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Contents
Assumptions
WACC
DCF Valuation
Cash Flow
Balance Sheet
Profit and Loss Account
Quarterly Data
Projections Sales
Ratio Calculations
Cost Structure
Financial Ratios
Final Report Requirements
UBS Growth Formula
Relative Valuation
Operating Metrics
Assumptions!A1
WACC (daily)'!A1
DCF Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
Projections sales'!A1
RATIO.CAL!A1
Cost Structure'!A1
Finacial Ratios'!A1
Final Report requirements'!A1
UBS Growth Formula'!A1
Relative Valuation
Operating Metrics
ANY CIPLA
elow to go to Sheet
ssumptions!A1
ACC (daily)'!A1
F Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ections sales'!A1
ATIO.CAL!A1
st Structure'!A1
acial Ratios'!A1
port requirements'!A1
Growth Formula'!A1
ative Valuation
erating Metrics
Assumptions
click to go back
Industry Assumption:
Company assumptions:
1
2
3
4
5
etting up a pharmaceutical SEZ in Goa. Further, it will invest Rs 3.5 billion for a bulk drug and formulation facility at Indore and Rs 1.5 billion o
n NGO, alleged that Cipla is exporting its HIV/AIDS drug Viraday to African countries at just Rs 21,200 a patient a year while the same for Indi
n AIDS drug Triomune can now be purchased by the US$ 15billion PEPFAR global-initiative to treat the illness.
Date
2-Jan-07
1/3/2007
1/4/2007
1/5/2007
1/8/2007
1/9/2007
1/10/2007
1/11/2007
1/12/2007
1/15/2007
1/16/2007
1/17/2007
1/18/2007
1/19/2007
1/22/2007
1/23/2007
1/24/2007
1/25/2007
1/29/2007
1/31/2007
2/1/2007
2/2/2007
2/5/2007
2/6/2007
2/7/2007
2/8/2007
2/9/2007
2/12/2007
2/13/2007
2/14/2007
2/15/2007
2/19/2007
2/20/2007
2/21/2007
2/22/2007
2/23/2007
2/26/2007
2/27/2007
2/28/2007
3/1/2007
3/2/2007
3/5/2007
3/6/2007
Cipla
251.5
257.85
255.15
253.6
247.55
244.1
242.8
246.7
255.2
258
258.85
261.05
259.6
252.55
254.9
254.75
246.8
243.9
248.6
246.3
247
249.85
248.45
250.15
257.5
257.1
252.5
248.35
243.55
244
256.65
255.5
254.65
254.4
247.7
241.9
245
239.65
231.95
229.7
225.2
217.2
221.85
Sensex
13942.24
14014.92
13871.71
13860.52
13652.15
13566.33
13362.16
13630.71
14056.53
14129.64
14114.73
14131.34
14217.75
14182.71
14209.24
14041.24
14110.46
14282.72
14211.96
14090.92
14267.18
14403.77
14515.9
14478.19
14643.13
14652.09
14538.9
14190.7
14090.98
14009.9
14355.55
14402.9
14253.38
14188.49
14021.31
13632.53
13649.52
13478.83
12938.09
13159.55
12886.13
12415.04
12697.09
Ri
Ri-Avg(Ri)
Rm
RM-Avg(RM))
2.52
-1.05
-0.61
-2.39
-1.39
-0.53
1.61
3.45
1.10
0.33
0.85
-0.56
-2.72
0.93
-0.06
-3.12
-1.18
1.93
-0.93
0.28
1.15
-0.56
0.68
2.94
-0.16
-1.79
-1.64
-1.93
0.18
5.18
-0.45
-0.33
-0.10
-2.63
-2.34
1.28
-2.18
-3.21
-0.97
-1.96
-3.55
2.14
2.57
-1.01
-0.57
-2.34
-1.35
-0.49
1.65
3.49
1.14
0.37
0.89
-0.51
-2.67
0.97
-0.02
-3.08
-1.13
1.97
-0.88
0.33
1.20
-0.52
0.73
2.98
-0.11
-1.75
-1.60
-1.89
0.23
5.23
-0.41
-0.29
-0.06
-2.59
-2.30
1.32
-2.14
-3.17
-0.93
-1.92
-3.51
2.18
0.52
-1.02
-0.08
-1.50
-0.63
-1.50
2.01
3.12
0.52
-0.11
0.12
0.61
-0.25
0.19
-1.18
0.49
1.22
-0.50
-0.85
1.25
0.96
0.78
-0.26
1.14
0.06
-0.77
-2.39
-0.70
-0.58
2.47
0.33
-1.04
-0.46
-1.18
-2.77
0.12
-1.25
-4.01
1.71
-2.08
-3.66
2.27
0.35
-1.19
-0.25
-1.67
-0.80
-1.67
1.84
2.95
0.35
-0.27
-0.05
0.44
-0.42
0.02
-1.35
0.32
1.05
-0.66
-1.02
1.08
0.79
0.61
-0.43
0.97
-0.11
-0.94
-2.56
-0.87
-0.74
2.30
0.16
-1.21
-0.62
-1.35
-2.94
-0.04
-1.42
-4.18
1.54
-2.25
-3.82
2.10
3/7/2007
3/8/2007
3/9/2007
3/12/2007
3/13/2007
3/14/2007
3/15/2007
3/16/2007
3/19/2007
3/20/2007
3/21/2007
3/22/2007
3/23/2007
3/26/2007
3/28/2007
3/29/2007
3/30/2007
4/2/2007
4/3/2007
4/4/2007
4/5/2007
4/9/2007
4/10/2007
4/11/2007
4/12/2007
4/13/2007
4/16/2007
4/17/2007
4/18/2007
4/19/2007
4/20/2007
4/23/2007
4/24/2007
4/25/2007
4/26/2007
4/27/2007
4/30/2007
5/3/2007
5/4/2007
5/7/2007
5/8/2007
5/9/2007
5/10/2007
5/11/2007
5/14/2007
5/15/2007
5/16/2007
5/17/2007
5/18/2007
231.55
236.55
229.15
232.35
236.55
230.6
227.6
222.95
224.85
230.5
232.5
235.3
240.95
237.3
234.2
236.4
236.8
225.6
224.15
229.5
232.55
235.3
234.7
236.1
232.4
232.4
235.4
229.55
233.4
234.3
235.45
234.15
238.8
252.45
253.4
217.1
210.95
211.2
217.35
214.85
211.5
207.9
208.1
204.8
211.45
211
210.1
208.5
209.2
12579.75
13049.35
12884.99
12902.63
12982.98
12529.62
12543.85
12430.4
12644.99
12705.94
12945.88
13308.03
13285.93
13124.32
12884.34
12979.66
13072.1
12455.37
12624.58
12786.77
12856.08
13177.74
13189.54
13183.24
13113.81
13384.08
13695.58
13607.04
13672.19
13619.7
13897.41
13928.33
14136.72
14217.77
14228.88
13908.58
13872.37
14078.21
13934.27
13879.25
13765.46
13781.51
13771.23
13796.16
13965.86
13929.33
14127.31
14299.71
14303.41
4.37
2.16
-3.13
1.40
1.81
-2.52
-1.30
-2.04
0.85
2.51
0.87
1.20
2.40
-1.51
-1.31
0.94
0.17
-4.73
-0.64
2.39
1.33
1.18
-0.25
0.60
-1.57
0.00
1.29
-2.49
1.68
0.39
0.49
-0.55
1.99
5.72
0.38
-14.33
-2.83
0.12
2.91
-1.15
-1.56
-1.70
0.10
-1.59
3.25
-0.21
-0.43
-0.76
0.34
4.41
2.20
-3.09
1.44
1.85
-2.47
-1.26
-2.00
0.89
2.55
0.91
1.25
2.44
-1.47
-1.26
0.98
0.21
-4.69
-0.60
2.43
1.37
1.22
-0.21
0.64
-1.53
0.04
1.33
-2.44
1.72
0.43
0.53
-0.51
2.03
5.76
0.42
-14.28
-2.79
0.16
2.95
-1.11
-1.52
-1.66
0.14
-1.54
3.29
-0.17
-0.39
-0.72
0.38
-0.92
3.73
-1.26
0.14
0.62
-3.49
0.11
-0.90
1.73
0.48
1.89
2.80
-0.17
-1.22
-1.83
0.74
0.71
-4.72
1.36
1.28
0.54
2.50
0.09
-0.05
-0.53
2.06
2.33
-0.65
0.48
-0.38
2.04
0.22
1.50
0.57
0.08
-2.25
-0.26
1.48
-1.02
-0.39
-0.82
0.12
-0.07
0.18
1.23
-0.26
1.42
1.22
0.03
-1.09
3.56
-1.43
-0.03
0.45
-3.66
-0.06
-1.07
1.56
0.31
1.72
2.63
-0.34
-1.39
-2.00
0.57
0.54
-4.89
1.19
1.12
0.37
2.33
-0.08
-0.22
-0.70
1.89
2.16
-0.82
0.31
-0.55
1.87
0.05
1.33
0.40
-0.09
-2.42
-0.43
1.31
-1.19
-0.56
-0.99
-0.05
-0.24
0.01
1.06
-0.43
1.25
1.05
-0.14
5/21/2007
5/22/2007
5/23/2007
5/24/2007
5/25/2007
5/28/2007
5/29/2007
5/30/2007
5/31/2007
6/1/2007
6/4/2007
6/5/2007
6/6/2007
6/7/2007
6/8/2007
6/11/2007
6/12/2007
6/13/2007
6/14/2007
6/15/2007
6/18/2007
6/19/2007
6/20/2007
6/21/2007
6/22/2007
6/25/2007
6/26/2007
6/27/2007
6/28/2007
6/29/2007
7/2/2007
7/3/2007
7/4/2007
7/5/2007
7/6/2007
7/9/2007
7/10/2007
7/11/2007
7/12/2007
7/13/2007
7/16/2007
7/17/2007
7/18/2007
7/19/2007
7/20/2007
7/23/2007
7/24/2007
7/25/2007
7/26/2007
207.85
208.05
208.1
206.8
205.05
208.5
218.5
214.8
217.45
223.75
217.4
215.85
213.45
212.2
210.9
210.95
208
208.4
209.35
209.85
207.7
207.35
210.15
210
209.85
204.3
206.6
205
202.55
208.15
210.05
213.75
218.2
216.35
212.25
211.4
212.2
211.8
213.3
211.85
208.55
206.45
205.85
205.75
200.95
191.55
188.3
186.1
194.3
14418.6
14453.72
14363.26
14218.11
14338.45
14397.89
14508.21
14411.38
14544.46
14570.75
14495.77
14535.01
14255.93
14186.18
14063.81
14083.41
14130.95
14003.03
14203.72
14162.71
14080.14
14295.5
14411.95
14499.24
14467.36
14487.72
14501.08
14431.06
14504.57
14650.51
14664.26
14806.51
14880.24
14861.89
14964.12
15045.73
15009.88
14910.62
15092.04
15272.72
15311.22
15289.82
15301.17
15550.13
15565.55
15732.2
15794.92
15699.33
15776.31
-0.65
0.10
0.02
-0.62
-0.85
1.68
4.80
-1.69
1.23
2.90
-2.84
-0.71
-1.11
-0.59
-0.61
0.02
-1.40
0.19
0.46
0.24
-1.02
-0.17
1.35
-0.07
-0.07
-2.64
1.13
-0.77
-1.20
2.76
0.91
1.76
2.08
-0.85
-1.90
-0.40
0.38
-0.19
0.71
-0.68
-1.56
-1.01
-0.29
-0.05
-2.33
-4.68
-1.70
-1.17
4.41
-0.60
0.14
0.07
-0.58
-0.80
1.72
4.84
-1.65
1.28
2.94
-2.80
-0.67
-1.07
-0.54
-0.57
0.07
-1.36
0.23
0.50
0.28
-0.98
-0.13
1.39
-0.03
-0.03
-2.60
1.17
-0.73
-1.15
2.81
0.95
1.80
2.12
-0.81
-1.85
-0.36
0.42
-0.15
0.75
-0.64
-1.52
-0.97
-0.25
-0.01
-2.29
-4.64
-1.66
-1.13
4.45
0.81
0.24
-0.63
-1.01
0.85
0.41
0.77
-0.67
0.92
0.18
-0.51
0.27
-1.92
-0.49
-0.86
0.14
0.34
-0.91
1.43
-0.29
-0.58
1.53
0.81
0.61
-0.22
0.14
0.09
-0.48
0.51
1.01
0.09
0.97
0.50
-0.12
0.69
0.55
-0.24
-0.66
1.22
1.20
0.25
-0.14
0.07
1.63
0.10
1.07
0.40
-0.61
0.49
0.64
0.07
-0.80
-1.18
0.68
0.25
0.60
-0.84
0.75
0.01
-0.68
0.10
-2.09
-0.66
-1.03
-0.03
0.17
-1.07
1.26
-0.46
-0.75
1.36
0.65
0.44
-0.39
-0.03
-0.08
-0.65
0.34
0.84
-0.08
0.80
0.33
-0.29
0.52
0.38
-0.41
-0.83
1.05
1.03
0.08
-0.31
-0.09
1.46
-0.07
0.90
0.23
-0.77
0.32
7/27/2007
7/30/2007
7/31/2007
8/1/2007
8/2/2007
8/3/2007
8/6/2007
8/7/2007
8/8/2007
8/9/2007
8/10/2007
8/13/2007
8/14/2007
8/16/2007
8/17/2007
8/20/2007
8/21/2007
8/22/2007
8/23/2007
8/24/2007
8/27/2007
8/28/2007
8/29/2007
8/30/2007
8/31/2007
9/3/2007
9/4/2007
9/5/2007
9/6/2007
9/7/2007
9/10/2007
9/11/2007
9/12/2007
9/13/2007
9/14/2007
9/17/2007
9/18/2007
9/19/2007
9/20/2007
9/21/2007
9/24/2007
9/25/2007
9/26/2007
9/27/2007
9/28/2007
10/1/2007
10/3/2007
10/4/2007
10/5/2007
188.2
188.9
191.05
185.45
185.85
187.15
184.1
187.15
185.9
187.8
184.05
190.75
191.05
182.8
184
184.85
177.65
175.7
167.35
170.1
170.35
170.65
169.65
165.25
166.7
172
179.95
182.9
185.05
180.6
179.05
177.4
174.95
175.1
172.1
172
168.7
169.4
169.25
167.45
167.4
169.4
170.7
176
182.3
188.65
185.25
190.3
189.15
15234.57
15260.91
15550.99
14935.77
14985.7
15138.4
14903.03
14932.77
15307.98
15100.15
14868.25
15017.21
15000.91
14358.21
14141.52
14427.55
13989.11
14248.66
14163.98
14424.87
14842.38
14919.19
14993.04
15121.74
15318.6
15422.05
15465.4
15446.15
15616.31
15590.42
15596.83
15542.77
15505.36
15614.44
15603.8
15504.43
15669.12
16322.75
16347.95
16564.23
16845.83
16899.54
16921.39
17150.56
17291.1
17328.62
17847.04
17777.14
17773.36
-3.14
0.37
1.14
-2.93
0.22
0.70
-1.63
1.66
-0.67
1.02
-2.00
3.64
0.16
-4.32
0.66
0.46
-3.90
-1.10
-4.75
1.64
0.15
0.18
-0.59
-2.59
0.88
3.18
4.62
1.64
1.18
-2.40
-0.86
-0.92
-1.38
0.09
-1.71
-0.06
-1.92
0.41
-0.09
-1.06
-0.03
1.19
0.77
3.10
3.58
3.48
-1.80
2.73
-0.60
-3.10
0.41
1.18
-2.89
0.26
0.74
-1.59
1.70
-0.63
1.06
-1.96
3.68
0.20
-4.28
0.70
0.50
-3.85
-1.06
-4.71
1.68
0.19
0.22
-0.54
-2.55
0.92
3.22
4.66
1.68
1.22
-2.36
-0.82
-0.88
-1.34
0.13
-1.67
-0.02
-1.88
0.46
-0.05
-1.02
0.01
1.24
0.81
3.15
3.62
3.52
-1.76
2.77
-0.56
-3.43
0.17
1.90
-3.96
0.33
1.02
-1.55
0.20
2.51
-1.36
-1.54
1.00
-0.11
-4.28
-1.51
2.02
-3.04
1.86
-0.59
1.84
2.89
0.52
0.50
0.86
1.30
0.68
0.28
-0.12
1.10
-0.17
0.04
-0.35
-0.24
0.70
-0.07
-0.64
1.06
4.17
0.15
1.32
1.70
0.32
0.13
1.35
0.82
0.22
2.99
-0.39
-0.02
-3.60
0.00
1.73
-4.13
0.17
0.85
-1.72
0.03
2.34
-1.53
-1.70
0.83
-0.28
-4.45
-1.68
1.85
-3.21
1.69
-0.76
1.67
2.73
0.35
0.33
0.69
1.13
0.51
0.11
-0.29
0.93
-0.33
-0.13
-0.52
-0.41
0.53
-0.24
-0.81
0.89
4.00
-0.01
1.15
1.53
0.15
-0.04
1.19
0.65
0.05
2.82
-0.56
-0.19
10/8/2007
10/9/2007
10/10/2007
10/11/2007
10/12/2007
10/15/2007
10/16/2007
10/17/2007
10/18/2007
10/19/2007
10/22/2007
10/23/2007
10/24/2007
10/25/2007
10/26/2007
10/29/2007
10/30/2007
10/31/2007
11/1/2007
11/2/2007
11/5/2007
11/6/2007
11/7/2007
11/8/2007
11/9/2007
11/12/2007
11/13/2007
11/14/2007
11/15/2007
11/16/2007
11/19/2007
11/20/2007
11/21/2007
11/22/2007
11/23/2007
11/26/2007
11/27/2007
11/28/2007
11/29/2007
11/30/2007
12/3/2007
12/4/2007
12/5/2007
12/6/2007
12/7/2007
12/10/2007
12/11/2007
12/12/2007
12/13/2007
187.8
188.1
193.1
191.4
185.05
187.75
185.2
180.15
182.8
178.6
180.65
193.25
196.8
186.6
185
184.55
181.3
178.8
176.15
173.75
176.8
177.65
179.7
177.4
177.4
182.4
180.9
182.7
180.45
180.55
187.45
187.25
181.4
183.45
182.4
183.4
183.6
182.85
182
183.1
185.25
185.2
190.35
198.4
197.5
192.9
195.75
199.8
203.8
17491.39
18280.24
18658.25
18814.07
18419.04
19058.67
19051.86
18715.82
17998.39
17559.98
17613.99
18492.84
18512.91
18770.89
19243.17
19977.67
19783.51
19837.99
19724.35
19976.23
19590.78
19400.67
19289.83
19058.93
18907.6
18737.27
19035.48
19929.06
19784.89
19698.36
19633.36
19280.8
18602.62
18526.32
18852.87
19247.54
19127.73
18938.87
19003.26
19363.19
19603.41
19529.5
19738.07
19795.87
19966
19930.68
20290.89
20375.87
20104.39
-0.71
0.16
2.66
-0.88
-3.32
1.46
-1.36
-2.73
1.47
-2.30
1.15
6.97
1.84
-5.18
-0.86
-0.24
-1.76
-1.38
-1.48
-1.36
1.76
0.48
1.15
-1.28
0.00
2.82
-0.82
1.00
-1.23
0.06
3.82
-0.11
-3.12
1.13
-0.57
0.55
0.11
-0.41
-0.46
0.60
1.17
-0.03
2.78
4.23
-0.45
-2.33
1.48
2.07
2.00
-0.67
0.20
2.70
-0.84
-3.28
1.50
-1.32
-2.69
1.51
-2.26
1.19
7.02
1.88
-5.14
-0.82
-0.20
-1.72
-1.34
-1.44
-1.32
1.80
0.52
1.20
-1.24
0.04
2.86
-0.78
1.04
-1.19
0.10
3.86
-0.07
-3.08
1.17
-0.53
0.59
0.15
-0.37
-0.42
0.65
1.22
0.01
2.82
4.27
-0.41
-2.29
1.52
2.11
2.04
-1.59
4.51
2.07
0.84
-2.10
3.47
-0.04
-1.76
-3.83
-2.44
0.31
4.99
0.11
1.39
2.52
3.82
-0.97
0.28
-0.57
1.28
-1.93
-0.97
-0.57
-1.20
-0.79
-0.90
1.59
4.69
-0.72
-0.44
-0.33
-1.80
-3.52
-0.41
1.76
2.09
-0.62
-0.99
0.34
1.89
1.24
-0.38
1.07
0.29
0.86
-0.18
1.81
0.42
-1.33
-1.76
4.34
1.90
0.67
-2.27
3.30
-0.20
-1.93
-4.00
-2.60
0.14
4.82
-0.06
1.22
2.35
3.65
-1.14
0.11
-0.74
1.11
-2.10
-1.14
-0.74
-1.37
-0.96
-1.07
1.42
4.53
-0.89
-0.61
-0.50
-1.96
-3.69
-0.58
1.59
1.92
-0.79
-1.16
0.17
1.72
1.07
-0.55
0.90
0.12
0.69
-0.35
1.64
0.25
-1.50
12/14/2007
12/17/2007
12/18/2007
12/19/2007
12/20/2007
12/24/2007
12/26/2007
12/27/2007
12/28/2007
12/31/2007
1/2/2008
1/3/2008
1/4/2008
1/7/2008
1/8/2008
1/9/2008
1/10/2008
1/11/2008
1/14/2008
1/15/2008
1/16/2008
1/17/2008
1/18/2008
1/21/2008
1/22/2008
1/23/2008
1/24/2008
1/25/2008
1/28/2008
1/29/2008
1/30/2008
1/31/2008
2/1/2008
2/4/2008
2/5/2008
2/6/2008
2/7/2008
2/8/2008
2/11/2008
2/12/2008
2/13/2008
2/14/2008
2/15/2008
2/19/2008
2/20/2008
2/21/2008
2/22/2008
2/25/2008
2/26/2008
209.3
208.45
215.7
215.4
211.05
213.9
216.75
214.85
214.6
212.65
218.85
216.35
213.65
212.65
209.9
209.45
202.8
205.45
205.25
204.95
205.95
209.9
202.6
190.1
176.85
182.15
172.4
183.35
184.65
191.75
189.2
189.25
196.4
199.4
203.5
202.2
194.65
194.65
185.8
186.55
179.4
180.15
184.15
188.35
185.35
188.75
198.8
202.35
201.6
20030.83
19261.35
19079.64
19091.96
19162.57
19854.12
20192.52
20216.72
20206.95
20286.99
20465.3
20345.2
20686.89
20812.65
20873.33
20869.78
20582.08
20827.45
20728.05
20251.09
19868.11
19700.82
19013.7
17605.35
16729.94
17594.07
17221.74
18361.66
18152.78
18091.94
17758.64
17648.71
18242.58
18660.32
18663.16
18139.49
17526.93
17464.89
16630.91
16608.01
16949.14
17766.63
18115.25
18075.66
17617.6
17734.68
17349.07
17650.57
17806.19
2.70
-0.41
3.48
-0.14
-2.02
1.35
1.33
-0.88
-0.12
-0.91
2.92
-1.14
-1.25
-0.47
-1.29
-0.21
-3.17
1.31
-0.10
-0.15
0.49
1.92
-3.48
-6.17
-6.97
3.00
-5.35
6.35
0.71
3.85
-1.33
0.03
3.78
1.53
2.06
-0.64
-3.73
0.00
-4.55
0.40
-3.83
0.42
2.22
2.28
-1.59
1.83
5.32
1.79
-0.37
2.74
-0.36
3.52
-0.10
-1.98
1.39
1.37
-0.84
-0.07
-0.87
2.96
-1.10
-1.21
-0.43
-1.25
-0.17
-3.13
1.35
-0.06
-0.10
0.53
1.96
-3.44
-6.13
-6.93
3.04
-5.31
6.39
0.75
3.89
-1.29
0.07
3.82
1.57
2.10
-0.60
-3.69
0.04
-4.51
0.45
-3.79
0.46
2.26
2.32
-1.55
1.88
5.37
1.83
-0.33
-0.37
-3.84
-0.94
0.06
0.37
3.61
1.70
0.12
-0.05
0.40
0.88
-0.59
1.68
0.61
0.29
-0.02
-1.38
1.19
-0.48
-2.30
-1.89
-0.84
-3.49
-7.41
-4.97
5.17
-2.12
6.62
-1.14
-0.34
-1.84
-0.62
3.36
2.29
0.02
-2.81
-3.38
-0.35
-4.78
-0.14
2.05
4.82
1.96
-0.22
-2.53
0.66
-2.17
1.74
0.88
-0.54
-4.01
-1.11
-0.10
0.20
3.44
1.54
-0.05
-0.22
0.23
0.71
-0.76
1.51
0.44
0.12
-0.19
-1.55
1.02
-0.65
-2.47
-2.06
-1.01
-3.66
-7.58
-5.14
5.00
-2.29
6.45
-1.31
-0.50
-2.01
-0.79
3.20
2.12
-0.15
-2.98
-3.55
-0.52
-4.94
-0.31
1.88
4.65
1.79
-0.39
-2.70
0.50
-2.34
1.57
0.71
2/27/2008
2/28/2008
2/29/2008
3/3/2008
3/4/2008
3/5/2008
3/7/2008
3/10/2008
3/11/2008
3/12/2008
3/13/2008
3/14/2008
3/17/2008
3/18/2008
3/19/2008
3/24/2008
3/25/2008
3/26/2008
3/27/2008
3/28/2008
3/31/2008
4/1/2008
4/2/2008
4/3/2008
4/4/2008
4/7/2008
4/8/2008
4/9/2008
4/10/2008
4/11/2008
4/15/2008
4/16/2008
4/17/2008
4/21/2008
4/22/2008
4/23/2008
4/24/2008
4/25/2008
4/28/2008
4/29/2008
4/30/2008
5/2/2008
5/5/2008
5/6/2008
5/7/2008
5/8/2008
5/9/2008
5/12/2008
5/13/2008
202.2
206.8
207.1
211.65
200.25
205.6
200.95
200.55
195.6
204.9
201
205.6
200.45
204.55
206.3
206.3
209.6
205.5
212.75
217.65
220
220.3
219
220
213.05
215
212.5
217.6
214
213.95
218.95
219.15
222.1
225.8
231.45
230.15
226.6
224.2
214.55
214.7
213
212.95
216.4
216.35
215.2
211.7
205.95
207.8
208.25
17825.99
17824.48
17578.72
16677.88
16339.89
16542.08
15975.52
15923.72
16123.15
16127.98
15357.35
15760.52
14809.49
14833.46
14994.83
15289.4
16217.49
16086.83
16015.56
16371.29
15644.44
15626.62
15750.4
15832.55
15343.12
15757.08
15587.62
15790.51
15695.1
15807.64
16153.66
16244.19
16481.2
16739.33
16783.87
16698.04
16721.08
17125.98
17015.96
17378.46
17287.31
17600.12
17490.9
17373.01
17339.31
17080.65
16737.07
16860.9
16752.86
0.30
2.27
0.15
2.20
-5.39
2.67
-2.26
-0.20
-2.47
4.75
-1.90
2.29
-2.50
2.05
0.86
0.00
1.60
-1.96
3.53
2.30
1.08
0.14
-0.59
0.46
-3.16
0.92
-1.16
2.40
-1.65
-0.02
2.34
0.09
1.35
1.67
2.50
-0.56
-1.54
-1.06
-4.30
0.07
-0.79
-0.02
1.62
-0.02
-0.53
-1.63
-2.72
0.90
0.22
0.34
2.32
0.19
2.24
-5.34
2.71
-2.22
-0.16
-2.43
4.80
-1.86
2.33
-2.46
2.09
0.90
0.04
1.64
-1.91
3.57
2.34
1.12
0.18
-0.55
0.50
-3.12
0.96
-1.12
2.44
-1.61
0.02
2.38
0.13
1.39
1.71
2.54
-0.52
-1.50
-1.02
-4.26
0.11
-0.75
0.02
1.66
0.02
-0.49
-1.58
-2.67
0.94
0.26
0.11
-0.01
-1.38
-5.12
-2.03
1.24
-3.42
-0.32
1.25
0.03
-4.78
2.63
-6.03
0.16
1.09
1.96
6.07
-0.81
-0.44
2.22
-4.44
-0.11
0.79
0.52
-3.09
2.70
-1.08
1.30
-0.60
0.72
2.19
0.56
1.46
1.57
0.27
-0.51
0.14
2.42
-0.64
2.13
-0.52
1.81
-0.62
-0.67
-0.19
-1.49
-2.01
0.74
-0.64
-0.06
-0.18
-1.55
-5.29
-2.20
1.07
-3.59
-0.49
1.08
-0.14
-4.95
2.46
-6.20
-0.01
0.92
1.80
5.90
-0.97
-0.61
2.05
-4.61
-0.28
0.62
0.35
-3.26
2.53
-1.24
1.13
-0.77
0.55
2.02
0.39
1.29
1.40
0.10
-0.68
-0.03
2.25
-0.81
1.96
-0.69
1.64
-0.79
-0.84
-0.36
-1.66
-2.18
0.57
-0.81
5/14/2008
5/15/2008
5/16/2008
5/20/2008
5/21/2008
5/22/2008
5/23/2008
5/26/2008
5/27/2008
5/28/2008
5/29/2008
5/30/2008
6/2/2008
6/3/2008
6/4/2008
6/5/2008
6/6/2008
6/9/2008
6/10/2008
6/11/2008
6/12/2008
6/13/2008
6/16/2008
6/17/2008
6/18/2008
6/19/2008
6/20/2008
6/23/2008
6/24/2008
6/25/2008
6/26/2008
6/27/2008
6/30/2008
7/1/2008
7/2/2008
7/3/2008
7/4/2008
7/7/2008
7/8/2008
7/9/2008
7/10/2008
7/11/2008
7/14/2008
7/15/2008
7/16/2008
7/17/2008
7/18/2008
7/21/2008
7/22/2008
209.8
213.8
213.15
208
204.15
203.25
203.9
199.2
205.15
207.15
213.75
212.1
208.85
211.2
207.6
210.6
207.85
206.45
210.7
218.3
217.2
210.9
217.5
218.9
217.35
217.85
212.1
212.35
212.55
207.4
216.25
210.75
211.05
206.35
215
211.35
208.1
208.4
207.1
209.95
211.5
210.5
215.15
207.75
208.75
212.2
215.1
227.15
237.8
16978.35
17353.54
17434.94
17230.18
17243.16
16907.11
16649.64
16348.5
16275.59
16525.37
16316.26
16415.57
16063.18
15962.56
15514.79
15769.72
15572.18
15066.1
14889.25
15185.32
15250.2
15189.62
15395.82
15696.9
15422.31
15087.99
14571.29
14293.32
14106.58
14220.07
14421.82
13802.22
13461.6
12961.68
13664.62
13094.11
13454
13525.99
13349.65
13964.26
13926.24
13469.85
13330.51
12676.19
12575.8
13111.85
13635.4
13850.04
14104.2
0.74
1.91
-0.30
-2.42
-1.85
-0.44
0.32
-2.31
2.99
0.97
3.19
-0.77
-1.53
1.13
-1.70
1.45
-1.31
-0.67
2.06
3.61
-0.50
-2.90
3.13
0.64
-0.71
0.23
-2.64
0.12
0.09
-2.42
4.27
-2.54
0.14
-2.23
4.19
-1.70
-1.54
0.14
-0.62
1.38
0.74
-0.47
2.21
-3.44
0.48
1.65
1.37
5.60
4.69
0.79
1.95
-0.26
-2.37
-1.81
-0.40
0.36
-2.26
3.03
1.02
3.23
-0.73
-1.49
1.17
-1.66
1.49
-1.26
-0.63
2.10
3.65
-0.46
-2.86
3.17
0.69
-0.67
0.27
-2.60
0.16
0.14
-2.38
4.31
-2.50
0.18
-2.19
4.23
-1.66
-1.50
0.19
-0.58
1.42
0.78
-0.43
2.25
-3.40
0.52
1.69
1.41
5.64
4.73
1.35
2.21
0.47
-1.17
0.08
-1.95
-1.52
-1.81
-0.45
1.53
-1.27
0.61
-2.15
-0.63
-2.81
1.64
-1.25
-3.25
-1.17
1.99
0.43
-0.40
1.36
1.96
-1.75
-2.17
-3.42
-1.91
-1.31
0.80
1.42
-4.30
-2.47
-3.71
5.42
-4.18
2.75
0.54
-1.30
4.60
-0.27
-3.28
-1.03
-4.91
-0.79
4.26
3.99
1.57
1.84
1.18
2.04
0.30
-1.34
-0.09
-2.12
-1.69
-1.98
-0.62
1.37
-1.43
0.44
-2.32
-0.80
-2.97
1.47
-1.42
-3.42
-1.34
1.82
0.26
-0.57
1.19
1.79
-1.92
-2.34
-3.59
-2.08
-1.48
0.64
1.25
-4.47
-2.64
-3.88
5.25
-4.34
2.58
0.37
-1.47
4.43
-0.44
-3.45
-1.20
-5.08
-0.96
4.09
3.82
1.40
1.67
7/23/2008
7/24/2008
7/25/2008
7/28/2008
7/29/2008
7/30/2008
7/31/2008
232.65
231.7
225.95
223.15
218.95
220.1
218.9
14942.28
14777.01
14274.94
14349.11
13791.54
14287.21
14355.75
Average
-2.17
-0.41
-2.48
-1.24
-1.88
0.53
-0.55
-0.04
-2.12
-0.37
-2.44
-1.20
-1.84
0.57
-0.50
5.94
-1.11
-3.40
0.52
-3.89
3.59
0.48
5.77
-1.28
-3.57
0.35
-4.05
3.42
0.31
0.17
Source: 2017 GS
as on 20th Jan Source - RBI
Beta
Rf
Rm(daily avg)
Rm
Ke
Ke
NW
Debt
capital employed
Tax Rate
kd
WACC
17.44%
41,793.57
6,371.00
48,164.57
17.2%
2.81%
15.44%
Debt
FY08E
FY09E
FY10E
FY11E
0.59157
7.94%
0.17%
52.58%
34.35%
7296.80
6371.00
7246.65
7936.44
0.59157
7.94% 10 year govt. bond
2.50% LAA+ corporate bond - ICRA
7.00% Risk premium
17.44%
NW
37,558
41,794
50,702
60,134
Total
44855.00
48164.57
57949.05
68070.74
Interest
115.90
178.71
241.25
325.69
Market Variance
68.31
199.63
256.98
359.04
377.06
594.05
kd
1.59%
2.81%
3.33%
4.10%
click to go back
7
Col. 6 ^2
Covariance
Col. 4 X
Col. 6
0.12
1.42
0.06
2.80
0.64
2.80
3.39
8.73
0.12
0.08
0.00
0.20
0.17
0.00
1.83
0.10
1.11
0.44
1.04
1.17
0.62
0.37
0.18
0.94
0.01
0.89
6.57
0.76
0.55
5.28
0.03
1.46
0.39
1.82
8.66
0.00
2.02
17.48
2.38
5.05
14.63
4.42
0.90
1.20
0.14
3.92
1.08
0.82
3.03
10.30
0.40
-0.10
-0.05
-0.23
1.11
0.02
0.02
-1.00
-1.19
-1.31
0.90
0.35
0.94
-0.32
-0.31
2.89
0.01
1.65
4.11
1.65
-0.17
12.01
-0.07
0.35
0.04
3.49
6.77
-0.06
3.04
13.26
-1.43
4.31
13.43
4.59
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.197183181
R Square
0.038881207
Adjusted R Square
0.035036732
Standard Error
8.669271184
Observations
252
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
1
250
251
SS
760.0949613
18789.06571
19549.16067
variance
Covariance
Beta
#REF!
#REF!
#REF!
1.20
12.70
2.04
0.00
0.21
13.40
0.00
1.15
2.42
0.10
2.96
6.91
0.11
1.92
3.99
0.33
0.29
23.88
1.41
1.24
0.14
5.44
0.01
0.05
0.48
3.58
4.66
0.67
0.10
0.31
3.50
0.00
1.76
0.16
0.01
5.86
0.18
1.73
1.42
0.32
0.98
0.00
0.06
0.00
1.13
0.19
1.57
1.10
0.02
-4.83
7.84
4.41
-0.05
0.84
9.06
0.07
2.15
1.39
0.80
1.56
3.27
-0.82
2.04
2.53
0.56
0.11
22.91
-0.72
2.71
0.51
2.86
0.02
-0.14
1.06
0.08
2.88
1.99
0.53
-0.24
1.00
-0.03
2.69
2.33
-0.04
34.57
1.20
0.21
-3.52
0.63
1.50
0.09
-0.03
-0.02
3.49
0.07
-0.48
-0.76
-0.05
0.40
0.01
0.63
1.39
0.46
0.06
0.36
0.70
0.57
0.00
0.47
0.01
4.36
0.43
1.06
0.00
0.03
1.15
1.60
0.21
0.57
1.85
0.42
0.19
0.15
0.00
0.01
0.43
0.12
0.70
0.01
0.64
0.11
0.09
0.27
0.14
0.17
0.69
1.10
1.06
0.01
0.10
0.01
2.13
0.00
0.81
0.05
0.60
0.10
-0.38
0.01
-0.05
0.69
-0.55
0.42
2.89
1.38
0.96
0.03
1.91
-0.07
2.24
0.36
0.59
0.00
-0.23
-0.25
0.63
-0.13
0.74
-0.17
0.90
-0.01
0.01
0.07
-0.09
0.48
-0.39
2.35
-0.07
1.44
0.70
0.24
-0.96
-0.14
-0.17
0.12
0.79
-0.66
-0.13
0.30
0.02
-0.01
0.16
-4.18
-0.38
0.87
1.43
12.98
0.00
3.00
17.02
0.03
0.72
2.97
0.00
5.49
2.33
2.91
0.69
0.08
19.83
2.82
3.44
10.29
2.84
0.58
2.80
7.43
0.12
0.11
0.48
1.28
0.26
0.01
0.09
0.87
0.11
0.02
0.27
0.17
0.29
0.06
0.65
0.80
16.02
0.00
1.33
2.34
0.02
0.00
1.40
0.42
0.00
7.97
0.31
0.04
11.16
0.00
2.04
11.92
0.04
0.63
2.74
0.05
-1.47
-1.62
3.33
3.07
-0.06
19.05
-1.17
0.93
12.36
-1.78
3.60
2.82
0.51
0.08
-0.18
-1.76
1.04
1.63
0.52
-0.49
1.13
0.79
0.10
0.45
0.55
0.07
0.40
0.01
-1.68
1.83
0.00
-1.18
0.02
0.19
-0.03
3.73
2.35
0.17
-4.97
-1.55
0.11
3.08
18.84
3.61
0.44
5.15
10.91
0.04
3.74
16.02
6.79
0.02
23.24
0.00
1.50
5.51
13.31
1.30
0.01
0.55
1.23
4.40
1.30
0.55
1.87
0.93
1.14
2.02
20.48
0.80
0.37
0.25
3.86
13.59
0.34
2.54
3.70
0.63
1.34
0.03
2.98
1.15
0.30
0.81
0.02
0.48
0.12
2.68
0.06
2.25
1.18
0.87
5.13
-0.56
7.43
4.96
0.27
5.19
-6.05
5.88
0.16
33.82
-0.11
-6.29
-1.92
-0.74
1.96
-0.14
1.07
-1.46
-3.77
-0.60
-0.89
1.69
-0.04
-3.06
-1.11
4.69
1.06
-0.06
-1.93
0.13
11.36
-0.68
-0.85
1.13
-0.12
0.42
-0.07
1.11
1.30
-0.01
2.54
0.53
-0.28
0.79
2.49
0.53
-3.07
0.29
16.09
1.24
0.01
0.04
11.83
2.36
0.00
0.05
0.05
0.50
0.57
2.28
0.19
0.01
0.03
2.40
1.05
0.42
6.10
4.24
1.02
13.37
57.40
26.44
24.96
5.22
41.60
1.71
0.25
4.05
0.62
10.21
4.50
0.02
8.85
12.57
0.27
24.45
0.09
3.55
21.66
3.22
0.15
7.31
0.25
5.49
2.46
0.51
-1.47
1.46
-3.92
0.01
-0.40
4.79
2.11
0.04
0.02
-0.20
2.10
0.83
-1.82
-0.19
-0.15
0.03
4.85
1.38
0.04
0.26
-1.09
-1.98
12.57
46.43
35.62
15.18
12.14
41.23
-0.98
-1.96
2.59
-0.05
12.21
3.33
-0.32
1.78
13.09
-0.02
22.28
-0.14
-7.15
2.14
4.06
-0.90
4.19
0.93
-12.58
2.87
-0.23
0.00
0.03
2.40
28.02
4.82
1.14
12.92
0.24
1.17
0.02
24.48
6.03
38.48
0.00
0.84
3.22
34.82
0.95
0.37
4.21
21.24
0.08
0.39
0.12
10.63
6.40
1.55
1.28
0.60
0.30
4.08
0.15
1.66
1.95
0.01
0.46
0.00
5.07
0.66
3.85
0.48
2.69
0.62
0.71
0.13
2.76
4.76
0.33
0.66
-0.02
-0.41
-0.29
-11.85
11.74
2.90
7.98
0.08
-2.63
-0.67
9.21
5.72
15.28
-0.02
0.82
0.07
9.68
1.87
-2.19
4.81
-5.17
-0.05
-0.34
0.18
10.16
2.42
1.40
2.76
1.25
0.01
4.80
0.05
1.79
2.39
0.25
0.35
0.05
-2.29
3.46
0.22
0.52
0.03
-1.31
-0.02
0.18
2.63
5.83
0.54
-0.21
1.38
4.16
0.09
1.81
0.01
4.49
2.86
3.91
0.38
1.86
2.06
0.19
5.36
0.63
8.85
2.17
2.02
11.69
1.80
3.31
0.07
0.32
1.41
3.19
3.68
5.46
12.91
4.31
2.18
0.40
1.56
19.94
6.95
15.08
27.61
18.87
6.65
0.13
2.17
19.67
0.19
11.88
1.45
25.78
0.92
16.76
14.62
1.97
2.78
0.92
3.98
-0.08
3.19
0.17
0.85
-0.61
4.48
-1.86
1.39
-4.63
-0.32
3.45
-0.93
4.95
2.19
1.80
2.16
-2.82
6.64
-0.12
1.62
3.77
1.22
1.28
-0.63
9.34
-0.33
-0.20
-1.51
5.38
11.17
-0.48
8.49
22.24
7.20
-3.86
0.07
0.86
6.29
-0.34
1.49
-2.71
17.25
-0.50
6.93
5.38
7.93
7.88
33.33
1.63
12.72
0.12
16.44
11.73
0.10
-12.26
0.47
8.70
-0.42
7.46
1.94
-0.16
594.05
351.42
Beta
0.59
Market Variance
68.31
199.63
256.98
359.04
377.06
594.05
Covariance
20.70
65.41
70.79
137.04
147.26
351.42
WACC
14.78%
15.39%
15.56%
15.56%
Beta
0.30
0.33
0.28
0.38
0.39
0.59
MS
760.0949613
75.15626285
F
Significance F
10.1135279 0.001657669
t Stat
P-value
36.06458981 4.6612E-101
3.180177338 0.001657669
Lower 95%
122.0618695
0.000264782
Upper 95%
Lower 95.0%Upper 95.0%
136.1636442 122.0618695 136.1636
0.001126264 0.000264782 0.001126
FY07
18.9%
37.9%
12.6%
12.5%
FY08E
22.9%
26.7%
14.9%
12.2%
FY09
16.0%
30.8%
17.6%
13.3%
FY10E
17.0%
16.2%
18.3%
3.3%
DCF VALUATION
Revenue
EBIT
% of Revenues
Depreciation
FY06
28913.60
6170.70
21.34
801.80
FY07
34382.40
5505.60
16.01
1033.70
% of Revenues
EBITDA
% of Revenues
Less: Cash Tax
NOPLAT
Capex
Changes in WC
Post Tax Non-operating cash flows
Free Cash Flows
2.77
6972.50
24.11
780.00
6192.50
-3610.50
6730.20
1640.34
10952.54
3.01
6539.30
19.02
820.00
5719.30
-4192.20
5754.40
1888.72
9170.22
PV of Estimated FC Flows
Horizontal Value
PV of Estimated Perpetuity Flows
Total Present Value (EV)
215303.4
FY08
42268.10
5056.80
11.96
1326.30
FY09(E)
49031.20
6651.34
13.57
1647.34
3.14
3.36
6383.10
8298.68
15.10
16.93
890.00
1217.50
5493.10
7081.18
-5620.10
-1632.10
12157.50
1352.47
989.07
1159.64
13019.57
7961.19
It is assumed Free Cash flow beyond FY12 grows at 8%
4443.28
32362.7
182940.7
No of Outstanding Shares
777.29
235.36
Sensitivity Analysis
Continuing Rate
WACC
10.00%
11%
10.00%
11.5%
1010234
1258.1
Continuing Rate
WACC
Total Present Value
Fundamental Value per share
Continuing Rate
608686
741.5
282865
322.3
WACC
10.00%
14.0%
382679
450.7
WACC
Total Present Value
Fundamental Value per share
Continuing Rate
12836.43
7008.22
12829.29
6973.19
12822.18
6938.49
12787.98
6773.71
12808.06
6870.06
12794.09
6802.89
508262
612.3
10.00%
15.44%
Continuing Rate
7043.59
10.00%
13.0%
WACC
Continuing Rate
12843.61
759286
935.2
WACC
WACC
7079.29
10.00%
12.0%
10.00%
12.5%
Continuing Rate
12850.83
1512048
1903.6
10.00%
15.0%
307280
353.7
8.00%
1903.6
1258.1
11
546.80
637.30
763.91
953.87
1903.65
11.5
474.10
541.30
630.89
756.32
1258.05
935.2
7.5
8
8.5
9
10
PLA
click to go back
FY11E
15.0%
11.9%
15.9%
17.8%
FY12E
15.0%
24.0%
16.7%
5.2%
3.57
3.78
10669.20
11053.01
18.60
16.75
1367.30
1425.87
9301.89
9627.13
-10194.91
-3406.60
6071.27
7350.48
1664.84
2294.67
6843.10
15865.68
e Cash flow beyond FY12 grows at 8%
6097.68
15571.77
FY12(E)
75866.89
9213.53
12.14
3043.20
4.01
12256.73
16.16
1576.18
10680.55
-7454.45
12064.96
3139.81
18430.87
18377.31
267539.08
170813.37
nalysis
PV of Horizon Value
5482.03
11450.50
11983.63
1463201.47
PV of Horizon Value
5429.92
11290.80
11763.51
5378.54
11134.03
11548.39
5327.87
10980.12
11338.13
5277.90
10829.01
11132.61
5043.64
10129.63
10193.50
961863.00
PV of Horizon Value
711380.77
PV of Horizon Value
561237.65
PV of Horizon Value
461261.33
PV of Horizon Value
237936.67
PV of Horizon Value
5180.00
10534.92
10735.28
5084.75
10251.28
10355.41
336550.92
PV of Horizon Value
261991.79
741.5
612.3
322.3
450.7
353.7
Rs.
Weighted Average Cost of Capital (%)
12.5
13
15.44
372.20
335.20
221.10
413.30
368.40
235.90
464.53
409.05
252.84
530.47
459.85
272.39
741.45
612.25
322.28
14
278.10
301.20
328.31
360.94
450.69
15
236.20
253.00
272.37
294.96
353.69
FY06
FY07
Capex assumed to grow at 15% and 16% for FY11E and FY12E
Change in WC - for FY11E and FY12E the average of the 3 previous years is considered
FY06
FY07
FY08(E) FY09(E) FY10(E)
FY11(E)
FY12(E)
23.28%
16.74%
28.76%
2.76%
10.58%
11.14%
15.90%
16.09%
8.16%
8.0% Sustainable Growth Rate
Cash Tax
EBIT
Current Tax (Cash Tax) (qtrly data)
Deferred Tax (Non-cash Tax) (qd)
Current tax as % of EBIT
Deferrent tax as % of EBIT
Average (last 4 immediate PY's)
FY04
6170.70
780.00
120.00
12.64%
1.94%
FY05
5505.60
820.00
230.00
14.89%
4.18%
FY06
5056.80
890.00
90.00
17.60%
1.78%
FY07
6651.34
1217.50
147.00
18.30%
2.21%
FY08(E)
8621.23
1367.3
0.00
15.86%
0.00%
15.86%
FY09(E)
8556.30
1425.87
0.00
16.66%
0.00%
16.66%
FY10(E)
9213.53
1576.18
0.00
17.11%
0.00%
17.11%
Rs in m
Cash Flow from Operating Activities
Add:
Add:
Add:
Add:
PAT
Depreciation
Interest Expense
Other Non-Cash Charges
Direct taxes paid
Operating Profit Before WC Changes
Changes in Current Assets (excluding cash)
Changes in Current Liabilities
Changes In WC
Cash Generated From Operations
FY05
FY06
FY07
FY08
6917.20
6342.10
4891.40
623.00
1015.80
1287.90
114.20
69.50
115.90
0.00
0.00
0.00
1022.00
1399.50
1301.80
8676.40
8826.90
7597.00
(5099.70)
1297.70
(3802.00)
(4553.80)
330.50
(4223.30)
(9615.10)
3064.50
(6550.60)
4874.40
4603.60
1046.40
1022.00
0.00
3852.40
1399.50
0.00
3204.10
1301.80
0.00
-255.40
(3610.50)
(41.30)
0.00
(3651.80)
(4192.20)
(953.70)
0.00
(5145.90)
(5620.10)
230.50
0.00
(5389.60)
2867.20
0.00
(1772.60)
(114.20)
(848.20)
132.20
(3306.50)
954.90
(1818.80)
(69.50)
7051.80
2811.90
4934.70
0.00
(1560.00)
(115.90)
1864.10
5122.90
332.80
870.10
(522.10)
112
444.8
1314.9
332.80
444.80
870.10
1314.90
-522.10
792.80
444.8
0.00
1314.9
0.00
792.8
0.00
click to go back
Rs in million
FY09(E)
FY10(E)
FY11(E) FY12(E)
6515.95
8908.83 9431.90 10851.64
1647.34
2047.97 2496.71 3043.20
178.71
241.25
325.69
439.69
0.00
0.00
0.00
0.00
1358.01
1397.07 1444.91 1494.40
9700.01
12595.12 13699.21 15828.93
(1983.61)
(800.00)
(2783.61)
6916.40
11722.67
6528.68 13363.53
1358.01
0.00
5558.39
1397.07
0.00
10325.60
1444.91 1494.40
0.00
0.00
5083.77 11869.13
(1632.10)
(372.34)
0.00
(2004.44)
(925.80)
0.00
(2280.58)
(178.71)
0.00
(3385.09)
168.86
792.8
875.65
0.00
0.00
(241.25)
(0.00)
634.40
689.79 1013.30
0.00
0.00
0.00
0.00
(325.69) (439.69)
0.00
0.00
364.10
573.61
(248.40) 1801.73
961.66
713.26
4362.65
2514.99
168.86
961.66
-248.40
713.26
1801.73
2514.99
4362.65
6877.64
961.7
0.00
713.3
0.00
2515.0
0.00
6877.6
0.01
FY05
FY06
FY07
13666.70
17997.10
9,866.70
3100.60
4116.40
2,477.60
870.10
731.90
1,059.60
8,448.70
11,436.20
14,612.60
224.30
1178.00
183.00
17,490.40
22,922.90
28,346.80
Cash
Other Current Assets
Inventories
Trade Debtors
Loans and Advances
112.00
135.10
7,456.80
5,873.20
3,913.30
444.80
133.50
9570.00
8759.60
4015.00
1314.90
248.30
9786.00
10287.80
6709.80
7,784.40
9,594.00
9082.10
9412.60
13,396.00
17,619.30
18,337.70
25,501.30
34,724.80
Total Assets
26,122.10
34,583.40
44,137.40
Non-Current Liabilities
Secured Debt
Non-secured debt & Trade deposit
Deferred Tax Liabilities
Deferred Paymaent Credit
Total Liabilities
Contingent Liabilities
Share Capital
Reserve and Surplus
Total Stock Holder's Equuity
412.40
1,499.60
889.40
0.00
2,801.40
512.70
4176.40
979.50
0.00
72.50
1163.10
1126.50
0.00
5,668.60
2,362.10
599.70
14,936.60
15,536.30
18,337.70
599.70
19233.00
Capital Employed
18,337.70
19,832.70
25,501.30
25,501.30
1554.60
30808.10
32,362.70
34,724.80
DIFF
0.00
0.00
0.00
current ratio
2.25
2.52
3.01
34,724.80
D\E
0.18
#REF!
#REF!
#REF!
0.29
0.07
444.80
0.00
444.80
1314.90
0.00
1314.90
LA
click to go back
Rs in million
FY08
FY09(E)
FY10(E)
FY11(E)
FY12(E)
22,017.90
25,981.20 36,176.11 39,582.71 47,037.16
5,404.30
7,051.64
9,099.61
11596.32
14639.52
2,331.20
0.00
0.00
0.00
0.00
18,944.80
18,929.56 27,076.50 27,986.39 32,397.64
947.50
1,319.84
2,333.33
2,572.87
3,198.51
37,439.80
39,592.27
42,939.93
51,101.30
60,547.80
792.80
344.90
961.66
458.71
713.26
610.09
2,514.99
811.23
6,877.63
1,079.34
11,204.90
13,939.10
11,158.10
11,619.90
14,276.00
12,276.00
12,820.90
15,168.23
13,627.45
13,350.24
16,684.60
17,740.24
14,651.66
18,353.60
19,585.57
12,477.10
24,169.90
11,677.10
26,953.51
14,400.71
27,825.96
13,589.82
34,996.49
16,208.28
37,461.89
44,855.00
48,164.57
57,949.05
68,070.74
79,935.67
57,332.10
59,841.67
72,349.76
81,660.56
96,143.95
169.80
5,635.50
1,491.50
0.00
7,296.80
95.98
6,275.02
0.00
0.00
6,371.00
54.75
7,191.90
0.00
0.00
7,246.65
102.22
7,834.22
0.00
0.00
7,936.44
123.44
8,826.30
0.00
0.00
8,949.74
1,554.60
36,003.60
37,558.20
44,855.00
1,554.60
40,238.97
41,793.57
1,554.60
49,147.80
50,702.40
1,554.60
58,579.70
60,134.30
1,554.60
69,431.33
70,985.93
44,855.00
48,164.57
57,949.05
68,070.74
79,935.67
0.00
0.00
0.00
0.00
0.00
3.00
3.39
2.98
3.76
3.74
0.19
0.15
0.14
0.13
0.13
792.80
0.00
792.80
961.66
0.00
961.66
713.26
0.00
713.26
2514.99
0.00
2514.99
6877.64
-0.01
6877.64
FY05
FY08
FY09(E)
0.45
0.47
0.52
0.52
0.53
1.33
1.39
1.32
1.22
1.18
As a %age of sales
0.39
0.40
0.43
0.45
0.39
0.02
0.02
0.07
0.04
0.05
879.85
1053.85
877.23
Average cash
#REF!
278.40
Average inventory
#REF!
8513.40
Average debors
#REF!
7316.40
#REF!
3964.15
5362.40
#REF!
8433.25
8933.95 11717.05
#REF!
91.10
35.97
36.37
52.04
#REF!
2.98
3.27
3.65
4.00
#REF!
3.47
3.32
3.16
3.24
6.40
5.90
4.29
3.90
3.01
3.42
3.50
3.78
0.15
0.09
0.03
0.02
0.02
76.33
114.20
69.50
115.90
178.71
241.25
2.72%
2.01%
2.94%
1.59%
2.81%
3.33%
Interest cost
FY07
Interest
FY06
102.40
#REF!
#REF!
FY10(E)
FY11(E)
FY12(E)
0.63
0.60
0.62
1.39
1.09
1.19
0.47
0.42
0.43
0.06
0.06
0.07
837.46
1614.13
4696.31
12220.40
13085.57
14000.95
14722.12
15926.42
17519.10
12951.73
15683.85
18662.91
13038.91
13995.27
14899.05
53198.74
61668.74
70919.05
63.52
38.21
15.10
4.35
4.71
5.07
3.61
3.87
4.05
4.11
3.93
3.80
4.08
4.41
4.76
0.01
0.01
0.01
FY04
20600.10
0%
20945.20
0%
FY05
21812.60
5.89%
23364.98
11.55%
FY06
28913.60
32.55%
30796.30
31.81%
FY07
34382.40
18.91%
36687.90
19.13%
939.40
5%
1226.80
6%
5648.10
27%
7814.30
38%
12785.80
62%
1169.30
5.36%
466.00
2.14%
5447.24
24.97%
7082.54
32.47%
14730.06
67.53%
15.21%
550.47
14179.59
76.33
1552.38
15655.64
71.77%
1050.00
6.71%
14605.64
66.96%
24.16%
0
14605.64
1199.40
12.18
-37.92%
1050
0.07
13555.64
1498.60
5.18%
14870.80
51.43%
5571.70
19.27%
21941.10
75.89%
6972.50
24.11%
-52.66%
801.80
6170.70
114.20
1882.70
7939.20
27.46%
1022.00
12.87%
6917.20
23.92%
-52.64%
0.00
6917.20
1199.40
5.77
-52.64%
1772.60
1773
0.26
5144.60
1845.90
5.37%
19327.20
56.21%
6670.00
19.40%
27843.10
80.98%
6539.30
19.02%
-6.21%
1033.70
5505.60
69.50
2305.50
7741.60
22.52%
1399.50
18.08%
6342.10
18.45%
-8.31%
0.00
6342.10
1554.60
4.08
-29.26%
1818.80
1819
0.29
4523.30
365.00
12420.80
102.40
345.10
12663.50
61.47%
900.00
7%
11763.50
57%
0%
0
11763.50
599.70
19.62
0%
900
0.08
PLA
click to go back
FY08(E)
42268.10
22.94%
43520.40
18.62%
2543.10
6.02%
22929.60
54.25%
10412.30
24.63%
35885.00
84.90%
6383.10
15.10%
-2.39%
1326.30
5056.80
115.90
1252.30
6193.20
14.65%
1301.80
21.02%
4891.40
11.57%
-22.87%
0.00
4891.40
1554.60
3.15
-22.87%
1560.00
1560
0.32
3331.40
Rs in million
FY09(E)
FY10(E)
49031.20
57366.27
16.00%
17.00%
50432.53
59292.19
15.88%
17.57%
3279.64
6.69%
25407.76
51.82%
12045.12
24.57%
40732.52
83.07%
8298.68
16.93%
30.01%
1647.34
6651.34
178.71
1401.33
7873.96
16.06%
1358.01
17.25%
6515.95
13.29%
33.21%
0.00
6515.95
1554.60
4.19
33.21%
2281
0.35
4235.37
FY11(E)
65971.21
15.00%
68617.41
15.73%
FY12(E)
75866.89
15.00%
79439.09
15.77%
3947.83
6.88%
28508.72
49.70%
14240.52
24.82%
46697.07
81.40%
10669.20
18.60%
28.57%
2047.97
8621.23
241.25
1925.92
10305.90
17.97%
1397.07
13.56%
8908.83
15.53%
36.72%
0.00
8908.83
1554.60
5.73
36.72%
4667.20
7.07%
33316.19
50.50%
16934.81
25.67%
54918.20
83.25%
11053.01
16.75%
3.60%
2496.71
8556.30
325.69
2646.20
10876.81
16.49%
1444.91
13.28%
9431.90
14.30%
5.87%
0.00
9431.90
1554.60
6.07
5.87%
5416.80
7.14%
38467.97
50.70%
19725.39
26.00%
63610.16
83.84%
12256.73
16.16%
10.89%
3043.20
9213.53
439.69
3572.20
12346.04
16.27%
1494.40
12.10%
10851.64
14.30%
15.05%
0.00
10851.64
1554.60
6.98
15.05%
8908.83
9431.90
10851.64
Company - CIPLA
click to go back
Stand alone
2003-04
2004-05
Annual(Apr-Mar)
AMJ
0.00
0.00
0.00
0.00
2 Net Turnover
20600.10
5682.40
3 Other Income
345.10
118.90
16440.10
4615.00
9565.20
2859.20
939.40
301.70
0.00
0.00
287.40
0.00
-153.00
0.00
5648.10
1607.10
4160.00
1067.40
365.00
130.00
4140.10
1056.30
102.40
13.70
4037.70
1042.60
780.00
225.00
120.00
25.00
0.00
0.00
3137.70
792.60
0.00
0.00
3137.70
792.60
599.70
599.70
0.00
0.00
0.00
0.00
a) Basic
52.33
2.64
b) Diluted
52.33
2.64
Others
10 Profit After Tax (Reported PAT)
11
Basic
59.96
299.84
59.96
299.84
0.00
0.00
0.00
900.00
0.00
Dividend %
19 Retained earnings (Annual Data only)
20 Capital Employed (Annual Data only)
a Total asset
b Current Liability
As a percentage of Turnover
Consumption of Raw Materials
Staff Cost
Purchase of Trade Goods
(Increase) / Decrease In Stock In Trade & WIP
Manufacturing Expenses
Foreign Exchange (Gain) / Loss (Net)
Other expenditure
Depreciation
Interest & Financial Charges
Provision for Current Tax (incl. FBT)
Provision for deferred Tax
Other income as a % of revenue
Total Tax
Tax as a %age of EBIT
Current tax as a %age of EBIT
Deferred Tax as a %age of EBIT
0.29
0.00
0.00
0.00
0.00
0.00
0.00
2003-04
Annual(Apr-Mar)
46.43%
4.56%
0.00%
1.40%
0.00%
0.00%
0.00%
0.00%
27.42%
1.77%
0.50%
3.79%
0.58%
1.68%
900.00
21.74%
18.84%
2.90%
2004-05
AMJ
50.32%
5.31%
0.00%
-2.69%
0.00%
0.00%
0.00%
0.00%
28.28%
2.29%
0.24%
3.96%
0.44%
2.09%
250.00
21.30%
% of subsidaries income
Subsidaires income
Actual Total Sales
-73.98%
-9897.32
13379.00
2004-05
2004-05
2004-05
2004-05
2004-05
2004-05
2005-06
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
6211.70
6211.70
6413.80
12625.50
5695.40
23276.32
398.00
398.00
452.40
850.40
345.60
1463.72
5813.70
11496.10
5961.40
17457.50
5349.80
21812.60
74.20
193.10
411.80
604.90
154.50
1552.38
4494.70
9109.70
4756.60
13866.30
3980.90
17592.04
3001.60
5860.80
3082.20
8943.00
2735.80
11678.80
262.10
563.80
284.60
848.40
320.90
1169.30
0.00
0.00
0.00
0.00
0.00
0.00
-64.10
0.00
-217.10
0.00
31.00
0.00
-186.10
0.00
-517.20
0.00
-703.30
0.00
1295.10
2902.20
1358.80
4261.00
1441.40
5447.24
1319.00
2386.40
1204.80
3591.20
1368.90
4220.56
125.00
255.00
127.50
382.50
147.50
550.47
1268.20
2324.50
1489.10
3813.60
1375.90
5222.47
39.50
53.20
12.40
65.60
10.10
76.33
1228.70
2271.30
1476.70
3748.00
1365.80
5146.14
205.00
430.00
147.50
577.50
242.50
820.00
65.00
90.00
72.50
162.50
67.50
230.00
0.00
0.00
0.00
0.00
0.00
0.00
958.70
1751.30
1256.70
3008.00
1055.80
4096.14
0.00
0.00
0.00
0.00
0.00
0.00
958.70
1751.30
1256.70
3008.00
1055.80
4096.14
599.70
0.00
599.70
0.00
599.70
599.70
-117.40
0.00
0.00
0.00
0.00
1587.20
1499.10
135.00
1364.10
13.70
1434.00
267.50
47.50
5.00
1114.00
0.00
1114.00
599.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.20
#DIV/0!
4.19
#DIV/0!
3.52
13.66
3.20
#DIV/0!
4.19
#DIV/0!
3.52
13.66
0.00
0.00
6628.10
83.60
5129.00
3267.00
392.20
0.00
3.72
3.72
299.84
0.00
299.84
0.00
299.84
299.84
299.84
299.84
0.00
299.84
0.00
299.84
299.84
299.84
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1050.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2004-05
2004-05
JAS
6-m (Apr-Sep)
51.63%
50.98%
4.51%
4.90%
0.00%
0.00%
-1.10%
-1.89%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
22.28%
25.25%
2.15%
2.22%
0.68%
0.46%
3.53%
3.74%
1.12%
0.78%
1.28%
1.68%
270.00
520.00
16.16%
18.50%
0.00
0.00
0.00
0.00
0.00
0.00
2004-05
2004-05
OND
9-m (Apr-Dec)
51.70%
51.23%
4.77%
4.86%
0.00%
0.00%
0.52%
-1.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
22.79%
24.41%
2.14%
2.19%
0.21%
0.38%
2.47%
3.31%
1.22%
0.93%
6.91%
3.46%
220.00
740.00
9.91%
15.14%
0.00
0.00
0.00
0.00
0.00
2004-05
2004-05
JFM
Annual(Apr-Mar)
51.14%
53.54%
6.00%
5.36%
0.00%
0.00%
-9.67%
-3.22%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.94%
24.97%
2.76%
2.52%
0.19%
0.35%
4.53%
3.76%
1.26%
1.05%
2.89%
7.12%
310.00
1050.00
20.11%
17.62%
15.70%
4.40%
0.00
0.00
0.00
0.00
0.00
2005-06
AMJ
49.29%
5.92%
0.00%
-1.77%
0.00%
0.00%
0.00%
0.00%
23.95%
2.04%
0.21%
4.04%
0.72%
1.26%
315.00
19.61%
% of subsidaries income
Subsidaires income
Actual Total Sales
100.00%
18748.30
18748.30
2005-06
2005-06
2005-06
2005-06
2005-06
2005-06
2006-07
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
0.00
0.00
6717.00
15.30
4944.40
2825.60
303.40
0.00
0.00
0.00
13345.10
98.90
10073.40
6092.60
695.60
0.00
0.00
0.00
7806.20
744.50
6216.90
4537.70
351.70
0.00
0.00
0.00
21151.30
843.40
16290.30
10630.30
1047.30
0.00
0.00
0.00
8705.90
467.60
6902.90
4454.10
425.70
0.00
0.00
0.00
28913.60
1882.70
21941.10
14115.70
1498.60
0.00
0.00
0.00
8635.80
219.50
6347.10
3537.70
513.10
0.00
85.30
0.00
0.00
0.00
0.00
1730.10
1772.60
215.00
1557.60
16.90
1556.00
266.00
50.00
14.00
1226.00
0.00
1226.00
599.70
-32.10
0.00
0.00
0.00
0.00
3317.30
3271.70
350.00
2921.70
30.60
2990.00
533.50
97.50
19.00
2340.00
0.00
2340.00
599.70
0.00
-667.10
0.00
0.00
0.00
0.00
1994.60
1589.30
230.00
1359.30
50.70
2053.10
287.00
0.00
13.00
1753.10
0.00
1753.10
599.70
-699.20
0.00
0.00
0.00
0.00
5311.90
4861.00
580.00
4281.00
81.30
5043.10
820.50
97.50
32.00
4093.10
0.00
4093.10
599.70
0.00
-141.60
0.00
0.00
0.00
0.00
2164.70
1803.00
250.00
1553.00
32.90
1987.70
70.00
0.00
10.00
1907.70
0.00
1907.70
599.70
-840.80
1595.90
0.00
0.00
0.00
5571.70
6972.50
801.80
6170.70
114.20
7939.20
890.00
90.00
42.00
6917.20
0.00
6917.20
1199.40
0.00
327.60
0.00
0.00
0.00
0.00
1968.70
2288.70
260.00
2028.70
27.90
2220.30
516.00
0.00
0.00
1704.30
0.00
1704.30
1554.60
0.00
4.09
4.09
7.80
7.80
0.00
5.85
5.85
13.65
13.65
0.00
6.36
6.36
23.07
23.07
0.00
5.68
5.68
299.85
299.85
299.85
299.85
299.86
299.86
299.86
299.85
299.85
299.85
299.85
299.86
299.86
299.86
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1772.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2005-06
2005-06
JAS
6-m (Apr-Sep)
42.07%
45.65%
4.52%
5.21%
0.00%
0.00%
1.27%
-0.24%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.76%
24.86%
3.20%
2.62%
0.25%
0.23%
3.96%
4.00%
0.74%
0.73%
0.23%
0.74%
316.00
631.00
17.08%
18.26%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2005-06
2005-06
OND
9-m (Apr-Dec)
58.13%
50.26%
4.51%
4.95%
0.00%
0.00%
-8.55%
-3.31%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.55%
25.11%
2.95%
2.74%
0.65%
0.38%
3.68%
3.88%
0.00%
0.46%
9.54%
3.99%
287.00
918.00
21.11%
19.17%
0.00
0.00
0.00
0.00
0.00
2005-06
2005-06
JFM
Annual(Apr-Mar)
51.16%
48.82%
4.89%
5.18%
0.00%
0.00%
-1.63%
-2.91%
0.00%
5.52%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.86%
19.27%
2.87%
2.77%
0.38%
0.39%
0.80%
3.08%
0.00%
0.31%
5.37%
6.51%
70.00
980.00
15.88%
4.51%
14.42%
1.46%
0.00
0.00
0.00
0.00
0.00
2006-07
AMJ
40.97%
5.94%
0.00%
3.79%
0.00%
0.00%
0.00%
0.00%
22.80%
3.01%
0.32%
5.98%
0.00%
2.54%
516.00
25.44%
% of subsidaries income
Subsidaires income
Actual Total Sales
2006-07
2006-07
2006-07
2006-07
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
0.00
0.00
17596.90
409.40
13032.20
7605.00
951.60
0.00
0.00
0.00
8805.40
261.30
6612.70
4646.60
457.90
0.00
0.00
0.00
26402.30
670.70
19644.90
12251.60
1409.50
0.00
38.9
0.00
0.00
0.00
0.00
2140.40
2276.00
245.00
2031.00
15.60
2205.30
402.50
0.00
0.00
1802.80
0.00
1802.80
1554.60
366.50
0.00
0.00
0.00
0.00
4109.10
4564.70
505.00
4059.70
43.50
4425.60
918.50
0.00
0.00
3507.10
0.00
3507.10
1554.60
0.00
-312.9
0.00
0.00
0.00
0.00
1821.10
2192.70
275.00
1917.70
13.20
2165.80
322.00
0.00
0.00
1843.80
0.00
1843.80
1554.60
53.60
0.00
0.00
0.00
0.00
5930.20
6757.40
780.00
5977.40
56.70
6591.40
1240.50
0.00
0.00
5350.90
0.00
5350.90
1554.60
0.00
2.32
2.32
4.52
4.52
0.00
2.37
2.37
2006-07
JFM
Annual(Apr-Mar)
0.00
0.00
0.00
0.00
9384.70
34382.40
220.60
2305.50
7914.80
27843.10
4690.10
17255.80
433.40
1845.90
0.00
0.00
2006-07
0.00
0.00
8961.10
189.90
6685.10
4067.30
438.50
0.00
0.00
100.00%
26011.30
26011.30
6.89
6.89
284.6
0.00
0.00
0.00
0.00
2506.70
1469.90
260.80
1209.10
12.90
1416.80
159.50
0.00
0.00
1257.30
0.00
1257.30
1554.60
0.00
1.62
1.62
338.20
1733.20
0.00
0.00
0.00
6670.00
6539.30
1033.70
5505.60
69.50
7741.60
1217.50
147.00
35.00
6342.10
0.00
6342.10
1554.60
0.00
8.16
8.16
776.40
776.40
776.40
776.40
777.24
777.24
776.40
776.40
776.40
776.40
777.24
777.24
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1818.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2006-07
JAS
45.39%
4.89%
0.00%
0.43%
0.00%
0.00%
0.00%
0.00%
23.89%
2.73%
0.17%
4.49%
0.00%
2.12%
402.50
2006-07
6-m (Apr-Sep)
43.22%
5.41%
0.00%
2.08%
0.00%
0.00%
0.00%
0.00%
23.35%
2.87%
0.25%
5.22%
0.00%
2.33%
918.50
2006-07
OND
52.77%
5.20%
0.00%
-3.55%
0.00%
0.00%
0.00%
0.00%
20.68%
3.12%
0.15%
3.66%
0.00%
2.97%
322.00
2006-07
9-m (Apr-Dec)
46.40%
5.34%
0.00%
0.20%
0.00%
0.00%
0.00%
0.00%
22.46%
2.95%
0.21%
4.70%
0.00%
2.54%
1240.50
19.82%
22.62%
16.79%
20.75%
0.00
0.00
0.00
0.00
0.00
0.00
2006-07
2006-07
JFM
Annual(Apr-Mar)
49.98%
50.19%
4.62%
5.37%
0.00%
0.00%
3.03%
0.98%
0.00%
5.04%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.71%
19.40%
2.78%
3.01%
0.14%
0.20%
1.70%
3.54%
0.00%
0.43%
2.35%
6.71%
159.50
1364.50
24.78%
13.19%
22.11%
2.67%
2007-08
AMJ
0.00
0.00
9018.30
185.40
7411.40
4694.40
645.70
2007-08
2007-08
JAS
6-m (Apr-Sep)
0.00
0.00
0.00
0.00
10983.90
20002.20
418.20
603.60
8743.70
16155.10
4309.50
9003.90
529.00
1174.70
1293.10
1293.10
-202.2
0.00
0.00
0.00
0.00
2273.50
1606.90
302.50
1304.40
8.20
1481.60
284.00
0.00
0.00
1197.60
0.00
1197.60
1554.60
-123.10
0.00
0.00
0.00
0.00
2735.20
2240.20
327.50
1912.70
23.70
2307.20
401.00
0.00
0.00
1906.20
0.00
1906.20
1554.60
0.00
0.00
1.54
1.54
2.45
2.45
-325.30
0.00
0.00
0.00
0.00
5008.70
3847.10
630.00
3217.10
31.90
3788.80
685.00
0.00
0.00
3103.80
0.00
3103.80
1554.60
0.00
3.99
3.99
2007-08
2007-08
OND
9-m (Apr-Dec)
0.00
0.00
0.00
0.00
11044.90
31047.10
242.00
845.60
8422.40
24577.50
4129.80
13133.70
638.10
1812.80
1019.40
2312.50
-4.9
0.00
0.00
0.00
0.00
2640.00
2622.50
329.60
2292.90
38.40
2496.50
390.00
0.00
0.00
2106.50
0.00
2106.50
1554.60
0.00
2.71
2.71
-330.20
0.00
0.00
0.00
0.00
7648.70
6469.60
959.60
5510.00
70.30
6285.30
1075.00
0.00
0.00
5210.30
0.00
5210.30
1554.60
0.00
6.70
6.70
2007-08
JFM
0.00
0.00
11221.00
406.70
9194.10
4553.20
730.30
1149.80
-2.80
0.00
0.00
0.00
0.00
2763.60
2026.90
366.70
1660.20
45.60
2021.30
226.80
0.00
0.00
1794.50
0.00
1794.50
1554.60
0.00
2.31
2.31
777.24
777.35
777.35
777.35
777.35
777.35
777.24
777.35
777.35
777.35
777.35
777.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2007-08E
AMJ
52.05%
7.16%
0.00%
-2.24%
0.00%
0.00%
0.00%
0.00%
25.21%
3.35%
0.09%
3.15%
0.00%
2.06%
2007-08E
JAS
39.23%
4.82%
11.77%
-1.12%
0.00%
0.00%
0.00%
0.00%
24.90%
2.98%
0.22%
3.65%
0.00%
3.81%
2007-08E
6-m (Apr-Sep)
45.01%
5.87%
6.46%
-1.63%
0.00%
0.00%
0.00%
0.00%
25.04%
3.15%
0.16%
3.42%
0.00%
3.02%
2007-08E
OND
37.39%
5.78%
9.23%
-0.04%
0.00%
0.00%
0.00%
0.00%
23.90%
2.98%
0.35%
3.53%
0.00%
2.19%
2007-08E
9-m (Apr-Dec)
42.30%
5.84%
7.45%
-1.06%
0.00%
0.00%
0.00%
0.00%
24.64%
3.09%
0.23%
3.46%
0.00%
2.72%
2007-08E
JFM
40.58%
6.51%
10.25%
-0.02%
0.00%
0.00%
0.00%
0.00%
24.63%
3.27%
0.41%
2.02%
0.00%
3.62%
21.77%
20.97%
21.29%
17.01%
19.51%
13.66%
2007-08
2008-09
2008-09E
2008-09E
2008-09E
2008-09E
Annual(Apr-Mar)
AMJ
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
0.00
0.00
42268.10
1252.30
35885.00
17686.90
2543.10
3462.30
12071.20
0.00
12071.20
170.20
10598.10
4503.70
845.00
1612.90
11767.44
0.00
11767.44
409.92
8983.79
5199.50
819.01
23838.64
0.00
23838.64
580.12
19581.89
9703.20
1664.01
1612.90
12748.06
0.00
12748.06
-333.00
2113.40
0.00
0.00
0.00
10412.30
6383.10
1326.30
5056.80
115.90
6193.20
1301.80
0.00
0.00
4891.40
0.00
4891.40
1554.60
0.00
0.00
0.00
746.60
0.00
0.00
2889.90
1473.10
382.30
1090.80
36.60
1224.40
305.00
0.00
0.00
919.40
0.00
919.40
1554.60
0.00
0.00
0.00
0.00
746.60
0.00
0.00
5855.18
4256.75
744.73
3512.02
73.20
4018.94
722.08
0.00
0.00
3296.86
0.00
3296.86
0.00
1.18
1.18
6.29
6.29
777.35
777.35
0.00
0.00
1560.00
777.35
777.35
0.00
0.00
2965.28
2783.65
362.43
2421.22
36.60
2794.54
417.08
2377.46
2377.46
1554.60
0.00
3.06
3.06
4.24
4.24
777.35
777.35
0.00
0.00
363.31
6605.50
800.61
3086.29
12748.06
392.64
12355.42
36.60
12682.13
403.06
0.00
0.00
12279.07
0.00
12279.07
1554.60
0.00
15.80
15.80
36586.70
0.00
36586.70
943.43
30074.29
16308.70
2464.62
1612.90
0.00
0.00
746.60
0.00
0.00
8941.47
6512.41
1137.37
5375.04
109.80
6208.67
1125.14
0.00
0.00
5083.53
0.00
5083.53
0.00
6.54
6.54
777.35
777.35
777.35
777.35
777.35
777.35
0.00
0.00
0.00
0.00
0.00
2007-08E
Annual(Apr-Mar)
41.84%
6.02%
8.19%
-0.79%
5.00%
0.00%
0.00%
0.00%
24.63%
3.14%
0.27%
3.08%
0.00%
2.96%
1301.80
25.74%
25.74%
0.00%
2008-09E
AMJ
37.31%
7.00%
13.36%
0.00%
0.00%
6.18%
0.00%
0.00%
23.94%
3.17%
0.30%
2.53%
0.00%
1.41%
2008-09E
JAS
44.19%
6.96%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.20%
3.08%
0.31%
3.54%
0.00%
3.48%
2008-09E
6-m (Apr-Sep)
40.70%
6.98%
6.77%
0.00%
0.00%
3.13%
0.00%
0.00%
24.56%
3.12%
0.31%
3.03%
0.00%
2.43%
2008-09E
OND
51.82%
6.28%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.21%
3.08%
0.29%
3.16%
0.00%
2.85%
2008-09E
9-m (Apr-Dec)
44.58%
6.74%
4.41%
0.00%
0.00%
2.04%
0.00%
0.00%
24.44%
3.11%
0.30%
3.08%
0.00%
2.58%
27.96%
17.23%
20.56%
3.26%
20.93%
2008-09E
2008-09E
2009-10E
2009-10E
2009-10E
2009-10E
JFM
Annual(Apr-Mar)
AMJ
JAS
6-m (Apr-Sep)
OND
12444.50
0.00
12444.50
457.90
5475.88
815.02
0.00
3103.65
12444.50
509.97
11934.53
68.91
12323.52
232.87
0.00
0.00
12090.65
0.00
12090.65
1554.60
0.00
15.55
15.55
49031.20 13194.24
0.00
0.00
49031.20 13194.24
1401.33
329.85
41479.12
10093.56
21784.58
6056.13
3279.64
835.19
1612.90
-441.27
2451.55
746.60
0.00
0.00
12045.12
7552.08
1647.34
5904.74
178.71
7127.36
1358.01
0.00
0.00
5769.35
0.00
5769.35
1554.60
0.00
3.37
3.37
7.42
7.42
777.35
777.35
777.35
777.35
0.00
0.00
0.00
3202.24
3100.68
439.15
2661.53
60.32
2931.06
308.59
0.00
0.00
2622.47
0.00
2622.47
1554.60
0.00
0.00
2019.27
777.35
777.35
0.00
0.00
13767.9
26962.14
14530.88
0.00
13767.90
514.91
10614.66
6025.60
1078.26
0.00
0.00
26962.14 14530.88
844.76
305.13
20708.22
10914.02
12081.73 6393.50
1913.45 1002.62
3510.80
3153.24
449.49
2703.75
60.31
3158.35
433.80
0.00
0.00
2724.55
0.00
2724.55
1554.60
0.00
6713.04
6253.92
888.64
5365.28
120.63
6089.41
742.39
0.00
0.00
5347.02
0.00
5347.02
3109.20
0.00
3.50
3.50
777.35
777.35
0.00
6.88
6.88
3517.90
3616.86
474.40
3142.46
60.31
3387.28
416.58
0.00
0.00
2970.70
0.00
2970.70
4663.80
0.00
3.82
3.82
777.35
777.35
777.35
777.35
0.00
0.00
0.00
0.00
0.35
2008-09E
2008-09E
JFM
Annual(Apr-Mar)
44.00%
44.43%
6.55%
6.69%
0.00%
3.29%
0.00%
-0.90%
0.00%
5.00%
0.00%
1.52%
0.00%
0.00%
0.00%
0.00%
24.94%
24.57%
4.10%
3.36%
0.55%
0.36%
1.87%
2.77%
0.00%
0.00%
3.68%
2.86%
1358.01
23.00%
1.95%
23.00%
0.00%
2009-10E
AMJ
45.90%
6.33%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.27%
3.33%
0.46%
2.34%
0.00%
2.50%
2009-10E
JAS
43.77%
7.83%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.50%
3.26%
0.44%
3.15%
0.00%
3.74%
2009-10E
6-m (Apr-Sep)
44.81%
7.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.90%
3.30%
0.45%
2.75%
0.00%
3.13%
2009-10E
OND
44.00%
6.90%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.21%
3.26%
0.42%
2.87%
0.00%
2.10%
11.59%
16.04%
13.84%
13.26%
2009-10E
2009-10E
2009-10E
2010-11E
2011-12E
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
Annual(Apr-Mar)
Annual(Apr-Mar)
41493.02
15873.25
57366.27
65971.21
75866.89
0.00
0.00
41493.02 15873.25
1149.89
776.03
31622.24
18475.23 7563.72
2916.07 1031.76
0.00
57366.27
1925.92
46697.07
26038.95
3947.83
0.00
65971.21
2646.20
54918.20
30346.75
4667.20
0.00
75866.89
3572.20
63610.16
34898.76
5416.80
-552.44
3022.21
-679.77
3649.21
-836.81
4406.02
14240.52
10669.20
2047.97
8621.23
241.25
10305.90
1397.07
0.00
0.00
8908.83
0.00
8908.83
4663.80
0.00
0.00
0.00
16934.81
11053.01
2496.71
8556.30
325.69
10876.81
1444.91
0.00
0.00
9431.90
0.00
9431.90
1554.60
0.00
0.00
0.00
19725.39
12256.73
3043.20
9213.53
439.69
12346.04
1494.40
0.00
0.00
10851.64
0.00
10851.64
1554.60
0.00
10230.94 4009.58
9870.78
15873.25
1363.04
684.93
8507.74
15188.32
180.94
60.31
9476.69
15904.04
1158.97
238.10
0.00
0.00
0.00
0.00
8317.72 15665.94
0.00
0.00
8317.72 15665.94
4663.80
0.00
0.00
10.70
10.70
20.15
20.15
777.35
777.35
777.35
777.35
777.35
777.35
0.00
0.00
12.13
12.13
11.46
11.46
777.35
777.35
0.00
0.00
0.00
0.00
0.00
3118.09
13.96
13.96
777.35
777.35
0.00
0.00
0.35
2009-10E
9-m (Apr-Dec)
44.53%
7.03%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.66%
3.28%
0.44%
2.79%
0.00%
2.77%
2009-10E
JFM
47.65%
6.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.26%
4.31%
0.38%
1.50%
0.00%
4.89%
13.62%
1.57%
2009-10E
Annual(Apr-Mar)
45.39%
6.88%
0.00%
-0.96%
5.27%
0.00%
0.00%
0.00%
24.82%
3.57%
0.42%
2.44%
0.00%
3.36%
1397.07
16.20%
16.20%
0.00%
Actuals
Projected
Company - CIPLA
Net sales
YOY
YOY
YOY
YOY
YOY
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08E
FY 2006-07
Growth%
FY 2008-09E
FY 2007-08E
Growth%
6211.70
6717.00
-7.52%
6717.00
6211.70
8.13%
8961.10
6717.00
33.41%
10313.37
8961.10
15.09%
12363.47
10313.37
19.88%
11894.10
13345.10
-10.87%
13345.10
6211.70
114.84%
17596.90
13345.10
31.86%
20213.31
17596.90
14.87%
24394.27
20213.31
20.68%
6413.80
7806.20
-17.84%
0.00
6413.80
-100.00%
8805.40
7806.20
12.80%
6163.451071
8805.40
-30.00%
4064.22
6163.45
-34.06%
9 months
18307.90
21151.30
-13.44%
13345.10
12625.50
5.70%
26402.30
21151.30
24.83%
26376.76
26402.30
-0.10%
28458.49
26376.76
7.89%
Segments
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
9 months
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0
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0
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0.00
0.00
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0.00
0.00
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0
0.00
#DIV/0!
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
Other Sales
Net sales
FY 2004-05
FY 2003-04
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
9 months
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9 months
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Segments
Hoteliering
Net sales
FY 2004-05
FY 2003-04
9 months
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
Air Catering
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
Other Sales
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
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0
0.00
#DIV/0!
0
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
0
0.00
#DIV/0!
9 months
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9 months
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#DIV/0!
#DIV/0!
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
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#DIV/0!
click to go back
Q4 JFM
5695.40
8705.90
-34.58%
0.00
5349.80
-100.00%
9384.70
8705.90
7.80%
6263.26
9384.70
-33.26%
3706.51
6263.26
-40.82%
Q4 JFM
12 months
24003.30
29857.20
-19.61%
13345.10
17975.30
-25.76%
35787.00
29857.20
19.86%
32640.02
34382.40
-5.07%
32165.01
32640.02
-1.46%
12 months
#DIV/0!
#DIV/0!
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0.00
0.00
#DIV/0!
0
0.00
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
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Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
0
0.00
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
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Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
2004-05
Q1 AMJ
Q2 JAS
Q3 OND
Q4 JFM
2004-05Q1 AMJ
2004-05Q2 JAS
2004-05Q3 OND
2004-05Q4 JFM
2005-06Q1 AMJ
2005-06Q2 JAS
2005-06Q3 OND
2005-06Q4 JFM
2006-07Q1 AMJ
2006-07Q2 JAS
2006-07Q3 OND
2006-07Q4 JFM
FY 2007-08EQ1 AMJ
FY 2007-08EQ2 JAS
FY 2007-08EQ3 OND
FY 2007-08EQ4 JFM
FY 2008-09EQ1 AMJ
FY 2008-09EQ2 JAS
FY 2008-09EQ3 OND
FY 2008-09EQ4 JFM
2005-06
2006-07
-14.27%
-7.52%
-17.84%
-34.58%
16.64%
8.13%
-100.00%
-100.00%
30.29%
33.41%
24.83%
7.80%
14.64%
15.09%
-30.00%
-33.26%
21.52%
19.88%
-34.06%
-40.82%
-14.27%
16.64%
30.29%
14.64%
21.52%
10.89%
20.52%
3.75%
1.00%
-7.52%
8.13%
33.41%
15.09%
11.34%
18.88%
3.75%
1.00%
FY 2008-09EQ2 JAS
19.88%
-17.84%
-100.00%
24.83%
-30.00%
-34.06%
2004-05Q4 JFM
2005-06Q4 JFM
2006-07Q4 JFM
FY 2007-08EQ4 JFM
FY 2008-09EQ4 JFM
-34.58%
-100.00%
7.80%
-33.26%
-40.82%
-31.00%
-35.06%
1.00%
1.00%
-42.26%
-41.82%
9.00%
1.00%
2004
2005
223884
185502
248416
225394
10.96%
21.50%
June
223122
632508
272456
253301
226773
752530
307447
385238
417527
1110212
337345
331697
293185
962227
July
August
September
October
November
December
January
February
March
Year
2001
2002
2003
2006
Domestic Tourists
236.47
269.60
309.04
420.00
246970
720780
307870
273856
257184
838910
347757
423837
479411
1251005
385977
369844
352094
1107915
10.69%
13.96%
13.00%
8.11%
13.41%
11.48%
13.11%
10.02%
14.82%
12.68%
14.42%
11.50%
20.09%
15.14%
183.53
0.78
0.16
60.00%
40.00%
20.00%
0.00%
1
10 11 12
-20.00%
Series1
-40.00%
Linear (Series1)
-60.00%
-80.00%
-100.00%
-100.00%
-120.00%
-120.00%
40.00%
30.00%
20.00%
Series1
10.00%
Linear
(Series1)
0.00%
1
-10.00%
-20.00%
40.00%
30.00%
20.00%
Series1
10.00%
0.00%
-10.00%
Linear
(Series1)
-10.00%
(Series1)
-20.00%
50.00%
0.00%
1
Series1
-50.00%
Linear
(Series1)
-100.00%
-150.00%
50.00%
0.00%
-50.00%
Series1
Linear
(Series1)
-100.00%
-150.00%
RRIVAL (Nos.)
2006
309208
255008
2007
24.47%
13.14%
333945
267758
8.00%
5.00%
Avg grw
278370
842586
337332
304387
297891
939610
391399
442413
547488
1381300
459489
439090
391009
1289588
12.71%
16.90%
9.57%
11.15%
15.83%
12.00%
12.55%
4.38%
14.20%
10.42%
19.05%
18.72%
11.05%
16.40%
310104
911807
377474
360089
325893
1063456
440715
510987
#REF!
#REF!
532088
498806
444186
1475080
11.40%
8.22%
11.90%
18.30%
9.40%
13.18%
12.60%
15.50%
#REF!
15.80%
13.60%
13.60%
14.38%
13.02%
12.22%
11.55%
15.31%
operating matrices
foreign currency
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
-80.00%
-100.00%
-120.00%
1 2 3 4 5 6 7 8 9 1011121314151617181920
Series1
Linear (Series1)
COMPANY -CIPLA
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
EPS
4.1
3.1
4.2
5.7
PAT
6342.1
4891.4
6515.9
8908.8
Shareholders Equity(NW)
32362.7
37558.2
41793.6
50702.4
EBIT
5505.6
5056.8
6651.3
8621.2
Total Asset-CL
25312.20
32377.90
36487.47
43548.34
PAT
6342.1
4891.4
6515.9
8908.8
EPS
4.1
3.1
4.2
5.7
click to go back
P/ E
57.8
69.8
52.4
38.3
ROE
19.60%
13.02%
15.59%
17.57%
ROCE
21.75%
15.62%
18.23%
19.80%
NO.of Outstanding
Shares (Incl. CD)
1554.60
1554.60
1554.60
1554.60
COMPANY - CIPLA
click to go back
2003-04
2004-05
2005-06
As a percentage of Turnover
Annual(Apr-Mar) Annual(Apr-Mar) Annual(Apr-Mar)
Consumption of Raw Materials
46.43%
53.54%
48.82%
Consumption of Raw Materials
4.56%
5.36%
5.18%
Staff Cost
0.00%
0.00%
0.00%
Purchase of Trade Goods
1.40%
-3.22%
-2.91%
(Increase) / Decrease In Stock In Trade & WIP
0.00%
0.00%
5.52%
Manufacturing Expenses
0.00%
0.00%
0.00%
Foreign Exchange (Gain) / Loss (Net)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
27.42%
24.97%
19.27%
Other expenditure
1.77%
2.52%
2.77%
Interest & Financial Charges
0.50%
0.35%
0.39%
Provision for Current Tax (incl. FBT)
3.79%
3.76%
3.08%
Provision for deferred Tax
0.58%
1.05%
0.31%
Other income% of revenue
1.68%
7.12%
6.51%
As a percentage of Turnover
Consumption of Raw Materials
Staff Cost
Purchase of Trade Goods
(Increase) / Decrease In Stock In Trade & WIP
Manufacturing Expenses
Foreign Exchange (Gain) / Loss (Net)
Other expenditure
Depreciation
Interest & Financial Charges
Provision for Current Tax (incl. FBT)
Provision for deferred Tax
Other income% of revenue
2004-05
AMJ
50.32%
5.31%
0.00%
-2.69%
0.00%
0.00%
0.00%
0.00%
28.28%
2.29%
0.24%
3.96%
0.44%
2.09%
2005-06
AMJ
49.29%
5.92%
0.00%
-1.77%
0.00%
0.00%
0.00%
0.00%
23.95%
2.04%
0.21%
4.04%
0.72%
1.26%
2006-07
2007-08
2009
Annual(Apr-Mar) Annual(Apr-Mar)
50.19%
41.84%
44.77%
5.37%
6.02%
6.44%
0.00%
8.19%
8.76%
0.98%
-0.79%
-0.84%
5.04%
5.00%
5.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
19.40%
24.63%
26.36%
3.01%
3.14%
3.36%
0.20%
0.27%
0.29%
3.54%
3.08%
3.30%
0.43%
0.00%
0.00%
6.71%
2.96%
3.17%
2006-07
AMJ
40.97%
5.94%
0.00%
3.79%
0.00%
0.00%
0.00%
0.00%
22.80%
3.01%
0.32%
5.98%
0.00%
2.54%
2007-08
AMJ
52.05%
7.16%
0.00%
-2.24%
0.00%
0.00%
0.00%
0.00%
25.21%
3.35%
0.09%
3.15%
0.00%
2.06%
2009
55.70%
7.16%
0.00%
-2.26%
0.00%
0.00%
0.00%
0.00%
25.71%
3.35%
0.09%
3.15%
0.00%
2.06%
2004-05
2005-06
2006-07
6-m (Apr-Sep) 6-m (Apr-Sep) 6-m (Apr-Sep)
50.98%
45.65%
43.22%
4.90%
5.21%
5.41%
0.00%
0.00%
0.00%
-1.89%
-0.24%
2.08%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.25%
24.86%
23.35%
2.22%
2.62%
2.87%
0.46%
0.23%
0.25%
3.74%
4.00%
5.22%
0.78%
0.73%
0.00%
1.68%
0.74%
2.33%
2004-05
JAS
51.63%
4.51%
0.00%
-1.10%
0.00%
0.00%
0.00%
0.00%
22.28%
2.15%
0.68%
3.53%
1.12%
1.28%
2005-06
JAS
42.07%
4.52%
0.00%
1.27%
0.00%
0.00%
0.00%
0.00%
25.76%
3.20%
0.25%
3.96%
0.74%
0.23%
2006-07
JAS
45.39%
4.89%
0.00%
0.43%
0.00%
0.00%
0.00%
0.00%
23.89%
2.73%
0.17%
4.49%
0.00%
2.12%
2007-08
6-m (Apr-Sep)
45.01%
5.87%
6.46%
-1.63%
0.00%
0.00%
0.00%
0.00%
25.04%
3.15%
0.16%
3.42%
0.00%
3.02%
2009
Considered
2007-08
2009
JAS
39.23% 39.63%
4.82%
4.82%
11.77% 12.48%
-1.12% -1.14%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.90% 25.40%
2.98%
2.98%
0.22%
0.22%
3.65%
3.65%
0.00%
0.00%
3.81%
3.81%
2004-05
2005-06
2006-07
2007-08
9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec)
51.23%
50.26%
46.40%
42.30%
4.86%
4.95%
5.34%
5.84%
0.00%
0.00%
0.00%
7.45%
-1.07%
-3.31%
0.20%
-1.06%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.41%
25.11%
22.46%
24.64%
2.19%
2.74%
2.95%
3.09%
0.38%
0.38%
0.21%
0.23%
3.31%
3.88%
4.70%
3.46%
0.93%
0.46%
0.00%
0.00%
3.46%
3.99%
2.54%
2.72%
2004-05
OND
51.70%
4.77%
0.00%
0.52%
0.00%
0.00%
0.00%
0.00%
22.79%
2.14%
0.21%
2.47%
1.22%
6.91%
2005-06
OND
58.13%
4.51%
0.00%
-8.55%
0.00%
0.00%
0.00%
0.00%
25.55%
2.95%
0.65%
3.68%
0.00%
9.54%
2006-07
OND
52.77%
5.20%
0.00%
-3.55%
0.00%
0.00%
0.00%
0.00%
20.68%
3.12%
0.15%
3.66%
0.00%
2.97%
2007-08
2009
OND
37.39% 39.26%
5.78%
5.78%
9.23%
9.88%
-0.04% -0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
23.90% 24.38%
2.98%
2.98%
0.35%
0.35%
3.53%
3.53%
0.00%
0.00%
2.19%
2.19%
2007-08
JFM
40.58%
6.51%
10.25%
-0.02%
0.00%
0.00%
0.00%
0.00%
24.63%
3.27%
0.41%
2.02%
0.00%
3.62%
2009
42.61%
6.51%
10.96%
-0.03%
0.00%
0.00%
0.00%
0.00%
25.12%
3.27%
0.41%
2.02%
0.00%
3.62%
Financial Ratios
FY04
FY05
FY06
Profitability Ratios
Return on Assets (ROA)
Return on Equity (ROE)
Return on Capital Employed (ROCE)
Dupont Analysis-ROE Decomposition
PAT/PBT (Tax Efficiency)
PBT/EBIT (Interest Burden)
EBIT/Sales (OPM)
Sales/Total Assets (Asset Turnover)
TA/NW (Financial Leverage)
ROE
FY08
FY09(E)
55.91%
94.01%
77.32%
20.00%
34.88%
24.20%
14.37%
19.60%
15.85%
8.53%
13.02%
11.27%
10.89%
15.59%
13.81%
0.93
1.02
0.60
#REF!
#REF!
#REF!
0.93
1.10
0.65
0.84
1.68
94.01
0.87
1.29
0.21
0.84
1.74
34.88
0.82
1.41
0.16
0.78
1.36
19.60
0.79
1.22
0.12
0.74
1.53
13.02
0.83
1.18
0.14
0.82
1.43
15.59
Liquidity Ratios
Current Ratio
Acid Test Ratio
Debt-Equity Ratio
#REF!
#REF!
#REF!
2.25
1.29
0.18
2.52
1.47
0.29
3.01
1.97
0.07
3.00
2.10
0.19
3.39
2.40
0.15
Efficiency Ratios
Assets Turnover Ratio
Working Capital Turnover Ratio
F.A. Turnover Ratio
C.A. Turnover Ratio
Debtors Velocity
#REF!
#REF!
#REF!
#REF!
#REF!
0.84
2.25
2.58
1.25
98.28
0.84
2.09
2.53
1.26
110.58
0.78
1.82
2.35
1.21
109.21
0.74
1.69
2.23
1.13
120.37
0.82
1.76
2.59
1.24
106.27
62.07%
61.47%
57.10%
67.53%
71.77%
66.96%
24.11%
27.46%
23.92%
19.02%
22.52%
18.45%
15.10%
14.65%
11.57%
16.93%
16.06%
13.29%
0.00%
0.00%
0.00%
0.00%
5.89%
15.21%
24.16%
-37.92%
32.55%
-52.66%
-52.64%
-52.64%
18.91%
-6.21%
-8.31%
-29.26%
22.94%
-2.39%
-22.87%
-22.87%
16.00%
30.01%
33.21%
33.21%
124.78
98.28
9594.00
120.81
110.58
13396.00
103.89
109.21
17619.30
96.76
120.37
24169.90
86.50
106.27
26953.51
2.73%
9.92%
23.71%
29.78%
20.22%
17.80%
19.62
12.18
5.77
4.08
3.15
4.19
#REF!
#REF!
#REF!
FY07
#REF!
#REF!
#REF!
CEPS
DPS
BVPS
Cash Per Share
20.22
1.50
#REF!
#REF!
12.64
0.88
12.95
0.09
6.44
1.48
16.54
0.37
0.47
0.12
2.08
0.85
0.40
0.10
2.42
0.51
0.53
0.15
2.69
0.62
FY10(E)
12.31%
17.57%
14.88%
0.86
1.20
0.15
0.79
1.43
17.57
2.98
2.09
0.14
0.79
2.01
2.12
1.34
96.51
18.60%
17.97%
15.53%
17.00%
28.57%
36.72%
36.72%
81.57
96.51
27825.96
18.69%
5.73
0.70
0.00
3.26
0.46
CIPLA
Key Financials *
FY 06
FY 07
FY08
Rs. in bln
FY09E
Net sales
%Growth
EBITDA
EBITDA Margin %
Adjusted PAT
%Growth
Net profit margin %
EPS (based on Adj.Pat)*
Book value per share *
28.91
34.38
42.27
32.55%
18.91%
22.94%
6.97
6.54
6.38
24.11%
19.02%
15.10%
6.92
6.34
4.89
-52.64%
-8.31%
-22.87%
23.92%
18.45%
11.57%
5.77
0.41
0.31
16.54
2.08
2.42
Return on equity
34.88%
19.60%
13.02%
(*share split in the year FY07 from Rs.10 per share to Re.1 per share)
FY 06
661.95
114.78
40.03
114.62
27.64
FY 07
235.70
577.76
113.22
560.49
106.60
FY08
219.75
698.42
90.96
575.06
86.84
49.03
16.00%
8.30
16.93%
6.52
33.21%
13.29%
0.42
2.69
15.59%
FY09E
219.75
524.29
81.74
442.19
74.84
Key data
Face value (Rs.)
Shares outstanding (mn)
Market cap (Rs. In bln)
52 week high/low (Rs.)
BSE Code
NSE Code
Bloomberg Code
Reuters Code
click to go back
Valuation Inputs
Price as on March 31 (Rs)
No of Outstanding Shares
Market Capitalisation
Debt
Cash & Equivalents
Enterprise Value
EBITDA
Sales
EV/EBITDA
EV/Sales
Share split
FY04
380.00
599.70
227886.00
#REF!
#REF!
#REF!
12785.80
20600.10
#REF!
#REF!
FY05
629.70
1199.40
755262.18
2801.40
112.00
757951.58
14730.06
21812.60
51.46
34.75
FY06
661.95
1199.40
793942.83
5668.60
444.80
799166.63
6972.50
28913.60
114.62
27.64
FY07
235.70
15546.00
3664192.20
2362.10
1314.90
3665239.40
6539.30
34382.40
560.49
106.60
FY08
235.70
15546.00
3664192.20
7296.80
792.80
3670696.20
6383.10
42268.10
575.06
86.84
Rs. In million
FY09(E)
235.70
15546.00
3664192.20
6371.00
961.66
3669601.54
8298.68
49031.20
442.19
74.84
FY10(E)
235.70
15546.00
3664192.20
7246.65
713.26
3670725.59
10669.20
57366.27
344.05
63.99
PAT
Shareholders Equity (Networth)
FY04
11763.50
#REF!
#REF!
Price/Book Value
Price
Book Value
Cost of Equity (COE or Ke)
Beta of the stock
Rf (2017 GS Bonds)
Rm
Risk Premium
Growth (g) =
FY05
14605.64
15,536.30
FY06
6917.20
19,832.70
FY07
6342.10
32,362.70
FY08
4891.40
37,558.20
FY09(E)
6515.95
41,793.57
94.01%
34.88%
19.60%
13.02%
15.59%
105.52
235.70
2.23
17.44%
0.5916
7.94%
2.50%
7.00%
17.42%
click to go back
FY10(E)
8908.83
50,702.40
17.57%
Home
Relative Valuation
Home
Operating Metrics
key
FY06
FY07
FY08
FY09
FY10
Net sales
28.91
34.38
42.27
49.03
57.37
%Growth
32.55%
18.91%
22.94%
16.00%
17.00%
EBITDA
6.97
6.54
6.38
8.3
10.67
EBITDA Margin
24.11%
%
19.02%
15.10%
16.93%
18.60%
Adjusted PAT
6.92
6.34
4.89
6.52
8.91
%Growth
-52.64%
-8.31%
-22.87%
33.21%
36.72%
Net profit margin
23.92%
%
18.45%
11.57%
13.29%
15.53%
EPS (based on Adj.Pat)*
5.77
4.08
3.15
4.19
5.73
Book value per share
16.54*
2.08
2.42
2.69
3.26
Return on equity
34.88%
19.60%
13.02%
15.59%
17.57%