VALUATION OF THE COMPANY CIPLA SUBMITTED BY -------------------------ENROLLMENT NUMBER - -------------------
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Contents
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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
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Industry Assumption:
1. Indian pharmaceuticals industry is growing at the CAGR of 17%. 2.Improvement in average disposable income. 3.Custom duty on drug intermeduates and bulk drug cuts to 7.7% from 12.8%,.formulation 10 4. Indian pharma company has major number of USFDA approval 5. Indian pharma company has strong genric fundamentals. 6.Cost competitivness
Company assumptions:
1 2 3 4 5
The company plans to invest Rs 4 billion for setting up a pharmaceutical SEZ in G The Aids Healthcare Foundation, an American NGO, alleged that Cipla is exportin Cipla’s paediatric version of triple-combination AIDS drug ‘Triomune’ can now be 8 to 10 ANDA in each of the next three years Working with strategic patners to file 172 dosage form registration in Europe. 6. company has started commercial production in sikkim unit for tablet segment
o 7.7% from 12.8%,.formulation 10.3% from 12.8%.
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.
ge form registration in Europe. n in sikkim unit for tablet segment
ndore and Rs 1.5 billion on developing formulation manufacturing facilities at Sikkim ar while the same for Indian patients costs over Rs 54,000.
1
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
2
3
4
5
6
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%
30 trading day period 60 trading day period 90 trading day period 120 trading day period 150 trading day period 251 trading day period
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
8
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
Coefficients Standard Error 129.1127568 3.580042294 0.000695523 0.000218706
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
0 year govt. bond AA+ corporate bond - ICRA Limited August 2007 isk premium
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
DCF VALUATION - CIPLA Assumptions
FY07
Revenue Growth (%) FCF Margin (%) Tax Rate (%) Capex/Sales
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
(as on August 31, 2007)
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
Book Value of Debt
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
Fundamental Value of Equity
182940.7
No of Outstanding Shares
777.29
Fundamental Value per share (Rs)
235.36
Sensitivity Analysis Continuing Rate WACC
10.00% 11%
Total Present Value Fundamental Value per share Continuing Rate WACC
10.00% 11.5%
Total Present Value Fundamental Value per share
1010234 1258.1
Continuing Rate WACC Total Present Value Fundamental Value per share Continuing Rate
Total Present Value Fundamental Value per share
608686 741.5
Total Present Value Fundamental Value per share Continuing Rate
Total Present Value Fundamental Value per share
282865 322.3
WACC
10.00% 14.0%
Total Present Value Fundamental Value per share
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
Continuing Growth (%)
Table 1: DCF Sensitivity
7.5 8 8.5 9 10
Weighted Average Cost of Capi 12 417.50 469.30 535.84 624.59 935.20
PLA
click to go back FY11E 15.0% 11.9% 15.9% 17.8%
FY12E 15.0% 24.0% 16.7% 5.2%
(as on August 31, 2007) Rs in m FY10(E) FY11(E) 57366.27 65971.21 8621.23 8556.30 15.03 12.97 2047.97 2496.71
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
Change in WC - for FY11E and FY12E Actuals Average of 3PY
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
FY08(E) FY09(E) FY10(E) FY11(E) FY12(E) 16.00% 17.00% 15.00% 15.00% 13.57% 15.03% 12.97% 12.14%
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
Assumed to grow in long term at GDP growth rate. RBI's Third Quarter Review keeps the growth of GDP at 8.5%
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%
Cash Flow Statement - CIPLA
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
Less: Direct Taxes Paid Others (provision for deferred tax) Net 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)
Cash Flow from Investing Activities Capital Expenditure (CAPEX) Investments Others Net Cash Used In Investing Activities Cash Flow from Financing Activities Change in Debt Change in Equity Dividends Paid Interest Paid Others (Securities premium on FCCB) (see note) Net Cash used in Financing Activities Net Increase in Cash and Cash Equivalents Cash and cash equivalents At the beginning
112
444.8
1314.9
Net Increase in Cash and Cash Equivalents Cash and cash equivalents At the end cash balance as per balance sheet difference
332.80 444.80
870.10 1314.90
-522.10 792.80
444.8 0.00
1314.9 0.00
792.8 0.00
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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)
(3596.06) (6359.64) (5083.86) 2723.61 (810.89) 2618.46 (872.45) (7170.53) (2465.40)
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
(10194.91) (3406.60) (7454.45) (1013.49) (239.54) (625.64) 0.00 0.00 0.00 (11208.40) (3646.14) (8080.09)
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
Balance Sheet - CIPLA Particulars Gross Asset Accumulated Depriciation Capital WIP Net Fixed Asset Investments & Deposits Current Asset
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
Current Liabilities & Provisions Net Current Asset Excluding Cash Miscellaneous Items Deffered Tax (Net) Capital Deployed
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
cash from cash flow statement difference between the two cash balance Closing Cash Balance from Cash Flow Stmt
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
Growth rate of assets
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
Invst as a %age of gross assets
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
9678.00 10495.45 11412.40
Average debors
#REF!
7316.40
9523.70 12113.45 14107.55
Average Loans and advances
#REF!
3964.15
5362.40
Average current liabilities
#REF!
8433.25
9247.35 10944.85 12077.10
8933.95 11717.05
21206.35 25363.10 31648.00 38325.25 45649.65
Cash turnover ratio
#REF!
91.10
35.97
36.37
52.04
Inventory turnover ratio
#REF!
2.98
3.27
3.65
4.00
Debtors turnover ratio
#REF!
3.47
3.32
3.16
3.24
Loans and advances turnover ratio #REF!
6.40
5.90
4.29
3.90
Current liabilites turnover ratio
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%
As %age of total liabilities
Interest cost
FY07
Assets as a percentage of sales
Average Net sales
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
Profit And Loss Statement - CIPLA Particulars Net Sales % Growth Total Revenue % Growth EXPENDITURES Staff Costs % of Net Sales Other Manufacturing/Operating costs % of Net Sales Miscellaneous Expenses % of Net Sales Total Expenditures % of Net Sales EBITDA EBITDA Margin % Growth % Depreciation & Amortisation EBIT Financial Charges Other Income PBT Pre-tax Margin % Tax Effective Tax Rate % Adjusted PAT Net Profit Margin % Growth in Adjusted PAT % Extrodinary Income Reported PAT Shares In Issue Adjusted EPS Growth % Dividend paid Dividend pay out ratio Net profit transferred to Reserves Acccount DPS
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
(UN)AUDITED FINANCIAL RESULTS FOR QUARTER ENDED 31st Jun/Sep/Dec/Mar (Rs. in millions, except per share data) Sr. Particulars No. 1 Turnover
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
8 Provision for Current Tax (incl. FBT)
780.00
225.00
9 Provision for deferred Tax
120.00
25.00
0.00
0.00
3137.70
792.60
0.00
0.00
3137.70
792.60
599.70
599.70
14 Reserves and surplus incl. revaluation reserve
0.00
0.00
15 Earning per share (each of Rs 10)
0.00
0.00
a) Basic
52.33
2.64
b) Diluted
52.33
2.64
Less Excise Duty
4 Total Operational Expenditure a) Consumption of Raw Materials b) Staff Cost c)
Purchase of Trade Goods
d) (Increase) / Decrease In Stock In Trade & WIP e) Manufacturing Expenses f) Foreign Exchange (Gain) / Loss (Net) g) h) g) Other expenditure 5 Operating Profit (PBDIT) Depreciation 6 PBIT Interest & Financial Charges 7 Profit before Tax
Others 10 Profit After Tax (Reported PAT) 11
0 Extra Ordinary Items
12 Net Profit (Adjusted PAT) 13 Paid up equity share Capital (Equity share of Rs 10 each)
16 Number of Outsanding Shares (of par value Rs 10) a
Basic
59.96
299.84
b
Diluted (Incl. of bonus & convertible debentures)
59.96
299.84
0.00
0.00
0.00 900.00
0.00
17 Share price (Current price) Market Capitalization 18 Dividend (Annual Data only)
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%
(Operating revenue excluding other income) Q1 AMJ Q2 JAS 6 months Q3 OND 5682.40 6628.10 -14.27% 6628.10 5682.40 16.64% 8635.80 6628.10 30.29% 9899.95 8635.80 14.64% 12030.80 9899.95 21.52%
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%
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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%
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FY 2004-05 FY 2003-04
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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
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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%
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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%
3 Yr Average Increase in growth from average 2004-05Q1 AMJ 2005-06Q1 AMJ 2006-07Q1 AMJ FY 2007-08EQ1 AMJ FY 2008-09EQ1 AMJ
-14.27% 16.64% 30.29% 14.64% 21.52%
10.89% 20.52%
3.75% 1.00%
3 Yr Average Increase in growth from average 2004-05Q2 JAS 2005-06Q2 JAS 2006-07Q2 JAS FY 2007-08EQ2 JAS
-7.52% 8.13% 33.41% 15.09%
11.34% 18.88%
3.75% 1.00%
FY 2008-09EQ2 JAS
19.88%
3 Yr Average Increase in growth from average 2004-05Q3 OND 2005-06Q3 OND 2006-07Q3 OND FY 2007-08EQ3 OND FY 2008-09EQ3 OND
-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%
3 Yr Average Increase in growth from average
-42.26% -41.82%
9.00% 1.00%
this is only quarter every year that there is an increase in the tourist arrivals compared to the other quarters. the graph is clear on this asspect a kink in the december each year (scroll down for the graph)
FOREIGN TOURIST ARRIVAL (Nos.) MONTHS April May
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
Tourists arrival cycle Jan 200 1.2 1 0.8 0.6 0.4 0.2 0
60.00% 40.00% 20.00% 0.00% 1
2
3
4
5
6
7
8
9
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
2
3
-10.00% -20.00% 40.00% 30.00% 20.00%
Series1
10.00% 0.00% -10.00%
1
2
3
Linear (Series1)
-10.00%
1
2
(Series1)
3
-20.00% 50.00% 0.00% 1
2
3
Series1
-50.00% Linear (Series1)
-100.00% -150.00%
50.00% 0.00% -50.00%
1
2
Series1
3
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
1
val cycle Jan 2004 to Nov 2007
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
CURRENT SHARE PRICE 235.7 219.8 219.8 219.8
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
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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
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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%
2004-05 2005-06 2006-07 JFM JFM JFM 51.14% 51.16% 49.98% 6.00% 4.89% 4.62% 0.00% 0.00% 0.00% -9.67% -1.63% 3.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26.94% 24.86% 26.71% 2.76% 2.87% 2.78% 0.19% 0.38% 0.14% 4.53% 0.80% 1.70% 1.26% 0.00% 0.00% 2.89% 5.37% 2.35%
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
Margin Ratios (%) EBITDA Margin Pre-Tax Margin Net Profit Margin
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
Growth Ratios YoY (%) Net Sales EBITDA Adj.PAT Adj.EPS Working Ratios (Days) Inventory Debtors Net Working Capital Excluding Cash Other Ratios (%) Other Income/PBT Per Share (Rs.) Adj.EPS
#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)
Key ratios (%) Market Price P/E P/BV EV/EBITDA EV/Sales
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
1
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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
Share split to Re.1 per share from Rs.10
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!
Return of Equity (ROE)
#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%
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Relative Valuation
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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%
