A C E F H

1 Sun Pharmaceutical Industries Ltd

2 Financial (Rs million) Mar-19 y-o-y change Mar-18 y-o-y change
(%) (%)
3 Net sales 97,833 27.1 76,962 3.7
4 Other operating income 5,651 116.0 2,616 -8.5
5 Total Operating Revenue 103,484 30.0 79,578 3.3
6 Total cost of sales 85,002 8.5 78,355 3.2
7 Raw material consumed 41,095 3.7 39,632 4.7
8 Power & fuel 4,073 8.3 3,762 9.0
9 Labour cost 15,713 -2.9 16,177 8.8
10 Selling & distribution 6,460 17.2 5,510 -17.4
11 Other cost 17,660 33.0 13,275 1.4
12 Expenditure capitalised - - -
13 EBITDA 18,482 n.m. 1,223 8.7
14 Interest & Finance charges 5,409 39.3 3,883 73.7
15 Depreciation 5,530 27.9 4,322 3.2
16 OPBT 7,543 208.0 (6,983) 31.9
17 Non operating income 10,022 3.9 9,642 280.4
18 Cash/Non-cash adjustment 183 -34.2 278 1012.0
19 Extra-ordinary (10,553) -29.7 (8,137) -437.5
Income/(Expenses)
20 PBT 7,194 238.4 (5,200) 1504.9
21 Tax (972) -282.6 (254) -1116.0
22 PAT 8,166 265.1 (4,946) 1317.2

23 Key Ratios Mar-19 Mar-18

24 Net sales growth Per cent 27.1 3.7
25 EBITDA growth Per cent 1,411.3 8.7
26 EBITDA margins Per cent 17.9 1.5
27 Net profit margins Per cent 7.9 (6.2)
28 RoCE Per cent 4.7 (0.5)
29 Tangible Net Worth Rs Million 223,881 195,435
30 Capital Employed Rs Million 280,731 256,758
31 Gearing Times 0.3 0.4
32 Net Cash Accrual/total debt Times 0.1 (0.1)
33 Interest coverage Times 3.4 0.8
34 Assets turnover ratio Times 1.7 1.5
35 Current ratio Times 1.0 0.6
36 Debtor Days Days 188 135
37 Creditor Days Days 191 229
38 Days Inventory Days 120 99
39 n.m. : Not meaningful
40 Source : CRISIL Research

Verticle Analysis

Financial (Rs million) Mar-19 Mar-18 Mar-17 Mar-16

Total cost of sales 85,002 78,355 75,928 81,015
Raw material consumed 41,095 39,632 37,861 34,170
Power & fuel 4,073 3,762 3,452 3,705
Labour cost 15,713 16,177 14,862 14,767
Selling & distribution 6,460 5,510 6,668 8,241
Other cost 17,660 13,275 13,086 20,132

Vertical Analysis
120%

100%

80%

60%

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0%
1 2 3 4 5 6

Column O Column P Column Q Column R Column S

Horizontal Analysis
 Total Cost of Sales
120%

100%

80%

60%

40%

20%

0%
1 2 3 4 5

Other Cost
30%

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I K M

Mar-17 y-o-y Mar-16 y-o-y Mar-15

change change
(%) (%)
74,195 4 71,098 -8 77,436
2,859 -53 6,131 55 3,945
77,054 0 77,230 -5 81,381
75,928 -6 81,015 -4 84,824
37,861 11 34,170 -11 38,589
3,452 -7 3,705 -3 3,825
14,862 1 14,767 -1 14,867
6,668 -19 8,241 -10 9,136
13,086 -35 20,132 9 18,407
- - - -
1,125 -130 (3,785) 10 (3,443)
2,236 -61 5,741 4 5,513
4,186 -10 4,643 -24 6,115
(5,296) -63 (14,169) -6 (15,070)
2,535 145 1,035 -47 1,944
25 -49 49 -125 (199)
2,411 7 2,263 -189 (2,550)

(324) -97 (10,821) -32 (15,874)

25 -55 55 -105 (1,133)
(349) -97 (10,875) -26 (14,741)

Mar-17 Mar-16 Mar-15

4.4 (8.2) 184.3
(70.3) (210.0) (231.4)
1.5 (4.9) (4.2)
(0.5) (14.1) (18.1)
0.7 (1.8) (5.2)
207,777 218,301 227,120
260,726 269,072 295,227
0.3 0.3 0.3
0.0 (0.3) (0.3)
2.7 (0.1) (0.8)
1.8 1.6 2.1
0.6 0.7 0.7
132 101 83
202 189 140
 110 96 94

Mar-15
84,824 Vertical Analysis
38,589
3,825 600%
14,867
9,136 500%
18,407 400%

300%

nalysis 200%

100%

0%
1 2 3 4 5 6 7

Column O Column P Column Q Column R Column S

4 5 6 7

mn Q Column R Column S
 Raw Material Consumed
60%
6%

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5%

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4%

30%
3%

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2%

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1%

0%
1 2 3 4 5 0%
1 2

Selling and Distribution

12% 25%

10%
20%

8%
15%
6%
10%
4%

2% 5%

0% 0%
1 2 3 4 5 1 2
 COMMON SIZE STATEMENT
Mar-19 18-Mar 17-Mar 16-Mar 15-Mar

95% 97% 96% 92% 95%

5% 3% 4% 8% 5%
100% 100% 100% 100% 100%
82% 98% 99% 105% 104%
40% 50% 49% 44% 47%
4% 5% 4% 5% 5%
15% 20% 19% 19% 18%
6% 7% 9% 11% 11%
17% 17% 17% 26% 23%

18% 2% 1% -5% -4%

5% 5% 3% 7% 7%
5% 5% 5% 6% 8%
7% -9% -7% -18% -19%
10% 12% 3% 1% 2%
0% 0% 0% 0% 0%
-10% -10% 3% 3% -3%

7% -7% 0% -14% -20%

-1% 0% 0% 0% -1%
8% -6% 0% -14% -18%
s

5 6 7

Column R Column S
 Power& Fuel
6%

5%

4%

3%

2%

1%

0%
1 2 3 4 5

Labour Cost
25%

20%

15%

10%

5%

0%
1 2 3 4 5