Historical Financial Statement - SUN PHARMACEUTICALS INDUSTRIES LTD

Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

# Income Statement
Sales ₹ 16,080.4 ₹ 27,392.0 ₹ 28,487.0 ₹ 31,578.4 ₹ 26,489.5 ₹ 29,065.9 ₹ 32,837.5 ₹ 33,498.1 ₹ 38,654.5 ₹ 43,885.7 ₹ 43,885.7
Sales Growth - 70.34% 4.00% 10.85% -16.12% 9.73% 12.98% 2.01% 15.39% 13.53% 0.00%

COGS ₹ 5,900.0 ₹ 13,230.1 ₹ 13,456.7 ₹ 10,629.4 ₹ 15,180.1 ₹ 16,334.4 ₹ 17,904.7 ₹ 17,903.2 ₹ 20,235.9 ₹ 18,958.2 ₹ 32,238.9
COGS % Sales 36.69% 48.30% 47.24% 33.66% 57.31% 56.20% 54.53% 53.45% 52.35% 43.20% 73.46%

Gross Profit ₹ 10,180.3 ₹ 14,161.9 ₹ 15,030.4 ₹ 20,949.0 ₹ 11,309.4 ₹ 12,731.5 ₹ 14,932.8 ₹ 15,595.0 ₹ 18,418.6 ₹ 24,927.5 ₹ 11,646.8
Gross Margins 63.31% 51.70% 52.76% 66.34% 42.69% 43.80% 45.47% 46.55% 47.65% 56.80% 26.54%

Selling & General Expenses ₹ 3,177.79 ₹ 6,268.05 ₹ 6,856.45 ₹ 5,944.83 ₹ 5,677.99 ₹ 6,354.56 ₹ 7,949.97 ₹ 7,125.00 ₹ 8,161.06 ₹ 13,280.70
S&G Exp % Sales 19.76% 22.88% 24.07% 18.83% 21.43% 21.86% 24.21% 21.27% 21.11% 30.26% 0.00%

EBITDA ₹ 7,002.6 ₹ 7,893.8 ₹ 8,173.9 ₹ 15,004.2 ₹ 5,631.4 ₹ 6,377.0 ₹ 6,982.8 ₹ 8,470.0 ₹ 10,257.6 ₹ 11,646.8 ₹ 12,022.6
EBITDA Margins 43.55% 28.82% 28.69% 47.51% 21.26% 21.94% 21.26% 25.28% 26.54% 26.54% 27.40%

Interest ₹ 44.19 ₹ 578.99 ₹ 523.24 ₹ 399.80 ₹ 517.57 ₹ 555.25 ₹ 302.73 ₹ 141.43 ₹ 127.35 ₹ 172.00 ₹ 172.00
Interest % Sales 0.27% 2.11% 1.84% 1.27% 1.95% 1.91% 0.92% 0.42% 0.33% 0.39% 0.39%

Depreciation ₹ 409.23 ₹ 1,194.72 ₹ 1,037.53 ₹ 1,264.75 ₹ 1,499.84 ₹ 1,753.25 ₹ 2,052.78 ₹ 2,079.95 ₹ 2,143.74 ₹ 2,529.43 ₹ 2,529.43
Depreciation%Sales 2.54% 4.36% 3.64% 4.01% 5.66% 6.03% 6.25% 6.21% 5.55% 5.76% 5.76%

Earnings Before Tax ₹ 4,581.2 ₹ 6,402.9 ₹ 6,570.6 ₹ 13,950.0 ₹ 3,479.0 ₹ 3,810.2 ₹ 5,009.6 ₹ 2,799.4 ₹ 4,481.3 ₹ 9,408.4 ₹ 9,321.2
EBT % Sales 28.49% 23.38% 23.07% 44.18% 13.13% 13.11% 15.26% 8.36% 11.59% 21.44% 21.24%

Tax ₹ 702.2 ₹ 914.7 ₹ 913.8 ₹ 1,211.6 ₹ 911.0 ₹ 600.9 ₹ 822.8 ₹ 514.7 ₹ 1,075.5 ₹ 847.6 ₹ 847.6
Effective Tax Rate 15.33% 14.29% 13.91% 8.69% 26.19% 15.77% 16.42% 18.39% 24.00% 9.01% 9.09%

Net Profit ₹ 3,879.0 ₹ 5,488.2 ₹ 5,656.9 ₹ 12,738.5 ₹ 2,567.9 ₹ 3,209.3 ₹ 4,186.8 ₹ 2,284.7 ₹ 3,405.8 ₹ 8,560.8 ₹ 8,473.6
Net Margins 24.12% 20.04% 19.86% 40.34% 9.69% 11.04% 12.75% 6.82% 8.81% 19.51% 19.31%

No of Equity Shares 207.12 207.12 240.67 239.93 239.93 239.93 239.93 239.93 239.93 239.93 239.93

Earnings per Share ₹ 18.73 ₹ 26.50 ₹ 23.50 ₹ 53.09 ₹ 10.70 ₹ 13.38 ₹ 17.45 ₹ 9.52 ₹ 14.20 ₹ 35.68 ₹ 35.32
EPS Growth % 41.49% -11.30% 125.88% -79.84% 24.98% 30.46% -45.43% 49.07% 151.36% -1.02%

Dividend per Share ₹ 1.5 ₹ 3.0 ₹ 1.0 ₹ 3.5 ₹ 2.0 ₹ 2.8 ₹ 4.0 ₹ 7.5 ₹ 10.0 ₹ 11.5 -
Dividend payout ratio 8.01% 11.32% 4.25% 6.59% 18.69% 20.56% 22.92% 78.76% 70.45% 32.23% 0.00%

Retained Earnings 91.99% 88.68% 95.75% 93.41% 81.31% 79.44% 77.08% 21.24% 29.55% 67.77% 100.00%

# Balance Sheet
Equity Share Capital ₹ 207.1 ₹ 207.1 ₹ 240.7 ₹ 239.9 ₹ 239.9 ₹ 239.9 ₹ 239.9 ₹ 239.9 ₹ 239.9 ₹ 239.9
Reserves ₹ 18,317.8 ₹ 25,431.0 ₹ 32,741.8 ₹ 36,399.7 ₹ 38,074.2 ₹ 41,169.1 ₹ 45,024.5 ₹ 46,222.9 ₹ 47,771.3 ₹ 55,755.5
Borrowings ₹ 2,560.9 ₹ 8,996.1 ₹ 8,496.8 ₹ 9,831.8 ₹ 10,385.3 ₹ 10,514.4 ₹ 8,314.9 ₹ 3,868.6 ₹ 1,290.3 ₹ 6,885.9
Other Liabilities ₹ 8,009.3 ₹ 14,089.0 ₹ 13,948.3 ₹ 14,624.0 ₹ 15,598.0 ₹ 12,666.1 ₹ 14,615.0 ₹ 17,290.9 ₹ 20,466.5 ₹ 17,862.3
Total Liabilities ₹ 29,095.2 ₹ 48,723.2 ₹ 55,427.5 ₹ 61,095.5 ₹ 64,297.4 ₹ 64,589.5 ₹ 68,194.3 ₹ 67,622.2 ₹ 69,768.0 ₹ 80,743.6

Fixed Assets Net Block ₹ 6,817.3 ₹ 12,682.5 ₹ 15,872.3 ₹ 17,675.2 ₹ 18,852.7 ₹ 21,836.5 ₹ 22,846.9 ₹ 21,553.0 ₹ 22,459.7 ₹ 28,429.9
Capital Work in Progress ₹ 841.5 ₹ 2,038.6 ₹ 2,175.5 ₹ 2,801.4 ₹ 2,465.2 ₹ 1,411.2 ₹ 1,220.3 ₹ 1,566.8 ₹ 1,286.8 ₹ 963.4
Investments ₹ 2,786.0 ₹ 2,716.3 ₹ 1,829.9 ₹ 1,191.9 ₹ 7,142.9 ₹ 7,902.5 ₹ 10,143.1 ₹ 9,612.5 ₹ 12,848.6 ₹ 14,830.1
Other Assets ₹ 5,736.7 ₹ 9,513.7 ₹ 9,170.1 ₹ 10,250.8 ₹ 11,211.4 ₹ 9,393.5 ₹ 10,200.2 ₹ 10,386.0 ₹ 8,549.8 ₹ 8,798.4
Total Non Current Assets ₹ 16,181.6 ₹ 26,951.0 ₹ 29,047.7 ₹ 31,919.2 ₹ 39,672.0 ₹ 40,543.8 ₹ 44,410.5 ₹ 43,118.3 ₹ 45,145.0 ₹ 53,021.7

Receivables ₹ 2,200.4 ₹ 5,106.1 ₹ 6,775.7 ₹ 7,202.6 ₹ 7,815.3 ₹ 8,884.2 ₹ 9,421.2 ₹ 9,061.4 ₹ 10,592.9 ₹ 11,438.5
Inventory ₹ 3,123.0 ₹ 5,668.0 ₹ 6,422.5 ₹ 6,832.8 ₹ 6,880.7 ₹ 7,886.0 ₹ 7,875.0 ₹ 8,997.0 ₹ 8,996.8 ₹ 10,513.1
Cash & Bank ₹ 7,590.2 ₹ 10,998.0 ₹ 13,181.7 ₹ 15,140.8 ₹ 9,929.4 ₹ 7,275.6 ₹ 6,487.6 ₹ 6,445.5 ₹ 5,033.4 ₹ 5,770.3
Total Current Assets ₹ 12,913.6 ₹ 21,772.2 ₹ 26,379.9 ₹ 29,176.3 ₹ 24,625.4 ₹ 24,045.8 ₹ 23,783.8 ₹ 24,503.9 ₹ 24,623.1 ₹ 27,721.9

Total Assets ₹ 29,095.2 ₹ 48,723.2 ₹ 55,427.5 ₹ 61,095.5 ₹ 64,297.4 ₹ 64,589.5 ₹ 68,194.3 ₹ 67,622.2 ₹ 69,768.0 ₹ 80,743.6

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statements

Cash from Operating Activities ₹ 3,959.2 ₹ 5,615.7 ₹ 6,685.9 ₹ 7,082.2 ₹ 3,907.2 ₹ 2,196.5 ₹ 6,554.8 ₹ 6,170.4 ₹ 8,984.5 ₹ 4,959.3

Cash from Investing Activities (₹ 2,176.2) (₹ 1,502.4) (₹ 3,949.1) (₹ 4,186.2) (₹ 3,103.8) (₹ 310.1) (₹ 2,225.3) ₹ 406.5 (₹ 5,555.9) (₹ 7,943.7)

Cash from Financing Activities ₹ 506.6 (₹ 1,186.5) (₹ 1,888.5) (₹ 2,285.4) (₹ 1,539.3) (₹ 2,730.5) (₹ 5,715.1) (₹ 5,980.5) (₹ 5,193.5) ₹ 2,376.1

Net Cash Flow ₹ 2,289.6 ₹ 2,926.9 ₹ 848.2 ₹ 610.7 (₹ 735.9) (₹ 844.2) (₹ 1,385.7) ₹ 596.4 (₹ 1,764.8) (₹ 608.3)
 Ratio Analysis - SUN PHARMACEUTICALS INDUSTRIES LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

SalesGrowth 70.34% 4.00% 10.85% -16.12% 9.73% 12.98% 2.01% 15.39% 13.53% 13.64% 10.85%
EBITDA Growth 12.73% 3.55% 83.56% -62.47% 13.24% 9.50% 21.30% 21.11% 13.54% 12.90% 13.24%
EBIT Growth 39.77% 2.62% 112.31% -75.06% 9.52% 31.48% -44.12% 60.08% 109.95% 27.39% 31.48%
Net Profit Growth 41.49% 3.07% 125.19% -79.84% 24.98% 30.46% -45.43% 49.07% 151.36% 33.37% 30.46%
Dividend Growth 100.00% -66.67% 250.02% -42.86% 37.50% 45.45% 87.50% 33.33% 15.00% 51.03% 37.50%

Gross Margin 63.31% 51.70% 52.76% 66.34% 42.69% 43.80% 45.47% 46.55% 47.65% 56.80% 51.71% 49.68%
EBITDA Margin 43.55% 28.82% 28.69% 47.51% 21.26% 21.94% 21.26% 25.28% 26.54% 26.54% 29.14% 26.54%
EBIT Margin 41.00% 24.46% 25.05% 43.51% 15.60% 15.91% 15.01% 19.08% 20.99% 20.78% 24.14% 20.88%
EBT Margin 28.49% 23.38% 23.07% 44.18% 13.13% 13.11% 15.26% 8.36% 11.59% 21.44% 20.20% 18.35%
Net Profit Margin 24.12% 20.04% 19.86% 40.34% 9.69% 11.04% 12.75% 6.82% 8.81% 19.51% 17.30% 16.13%

SalesExpenses%Sales 19.76% 22.88% 24.07% 18.83% 21.43% 21.86% 24.21% 21.27% 21.11% 30.26% 22.57% 21.65%
Depreciation%Sales 2.54% 4.36% 3.64% 4.01% 5.66% 6.03% 6.25% 6.21% 5.55% 5.76% 5.00% 5.60%
OperatingIncome%Sales 41.00% 24.46% 25.05% 43.51% 15.60% 15.91% 15.01% 19.08% 20.99% 20.78% 24.14% 20.88%

Return on Capital Employed 31.27% 19.34% 17.20% 29.57% 8.48% 8.90% 9.20% 12.70% 16.46% 14.50% 16.76% 15.48%
Retained Earnings% 91.99% 88.68% 95.75% 93.41% 81.31% 79.44% 77.08% 21.24% 29.55% 67.77% 72.62% 80.38%
Return on Equity% 20.94% 21.41% 17.15% 34.77% 6.70% 7.75% 9.25% 4.92% 7.09% 15.29% 14.53% 12.27%
Self Sustained Growth Rate 19.26% 18.98% 16.42% 32.47% 5.45% 6.16% 7.13% 1.04% 2.10% 10.36% 11.94% 8.75%
Interest Coverage Ratio 149.20x 11.57x 13.64x 34.37x 7.98x 8.33x 16.29x 45.18x 63.71x 53.01x 40.33x 25.33x

Debtor Turnover Ratio 7.31x 5.36x 4.20x 4.38x 3.39x 3.27x 3.49x 3.70x 3.65x 3.84x 4.26x 3.77x
Creditor Turnover Ratio 2.01x 1.94x 2.04x 2.16x 1.70x 2.29x 2.25x 1.94x 1.89x 2.46x 2.07x 2.03x
Inventory Turnover 5.15x 4.83x 4.44x 4.62x 3.85x 3.69x 4.17x 3.72x 4.30x 4.17x 4.29x 4.24x
Fixed Asset Turnover 2.36x 2.16x 1.79x 1.79x 1.41x 1.33x 1.44x 1.55x 1.72x 1.54x 1.71x 1.64x
Capital Turnover Ratio 0.87x 1.07x 0.86x 0.86x 0.69x 0.70x 0.73x 0.72x 0.81x 0.78x 0.81x 0.79x

(in days)
Debtor Days 50 68 87 83 108 112 105 99 100 95 91 97
Payable Days 182 188 179 169 215 159 162 188 193 149 178 180
Inventory Days 71 76 82 79 95 99 88 98 85 87 86 86
Cash Conversion Cycle -61 -44 -10 -7 -12 52 30 8 -8 34 -2 -8

CFO/Sales 24.62% 20.50% 23.47% 22.43% 14.75% 7.56% 19.96% 18.42% 23.24% 11.30% 18.63% 20.23%
CFO/Total Assets 13.61% 11.53% 12.06% 11.59% 6.08% 3.40% 9.61% 9.12% 12.88% 6.14% 9.60% 10.57%
CFO/Total Debt 154.60% 62.42% 78.69% 72.03% 37.62% 20.89% 78.83% 159.50% 696.31% 72.02% 143.29% 75.36%
 SUN PHARMACEUTICALS INDUSTRIES LTD - Sales Forecasting SUN PHARMACEUTICALS INDUSTRIES LTD - EBITDA Forecasting SUN PHARMACEUTICALS INDUSTRIES LTD - EPS Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year EPS EPS Growth
1 2014A ₹ 16,080.4 1 2014A ₹ 7,002.6 1 2014A ₹ 18.7
2 2015A ₹ 31,972.2 98.83% 2 2015A ₹ 7,893.8 12.73% 2 2015A ₹ 26.5 41.49%
3 2016A ₹ 32,186.0 0.67% 3 2016A ₹ 8,173.9 3.55% 3 2016A ₹ 23.5 -11.30%
4 2017A ₹ 33,162.0 3.03% 4 2017A ₹ 15,004.2 83.56% 4 2017A ₹ 53.1 125.88%
5 2018A ₹ 35,545.0 7.19% 5 2018A ₹ 5,631.4 -62.47% 5 2018A ₹ 10.7 -79.84%
6 2019A ₹ 39,310.0 10.59% 6 2019A ₹ 6,377.0 13.24% 6 2019A ₹ 13.4 24.98%
7 2020A ₹ 39,783.0 1.20% 7 2020A ₹ 6,982.8 9.50% 7 2020A ₹ 17.5 30.46%
8 2021A ₹ 47,028.0 18.21% 8 2021A ₹ 8,470.0 21.30% 8 2021A ₹ 9.5 -45.43%
9 2022A ₹ 52,446.0 11.52% 9 2022A ₹ 10,257.6 21.11% 9 2022A ₹ 14.2 49.07%
10 2023A ₹ 60,580.0 15.51% 10 2023A ₹ 11,646.8 13.54% 10 2023A ₹ 35.7 151.36%
11 2024E ₹ 60,197.6 -0.63% 11 2024E ₹ 9,960.9 -14.48% 11 2024E ₹ 18.7 -47.63%
12 2025E ₹ 64,086.4 6.46% 12 2025E ₹ 10,182.1 2.22% 12 2025E ₹ 18.0 -3.49%
13 2026E ₹ 67,975.2 6.07% 13 2026E ₹ 10,403.4 2.17% 13 2026E ₹ 17.4 -3.62%
14 2027E ₹ 71,864.0 5.72% 14 2027E ₹ 10,624.6 2.13% 14 2027E ₹ 16.7 -3.76%
15 2028E ₹ 75,752.8 5.41% 15 2028E ₹ 10,845.9 2.08% 15 2028E ₹ 16.1 -3.90%

SALES FORECAST EBITDA FORECASTING EPS FORECASTING

80,000.0 16,000.0 60.0

70,000.0 14,000.0
50.0
60,000.0 12,000.0
40.0
50,000.0 10,000.0

40,000.0 8,000.0 30.0

30,000.0 6,000.0
20.0
20,000.0 4,000.0
10.0
10,000.0 2,000.0

0.0 0.0 0.0

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028
 Common Size Income Statement - SUN PHARMACEUTICALS INDUSTRIES LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 17.76% 24.18% 23.60% 26.61% 27.16% 28.56% 27.19% 27.85% 27.06% 25.86%
Change in Inventory 0.48% -0.42% 1.38% 0.86% -0.87% 1.49% -0.92% 1.91% 0.28% 1.57%
Power and Fuel 1.45% 2.05% 1.91% 1.66% 2.11% 2.11% 1.89% 1.87% 1.82% 0.00%
Other Mfr. Exp 5.06% 5.21% 6.35% 6.25% 6.90% 6.48% 5.15% 5.15% 4.87% 0.00%
Employee Cost 12.90% 16.44% 16.75% 0.00% 20.26% 20.53% 19.38% 20.49% 18.89% 18.90%
Selling and admin 14.76% 18.73% 18.32% 16.54% 17.84% 18.41% 21.30% 18.76% 19.00% 0.00%
Other Expenses 5.00% 4.15% 5.75% 2.28% 3.59% 3.46% 2.91% 2.51% 2.11% 30.26%
Other Income -12.24% 1.03% -0.15% 1.93% -0.51% -0.89% 1.16% -10.30% -9.07% 1.06%
Depreciation 2.54% 4.36% 3.64% 4.01% 5.66% 6.03% 6.25% 6.21% 5.55% 5.76%
Interest 0.27% 2.11% 1.84% 1.27% 1.95% 1.91% 0.92% 0.42% 0.33% 0.39%
Profit before tax 28.49% 23.38% 23.07% 28.65% 13.13% 13.11% 15.26% 8.36% 11.59% 21.44%
Tax 4.37% 3.34% 3.21% 3.84% 3.44% 2.07% 2.51% 1.54% 2.78% 1.93%
Net profit 19.54% 16.57% 15.96% 22.05% 7.91% 9.17% 11.47% 8.67% 8.47% 19.31%
Dividend Amount 1.93% 2.27% 0.84% 2.66% 1.81% 2.27% 2.92% 5.37% 6.21% 6.29%
EBITDA 26.72% 26.39% 24.64% 31.16% 18.97% 19.18% 21.14% 16.84% 17.12% 27.40%

Common Size Balance Sheet - SUN PHARMACEUTICALS INDUSTRIES LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.71% 0.43% 0.43% 0.39% 0.37% 0.37% 0.35% 0.35% 0.34% 0.30%
Reserves 62.96% 52.19% 59.07% 59.58% 59.22% 63.74% 66.02% 68.35% 68.47% 69.05%
Borrowings 8.80% 18.46% 15.33% 16.09% 16.15% 16.28% 12.19% 5.72% 1.85% 8.53%
Other Liabilities 27.53% 28.92% 25.16% 23.94% 24.26% 19.61% 21.43% 25.57% 29.34% 22.12%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 23.43% 26.03% 28.64% 28.93% 29.32% 33.81% 33.50% 31.87% 32.19% 35.21%
Capital Work in Progress 2.89% 4.18% 3.92% 4.59% 3.83% 2.18% 1.79% 2.32% 1.84% 1.19%
Investments 9.58% 5.57% 3.30% 1.95% 11.11% 12.24% 14.87% 14.21% 18.42% 18.37%
Other Assets 19.72% 19.53% 16.54% 16.78% 17.44% 14.54% 14.96% 15.36% 12.25% 10.90%
Receivables 7.56% 10.48% 12.22% 11.79% 12.15% 13.75% 13.82% 13.40% 15.18% 14.17%
Inventory 10.73% 11.63% 11.59% 11.18% 10.70% 12.21% 11.55% 13.30% 12.90% 13.02%
Cash & Bank 26.09% 22.57% 23.78% 24.78% 15.44% 11.26% 9.51% 9.53% 7.21% 7.15%
Regression Beta - 2 Years Weekly

Sun Pharma.Inds. Returns Divi's Lab. Returns Cipla Returns Dr Reddy's Labs Returns Torrent Pharma. Returns Nifty Weekly Returns Beta Calculation

Date Closing Price Return Closing Price Return Closing Price Return Closing Price Return Closing Price Return Closing Price Return Hindustan Uniliver
14-06-2021 654.4 4,148.4 951.0 5,165.3 1,366.4 15,683.3 Beta 1 0.59
21-06-2021 658.1 0.56% 4,199.3 1.23% 947.2 -0.40% 5,190.2 0.48% 1,421.6 4.04% 15,860.3 1.13% Beta 2 0.59
28-06-2021 666.9 1.34% 4,467.0 6.38% 969.1 2.31% 5,450.6 5.02% 1,445.2 1.66% 15,722.2 -0.87% Beta 3 0.59
05-07-2021 653.9 -1.96% 4,546.1 1.77% 949.9 -1.98% 5,337.8 -2.07% 1,453.4 0.56% 15,689.8 -0.21%
12-07-2021 674.1 3.10% 4,702.2 3.43% 967.1 1.81% 5,309.5 -0.53% 1,504.2 3.50% 15,923.4 1.49% Nestle India
19-07-2021 679.4 0.78% 4,768.5 1.41% 938.2 -2.98% 5,349.3 0.75% 1,466.9 -2.48% 15,856.0 -0.42% Beta 1 0.49
26-07-2021 757.7 11.52% 4,849.0 1.69% 910.6 -2.95% 4,647.9 -13.11% 1,514.9 3.28% 15,763.0 -0.59% Beta 2 0.49
02-08-2021 768.7 1.45% 4,858.7 0.20% 901.9 -0.95% 4,722.0 1.59% 1,542.4 1.82% 16,238.2 3.01% Beta 3 0.49
09-08-2021 761.9 -0.88% 4,891.1 0.67% 885.2 -1.85% 4,589.7 -2.80% 1,526.0 -1.07% 16,529.1 1.79%
16-08-2021 745.1 -2.20% 4,762.6 -2.63% 886.5 0.15% 4,494.8 -2.07% 1,528.7 0.18% 16,450.5 -0.48% Britannia Inds.
23-08-2021 755.6 1.40% 4,873.4 2.33% 919.4 3.71% 4,538.8 0.98% 1,533.7 0.33% 16,705.2 1.55% Beta 1 0.25
30-08-2021 774.8 2.55% 5,168.7 6.06% 936.6 1.86% 4,832.8 6.48% 1,506.0 -1.81% 17,323.6 3.70% Beta 2 0.25
06-09-2021 762.0 -1.66% 5,016.5 -2.95% 944.7 0.87% 4,846.1 0.28% 1,509.6 0.23% 17,369.3 0.26% Beta 3 0.25
13-09-2021 755.7 -0.82% 5,083.9 1.34% 949.4 0.50% 4,819.0 -0.56% 1,465.3 -2.93% 17,585.2 1.24%
20-09-2021 756.2 0.07% 5,069.7 -0.28% 963.0 1.43% 4,726.0 -1.93% 1,502.4 2.54% 17,853.2 1.52% Godrej Consumer
27-09-2021 811.4 7.29% 4,795.6 -5.41% 981.4 1.92% 4,889.3 3.45% 1,545.7 2.88% 17,532.1 -1.80% Beta 1 0.53
04-10-2021 806.2 -0.63% 5,032.8 4.95% 912.7 -7.01% 4,784.1 -2.15% 1,558.1 0.80% 17,895.2 2.07% Beta 2 0.53
11-10-2021 825.8 2.42% 5,331.3 5.93% 906.9 -0.63% 4,892.1 2.26% 1,580.6 1.44% 18,338.6 2.48% Beta 3 0.53
18-10-2021 797.6 -3.42% 5,034.9 -5.56% 892.0 -1.65% 4,575.2 -6.48% 1,559.3 -1.34% 18,114.9 -1.22%
25-10-2021 780.3 -2.16% 5,111.0 1.51% 900.7 0.97% 4,596.6 0.47% 1,586.7 1.75% 17,671.7 -2.45% Dabur India
01-11-2021 780.8 0.06% 5,168.5 1.12% 906.3 0.62% 4,702.1 2.30% 1,651.8 4.10% 17,916.8 1.39% Beta 1 0.18
08-11-2021 791.6 1.39% 4,807.0 -6.99% 911.5 0.58% 4,778.2 1.62% 1,653.9 0.13% 18,102.8 1.04% Beta 2 0.18
15-11-2021 776.1 -1.97% 4,749.2 -1.20% 888.0 -2.58% 4,608.7 -3.55% 1,607.0 -2.83% 17,764.8 -1.87% Beta 3 0.18
22-11-2021 753.1 -2.95% 4,900.3 3.18% 962.0 8.34% 4,687.1 1.70% 1,614.7 0.48% 17,026.4 -4.16%
29-11-2021 737.9 -2.02% 4,720.9 -3.66% 907.6 -5.65% 4,534.8 -3.25% 1,606.4 -0.52% 17,196.7 1.00% Hindustan Uniliver Beta Drifting
06-12-2021 747.3 1.27% 4,472.2 -5.27% 889.6 -1.99% 4,531.6 -0.07% 1,602.9 -0.22% 17,511.3 1.83%
13-12-2021 754.8 1.00% 4,477.2 0.11% 856.0 -3.77% 4,457.3 -1.64% 1,584.8 -1.13% 16,985.2 -3.00% Levered Raw Beat 0.59
20-12-2021 770.9 2.14% 4,413.5 -1.42% 903.9 5.59% 4,576.4 2.67% 1,548.3 -2.30% 17,003.8 0.11% Raw Beta Weight 75.00%
27-12-2021 830.1 7.68% 4,642.7 5.19% 939.5 3.94% 4,841.1 5.79% 1,536.5 -0.76% 17,354.1 2.06%
03-01-2022 813.7 -1.98% 4,482.4 -3.45% 910.3 -3.11% 4,645.2 -4.05% 1,532.5 -0.26% 17,812.7 2.64% Market Beta 1.00
10-01-2022 843.9 3.72% 4,581.5 2.21% 917.0 0.74% 4,626.2 -0.41% 1,536.7 0.28% 18,255.8 2.49% Market Beta Weight 25.00%
17-01-2022 793.8 -5.93% 4,147.6 -9.47% 863.3 -5.87% 4,435.8 -4.12% 1,567.7 2.02% 17,617.2 -3.50%
24-01-2022 812.1 2.30% 3,910.8 -5.71% 927.7 7.47% 4,162.0 -6.17% 1,523.4 -2.82% 17,101.9 -2.92% Adjusted Beta 0.69
31-01-2022 877.5 8.05% 4,271.8 9.23% 941.5 1.49% 4,293.5 3.16% 1,518.0 -0.36% 17,516.3 2.42%
07-02-2022 863.9 -1.55% 4,258.6 -0.31% 953.9 1.31% 4,267.3 -0.61% 1,520.8 0.19% 17,374.8 -0.81% Nestle India Beta Drifting
14-02-2022 853.7 -1.18% 4,320.3 1.45% 904.7 -5.15% 4,263.1 -0.10% 1,489.8 -2.04% 17,276.3 -0.57%
21-02-2022 822.7 -3.63% 4,106.9 -4.94% 919.2 1.60% 4,120.5 -3.35% 1,480.4 -0.62% 16,658.4 -3.58% Levered Raw Beat 0.49
28-02-2022 820.8 -0.23% 4,063.6 -1.05% 926.7 0.82% 3,777.2 -8.33% 1,493.3 0.86% 16,245.3 -2.48% Raw Beta Weight 75.00%
07-03-2022 892.3 8.72% 4,306.4 5.98% 1,038.9 12.11% 3,922.2 3.84% 1,511.5 1.22% 16,630.4 2.37%
14-03-2022 901.8 1.06% 4,470.1 3.80% 1,043.4 0.44% 3,987.9 1.67% 1,534.0 1.49% 17,287.1 3.95% Market Beta 1.00
21-03-2022 892.7 -1.01% 4,420.3 -1.11% 1,008.6 -3.34% 4,302.9 7.90% 1,517.9 -1.05% 17,153.0 -0.78% Market Beta Weight 25.00%
28-03-2022 899.0 0.70% 4,346.4 -1.67% 1,009.9 0.13% 4,222.0 -1.88% 1,537.2 1.27% 17,670.4 3.02%
04-04-2022 914.7 1.75% 4,471.7 2.88% 1,006.7 -0.32% 4,370.9 3.53% 1,574.8 2.45% 17,784.3 0.64% Adjusted Beta 0.61
11-04-2022 926.7 1.31% 4,465.1 -0.15% 1,011.7 0.49% 4,241.5 -2.96% 1,577.6 0.18% 17,475.7 -1.74%
18-04-2022 914.9 -1.28% 4,458.4 -0.15% 962.3 -4.88% 4,136.4 -2.48% 1,613.3 2.27% 17,171.9 -1.74% Britannia Inds. Beta Drifting
25-04-2022 918.7 0.42% 4,471.2 0.29% 976.5 1.47% 4,076.5 -1.45% 1,652.3 2.42% 17,102.6 -0.40%
02-05-2022 873.8 -4.88% 4,134.2 -7.54% 930.2 -4.73% 3,877.9 -4.87% 1,649.8 -0.15% 16,411.3 -4.04% Levered Raw Beat 0.25
09-05-2022 873.1 -0.09% 4,248.6 2.77% 930.1 -0.02% 3,871.6 -0.16% 1,650.3 0.03% 15,782.2 -3.83% Raw Beta Weight 75.00%
16-05-2022 905.9 3.76% 4,272.1 0.55% 973.7 4.69% 4,192.0 8.28% 1,661.9 0.70% 16,266.2 3.07%
23-05-2022 894.2 -1.28% 3,488.0 -18.35% 961.7 -1.23% 4,331.5 3.33% 1,700.3 2.31% 16,352.5 0.53% Market Beta 1.00
30-05-2022 855.8 -4.29% 3,451.9 -1.04% 956.3 -0.56% 4,281.7 -1.15% 1,777.4 4.54% 16,584.3 1.42% Market Beta Weight 25.00%
06-06-2022 836.7 -2.24% 3,501.2 1.43% 962.1 0.61% 4,293.1 0.27% 1,805.9 1.60% 16,201.8 -2.31%
13-06-2022 784.9 -6.18% 3,455.5 -1.31% 910.3 -5.38% 4,091.0 -4.71% 1,816.2 0.56% 15,293.5 -5.61% Adjusted Beta 0.43
20-06-2022 815.8 3.93% 3,653.0 5.72% 929.2 2.07% 4,251.8 3.93% 1,831.5 0.85% 15,699.3 2.65%
27-06-2022 820.4 0.56% 3,609.9 -1.18% 944.7 1.67% 4,327.0 1.77% 480.1 -73.79% 15,752.0 0.34% Godrej Consumer Beta Drifting
04-07-2022 848.5 3.43% 3,643.4 0.93% 930.9 -1.46% 4,347.0 0.46% 505.0 5.19% 16,220.6 2.97%
11-07-2022 869.0 2.41% 3,699.4 1.54% 961.4 3.27% 4,485.0 3.17% 506.5 0.29% 16,049.2 -1.06% Levered Raw Beat 0.53
18-07-2022 865.1 -0.44% 3,767.9 1.85% 967.4 0.63% 4,373.5 -2.49% 538.9 6.39% 16,719.4 4.18% Raw Beta Weight 75.00%
25-07-2022 933.1 7.86% 3,802.5 0.92% 972.7 0.55% 4,090.4 -6.47% 543.3 0.82% 17,158.3 2.62%
01-08-2022 906.1 -2.89% 3,882.5 2.10% 1,029.2 5.81% 4,156.9 1.63% 571.0 5.10% 17,397.5 1.39% Market Beta 1.00
08-08-2022 903.7 -0.27% 3,697.9 -4.75% 1,022.2 -0.68% 4,260.8 2.50% 581.5 1.85% 17,698.2 1.73% Market Beta Weight 25.00%
15-08-2022 891.7 -1.32% 3,696.2 -0.05% 1,030.1 0.77% 4,204.0 -1.33% 576.6 -0.85% 17,758.4 0.34%
22-08-2022 873.6 -2.03% 3,587.5 -2.94% 1,020.8 -0.90% 4,223.3 0.46% 579.0 0.42% 17,558.9 -1.12% Adjusted Beta 0.65
29-08-2022 863.1 -1.20% 3,598.1 0.30% 1,015.6 -0.51% 4,190.0 -0.79% 584.6 0.96% 17,539.4 -0.11%
05-09-2022 883.4 2.35% 3,603.0 0.13% 1,058.3 4.20% 4,255.1 1.55% 569.5 -2.59% 17,833.3 1.68% Dabur India Beta Drifting
12-09-2022 861.6 -2.47% 3,573.7 -0.81% 1,043.5 -1.40% 4,077.4 -4.18% 568.2 -0.23% 17,530.8 -1.70%
19-09-2022 914.2 6.11% 3,642.6 1.93% 1,068.1 2.36% 4,139.2 1.52% 572.3 0.74% 17,327.3 -1.16% Levered Raw Beat 0.18
26-09-2022 941.6 2.99% 3,705.2 1.72% 1,114.9 4.39% 4,335.7 4.75% 544.0 -4.96% 17,094.3 -1.34% Raw Beta Weight 75.00%
03-10-2022 948.0 0.69% 3,735.8 0.82% 1,130.5 1.39% 4,376.6 0.94% 566.0 4.05% 17,314.7 1.29%
10-10-2022 969.0 2.21% 3,572.8 -4.36% 1,108.9 -1.91% 4,310.8 -1.50% 570.4 0.77% 17,185.7 -0.74% Market Beta 1.00
17-10-2022 970.4 0.14% 3,571.4 -0.04% 1,134.8 2.33% 4,330.8 0.46% 537.7 -5.72% 17,576.3 2.27% Market Beta Weight 25.00%
24-10-2022 982.6 1.26% 3,547.5 -0.67% 1,155.2 1.80% 4,460.0 2.98% 529.0 -1.63% 17,786.8 1.20%
31-10-2022 1,032.2 5.04% 3,746.3 5.60% 1,146.1 -0.79% 4,525.1 1.46% 535.6 1.24% 18,117.2 1.86% Adjusted Beta 0.38
07-11-2022 1,006.0 -2.53% 3,271.4 -12.68% 1,121.4 -2.16% 4,539.5 0.32% 548.6 2.44% 18,349.7 1.28%
14-11-2022 1,002.1 -0.39% 3,287.4 0.49% 1,102.4 -1.69% 4,409.0 -2.87% 555.0 1.17% 18,307.7 -0.23%
21-11-2022 1,026.1 2.40% 3,342.6 1.68% 1,105.3 0.27% 4,418.1 0.21% 553.1 -0.35% 18,512.8 1.12%
28-11-2022 1,032.2 0.59% 3,381.3 1.15% 1,114.3 0.81% 4,510.4 2.09% 548.5 -0.83% 18,696.1 0.99%
05-12-2022 985.5 -4.53% 3,274.1 -3.17% 1,107.9 -0.58% 4,407.1 -2.29% 556.5 1.47% 18,496.6 -1.07%
12-12-2022 986.2 0.08% 3,326.9 1.61% 1,089.4 -1.67% 4,309.1 -2.22% 591.2 6.22% 18,269.0 -1.23%
19-12-2022 994.1 0.80% 3,498.4 5.16% 1,119.2 2.73% 4,310.5 0.03% 598.8 1.29% 17,806.8 -2.53%
26-12-2022 993.9 -0.01% 3,413.2 -2.44% 1,075.9 -3.86% 4,237.5 -1.69% 579.8 -3.17% 18,105.3 1.68%
02-01-2023 1,001.2 0.73% 3,434.9 0.64% 1,076.3 0.04% 4,271.8 0.81% 565.8 -2.40% 17,859.4 -1.36%
09-01-2023 1,023.9 2.27% 3,351.7 -2.42% 1,067.8 -0.80% 4,320.4 1.14% 561.5 -0.78% 17,956.6 0.54%
16-01-2023 1,022.7 -0.12% 3,343.1 -0.26% 1,053.4 -1.34% 4,350.6 0.70% 552.8 -1.53% 18,027.7 0.40%
23-01-2023 1,035.6 1.27% 3,387.4 1.33% 1,047.3 -0.59% 4,314.0 -0.84% 543.7 -1.66% 17,604.3 -2.35%
30-01-2023 1,020.5 -1.46% 2,884.4 -14.85% 1,022.3 -2.38% 4,358.4 1.03% 566.0 4.10% 17,854.1 1.42%
06-02-2023 999.1 -2.10% 2,811.3 -2.53% 1,033.2 1.07% 4,499.6 3.24% 562.0 -0.70% 17,856.5 0.01%
13-02-2023 984.5 -1.46% 2,829.8 0.66% 1,025.8 -0.72% 4,510.4 0.24% 533.7 -5.04% 17,944.2 0.49%
20-02-2023 970.5 -1.42% 2,915.2 3.02% 961.8 -6.23% 4,491.1 -0.43% 532.4 -0.24% 17,465.8 -2.67%
27-02-2023 966.9 -0.37% 2,850.4 -2.22% 878.7 -8.65% 4,438.0 -1.18% 534.5 0.39% 17,594.3 0.74%
06-03-2023 955.5 -1.17% 2,787.5 -2.21% 881.2 0.29% 4,395.5 -0.96% 534.9 0.07% 17,412.9 -1.03%
13-03-2023 957.7 0.23% 2,791.5 0.14% 874.0 -0.81% 4,436.1 0.92% 534.8 -0.02% 17,100.1 -1.80%
20-03-2023 972.8 1.58% 2,807.0 0.56% 877.3 0.37% 4,464.1 0.63% 530.0 -0.91% 16,945.1 -0.91%
27-03-2023 983.1 1.05% 2,823.4 0.58% 900.5 2.65% 4,622.8 3.55% 536.2 1.17% 17,359.8 2.45%
03-04-2023 1,012.1 2.95% 2,921.4 3.47% 893.3 -0.79% 4,699.4 1.66% 536.4 0.05% 17,599.2 1.38%
10-04-2023 1,003.5 -0.85% 3,183.9 8.99% 915.8 2.51% 4,852.9 3.27% 544.9 1.58% 17,828.0 1.30%
17-04-2023 989.5 -1.40% 3,231.6 1.50% 915.0 -0.08% 4,868.8 0.33% 525.9 -3.49% 17,624.1 -1.14%
24-04-2023 987.7 -0.18% 3,267.9 1.12% 908.0 -0.76% 4,929.9 1.25% 527.2 0.24% 18,065.0 2.50%
01-05-2023 970.5 -1.74% 3,290.8 0.70% 924.8 1.84% 4,942.5 0.26% 525.2 -0.38% 18,069.0 0.02%
08-05-2023 956.0 -1.49% 3,315.1 0.74% 937.5 1.37% 4,466.1 -9.64% 532.9 1.48% 18,314.8 1.36%
15-05-2023 925.8 -3.15% 3,098.3 -6.54% 916.3 -2.26% 4,392.0 -1.66% 505.0 -5.24% 18,203.4 -0.61%
22-05-2023 969.9 4.76% 3,514.0 13.42% 951.3 3.83% 4,531.0 3.16% 518.3 2.64% 18,499.3 1.63%
29-05-2023 999.6 3.06% 3,511.6 -0.07% 965.8 1.52% 4,610.5 1.75% 519.1 0.14% 18,534.1 0.19%
05-06-2023 984.0 -1.57% 3,428.8 -2.36% 969.3 0.35% 4,666.8 1.22% 542.1 4.43% 18,563.4 0.16%
12-06-2023 988.1 0.42% 3,487.7 1.72% 981.5 1.26% 4,702.0 0.75% 548.3 1.15% 18,716.2 0.82%
Weighted Average Cost of Capital

All figures are in INR unless stated otherwise.

Return on Markets
Peer Comps
Debt / Debt / Levered Unlevered Year Annual
1 2
Name of the Comp Country Total Debt Total Equity Tax Rate Equity Capital Beta Beta 3 2000 -14.65%
2001 -16.18%
Sun Pharma.Inds. India 6,885.9 236,646.4 30.00% 2.91% 2.83% 0.59 0.58 2002 3.25%
Divi's Lab. India 3.3 92,541.0 30.00% 0.00% 0.00% 0.49 0.49 2003 71.90%
Cipla India 803.1 78,996.5 30.00% 1.02% 1.01% 0.25 0.24 2004 10.68%
Dr Reddy's Labs India 1,347.2 78,251.5 30.00% 1.72% 1.69% 0.53 0.53 2005 36.34%
Torrent Pharma. India 5,368.0 62,274.0 30.00% 8.62% 7.94% 0.18 0.17 2006 39.83%
2007 54.77%
Average 30.00% 2.85% 2.69% 0.41 0.40 2008 -51.79%
Median 30.00% 1.72% 1.69% 0.49 0.49 2009 75.76%
2010 17.95%
2011 -24.62%
Cost of Debt Cost of Equity 2012 27.70%
2013 6.76%
Pre-Tax Cost of Debt 2.50% Risk Free Rate 7.39% 2014 31.39%
Tax Rate 30.00% Equity Risk Premium 9.40% 2015 -4.06%
Post-Tax Cost of Debt 1.75% Levered Beta 4 0.50 2016 3.01%
Cost of Equity 12.05% 2017 28.65%
2018 3.15%
2019 12.02%
Capital Structure Levered Beta 2020 14.17%
2021 24.12%
Current Target Comps Median Unlevered Beta 0.49 2022 4.32%
Total Debt 6,885.9 2.83% 2.69% Target Debt / Equity 2.77%
Market Capitalization 236,646.4 97.17% 97.31% Tax Rate 30.00% Average Return 15.41%
Total Capital 243,532.3 100.00% 100.00% Levered Beta 0.50 Dividend Yield 1.38%
Total Market Return 16.79%
Debt / Equity 2.91% 2.77% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 12.05%
2. Levered Beta is based on 5 year monthly data Weight of Equity 97.31%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 1.75%
Weight of Debt 2.69%

WACC 11.77%
 Intrinsic Growth Rate Calculation

Calculation of ROIC Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Current Assets
Inventories 7,886.0 7,875.0 8,997.0 8,997.0 10,513.0
Trade receivables 8,884.0 9,421.0 9,061.0 10,593.0 11,439.0
Short term loans 310.0 149.0 58.0 172.0 41.0
Other asset items 9,083.0 10,051.0 10,328.0 8,378.0 8,757.0
Total Current Assets 26,163.0 27,496.0 28,444.0 28,140.0 30,750.0

Current Liabilities
Trade Payables 4,148.0 3,584.0 3,974.0 4,479.0 5,682.0
Advance from Customers 69.0 53.0 47.0 29.0 -
Other liability items 5,135.0 7,118.0 10,253.0 12,904.0 8,861.0
Total Current Liabilities 9,352.0 10,755.0 14,274.0 17,412.0 14,543.0

# Net Working Capital 16,811.0 16,741.0 14,170.0 10,728.0 16,207.0

Non Current Assets

Land 651.0 686.0 642.0 862.0 -
Building 5,414.0 5,844.0 5,937.0 6,048.0 -
Plant Machinery 9,814.0 10,976.0 11,629.0 12,363.0 -
Equipments 221.0 233.0 273.0 305.0 -
Furniture n fittings 400.0 427.0 421.0 423.0 -
Railway sidings - - - - -
Vehicles 246.0 319.0 371.0 408.0 -
Intangible Assets 14,678.0 16,322.0 15,934.0 17,641.0 18,040.0
Other fixed assets 264.0 310.0 371.0 452.0 -
Gross Block 31,688.0 35,117.0 35,578.0 38,502.0 18,040.0
Accumulated Depreciation (9,850.0) (12,269.0) (14,026.0) (16,042.0) -
# Net Non Current Assets 21,838.0 22,848.0 21,552.0 22,460.0 18,040.0

# Invested Capital 38,649.0 39,589.0 35,722.0 33,188.0 34,247.0

EBIT 4,365.5 5,312.3 2,940.8 4,608.7 9,580.4

# ROIC 11.30% 13.42% 8.23% 13.89% 27.97%

# Calculation of Reinvestment Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Capex 3,163.0 1,450.0 1,073.0 1,434.0 2,065.0

Change in Working Capital (70.0) (2,571.0) (3,442.0) 5,479.0

EBIT 4,365.5 5,312.3 2,940.8 4,608.7 9,580.4

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 3,274.1 3,984.2 2,205.6 3,456.5 7,185.3

Reinvestment 1,380.0 (1,498.0) (2,008.0) 7,544.0

Reinvestment Rate 34.64% -67.92% -58.09% 104.99%

4 Year Average 3.40%

4 Year Median -11.73%

# Calculation of Growth Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Reinvestment Rate 34.64% -67.92% -58.09% 104.99%

ROIC 13.42% 8.23% 13.89% 27.97%
Intrisic Growth Rate 4.65% -5.59% -8.07% 29.37%

4 Year Average 5.09%

4 Year Median -0.47%
DCF Calculation

Calculation of PV of FCFF Mar-23A Mar-24F Mar-25F Mar-26F Mar-27F Mar-28F

EBIT 9,580.4 10,106.4 10,661.2 11,246.5 11,864.0 12,515.3

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 7,185.3 7,579.8 7,995.9 8,434.9 8,898.0 9,386.5
Less : Reinvestment Rate 52.49% 52.49% 52.49% 52.49% 52.49% 52.49%
Free Cash Flow to Firm (FCFF) 3,413.7 3,601.2 3,798.9 4,007.4 4,227.4 4,459.5
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.946 0.846 0.757 0.677 0.606
PV of FCFF 3,406.2 3,214.8 3,034.0 2,863.5 2,702.5

Expected Growth 5.49%

Terminal Growth 5.38%
WACC 11.77%

Calculation of Terminal Value Sensitivity Analysis

73,584.2 10.00% 11.77% 13.00% 15.00%
FCFF (n+1) 4,704.3 3.00% 67,204.9 53,641.3 47,043.4 39,202.9
WACC 11.77% 4.00% 78,405.7 60,545.0 52,270.5 42,766.8
Terminal Growth Rate 5.38% 5.38% 101,825.6 73,620.4 61,736.8 48,901.7
6.00% 117,608.6 81,531.1 67,204.9 52,270.5
Terminal Value 73,584.2 7.00% 156,811.5 98,623.6 78,405.7 58,804.3

Calculation of Equity Value per Share

PV of FCFF 15,221.0
PV of Terminal Value 44,592.9
Value of Operating Assets 59,813.9

Add : Cash 5,770.3

Less : Debt 6,198.0
Value of Equity 59,386.2
No. of Share 239.9
Equity Value per Share 247.5

Share Price 992

Discount/Premium 4.01x
Football Field Analysis

Football Field Analysis Table

Football Field Analysis - Valuation Summary (Rs) OpenLow Low OpenHigh High
1,400.00
Comps 672.9 672.9 1206.9 1206.9
₹ 1,206.90 DCF Bear 160.7 160.7 210.2 210.2
1,200.00 DCF Base 197.1 197.1 310.8 310.8
₹ 1,072.00
DCF Bull 231.4 231.4 457.7 457.7
1,000.00 52W H/L 790 790 1072 1072

800.00
₹ 790.00
600.00 ₹ 672.90 ₹ 457.70

400.00 ₹ 310.80
₹ 210.20
200.00
₹ 197.10 ₹ 231.40
₹ 160.70
0.00
Comps DCF Bear DCF Base DCF Bull 52W H/L
Amount in crores
Comparable Company Valuation
Market Data Financials Valuation
Share Shares Equity Enterprise
Company Ticker Price Outstanding Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Sun Pharma.Inds. 986.3 239.93 236,643 1,116 237,759 43,886 12,281 8,513 5.4x 19.4x 27.8x
Cipla 978.7 80.72 79,001 -762 78,239 22,753 5,502 2,833 3.4x 14.2x 27.9x
Dr Reddy's Labs 4,699.0 16.65 78,238 -383 77,855 24,670 7,444 4,507 3.2x 10.5x 17.4x
Mankind Pharma 1,620.8 40.06 64,927 -150 64,777 8,127 1,860 1,248 8.0x 34.8x 52.0x
Torrent Pharma. 1,840.0 33.84 62,266 4,797 67,063 9,620 2,887 1,245 7.0x 23.2x 50.0x
Zydus Lifesci. 532.4 101.22 53,884 622 54,506 17,237 4,047 2,092 3.2x 13.5x 25.8x
Alkem Lab 3,379.4 11.96 40,417 -1,125 39,292 11,599 1,825 1,007 3.4x 21.5x 40.1x
Aurobindo Pharma 669.8 58.59 39,241 -798 38,443 24,855 3,996 1,928 1.5x 9.6x 20.4x
Syngene Intl. 745.0 40.20 29,949 284 30,233 3,193 1,005 464 9.5x 30.1x 64.5x
Biocon 239.4 120.06 28,736 15,619 44,355 11,174 2,721 643 4.0x 16.3x 44.7x
High 9.5x 34.8x 64.5x
75th Percentile 6.6x 22.8x 48.7x
Average 4.8x 19.3x 37.1x
Median 3.7x 17.8x 34.0x
25th Percentile 3.2x 13.7x 26.3x
Low 1.5x 9.6x 17.4x

Hind. Unilever Comparable Valuation EV/Revenue EV/EBITDA P/E

Impiled Enterprise Value 162,553 218,970 290,686
Net Debt 1,116 1,116 1,116
Impiled Market Value 161,438 217,854 289,570
Shares Outstanding 239.93 239.93 239.93
Impiled Value per Share 672.9 908.0 1,206.9
Source: The Valuation School, Screener.in
Overvalued Overvalued Undervalued
Calculation of Value at Risk - SUN PHARMACEUTICALS INDUSTRIES LTD (Historical)

Date Adj Close Return Sorted Returns Calculation of Value at Risk - SUN PHARMACEUTICALS INDUSTRIES LTD
7/20/2015 892.93 5.200475157 0.17727418
5/18/2009 144.01 18.79088949 0.157241113 Mean -0.07%
5/1/2000 7.28 -0.937793731 0.136350029 Std Deviation 2.33%
6/25/2009 116.97 -0.782229243 0.131796941 Min -18.09%
5/26/2017 537.15 0.51822905 0.129427161 Max 17.73%
3/20/2020 353.80 44.05794704 0.12557779 CMP 992.00
5/11/2000 7.85 3.469682747 0.115810239
6/17/1998 1.76 -0.099290657 0.108730419 Percentile Confidence VAR % Stock Price VAR (INR)
4/27/1998 1.95 -0.942966792 0.103915105 5.00% 95.00% -3.80% 1029.71 -37.71
8/17/2004 34.20 -0.962419343 0.103729244 1.00% 99.00% -7.41% 1065.48 -73.48
5/29/2015 909.98 73.08042016 0.100780459 0.50% 99.50% -7.45% 1065.94 -73.94
5/18/2001 12.28 0.146839898 0.100759281 10.00% 90.00% -2.58% 1017.56 -25.56
3/30/2001 10.71 -0.801469505 0.100546798
10/21/2005 53.95 2.817224414 0.099924521
6/23/2003 14.13 -0.966209498 0.099640009
5/10/2019 418.27 276.7010034 0.099598168
3/2/1998 1.51 -0.998468026 0.097594764
4/20/2015 983.16 32.19852857 0.096198354
5/14/2004 29.61 -0.689161178 0.095897788
1/21/2008 95.27 49.67800157 0.093554804
6/12/1998 1.88 -0.995387315 0.091639729
1/17/2019 407.57 0.090189833 0.09161853
3/11/2020 373.85 2.126386564 0.087795984
5/28/2009 119.58 6.292521633 0.087785687
3/2/2000 16.40 0.433216627 0.086956493
1/6/2000 11.44 -0.273380959 0.08694579
Calculation of Value at Risk - SUN PHARMACEUTICALS INDUSTRIES LTD (Historical)

Date Adj Close Return Sorted Returns Replication Simulated Returns Calculation of Value at Risk - SUN PHARMACEUTICALS INDUSTRIES LTD
7/20/2015 892.93 5.200475157 0.17727418 1 -0.005335634
5/18/2009 144.01 18.79088949 0.157241113 2 0.007090361 Historical Approach
5/1/2000 7.28 -0.937793731 0.136350029 3 0.008356582 Mean -0.07%
6/25/2009 116.97 -0.782229243 0.131796941 4 -0.051220332 Std Deviation 2.33%
5/26/2017 537.15 0.51822905 0.129427161 5 0.01532819 Min -18.09%
3/20/2020 353.80 44.05794704 0.12557779 6 -0.034796744 Max 17.73%
5/11/2000 7.85 3.469682747 0.115810239 7 -0.006216332 CMP 992.00
6/17/1998 1.76 -0.099290657 0.108730419 8 -0.008336697
4/27/1998 1.95 -0.942966792 0.103915105 9 -0.030071077 Monte Carle Simulation
8/17/2004 34.20 -0.962419343 0.103729244 10 0.034737613 Mean -0.06%
5/29/2015 909.98 73.08042016 0.100780459 11 -0.008667534 Std Deviation 2.34%
5/18/2001 12.28 0.146839898 0.100759281 12 -0.000855223 Min -9.28%
3/30/2001 10.71 -0.801469505 0.100546798 13 0.048337619 Max 10.65%
10/21/2005 53.95 2.817224414 0.099924521 14 -0.008487671 CMP 992.00
6/23/2003 14.13 -0.966209498 0.099640009 15 -0.001034461
5/10/2019 418.27 276.7010034 0.099598168 16 -0.015369381 Percentile Confidence VAR % Stock Price VAR (INR)
3/2/1998 1.51 -0.998468026 0.097594764 17 0.043679635 5.00% 95.00% -3.87% 1030.35 -38.35
4/20/2015 983.16 32.19852857 0.096198354 18 -0.003971741 1.00% 99.00% -5.52% 1046.72 -54.72
5/14/2004 29.61 -0.689161178 0.095897788 19 -0.040954302 0.50% 99.50% -6.12% 1052.71 -60.71
1/21/2008 95.27 49.67800157 0.093554804 20 0.018166673 10.00% 90.00% -3.07% 1022.49 -30.49
6/12/1998 1.88 -0.995387315 0.091639729 21 -0.006385356
1/17/2019 407.57 0.090189833 0.09161853 22 -0.045096783
3/11/2020 373.85 2.126386564 0.087795984 23 -0.014668097
5/28/2009 119.58 6.292521633 0.087785687 24 -0.008356076
3/2/2000 16.40 0.433216627 0.086956493 25 0.02251706
1/6/2000 11.44 -0.273380959 0.08694579 26 0.019429815
SUN PHARMACEUTICALS INDUSTRIES LTD
(SUNPHARMA | BSE Code: 524715)
INR 991.55
52 Week (High - INR 1072.00 & Low - INR 790.00)

About the company

Sun Pharmaceutical Industries Limited (d/b/a Sun Pharma) is an Indian multinational pharmaceutical company
headquartered in Mumbai, that manufactures and sells pharmaceutical formulations and active pharmaceutical
ingredients (APIs) in more than 100 countries across the globe. It is the largest pharmaceutical company in India
and the fourth largest specialty generic pharmaceutical company in the world. The products cater to a vast range
of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology,
ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals. Its
active pharmaceutical products include baricitinib, brivaracetam, and dapaglifozin.

Financial Summary
Revenues (INR Crs) Net Profit (INR Crs) Total Assets (INR Crs)
43,886 75,256
8,474
38,654
32,838 33,498

68,695
67,908
3,765 66,392
2,904 3,273

2020 2021 2022 2023 2020 2021 2022 2023

2020 2021 2022 2023

Return on Equity (%) Return on Asset (%) 1.5x Financial Leverage

11.26%
16.29%

1.5x
8.69% 5.67% 1.5x
6.33% 6.93% 4.76% 1.4x
4.28%

2020 2021 2022 2023 2020 2021 2022 2023

2020 2021 2022 2023

Recent Updates
• India's largest drugmaker reports net profit of Rs 1,985 crore
• Sun Pharma's net profit declined 8.3 percent from Rs 2,166 crore in the previous quarter.
• Gross sales rose 12.6% YoY to Rs 43,278.9 crore in FY23, the company said in a filing to exchanges. India formulation
sales came in at Rs 13,603.10 crore, up 6.6% over the same period last financial year.
• Revenue for the fourth quarter grew 15.7 percent year-on-year to Rs 10,930.6 crore, as against Rs 9,446.8 crore in the
same period last fiscal.
• The EBITDA margin for the quarter under review came at 25.6 percent, as against 24.8 percent in the year-ago period.
The EBITDA margin in the previous quarter was 26.7 percent.
• The company also approved a final dividend of Rs 4 per equity share which will be subject to the approval of the
shareholders. The total dividend payout for FY23 is Rs 11.5 per share compared to Rs 10 per share for FY22.

Page 1
Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6,964.4 2,095.7 2,665.4 3,764.9 2,903.8 3,272.7 8,473.6
Average Shareholder Equity 34,811.1 37,476.9 39,861.6 43,336.8 45,863.6 47,237.0 52,003.3
Return on Equity 20.01% 5.59% 6.69% 8.69% 6.33% 6.93% 16.29%

ROE - Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6,964.4 2,095.7 2,665.4 3,764.9 2,903.8 3,272.7 8,473.6
Revenue 31,578.4 26,489.5 29,065.9 32,837.5 33,498.1 38,654.5 43,885.7
Net Profit Margin (A) 22.05% 7.91% 9.17% 11.47% 8.67% 8.47% 19.31%

Revenue 31,578.4 26,489.5 29,065.9 32,837.5 33,498.1 38,654.5 43,885.7

Average Total Asset 58,261.5 62,696.4 64,443.5 66,391.9 67,908.3 68,695.1 75,255.8
Asset Turnover Ratio (B) 0.5x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x

Average Total Asset 58,261.5 62,696.4 64,443.5 66,391.9 67,908.3 68,695.1 75,255.8
Average Shareholder Equity 34,811.1 37,476.9 39,861.6 43,336.8 45,863.6 47,237.0 52,003.3
Equity Multiplier (C) 1.7x 1.7x 1.6x 1.5x 1.5x 1.5x 1.4x

Return on Equity (A*B*C) 20.01% 5.59% 6.69% 8.69% 6.33% 6.93% 16.29%

Return on Asset (ROA)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6,964.4 2,095.7 2,665.4 3,764.9 2,903.8 3,272.7 8,473.6
Average Total Asset 58,261.5 62,696.4 64,443.5 66,391.9 67,908.3 68,695.1 75,255.8
Return on Asset 11.95% 3.34% 4.14% 5.67% 4.28% 4.76% 11.26%

ROA - Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6,964.4 2,095.7 2,665.4 3,764.9 2,903.8 3,272.7 8,473.6
Revenue 31,578.4 26,489.5 29,065.9 32,837.5 33,498.1 38,654.5 43,885.7
Net Profit Margin (A) 22.05% 7.91% 9.17% 11.47% 8.67% 8.47% 19.31%

Revenue 31,578.4 26,489.5 29,065.9 32,837.5 33,498.1 38,654.5 43,885.7

Average Total Asset 58,261.5 62,696.4 64,443.5 66,391.9 67,908.3 68,695.1 75,255.8
Asset Turnover Ratio (B) 0.5x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x

Return on Asset (A*B) 11.95% 3.34% 4.14% 5.67% 4.28% 4.76% 11.26%

Dupont Summary
• ROE of SUN PHARMACEUTICALS INDUSTRIES LTD has been decreased during COVID and made a low of 5.59%
in FY2018 which now currently at 16.29% as of 31 March 2023.
• ROE has been decreased significantly in last 6 years from 20.01% to 6.93%. While the company was able to
increase the asset efficiency from 0.5x in FY2017 to 0.6x in FY2023, the reason for fall in ROE is reduction of net
margins from 22.05% in FY2017 to 19.31% in FY2023 and financial leverage in the company from 1.7x in FY2017 to 1.4x
in FY2023.
• ROA of SUN PHARMACEUTICALS INDUSTRIES LTD has been decreased during COVID and made a low of 3.34% in
FY2018 which now currently at 11.26% as of 31 March 2023.
• ROA has been decreased significantly in last 6 years from 11.95% to 4.76%. While the company was able to increase
the asset efficiency from 0.5x in FY2017 to 0.6x in FY2023, the reason for fall in ROE is reduction of net margins from

Page 2
SUN PHARMACEUTICALS INDUSTRIES LTD
(SUNPHARMA | BSE Code: 524715)
INR 991.55
52 Week (High - INR 1072.00 & Low - INR 790.00)

Altman's Z Score Analysis

Sun Pharmaceutical Industries Limited (d/b/a Sun Pharma) is an Indian multinational pharmaceutical company
headquartered in Mumbai, that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients
(APIs) in more than 100 countries across the globe. It is the largest pharmaceutical company in India and the fourth largest
specialty generic pharmaceutical company in the world. The products cater to a vast range of therapeutic segments
covering psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology, ophthalmology, nephrology,
urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals. Its active pharmaceutical products
include baricitinib, brivaracetam, and dapaglifozin.
Financial Summary

Working Capital / Total Assets Retained Earnings / Total Assets

28.40% 7.19%
26.03%
23.11%
4.73%
18.21%

1.44%
0.72%

2020 2021 2022 2023

2020 2021 2022 2023

EBIT / Total Assets Market Cap / Long Term Liabilities

11.63% 11.29% 17010%
9.45%
7.23%

3708% 3426%
1017%

2020 2021 2022 2023

2020 2021 2022 2023

Sales / Total Assets Altman's Z Score

55.40%
54.35% 103.24

49.54%
48.15%
23.38 21.85
7.23

2020 2021 2022 2023 2020 2021 2022 2023

Page 1
Altman's Z Score Analysis Calculation
Working Capital / Total Assets
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Working Capital 24,803.0 20,238.7 20,773.2 19,369.0 17,599.1 12,706.4 18,657.9
Total Asstes 61,095.5 64,297.4 64,589.5 68,194.3 67,622.2 69,768.0 80,743.6
Working Capital / Total Assets (A) 40.60% 31.48% 32.16% 28.40% 26.03% 18.21% 23.11%

Retained Earnings / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Retained Earnings 11,898.7 2,088.1 2,549.5 3,227.1 485.2 1,006.5 5,801.6
Total Asstes 61,095.5 64,297.4 64,589.5 68,194.3 67,622.2 69,768.0 80,743.6
Retained Earnings / Total Assets (B) 19.48% 3.25% 3.95% 4.73% 0.72% 1.44% 7.19%

EBIT / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
EBIT 13,739.4 4,131.6 4,623.7 4,930.1 6,390.0 8,113.8 9,117.4
Total Asstes 61,095.5 64,297.4 64,589.5 68,194.3 67,622.2 69,768.0 80,743.6
EBIT / Total Assets (C) 22.49% 6.43% 7.16% 7.23% 9.45% 11.63% 11.29%

Market Cap / Long Term Liabilities

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Market Cap 165,105.1 118,787.4 114,892.2 84,528.6 143,432.2 219,479.2 235,878.6
Long Term Liabilities 9,831.8 10,385.3 10,514.4 8,314.9 3,868.6 1,290.3 6,885.9
Market Cap / Long Term Liabilities (D) 1679.30% 1143.81% 1092.72% 1016.59% 3707.62% 17009.93% 3425.55%

Sales / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Sales 31,578.4 26,489.5 29,065.9 32,837.5 33,498.1 38,654.5 43,885.7
Total Assets 61,095.5 64,297.4 64,589.5 68,194.3 67,622.2 69,768.0 80,743.6
Return on Asset (E) 51.69% 41.20% 45.00% 48.15% 49.54% 55.40% 54.35%

Altman's Z Score
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Final Score 12.09 7.91 7.68 7.23 23.38 103.24 21.85
Financial Stability Strong Strong Strong Strong Strong Strong Strong

Page 2