STANDALONE BALANCE SHEET - LUPIN LTD.

As at 31.03.2021 As at 31.03.2020 As at 31.03.2019

Particulars in Millions in Millions in Millions
ASSETS
Non-Current Assets
a. Property, Plant and Equipment 35,561.7 34,461.9 30,672.0
b. Capital Work-in-Progress 7,958.3 6,946.3 9,038.2
c. Intangible Assets 826.6 676.9 3,057.5
d. Intangible Assets Under Development 1,550.3 1,273.7 2,952.7
e. Financial Assets -
(i) Non-Current Investments -
- In Subsidiaries 71,996.2 51,247.3 51,247.3
- In Others 419.7 19.7 1,563.6
(ii) Non-Current Loans 658.7 447.2 627.4
(iii) Other Non-Current Financial Assets 10.5 9.7 14.3
f. Non-Current Tax Assets (Net) 2,691.3 1,178.3 1,424.1
g. Other Non-Current Assets 738.6 2,158.9 1,459.9
122,411.9 98,419.9 102,057.0
Current Assets -
a. Inventories 27,081.9 24,846.1 23,059.8
b. Financial Assets -
(i) Current Investments 23,209.9 23,297.3 21,073.8
(ii) Trade Receivables 31,905.4 36,163.3 37,243.2
(iii) Cash and Cash Equivalents 1,774.1 11,680.2 559.4
(iv) Other Bank Balances 1,066.0 1,379.1 55.0
(v) Current Loans 126.4 348.9 229.1
(vi) Other Current Financial Assets 4,311.5 3,245.8 6,304.8
c. Current Tax Assets (Net) - 2.0 2.0
d. Other Current Assets 6,698.5 7,422.4 6,318.0
e. Assets Classified as Held for Sale
Total current assets 96,173.7 108,385.1 94,845.1

TOTAL assets 218,585.6 206,805.0 196,902.1

EQUITY AND LIABILITIES -
Equity -
a. Equity Share Capital 907.4 906.0 905.0
b. Other Equity 184,748.3 173,826.0 170,267.7
185655.7 174732.0 171172.7
Liabilities -
Non-Current Liabilities -
a. Financial Liabilities -
(i) Non-Current Borrowings 1.5 3.1 5.3
(ii) Trade Payables 0 0 16.1
(iii) Other Non-Current Financial Liabilities 1,359.9 1,195.9 149.6
b. Non-Current Provisions 3,079.6 2,726.3 2,094.6
c. Deferred Tax Liabilities (Net) 2,173.2 1,929.4 2,662.2
d. Other Non-Current Liabilities 457.4 660.4 827.7
7,071.6 6,515.1 5,755.5
Current Liabilities -
a. Financial Liabilities -
(i) Current Borrowings 2,987.9 52.9 16.8
(ii) Trade Payables 11963.9 15661.3 12540.2
(iii) Other Current Financial Liabilities 2,965.0 2,747.1 1,577.2
b. Other Current Liabilities 1,014.0 1,194.9 869.8
c. Current Provisions 5,889.8 5,515.6 4,903.8
d. Current Tax Liabilities (Net) 1,037.7 386.1 66.1
Total current Liabilities 25,858.3 25,557.9 19,973.9
TOTAL 218,585.6 206,805.0 196,902.1
UPIN LTD.
As at 31.03.2018 As at 31.03.2017
in Millions in Millions

30,272.3 29,929.8
8,499.9 4,807.6
3,134.3 195.4
3,210.5 -
- -
- -
51,247.3 47,963.9
55.3 55.3
616.9 535.2
3.2 12.4
1,464.3 307.7
1,131.5 2,167.4
99,635.5 85,974.7
- -
21,800.2 21,256.6
- 21,120.0
2,325.9 -
49,463.1 39,024.5
1,056.7 1,580.1
52.9 148.3
176.3 150.0
4,044.8 3,985.4
                         - 267.0
8,168.6 4,975.8
86.0                             -
87,174.5 92,507.7

186,810.0 178,482.4
- -
- -
904.2 903.2
156,945.4 146,899.2
157849.60 147802.40
- -
- -
- -
40.8 88.9
31.6 45.4
48.3 56.4
2,062.9 1,678.6
2,583.3 2,102.1
 831.4 1,052.5
5,598.3 5,023.9
- -
- -
82.1 5,796.2
14,278.7 14,784.9
6,031.3 2,653.8
1,231.9 597.2
1,470.4 1,404.7
267.7 419.3
23,362.1 25,656.1
186,810.0 178,482.4
 Standalone Statement of Profit and Loss

For the Current

Year ended

Particulars
31.03.2021

INCOME:
Revenue from Operations 110,559.3
Other Income 1,290.9
Total Income 111,850.2
EXPENSES:
Cost of Materials Consumed 27,532.2
Purchases of Stock-in-Trade 14,827.7
Changes in Inventories (287.2)
of Finished Goods, Work-in-Process and Stock-in-Trade
Employee Benefits Expense 16,958.6
Finance Costs 406.2
Depreciation and Amortisation Expense 5,028.3
Other Expenses 31,337.0
Total Expenses 95,553.2

Profit before Tax 16,297.0

Tax Expense
- Current Tax (net) 3,628.5
- Deferred Tax (net) 82.3
Total Tax Expense 3,710.8
Profit for the year 12,586.2
Other Comprehensive Income / (Loss)
(A) (i) Items that will not be reclassified to profit or loss:
(a) Remeasurement of Defined Benefit Plans (121.3)
(ii) Income tax relating to items that will not be reclassified to profit or loss: 42.4
(B) (i) Items that will be reclassified to profit or loss:
(a) The effective portion of gain & losses on hedging instruments in a cash flow 729.7
hedgetax relating to items that will be reclassified to profit or loss:
(ii) Income (203.9)
Other Comprehensive Income / (Loss) for the year, net of tax 446.9
Total Comprehensive Income for the year 13,033.1
Earnings per equity share (in `)
Basic 27.77
Diluted 27.65
Face Value of Equity Share (in `) 2.00
Profit and Loss

For the For the For the For the

Current Year Current Current Current
ended Year ended Year Year ended
31.03.2020 31.03.2019 31.03.2017
ended
31.03.2018

110,256.6 113,563.2 1,00,881.8 127,531.5

4,751.9 2,913.4 1,311.2 884.7
115,008.5 116,476.6 102,193.0 128,416.2

27,532.2 26,930.8 22,595.3 22,068.2

14,827.7 13,470.5 11,301.5 13,202.1
(287.2) (1,472.3) 846.7 (1,852.6)

17,032.2 15,154.2 14,416.4 14,030.3

525.9 354.7 332.4 294.2
5,187.5 4,263.0 3,898.1 3,661.1
32,075.6 30,952.2 30,863.3 35,222.3
96,893.9 89,653.1 84,253.7 86,625.6

10,522.5 26,823.5 17,939.3 41,790.6

3,620.5 3,865.7 3,865.7 9,493.4

(373.5) 627.0 627.0 883.9
3,247.0 4,492.7 4,492.7 10,377.3
7,275.5 13,446.6 13,446.6 31,413.3

(16.8) 1.2 1.2 (388.5)

6.0 1.0 1.0 134.5

15.2 15.2 (464.7) 275.3

0.5 0.5 144.8 (83.0)
4.9 4.9 (317.7) (61.7)
15,393.2 15,393.2 13,128.9 31,351.6

34.03 29.76 29.76 69.63

33.89 29.66 29.66 69.35
2.00 2.00 2.00 2.00
 For the For the For the
Current Current Previous
Year ended Year Year ended
31.03.2021 ended 31.03.2019
Particulars 31.03.2020

A. Cash Flow from Operating Activities

Profit before Tax 16,297.0 10,522.5 23,423.7
Adjustments for:
Depreciation and Amortisation Expense 5,028.3 5,187.5 4,263.0
Impairment of Intangible assets / Intangible asset under development - 3,800.3 -
Loss / (Profit) on Sale / Write-off of Property, Plant and Equipment / Intangible Assets (net) 0.7 17.6 (17.7)
Net Cain on sale of Mutual Fund Investments (243.6) (1,062.8) (122.4)
Finance Costs 406.2 525.9 354.7
Interest on Deposits with Banks and Others (317.5) (80.2) (383.9)
Dividend on Mutual Fund Investments - (145.6) (420.9)
Unrealised Loss / (Cain) on Mutual Fund Investments (net) (277.7) (2.4) (120.5)
Unrealised Loss/ (Gain) on Preference Shares (20.0) -
Dividend on Current Investments
Dividend on Long-Term Investment from Subsidiary company
Doubtful Trade Receivables / Advances provided (net) 148.0 16.8 (63.3)
Bad Trade Receivables / Advances written off 0.1 3.2 -
Share Based Payments Expense 386.6 415.3 477.0
Impairment in value of Non-Current investments - 30.1
Expenses on Employees Stock Options / Stock Appreciation Rights -
Provision for fine (European Commission) 3,399.8
Unrealised Exchange loss / (gain) on revaluation (net) (39.0) (1,490.2) (822.8)
Operating Cash Flows before Working Capital Changes 21,369.1 17,707.9 29,996.8
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories (2,235.8) (1,786.3) (1,259.6)
Trade Receivables 4,071.6 2,757.4 13,161.6
Current Loans 222.5 (119.8) (52.8)
Non-Current Loans (211.5) 180.2 (10.5)
Other Current Financial Assets (678.9) 3,075.1 (2,104.1)
Other Current Assets 666.6 (1,104.4) 1,850.3
Other Non-Current Assets 275.6 (105.6) 60.2
Other Non-Current Financial Assets 0.8 4.6 (11.1)
Adjustments for increase / (decrease) in operating liabilities:
Trade Payables (3,563.0) 2,933.9 (1,809.5)
Non-Current Trade Payables - (16.1) (15.5)
Other Current Financial liabilities 252.9 1,015.3 (193.4)
Other Current liabilities (180.9) 325.1 (426.0)
Other Non-Current liabilities (203.0) 134.0 (3.7)
Other Non-Current Financial liabilities 4.1 (5.8) 99.1
Current Provisions 252.9 611.8 97.5
Non-Current Provisions 145.7 446.8 (159.0)
Cash Generated from Operations 20,188.7 26,054.1 39,220.3
Net Income tax paid (4,487.9) (3,859.2) (8,113.1)
Net Cash Flow generated / (used in) from Operating Activities 15,700.8 22,194.9 31,107.2
B. Cash Flow from Investing Activities
Capital expenditure on Property, Plant and Equipment, including capital (5,198.3) (5,181.1) (9,709.4)
advances
Proceeds from sale of Property, Plant and Equipments / Intangible Assets 15.1 20.3 300.1
Purchase of Non-Current Investment in subsidiaries -
Purchase of Non-Current Investment in others (1,539.4)
Purchase of Non-Current Investment (21,128.9)
Proceeds from sale of Non-Current Investments - 1,033.7 (1,539.4)
Purchase of Current Investments (114,462.8) (141,138.8) (89,820.9)
Proceeds from sale of Current Investments 115,069.1 138,968.6 71,316.2
Net Gain on sale of Current Investments
Bank balances not considered as Cash and Cash Equivalents (net) 313.1 (1,324.1) (2.1)
Dividend on Current Investments
Dividend on Mutual Fund Investments - 145.6 420.9
Dividend on Non-Current Investment from Subsidiary company -
Interest on Deposits with Banks and others 317.5 80.2 383.9
Net Cash Flow generated / (used in) from Investing Activities (25,075.2) (7,395.6) (28,650.7)
C. Cash Flow from Financing Activities
Proceeds from / (Repayment of) Non Current Borrowings (net) (2.3) (35.4) (48.1)
Proceeds from / (Repayment of) Current Borrowings (net) 2,935.0 36.1 (65.3)
Proceeds from issue of equity shares (ESOPs) 1.9 1.0 0.8
Securities Premium Received (ESOPs) 105.7 58.7 36.2
Payment of Lease liabilities (779.2) (798.2) -
Finance Costs (69.6) (210.9) (164.3)
Dividend paid (2,723.2) (2,264.6) (2,248.4)
Corporate Tax on Dividend - (465.2) (464.7)
Net Cash Flow generated / (used in) from Financing Activities (531.7) (3,678.5) (2,953.8)
Net Increase / (Decrease) in Cash and Cash Equivalents (9,906.1) 11,120.8 (497.3)
Cash and Cash Equivalents as at the beginning of the year 11,680.2 559.4 1,056.7
Cash and Cash Equivalents as at the end of the year
Reconciliation of Cash and Cash Equivalents with the Balance Sheet
Cash and cash equivalents as per Balance Sheet (Refer note 11)
Add : Current investments considered as part of Cash and Cash Equivalents (Refer note 9)
Cash and Cash Equivalents as at end of the reporting year (Refer note 11) 1,774.1 11,680.2 559.4
 ('in million)
For the For the
Previous Curren
Year t Year
ended ended
31.03.201 31.03.
8 2017

17,939.3 41,790.6

3,898.1 3,661.0
-
26.6 50.8
(383.9) (7.8)
332.4 294.2
(7.5) (72.0)
(274.8)
(55.4)
(14.5)

(488.6)
(30.5)
(12.5) (161.6)
7.0 4.0

-
643.2 738.0

345.7 987.8
22,443.7 46,765.9

(543.6) (2,117.0)
(10,889.4) 5,311.9
(26.3) (30.1)
(81.7) (145.1)
(318.3) 52.1
(3,464.4) (1,230.8)
47.7 198.1
9.2 12.4

(391.5) 3,574.6
(13.8) (11.6)
(475.8) 329.3
634.7 (104.9)
(221.1) 120.4
(7.4) (8.5)
 65.7 297.2
229.4 347.8
6,997.1 53,349.3
(4,902.3) (9,816.0)
2,094.8 43,533.3

(9,103.8) (9,626.4)
13.2 216.6
(3,283.4) (10,610.5)
- (5.0)

4.5
(50,214.6)
69,448.0
383.9 7.8
95.4 4.0
488.6
274.8
14.5 30.5
7.5 72.0
7,251.6 (19,417.9)

(49.7) (50.7)
(5,714.1) 2,273.3
1.0 2.0
144.2 -
424.6
(178.1) (183.2)
(3,383.4) (3,377.6)
(689.7) (688.6)
(9,869.8) (1,600.2)
(19,317.5) 22,515.2
22,700.1 184.9
3,382.6 22,700.1

1,056.7 1,580.1
2,325.9 21,120.0
3,382.6 22,700.1
Particulars 2021 2020 2019 2018 2017

Net Profit 12,586.2 7,275.5 13,446.6 13,446.6 31,413.3

Sales 110,559.3 110,256.6 113,563.2 1,00,881.8 127,531.5
Earnings after tax 12,586.2 7,275.5 13,446.6 13,446.6 31,413.3
16,297.0 10,522.5 26,823.5 17,939.3 41,790.6
Earnings before tax
16,297.0 10,522.5 26,823.5 17,939.3 41,790.6
EBIT
Total assets 218,585.6 206,805.0 196,902.1 186,810.0 178,482.4
Non Current Asset 122,411.9 98,419.9 102,057.0 99,635.5 85,974.7
Total Fixed Assets 35,561.7 34,461.9 30,672.0 30,272.3 29,929.8
Current Assets 96,173.7 108,385.1 94,845.1 87,174.5 92,507.7
Current Liabilities 25,858.3 25,557.9 19,973.9 23,362.1 25,656.1
Trade Receivables 31,905.4 36,163.3 37,243.2 49,463.1 39,024.5
Closing Inventory 27,081.9 24,846.1 23,059.8 21,800.2 21,256.6
Average Inventory 25,964.0 23,952.9 22,430.0 21,528.4 20,198.1
Capital WIP 7,958.3 6,946.3 9,038.2 8,499.9 4,807.6
Capital Employed/Net Asset 192727.3 181247.1 176928.2 163447.9 152826.3
Working Capital 70315.4 82827.2 74871.2 63812.4 66851.6
Shareholder's funds 185655.7 174732.0 171172.7 157849.60 147802.40
Long Term Debt 1.5 3.1 5.3 40.8 88.9
Short Term Debt 2,987.9 52.9 16.8 82.1 5,796.2
Dividend Paid 2,723.2 2,264.6 2,248.4 3,383.4 3,377.6
Cost of materials consumed 27,532.2 27,532.2 26,930.8 22,595.3 22,068.2
Trade payables 11963.9 15661.3 12540.2 14,278.7 14,784.9
Employee Benefit Expenses 16,958.6 17,032.2 15,154.2 14,416.4 14,030.3
Other Expenses 31,337.0 32,075.6 30,952.2 30,863.3 35,222.3
Total Debt 2989.4 56.0 22.1 122.9 5885.1
Number of equity shares outstanding 453.7 453.0 452.5 452.1 451.6
 RATIOS

Particulars
Profitability Ratios

Based on Sales (%)

Gross profit ratio
Net profit ratio
Operating Profit Ratio

Based on ROA/ROI (%)

ROA
ROCE
ROE (before tax)
ROE (after tax)

Based on Owner's Analysis

EPS (Rs.)
DPS (Rs.)
Dividend Payout Ratio

Based on Market/ Valuations/Investors

P/E Ratio

Activity/ Efficiency/Performance/Turnover Ratios

Total Assets turnover ratio

FA Turnover ratio
Capital Turnover ratio
Current asset turnover ratio
WC Turnover ratio
Inventory / stock turnover ratio
Inventory Days
Receivables (Debtor) turnover ratio
Average Collection Period
Payable (Creditor) turnover ratio
Average Payment period
Employee cost to Revenue
Other Expenses To Sales

Liquidity Ratios/Short Term Solvency Ratios

Current ratio
 Quick ratio
Cash/ Absolute Liquidity Ratio

Leverage Ratios/Long Term Solvency Ratios

Capital Structure Ratios

Equity Ratio
Debt Ratio
Debt to Equity Ratio
Debt to Total Assets Ratio
Propreitary Ratio

Coverage Ratios
Times interest earned
 Formulae

GP/Sales(EBT as GP)
NP/Sales
EBIT/Sales

PBT/ Total assets

EBIT/CE
PBT/Sahreholders funds
PAT/ Shareholders funds

NP Available to equity shareholders/No. of equity shares outstanding

Total dividend paid to eq. shareholders/No. of equity shares outstanding
DPS/EPS

PE ratio is inverse of ROA

Formulae

Sales/Total Assets
Sales/Fixed Assets
Sales/Net Asset(CE)
Sales/ Current Assets
Sales/Working Capital
Sales/Avg Inventory
365/ ITR
Revenue From Operations [Net]/Trade Receivables
365/ RTR
Trade payables/ Cost of materials consumed
365/ PTR
Employee benefit enxpenses/ Revenue(net after excise)
Other Expenses/ Revenue(Net after excise)

Formulae

CA/CL
 QA/CL
Cash+bank+Investment/CL

Formulae

shareholder's equity/ Cap. Employed

Total Debt/ Net Asset(C.E.)
Debt/Equity
Debt/Total Assets
Properietary Funds/ Total Assets

EBIT/ Interest
2021 2020 2019 2018 2017

14.74% 9.54% 23.62% 17.78% 32.77%

11.38% 6.60% 11.84% 13.33% 24.63%
14.74% 9.54% 23.62% 17.78% 32.77%

7.46% 7.45% 13.62% 9.60% 23.41%

8.46% 5.80% 15.16% 10.98% 27.35%
8.78% 6.02% 15.67% 11.36% 28.27%
6.78% 4.16% 7.86% 8.52% 21.25%

27.77 34.03 29.76 29.76 69.63

6.00 5.00 4.97 7.48 7.48
0.22 0.15 0.17 0.25 0.11

13.41 19.65% 7.34 10.41 4.27

0.51 0.53 0.58 0.54 0.71

3.11 3.20 3.70 3.33 4.26
0.57 0.61 0.64 0.62 0.83
1.15 1.02 1.20 1.16 1.38
1.57 1.33 1.52 1.58 1.91
4.26 4.60 5.06 4.69 6.31
85.72 79.30 72.09 77.89 57.81
3.47 3.05 3.05 2.04 3.27
105.33 119.70 119.70 178.96 111.69
0.43 0.57 0.47 0.63 0.67
839.96 641.66 783.86 577.59 544.81
0.15 0.15 0.13 0.14 0.11
0.28 0.29 0.27 0.31 0.28

3.72 4.24 4.75 3.73 3.61

 2.67 3.27 3.59 2.8 2.78
1.01 1.42 1.09 0.15 0.07

0.99 0.99 0.99 0.99 0.99

0.02 0.00 0.00 0.00 0.04
0.02 0.00 0.00 0.00 0.04
0.01 0.00 0.00 0.00 0.03
0.85 0.84 0.87 0.84 0.83

51.33 131.20 69.87 2,391.91 580.43

INDUSTRY AVERAGES
Particulars Divi's Laboratory
2021 2020 2019 2018
Dividend Per Share(Rs) 20 16 16 10
Gross Profit Margin(%) 41.93 37.29 40.98 35.33
Net Profit Margin(%) 28.47 25.51 27.34 22.53
Return On Capital Employed(%) 28.47 25.51 27.34 22.53
Return on Assets(%) 18.41 16.12 16.82 12.92
Current Ratio 5.55 5.05 5.49 6.97
Quick Ratio 3.62 3.04 3.4 4.89
Debt Equity Ratio 0.0 - 0.0 0.01
Inventory Turnover Ratio 3.25 2.89 2.79 2.88
ory Abbott India LTD. GlaxoSmithK
2017 2021 2020 2019 2018 2017 2021 2020
10 275 250 65 55 40 30 40
37.42 23.25 21.27 19.51 19.44 15.67 25.21 22.82
26.09 16.02 14.48 12.24 12.16 9.53 11.19 3.41
26.09 33.6 30.54 33.64 22.95 19.28 40.36 30.68
17.21 17.98 16.71 15.31 16.6 13.39 11.55 3.51
6.08 3.41 3.6 3.22 3.34 3 1.67 1.75
4.08 2.72 3 2.51 2.46 2.2 1.27 1.27
0.01 0.0 0.0 0.0 0 0 0 0
3.08 6.01 7.76 6.06 5.64 5.8 6.1 6.68
GlaxoSmithKline Aurobindo Pharma
2019 2018 2017 2021 2020 2019 2018 2017
20 35 30 4 3 2.5 2.5 2.5
22.62 19.56 16.94 29.76 23.28 21.28 26.78 26.12
13.59 12.25 11.6 19.67 14.11 12.47 17.65 17.76
26.82 14.85 14.61 25.69 19.87 19.25 23.86 25.92
10.88 8.87 11.14 13.42 9.58 8.43 11.47 13.1
1.37 1.35 2.3 1.83 1.77 1.55 1.56 1.55
1.04 1.04 1.7 1.12 1.09 0.96 0.97 1.01
0 0 0 0.25 0.29 0.4 0.37 0.34
6.43 5.74 6.82 3.27 3.07 3.09 3.01 3.95
 Biocon Ltd. AVERAGE
2021 2020 2019 2018 2017 2021 2020 2019
0 0.5 0.5 1 1 32.9 30.95 10.4
22.81 24.52 17.44 18.3 26.68 14.296 12.918 12.183
13.82 22.17 17.07 9.85 20.06 8.917 7.968 8.271
4.47 5.13 4.91 3.45 7.67 13.259 11.173 11.196
3.27 5.3 5.97 3.08 6.95 6.463 5.122 5.741
3.94 2.86 2.46 2.47 3.37 1.64 1.503 1.409
3.16 2.13 1.66 1.8 2.61 1.189 1.053 0.957
0 0 0 0.01 0.02 0.025 0.029 0.042
4.71 3.72 3.6 4.31 4.8 2.334 2.412 2.197
AVERAGE
2018 2017
10.35 8.35
11.941 12.283
7.444 8.504
8.764 9.357
5.294 6.179
1.569 1.63
1.116 1.16
0.039 0.037
2.158 2.445