6.1
Syntocinon
Gynaecological
2.7
2.3
17.7
2.4
13.5
Macalvit
Vitamins
1.8
1.9
-1.1
1.7
11.9
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
1.0
Aug-16
(%)
12.6
-10
Others
1.2
3.7
6.0
-5.2
80%
Aug-16
10.2
7.0
10.2
3.9
9.0
18.7
15.6
Jul-16
Jun-16
May-16
Apr-16
Mar-16
7.3
21.6
12.8
25.1
Feb-16
Jan-16
Dec-15
10.4
14.9
4.9
13.3
17.3
10
11.9
(%)
15
10.4
20
Nov-15
25
10.0
20.4
Sep-15
30
2%
11% 3%4%
23.1 Oct-15
27.4
Top 10
Oct-16
Novartis India
Other
14%
Gynaecological
8%
Anti Diabetic
36%
Vaccines
9%
Vitamins
10%
Pain
23%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Anti Diabetic
39.5
33.3
18.6
37.6
4.9
Pain
26.2
20.8
26.0
24.6
6.5
Vitamins
8.8
9.7
-10.0
8.8
-0.5
Vaccines
5.5
6.7
-18.6
8.3
-34.1
13.6
Gynaecological
8.4
9.0
-7.1
7.4
Neuro
4.5
5.0
-9.1
4.4
2.8
Anti-Infectives
2.9
4.7
-38.4
5.4
-46.7
10.3
Respiratory
2.1
2.5
-12.6
1.9
Cardiac
0.7
1.2
-43.5
0.7
-6.0
Anti-Neoplastics
0.8
3.4
-78.1
0.5
40.0
Page 20
Unichem Laboratories
Stock Performance
Chronic,
544,
58.2%
160
130
100
70
Oct-15
Acute,
335,
35.8%
SubChronic,
57, 6.1%
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Unichem Labs
21 to 30
31 to 50
Others
0.89
0.94
0.89 0.90 0.90
0.95
0.92
0.92
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
0.84 0.85
Nov-15
Oct-15
Sep-15
0.84 0.82
Aug-15
12.6
15.6
10.2
14.1
7.0
4.0
2.3
0.6
4.9
7.3
9.0
12.8
Unichem Laboratories
(%)
10.0
10.4
9.9
0.80
3.1
0
2.7
11 to 20
3.8
9%
Top 10
13.3
14%
12%
11.3
10
10.0
(%)
15
10.4
20
33%
21.5
26.4
23.1
28.3
30
25
32%
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Sep-15
Oct-15
Unichem Laboratories
Other
12%
Cardiac
41%
Gastro
Intestinal
12%
Neuro
14%
(| crore)
Losar H
Cardiac
8.7
6.2
39.7
8.4
3.2
Ampoxin
Anti-Infectives
6.6
7.2
-8.5
7.4
-11.3
Losar
Cardiac
6.0
5.2
17.0
5.9
2.5
Unienzyme
Gastro Intestinal
4.9
4.6
7.4
5.5
-9.4
Vizylac
Gastro Intestinal
3.8
2.7
38.8
3.5
7.5
Trika
Neuro
2.2
2.1
6.0
1.9
16.3
Serta
Neuro
1.9
1.6
13.8
2.0
-7.6
Unistar (Unichem)
Cardiac
1.7
1.4
23.3
1.7
-0.1
Arkamin
Cardiac
1.6
1.1
51.7
2.1
-23.7
Telsar
Cardiac
1.4
1.3
5.7
1.3
5.6
Pain
4%
Therapy
Anti-Infectives
17%
(| crore)
Therapy
Sep' 16
Sep' 15
YoY (%)
Aug' 16
Cardiac
34.9
28.4
22.7
34.8
MoM (%)
0.4
Anti-Infectives
15.4
14.7
4.7
16.3
-5.6
Neuro
11.7
9.1
29.3
11.9
-1.6
Gastro Intestinal
10.3
8.7
18.9
10.7
-4.1
Pain
4.1
2.9
42.6
4.0
3.5
Anti Diabetic
3.9
2.2
79.1
3.8
3.1
Respiratory
2.2
1.9
15.7
2.2
0.3
Vitamins
2.1
1.7
23.0
2.1
1.2
Derma
2.1
1.6
32.1
2.0
0.9
Gynaecological
0.3
0.4
-18.7
0.4
-10.3
Page 21
Indoco Remedies
Stock Performance
140
120
100
80
60
Chronic,
41, 5.5%
Acute,
619,
83.0%
Oct-15
SubChronic
85, 11.4
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Aug-16
Oct-16
Indoco
Top 10
11 to 20
21 to 30
31 to 50
Others
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
33.7
0.8 0.8
0.8
0.8
0.7 0.7
0.7 0.7
0.7
0.7
0.7
0.6
0.7
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
0.6
Sep-15
12.6
18.1
15.6
10.2
27.8
7.0
11.5
9.0
-0.9
0.7
5.2
4.9
7.3
12.8
5.4
10.4
13.3
11.0
0.9
Aug-15
Indoco Remedies
(%)
10.0
23.1
0.7
5.6
15%
10.3
9%
Nov-15
Sep-15
(%)
49%
16.2
10%
10.4
17%
40
35
30
25
20
15
10
5
0
-5
-10
-6.4
Oct-15
Indoco Remedies
Brand
Therapy
Febrex Plus
Respiratory
(| crore)
6.2
46.3
10.8
-15.6
Oxipod
Anti-Infectives
5.5
3.9
40.7
6.3
-13.4
Cyclopam
Gastro Intestinal
3.7
3.6
2.7
4.6
-20.0
Sensodent-K
Stomatologicals
3.4
2.6
29.7
3.2
6.4
Cital
Urology
3.0
2.7
11.8
2.9
5.7
Atm
Anti-Infectives
3.5
2.8
24.3
3.7
-3.9
Karvol Plus
Respiratory
2.4
1.8
33.9
2.2
11.6
Cloben G
Derma
2.1
1.9
11.5
2.3
-7.8
Sensodent-Kf
Stomatologicals
1.6
1.7
-1.3
1.8
-11.0
Cyclopam
Gastro Intestinal
1.7
1.5
14.6
2.5
-30.8
Vitamins
7%
Respiratory
19%
Therapy
Stomatological
s
16%
(| crore)
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
15.3
11.7
30.8
17.4
-11.8
Anti-Infectives
15.2
12.6
20.5
16.7
-8.8
Stomatologicals
10.6
8.9
19.0
10.5
0.5
Gastro Intestinal
8.2
7.9
4.4
10.5
-21.9
Vitamins
5.5
4.3
27.2
5.5
-0.2
Urology
3.5
3.1
12.2
3.3
3.2
Ophthal
3.5
2.8
23.5
3.5
-1.0
Pain
2.9
2.6
13.9
3.0
-1.4
Derma
2.8
2.6
8.5
3.1
-7.4
Anti Diabetic
2.1
1.8
16.9
2.2
-3.9
Respiratory
Anti-Infectives
19%
Gastro
Intestinal
14%
Page 22
Ajanta Pharmaceuticals
Stock Performance
290
240
190
140
90
40
Chronic,
247, 49.5%
SubChronic, 57,
11.4%
Acute, 195,
39.1%
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
CNX Pharma
Ajanta
21 to 30
31 to 50
Others
15.6
Sep-16
Aug-16
Jul-16
7.1
10.0
10.2
11.4
Ajanta Pharma
0.51
0.5
0.51
0.5
0.51 0.50
0.50
0.49
0.48
0.48 0.48
0.460.46
0.46
0.45
0.4
0.4
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
0.4
Aug-15
7.0
13.1
4.9
7.6
7.3
7.6
9.0
12.8
10.5
6.9
(%)
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
10.4
14.3
6.5
5
11 to 20
10.0
10
12%
9.9
(%)
10.4
12.6
15
13%
10%
Dec-15
13.3
20
43%
12.6
10.2
22%
Nov-15
Sep-15
25
23.1Oct-15
0.5
Oct-16
Top 10
Aug-16
Ajanta Pharma
(| crore)
Brand
Therapy
Met Xl
Cardiac
4.2
4.0
7.0
4.4
-3.8
Melacare
Derma
3.1
2.8
10.4
3.2
-1.7
Atorfit Cv
Cardiac
3.6
2.8
25.8
3.1
13.7
Soft Drops
Ophthal
1.4
1.4
-4.2
1.3
5.1
Rosufit Cv
Cardiac
1.4
1.1
24.4
1.6
-11.1
Feburic
Pain
1.3
1.1
17.9
1.4
-6.1
Met Xl Am
Cardiac
1.1
0.9
19.8
1.2
-10.3
Rosutor Gold
Cardiac
1.0
0.7
45.0
0.9
3.4
Cinod
Cardiac
1.0
0.7
41.1
1.0
-0.6
Olopat
Ophthal
0.7
0.7
10.1
0.7
8.6
Pain
5%
Others
9%
Vitamins
5%
Derma
21%
Cardiac
36%
Ophthal
24%
(| crore)
Therapy
Sep' 16
Sep' 15
YoY (%)
Aug' 16
MoM (%)
Cardiac
15.9
13.4
18.7
16.2
-1.5
Ophthal
10.7
9.8
8.9
10.2
5.4
Derma
8.3
8.4
-1.0
8.9
-7.0
Vitamins
2.1
2.6
-20.6
2.2
-6.0
Pain
2.0
2.1
-1.6
2.2
-5.6
Gastro Intestinal
1.1
1.1
0.2
1.0
11.7
Neuro
1.0
0.9
16.4
1.0
8.7
Anti-Infectives
1.1
0.7
47.5
1.0
10.8
Anti Diabetic
0.8
0.2
380.7
0.8
3.4
Respiratory
0.3
0.3
-8.2
0.3
-2.3
Page 23
Alembic Pharmaceuticals
Stock Performance
Chronic
231.46,
18.8%
Acute,
860,
58.8%
200
180
160
140
120
100
80
60
40
SubChronic
214.35,
17.4%
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Oct-16
Alembic Pharma
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
35
21 to 30
31 to 50
Others
12.6
11.2
15.6
18.0
10.2
11.4
7.0
9.0
11.3
4.9
7.3
8.1
12.8
13.7
10.4
13.3
5.6
5
11 to 20
6.0
10
12%
10.4
(%)
15
10%
10.0
19.0
20
13%
20.5
23.3
24.1
25
43%
Top 10
23.1
31.5
30
22%
Alembic Pharma
1.42
Jul-16
Jun-16
Apr-16
1.41
May-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
1.36
Aug-16
1.43 1.44
1.47
Sep-16
1.6
1.5
1.5
1.4
1.4
1.3
1.3
1.2
1.2
Sep-15
(%)
Alembic Pharma
Gynaecological
11%
Respiratory
13%
Gastro
Intestinal
14%
Brand
Therapy
Azithral
Anti-Infectives
12.6
Althrocin
Anti-Infectives
9.5
Roxid
Anti-Infectives
4.9
Gestofit
Gynaecological
Wikoryl
Respiratory
Ulgel
10.0
14.3
-3.6
9.0
5.2
8.9
6.7
5.8
-15.2
5.7
-14.7
4.8
4.2
11.9
5.1
-7.7
5.1
3.3
54.4
5.1
0.7
Gastro Intestinal
3.3
3.6
-7.6
3.4
-2.0
Rekool D
Gastro Intestinal
2.7
3.0
-9.0
2.9
-7.8
Richar
Gynaecological
2.4
1.9
26.9
2.7
-11.6
Glisen Mf
Anti Diabetic
2.3
2.1
8.3
2.3
1.9
Rekool
Gastro Intestinal
2.0
2.1
-4.0
2.1
-1.7
Other
25%
(| crore)
Cardiac
14%
Sep' 16
33.7
18.4
17.8
19.1
14.2
11.0
9.1
4.7
2.9
1.9
Sep' 15
32.9
15.7
17.9
16.1
12.2
8.4
6.9
4.7
2.3
2.8
(| crore)
YoY (%)
2.5
17.2
-0.4
18.8
16.8
30.1
31.0
1.1
25.4
-33.7
Aug' 16
34.5
18.8
18.7
19.4
14.9
11.0
9.0
5.1
3.1
2.3
MoM (%)
-2.4
-1.9
-4.7
-1.5
-4.7
-0.3
0.6
-7.7
-3.7
-17.8
Page 24
TP
(|)
Ajanta Pharma
17086.2
45.4
52.8
63.6
42.7
36.8
30.5
29.9
25.0
21.2
42.9
37.1
35.0
34.2
30.2
Apollo Hospitals
18533.6
22.2
18.5
28.7
60.0
72.0
46.5
27.8
27.9
22.5
8.2
7.3
9.6
8.9
7.0
9.9
Aurobindo Pharma
AURPHA
Buy
48209.2
33.9
41.3
48.0
24.3
19.9
17.2
25.0
20.5
17.7
23.3
24.6
25.5
28.1
26.0
23.5
Alembic Pharma
ALEMPHA 681
Hold
12830.3
38.2
20.4
28.1
17.8
33.4
24.2
12.4
23.1
17.5
51.5
23.2
26.2
44.9
20.5
23.5
620
M Cap
(| Cr)
PE(x)
EV/EBITDA (x)
RoCE (%)
RoE (%)
FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E
I-Direct
Code
824 1,055
Rating
EPS (|)
FY16 FY17E FY18E FY16
Company
28.2
Biocon
BIOCON
950 1,030
Buy
18996.0
22.5
33.3
38.4
42.2
28.5
24.7
11.5
8.7
7.0
9.1
13.1
14.8
11.1
14.7
15.0
Cadila Healthcare
Cipla
CADHEA
CIPLA
392
587
Buy
Hold
40135.8
47171.0
15.0
18.5
15.8
17.6
20.3
25.4
26.2
31.7
24.9
33.3
19.3
23.1
17.1
20.3
17.5
18.5
13.8
13.7
26.7
12.0
22.9
11.1
26.8
15.2
28.6
12.5
24.7
10.8
25.6
13.8
Divi's Laboratories
DIVLAB
1235 1,415
Buy
32785.4
41.8
45.1
54.5
29.5
27.4
22.7
24.7
21.8
18.1
30.7
29.2
29.8
25.9
23.3
23.4
Dr Reddy's Labs
51736.0
142.1
86.5
143.5
20.9
34.4
20.7
13.2
17.6
11.8
17.3
10.9
17.8
20.7
11.4
16.3
Glenmark Pharma
GLEPHA
858 1,000
Buy
26025.8
32.2
41.4
49.8
26.7
20.7
17.2
17.8
14.9
12.1
16.2
18.7
20.6
21.2
21.7
20.9
Indoco Remedies
INDREM
313
Buy
2881.1
9.0
13.6
19.4
34.7
23.0
16.1
17.9
13.5
10.4
12.5
17.3
23.4
14.2
18.3
21.7
Ipca Laboratories
Jubilant Life Sciences
Lupin
405
510
365
IPCLAB
620
605
Buy
7821.3
10.0
21.9
30.2
61.9
28.4
20.5
23.0
14.5
11.5
5.7
11.5
14.4
5.5
11.0
13.5
VAMORG
648
635
Buy
10324.2
26.0
41.4
52.7
24.9
15.6
12.3
10.6
8.7
7.2
12.0
15.1
17.0
14.2
18.8
19.6
20.2
1464 1,890
Buy
66060.4
50.4
64.6
75.5
29.1
22.7
19.4
20.2
15.4
12.7
18.6
20.6
22.1
20.7
21.7
Natco Pharma
NATPHA
LUPIN
612
700
Buy
10663.8
8.9
11.6
13.8
68.8
52.8
44.4
41.7
36.0
30.2
16.0
17.3
18.0
11.9
13.7
14.3
Sun Pharma
SUNPHA
746
890
Buy
179459.6
23.4
29.9
35.5
31.8
25.0
21.0
20.9
16.8
14.2
18.6
20.7
21.2
18.0
19.3
19.2
550
Syngene International
SYNINT
504
Buy
10076.0
11.1
15.8
18.7
42.7
29.9
25.3
26.1
20.8
16.7
13.2
17.4
19.3
21.0
23.6
22.3
Torrent Pharma
TORPHA
1636 1,650
Buy
27678.5
107.8
68.0
74.9
15.2
24.1
21.8
10.5
16.6
15.6
46.7
28.5
27.5
53.8
27.0
24.3
Unichem Laboratories
UNILAB
290
Buy
2632.5
12.3
15.3
21.1
23.5
19.0
13.7
14.9
12.0
8.6
13.8
15.7
18.9
11.7
12.9
15.5
340
Exhibit 92: One year forward P/E of CNX Pharma vs. Sensex
45
40
35
30
25
x
20
15
10
5
CNX Pharma
Oct-16
Apr-16
Oct-15
Apr-15
Oct-14
Oct-13
Apr-14
Apr-13
Oct-12
Apr-12
Oct-11
Apr-11
Oct-10
Apr-10
Oct-09
Apr-09
Oct-08
Apr-08
Oct-07
Apr-07
Oct-06
Sensex
Page 25
RATING RATIONALE
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
Page 26
ANALYST CERTIFICATION
We /I, Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report.
Page 27