Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per Share 0.5 0.5 1 1 5
Operating Profit Per Share (Rs) 2.38 6.43 5.3 29.59 20.85
Net Operating Profit Per Share (Rs) 16.57 48.08 40.32 129.4 115.09
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 48.91 97.82 97.82 93.47 93.47
Profitability Ratios
Operating Profit Margin(%) 14.38 13.36 13.15 22.86 18.11
Profit Before Interest And Tax
8.58 7.94 7.15 16.42 11.2
Margin(%)
Gross Profit Margin(%) 9.45 8.26 7.52 17.04 12.04
Cash Profit Margin(%) 17.1 14.69 14.72 24.93 16.05
Adjusted Cash Margin(%) 17.1 14.69 14.72 24.93 16.05
Net Profit Margin(%) 22.17 17.07 9.85 20.06 16.01
Adjusted Net Profit Margin(%) 20.13 16.41 9.37 19.32 14.89
Return On Capital Employed(%) 5.17 5 4.5 8.09 7.08
Return On Net Worth(%) 5.85 6.92 3.53 7.94 6.14
Adjusted Return on Net Worth(%) 3.67 4.13 3.53 7.94 4.29
Return on Assets Excluding
62.8 118.58 112.3 327.01 299.79
Revaluations
Return on Assets Including
62.81 118.59 112.31 327.06 299.83
Revaluations
Return on Long Term Funds(%) 5.17 5 4.5 8.09 7.34

Liquidity And Solvency Ratios

Current Ratio 3.12 2.55 2.5 3.02 2.26

Quick Ratio 2.2 1.66 1.78 2.21 2.26
Debt Equity Ratio -- -- 0.01 0.02 0.06
Long Term Debt Equity Ratio -- -- 0.01 0.02 0.02
Debt Coverage Ratios
Interest Cover 324.75 136.92 306.8 142.11 237.05
Total Debt to Owners Fund -- 0 0.01 0.02 0.06
Financial Charges Coverage Ratio 406.42 193.5 442.9 181.74 310.58
Financial Charges Coverage Ratio Post
450.08 247.08 375.6 177.29 268.53
Tax

Management Efficiency Ratios

Inventory Turnover Ratio 3.72 3.6 4.32 4.85 4.63

Debtors Turnover Ratio 2.7 3.51 3.15 3.98 4.35
Investments Turnover Ratio 0.26 0.41 4.32 4.85 4.63
Fixed Assets Turnover Ratio 1.09 1.16 1.12 1.26 1.23
Total Assets Turnover Ratio 0.27 0.41 0.36 0.39 0.36
Asset Turnover Ratio 0.27 0.41 0.36 0.4 0.51

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital 177.61 143.52 129.61 157.61 169.83

Profit & Loss Account Ratios

Material Cost Composition 43.2 48.66 43.45 41.79 44.48

Imported Composition of Raw Materials
-- -- -- -- --
Consumed
Selling Distribution Cost Composition -- 1.55 1.97 1.83 1.83
Expenses as Composition of Total
16.49 17.7 19.46 19.66 14.91
Sales

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 13.63 14.08 29.05 -- 30.03

Dividend Payout Ratio Cash Profit 11.15 10.84 18.49 -- 21.77
Earning Retention Ratio 78.28 76.4 70.95 100 57.05
Cash Earning Retention Ratio 83.96 84.27 81.51 100 72.15
AdjustedCash Flow Times 0 0 0.18 0.2 0.91
Days Inventory 98.11828 101.3889 84.49074 75.25773 78.83369
Days Debtors/AR 135.1852 103.9886 115.873 91.70854 83.90805
 Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

Investment Valuation Ratios

Face Value 1 1 1 1 1
Dividend Per Share 3.5 3.5 3.5 3.2 3.2
Operating Profit Per Share (Rs) 13.9 15.92 16.08 3.14 25.17
Net Operating Profit Per Share (Rs) 62 58.97 56.75 31.56 68.69
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 71.26 71.26 71.26 71.26 71.26
Profitability Ratios
Operating Profit Margin(%) 22.42 26.99 28.33 9.93 36.64
Profit Before Interest And Tax
13.81 19.27 22.48 1.84 32.68
Margin(%)
Gross Profit Margin(%) 15.66 21.06 23.29 2.17 33.49
Cash Profit Margin(%) 25.49 27.25 22.99 23.93 31.34
Adjusted Cash Margin(%) 25.49 27.25 22.99 23.93 31.34
Net Profit Margin(%) 22.25 24.6 18.77 20.48 28.97
Adjusted Net Profit Margin(%) 19.63 22.52 18.12 17.35 28.27
Return On Capital Employed(%) 12.96 15.37 15.01 6.94 34.61
Return On Net Worth(%) 12.54 17.33 14.08 10 32.46
Adjusted Return on Net Worth(%) 12.48 16.8 14.08 10 32.46
Return on Assets Excluding
109.99 83.7 75.66 64.65 61.31
Revaluations
Return on Assets Including
109.99 83.7 75.66 64.65 61.31
Revaluations
Return on Long Term Funds(%) 14.43 17.28 17.16 8.31 37.73

Liquidity And Solvency Ratios

Current Ratio 1.05 1.11 1.61 1.03 1.47

Quick Ratio 1.75 1.93 2.2 1.92 2.17
Debt Equity Ratio 0.26 0.39 0.34 0.42 0.16
Long Term Debt Equity Ratio 0.13 0.24 0.17 0.19 0.07
Debt Coverage Ratios
Interest Cover 7.88 20.43 24.43 58.86 95.48
Total Debt to Owners Fund 0.26 0.39 0.34 0.42 0.16
Financial Charges Coverage Ratio 9.72 24.43 29.02 81.46 103.83
Financial Charges Coverage Ratio Post
8.87 21.58 22.66 83.23 86.23
Tax

Management Efficiency Ratios

Inventory Turnover Ratio 4.55 4.1 4.41 3.51 10.84

Debtors Turnover Ratio 2.78 3.59 5.32 2.45 5.09
Investments Turnover Ratio 0.45 0.51 4.41 3.51 10.84
Fixed Assets Turnover Ratio 0.99 1.04 1.39 0.9 2.23
Total Assets Turnover Ratio 0.45 0.51 0.57 0.35 0.98
Asset Turnover Ratio 0.49 0.54 0.59 0.39 1.07

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital 138.74 139.03 157.42 203.82 105.92

Profit & Loss Account Ratios

Material Cost Composition 33.55 35.63 35.2 40.09 28.42

Imported Composition of Raw Materials
-- -- -- -- --
Consumed
Selling Distribution Cost Composition -- -- -- -- --
Expenses as Composition of Total
83.1 80.17 73.46 -- --
Sales

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 50.71 24.11 -- 49.49 28.13

Dividend Payout Ratio Cash Profit 38.9 19.43 -- 35.88 25.38
Earning Retention Ratio 49.02 75.12 100 50.51 71.87
Cash Earning Retention Ratio 60.94 80.08 100 64.12 74.62
AdjustedCash Flow Times 1.61 1.86 1.92 3.05 0.46
Days Inventory 80.21978 89.02439 82.76644 103.9886 33.67159
Days Debtors/AR 131.295 101.6713 68.60902 148.9796 71.70923
 Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per Share 25 20 20 20 20
Operating Profit Per Share (Rs) 172.8 138.48 80.16 105.32 140.91
Net Operating Profit Per Share
713.6 639.84 564.12 586.44 598.31
(Rs)
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 67.22 67.3 67.3 67.38 65.49
Profitability Ratios
Operating Profit Margin(%) 24.21 21.64 14.2 17.95 23.55
Profit Before Interest And Tax
16.51 13.98 5.81 9.8 16.78
Margin(%)
Gross Profit Margin(%) 17.55 14.29 5.93 10.39 17.19
Cash Profit Margin(%) 29.59 18.94 14.02 20.55 22.57
Adjusted Cash Margin(%) 29.59 18.94 14.02 20.55 22.57
Net Profit Margin(%) 24.78 12.02 6.05 14.24 13.26
Adjusted Net Profit Margin(%) 23.32 11.75 5.92 13.42 12.95
Return On Capital Employed(%) 17.37 12.94 5.27 11.47 13.61
Return On Net Worth(%) 19.33 10.07 4.8 11.93 11.67

Adjusted Return on Net Worth(%) 19.33 10.07 4.8 11.93 14.73

Return on Assets Excluding
914.81 763.8 711.7 699.92 680.24
Revaluations
Return on Assets Including
914.81 763.8 711.7 699.92 680.24
Revaluations
Return on Long Term Funds(%) 18.56 13.48 6.17 13.25 15.87

Liquidity And Solvency Ratios

Current Ratio 1.72 1.92 1.68 1.83 1.74

Quick Ratio 1.97 1.95 2.26 2.44 2.41
Debt Equity Ratio 0.07 0.07 0.22 0.2 0.27
Long Term Debt Equity Ratio -- 0.03 0.04 0.04 0.09
Debt Coverage Ratios
Interest Cover 59.07 30.94 12.1 28 31.34
Total Debt to Owners Fund 0.07 0.07 0.22 0.2 0.27
Financial Charges Coverage
75.58 44.68 24.43 40.85 41.52
Ratio
Financial Charges Coverage
78.97 37.23 22.35 38.05 32.4
Ratio Post Tax

Management Efficiency Ratios

Inventory Turnover Ratio 5.41 5.27 5.04 5.37 6.06

Debtors Turnover Ratio 2.84 2.68 2.17 2.34 2.37
Investments Turnover Ratio 0.73 0.78 5.04 5.37 6.06
Fixed Assets Turnover Ratio 1.32 1.25 1.17 1.3 1.58
Total Assets Turnover Ratio 0.76 0.83 0.69 0.74 0.77
Asset Turnover Ratio 0.79 0.76 0.66 0.68 0.72

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working
112.35 112.09 143.37 149.58 196.66
Capital

Profit & Loss Account Ratios

Material Cost Composition 35.08 31.96 34.09 31.17 29.66

Imported Composition of Raw
-- -- -- -- 38.56
Materials Consumed
Selling Distribution Cost
0.1 0.05 0.15 0.34 0.34
Composition
Expenses as Composition of Total
71.04 83.45 77.59 -- 73.87
Sales

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 13.32 25.99 70.41 24.22 25.13

Dividend Payout Ratio Cash Profit 10.5 16.13 29.76 15.82 16.99

Earning Retention Ratio 86.68 74.01 29.59 75.78 80.1

Cash Earning Retention Ratio 89.5 83.87 70.24 84.18 85.57
AdjustedCash Flow Times 0.29 0.43 1.93 1.11 1.31
Days Inventory 67.46765 69.25996 72.42063 67.9702 60.23102
Days Debtors/AR 128.5211 136.194 168.2028 155.9829 154.0084
 Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

Investment Valuation Ratios

Face Value 1 1 1 1 1
Dividend Per Share 4 2.75 2 3.5 1
Operating Profit Per Share (Rs) 11.3 7.32 4.08 0.48 -1.81
Net Operating Profit Per Share (Rs) 42.94 37.54 32.03 31.64
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 76.61 76.61 76.61 76.61 76.61

Profitability Ratios

Operating Profit Margin(%) 21.63 17.04 10.86 1.48 -5.71

Profit Before Interest And Tax Margin(%) 10.39 4.84 -3.76 -11.17

Gross Profit Margin(%) 17.15 11.67 5.45 -4.01 -11.8

Cash Profit Margin(%) 26.86 22.32 17.2 4.87 -6.7
Adjusted Cash Margin(%) 26.86 22.32 17.2 4.87 -6.7
Net Profit Margin(%) 25.62 7.92 3.39 -0.29 -14.09
Adjusted Net Profit Margin(%) 22.86 7.05 3.01 -0.27 -13.33
Return On Capital Employed(%) 12.13 8.62 5.56 0.8 -1.72
Return On Net Worth(%) 13.16 3.57 1.36 -0.1 -4.99
Adjusted Return on Net Worth(%) 13.16 8.89 5.62 -0.1 -4.66
Return on Assets Excluding
101.68 95.21 93.04 87.58 89.27
Revaluations
Return on Assets Including
101.68 95.21 93.04 87.58 89.27
Revaluations
Return on Long Term Funds(%) 10.19 6.77 0.94 -1.99
Liquidity And Solvency Ratios
Current Ratio 0.88 0.79 0.71 0.78 0.68

Quick Ratio 1.39 1.18 1.29 0.79 0.76

Debt Equity Ratio 0.24 0.26 0.3 0.23 0.26

Long Term Debt Equity Ratio 0.06 0.07 0.04 0.09

Debt Coverage Ratios

Interest Cover 8.97 4.58 4.17 0.92 -0.88
Total Debt to Owners Fund 0.24 0.26 0.3 0.23 0.26
Financial Charges Coverage Ratio 10.35 5.6 5.42 2.81 -0.01
Financial Charges Coverage Ratio
10.25 3.53 3.04 2.79 -0.15
Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio 4.76 3.69 4.22 3.38 3.63
Debtors Turnover Ratio 2.24 2 2.26 3.25 3.99
Investments Turnover Ratio 0.42 3.69 4.22 3.38 3.63
Fixed Assets Turnover Ratio 1.75 1.58 1.57 1.61 1.16
Total Assets Turnover Ratio 0.36 0.31 0.3 0.28
Asset Turnover Ratio 0.43 0.36 0.33 0.29 0.28
Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --

Number of Days In Working Capital -19.78 -2.92 -134.43 8.87

Profit & Loss Account Ratios

Material Cost Composition 38.33 42.32 43.1 50.68 46.62
Imported Composition of Raw
-- -- -- -- 40.76
Materials Consumed
Selling Distribution Cost
-- -- -- -- --
Composition
Expenses as Composition of Total
59.22 64.08 45.32 57.41 55.38
Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 42.94 58.67 261 -- --
Dividend Payout Ratio Cash Profit 36.55 34.98 100.61 60.25 --
Earning Retention Ratio 57.06 76.41 36.5 1153.76 123.99
Cash Earning Retention Ratio 63.45 81.46 54.25 39.75 --
AdjustedCash Flow Times 2.26 3.89 12.05 --
Days Inventory 76.68067 98.91599 86.49289 107.9882 100.551
Days Debtors/AR 162.9464 182.5 161.5044 112.3077 91.4787
COMPANY Efficiency Ratios Mar '20 Mar '19

Days Inventory 98.1182795698925 101.388888888889

Days Receivables 135.185185185185 103.988603988604

BIOCON Accounts Payable

Operating Cycle 233.303464755078 205.377492877493

Cash Cycle 233.303464755078 205.377492877493

Days Inventory 80.2197802197802 89.0243902439024

Days Receivables 131.294964028777 101.671309192201

CADILA Accounts Payable

Operating Cycle 211.514744248557 190.695699436103

Cash Cycle 211.514744248557 190.695699436103

Days Inventory 67.4676524953789 69.2599620493359

Days Receivables 128.521126760563 136.194029850746

Dr.Reddy Accounts Payable

Operating Cycle 195.988779255942 205.453991900082

Cash Cycle 195.988779255942 205.453991900082

Days Inventory 76.6806722689076 98.9159891598916

Days Receivables 162.946428571429 182.5

Sun Pharma Accounts Payable

Operating Cycle 239.627100840336 281.415989159892

Cash Cycle 239.627100840336 281.415989159892

 Mar '18 Mar '17 Mar '16

84.4907407407407 75.2577319587629 78.8336933045356

115.873015873016 91.7085427135678 83.9080459770115

300
200.363756613757 166.966274672331 162.741739281547

200.363756613757 166.966274672331 162.741739281547

250

82.766439909297 103.988603988604 33.6715867158672

68.609022556391 148.979591836735 71.7092337917485 200

151.375462465688 252.968195825339 105.380820507616 150

151.375462465688 252.968195825339 105.380820507616

72.4206349206349 67.9702048417132 60.2310231023102 100

168.202764976959 155.982905982906 154.008438818565

50

240.623399897593 223.953110824619 214.239461920876

0
240.623399897593 223.953110824619 214.239461920876

B I O C O NA c c o u n t s P a y a b l e

O p e r a ti n g C y c l e
D ay s R ec ei v ab l es
D ay s I n v en t o r y
86.4928909952607 107.988165680473 100.550964187328

161.504424778761 112.307692307692 91.4786967418546

247.997315774022 220.295857988166 192.029660929182

247.997315774022 220.295857988166 192.029660929182

 D ay s I n v en t o r y

D ay s R ec ei v ab l es

B I O C O NA c c o u n t s P a y a b l e

O p e r a ti n g C y c l e

C ash C yc l e

D ays I n ven t o r y

D ay s R ec ei v ab l es
Mar '20

C A D I L AA c c o u n t s P a y a b l e

O p e r a ti n g C y c l e
Mar '19

C ash C yc l e
Mar '18

D ay s I n v en t o r y
Chart Title

D ay s R ec ei v ab l es
Mar '17

D r . R e d d yA c c o u n t s P a y a b l e

O p e r a ti n g C y c l e
Mar '16

C ash C yc l e

D ays I n ven t o r y
 D r . R e d d yA c c o u n t s P a y a b l e

O p e r a ti n g C y c l e

Mar '16
C ash C yc l e

D ays I n ven t o r y

D ay s R ec ei v ab l es

S u n P h a r m aA c c o u n t s P a y a b l e

O p e r a ti n g C y c l e

C ash Cy c l e