Historical Financial Statement - CIPLA LTD

Years Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 LTM

# Income Statement
Sales ₹ 8,279.3 ₹ 10,173.4 ₹ 11,345.4 ₹ 13,790.1 ₹ 14,394.3 ₹ 15,155.7 ₹ 16,362.4 ₹ 17,132.0 ₹ 19,159.6 ₹ 21,763.3 ₹ 22,274.2
Sales Growth - 22.88% 11.52% 21.55% 4.38% 5.29% 7.96% 4.70% 11.84% 13.59% 2.35%

COGS ₹ 4,720.2 ₹ 6,175.1 ₹ 7,097.9 ₹ 8,772.2 ₹ 9,122.2 ₹ 9,388.6 ₹ 9,913.8 ₹ 10,372.8 ₹ 11,995.6 ₹ 13,556.4 ₹ 17,671.2
cogs % sales 57.01% 60.70% 62.56% 63.61% 63.37% 61.95% 60.59% 60.55% 62.61% 62.29% 79.34%

Gross Profit ₹ 3,559.1 ₹ 3,998.3 ₹ 4,247.5 ₹ 5,017.9 ₹ 5,272.1 ₹ 5,767.1 ₹ 6,448.6 ₹ 6,759.2 ₹ 7,164.0 ₹ 8,206.9 ₹ 4,603.0
Gross Profit Margins 42.99% 39.30% 37.44% 36.39% 36.63% 38.05% 39.41% 39.45% 37.39% 37.71% 20.66%

Selling and General Expense ₹ 1,344.7 ₹ 1,851.3 ₹ 2,084.7 ₹ 2,538.2 ₹ 2,775.8 ₹ 2,940.8 ₹ 3,351.3 ₹ 3,553.2 ₹ 2,911.6 ₹ 3,654.2 ₹ 347.3
SGA Exp. % Sales 16.24% 18.20% 18.37% 18.41% 19.28% 19.40% 20.48% 20.74% 15.20% 16.79% 1.56%

EBITDA ₹ 2,214.4 ₹ 2,146.9 ₹ 2,162.9 ₹ 2,479.7 ₹ 2,496.3 ₹ 2,826.4 ₹ 3,097.3 ₹ 3,206.0 ₹ 4,252.4 ₹ 4,552.8 ₹ 4,255.6
EBITDA Margins 26.75% 21.10% 19.06% 17.98% 17.34% 18.65% 18.93% 18.71% 22.19% 20.92% 19.11%

Interest ₹ 33.9 ₹ 145.7 ₹ 168.3 ₹ 206.6 ₹ 159.4 ₹ 114.2 ₹ 168.4 ₹ 197.4 ₹ 160.7 ₹ 106.4 ₹ 93.3
Interest % Sales 0.41% 1.43% 1.48% 1.50% 1.11% 0.75% 1.03% 1.15% 0.84% 0.49% 0.42%

Depreciation ₹ 330.5 ₹ 372.6 ₹ 504.7 ₹ 754.2 ₹ 1,322.9 ₹ 1,322.8 ₹ 1,326.3 ₹ 1,174.7 ₹ 1,067.7 ₹ 1,052.0 ₹ 1,116.2
Depreciation % Sales 3.99% 3.66% 4.45% 5.47% 9.19% 8.73% 8.11% 6.86% 5.57% 4.83% 5.01%

Earning Before Tax ₹ 1,850.1 ₹ 1,628.6 ₹ 1,489.9 ₹ 1,518.8 ₹ 1,014.0 ₹ 1,389.3 ₹ 1,602.6 ₹ 1,834.0 ₹ 3,024.1 ₹ 3,394.5 ₹ 3,046.1
EBT % sales 22.35% 16.01% 13.13% 11.01% 7.04% 9.17% 9.79% 10.71% 15.78% 15.60% 13.68%

Tax ₹ 544.3 ₹ 463.4 ₹ 400.0 ₹ 331.6 ₹ 179.8 ₹ 250.1 ₹ 569.5 ₹ 631.2 ₹ 888.8 ₹ 933.8 ₹ 1,051.7
Effective Tax Rate 29.42% 28.45% 26.85% 21.83% 17.73% 18.00% 35.54% 34.42% 29.39% 27.51% 34.53%

Net Profit ₹ 1,305.7 ₹ 1,165.2 ₹ 1,089.8 ₹ 1,187.2 ₹ 834.2 ₹ 1,139.2 ₹ 1,033.0 ₹ 1,202.8 ₹ 2,135.3 ₹ 2,460.7 ₹ 1,994.4
Net Profit Margin 15.77% 11.45% 9.61% 8.61% 5.80% 7.52% 6.31% 7.02% 11.14% 11.31% 8.95%

80.29 80.29 80.3 80.34 80.45 80.51 80.57 80.62 80.65 80.68 80.68

Earning Per Share ₹ 16.26 ₹ 14.51 ₹ 13.57 ₹ 14.78 ₹ 10.37 ₹ 14.15 ₹ 12.82 ₹ 14.92 ₹ 26.48 ₹ 30.50 ₹ 24.72
EPS Growth % -10.76% -6.48% 8.88% -29.83% 36.46% -9.39% 16.36% 77.47% 15.19% -18.95%

Dividend Per Share ₹ 2.00 ₹ 2.00 ₹ 2.00 ₹ 2.00 ₹ 2.00 ₹ 3.00 ₹ 3.00 ₹ 4.00 ₹ 5.00 ₹ 5.00 -
Dividend Payout Ratio 12.30% 13.78% 14.74% 13.53% 19.29% 21.20% 23.40% 26.81% 18.88% 16.39% 0.00%

Retained Earnings 87.70% 86.22% 85.26% 86.47% 80.71% 78.80% 76.60% 73.19% 81.12% 83.61% 100.00%

# Balance Sheet

Equity Share Capital ₹ 160.6 ₹ 160.6 ₹ 160.6 ₹ 160.7 ₹ 160.9 ₹ 161.0 ₹ 161.1 ₹ 161.3 ₹ 161.3 ₹ 161.4 -
Reserves ₹ 8,858.1 ₹ 9,889.8 ₹ 10,640.9 ₹ 11,355.5 ₹ 12,382.8 ₹ 14,068.2 ₹ 14,851.1 ₹ 15,601.8 ₹ 18,165.2 ₹ 20,680.3 -
Borrowings ₹ 967.1 ₹ 1,247.9 ₹ 1,703.3 ₹ 5,201.9 ₹ 4,112.7 ₹ 4,098.1 ₹ 4,316.2 ₹ 2,816.4 ₹ 2,014.4 ₹ 1,055.8 -
Other Liabilities ₹ 1,672.0 ₹ 2,102.1 ₹ 3,165.6 ₹ 4,331.4 ₹ 4,212.6 ₹ 4,345.7 ₹ 4,433.4 ₹ 4,843.4 ₹ 4,514.3 ₹ 4,959.7 -
Total Liabilities ₹ 11,657.8 ₹ 13,400.4 ₹ 15,670.4 ₹ 21,049.5 ₹ 20,868.9 ₹ 22,672.9 ₹ 23,761.9 ₹ 23,422.8 ₹ 24,855.3 ₹ 26,857.2 -

Fixed Assets in Net Block ₹ 3,610.0 ₹ 6,496.5 ₹ 6,829.6 ₹ 9,368.3 ₹ 9,492.0 ₹ 9,950.2 ₹ 9,608.4 ₹ 9,682.9 ₹ 9,515.5 ₹ 9,683.3 -
Capital Work in Progress ₹ 377.8 ₹ 441.8 ₹ 580.9 ₹ 2,060.9 ₹ 1,683.0 ₹ 981.3 ₹ 676.2 ₹ 824.5 ₹ 968.9 ₹ 766.2 -
Investments ₹ 2,532.4 ₹ 708.6 ₹ 639.8 ₹ 758.7 ₹ 973.0 ₹ 1,258.8 ₹ 2,554.1 ₹ 1,471.0 ₹ 2,710.1 ₹ 2,550.6 -
Other Assets ₹ 938.7 ₹ 1,043.6 ₹ 1,277.5 ₹ 1,825.9 ₹ 2,048.4 ₹ 2,369.8 ₹ 2,188.9 ₹ 2,171.5 ₹ 2,144.7 ₹ 3,153.9 -
Total Non-Current Assets ₹ 7,458.9 ₹ 8,690.5 ₹ 9,327.8 ₹ 14,013.8 ₹ 14,196.4 ₹ 14,560.1 ₹ 15,027.6 ₹ 14,150.0 ₹ 15,339.2 ₹ 16,154.0 -

Receivables ₹ 1,668.8 ₹ 1,638.9 ₹ 1,997.7 ₹ 2,356.3 ₹ 2,563.1 ₹ 3,102.5 ₹ 4,150.7 ₹ 3,891.3 ₹ 3,445.7 ₹ 3,424.4 -
Inventory ₹ 2,387.1 ₹ 2,895.3 ₹ 3,780.6 ₹ 3,808.1 ₹ 3,485.3 ₹ 4,044.7 ₹ 3,964.8 ₹ 4,377.6 ₹ 4,669.2 ₹ 5,350.2 -
Cash & Bank ₹ 143.0 ₹ 175.8 ₹ 564.3 ₹ 871.4 ₹ 624.2 ₹ 965.6 ₹ 618.8 ₹ 1,003.9 ₹ 1,401.2 ₹ 1,928.5 -
Total Current Assets ₹ 4,198.9 ₹ 4,709.9 ₹ 6,342.6 ₹ 7,035.7 ₹ 6,672.5 ₹ 8,112.8 ₹ 8,734.4 ₹ 9,272.8 ₹ 9,516.1 ₹ 10,703.2 -

Total Assets ₹ 11,657.8 ₹ 13,400.4 ₹ 15,670.4 ₹ 21,049.5 ₹ 20,868.9 ₹ 22,672.9 ₹ 23,761.9 ₹ 23,422.8 ₹ 24,855.3 ₹ 26,857.2 -

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement

Cash From Operating Activities

Profit from operations ₹ 2,379.0 ₹ 2,433.0 ₹ 2,284.0 ₹ 2,678.0 ₹ 2,597.0 ₹ 2,963.0 ₹ 3,348.0 ₹ 3,544.0 ₹ 4,421.0 ₹ 4,643.0 -
Receivables (₹ 166.0) (₹ 251.0) (₹ 443.0) ₹ 77.0 (₹ 288.0) (₹ 855.0) (₹ 1,015.0) ₹ 217.0 ₹ 423.0 ₹ 81.0 -
Inventory (₹ 537.0) (₹ 175.0) (₹ 833.0) (₹ 65.0) ₹ 323.0 (₹ 559.0) ₹ 104.0 (₹ 332.0) (₹ 254.0) (₹ 621.0) -
Payables ₹ 183.0 (₹ 135.0) ₹ 557.0 (₹ 441.0) ₹ 201.0 ₹ 636.0 (₹ 153.0) ₹ 487.0 ₹ 203.0 ₹ 362.0 -
Working capital changes (₹ 520.0) (₹ 561.0) (₹ 719.0) (₹ 429.0) ₹ 235.0 (₹ 778.0) (₹ 1,064.0) ₹ 373.0 ₹ 372.0 (₹ 177.0) -
Direct taxes (₹ 462.0) (₹ 308.0) (₹ 392.0) (₹ 508.0) (₹ 450.0) (₹ 722.0) (₹ 593.0) (₹ 848.0) (₹ 1,037.0) (₹ 1,140.0) -
Cash From Operating Activities ₹ 877.0 ₹ 1,003.0 ₹ 454.0 ₹ 1,312.0 ₹ 2,618.0 ₹ 685.0 ₹ 627.0 ₹ 3,441.0 ₹ 4,128.0 ₹ 3,148.0 -

Investing Activities
Fixed assets purchased (₹ 757.0) (₹ 570.0) (₹ 646.0) (₹ 1,077.0) (₹ 1,136.0) (₹ 816.0) (₹ 527.0) (₹ 1,000.0) (₹ 819.0) (₹ 701.0) -
Fixed assets sold ₹ 5.0 ₹ 3.0 ₹ 21.0 ₹ 24.0 ₹ 38.0 ₹ 77.0 ₹ 23.0 ₹ 14.0 ₹ 28.0 ₹ 20.0 -
Investments purchased (₹ 18,720.0) (₹ 18,029.0) (₹ 20,564.0) (₹ 15,940.0) (₹ 198.0) (₹ 190.0) (₹ 910.0) - (₹ 1,245.0) - -
Investments sold ₹ 17,341.0 ₹ 19,842.0 ₹ 20,525.0 ₹ 15,950.0 ₹ 137.0 ₹ 10.0 ₹ 84.0 ₹ 1,210.0 - ₹ 171.0 -
Investment income - - - - - - - - - - -
Interest received ₹ 2.0 ₹ 19.0 ₹ 10.0 ₹ 9.0 ₹ 12.0 ₹ 30.0 ₹ 38.0 ₹ 50.0 ₹ 41.0 ₹ 47.0 -
Dividends received ₹ 92.0 ₹ 74.0 ₹ 22.0 - - ₹ 4.0 ₹ 34.0 - ₹ 22.0 - -
Investment in group cos (₹ 21.0) (₹ 11.0) - (₹ 13.0) (₹ 3.0) - - - - - -
Redemp n Canc of Shares - - - - ₹ 21.0 ₹ 143.0 - ₹ 1.0 ₹ 3.0 - -
Acquisition of companies - (₹ 2,578.0) (₹ 314.0) (₹ 3,482.0) (₹ 188.0) (₹ 14.0) (₹ 421.0) (₹ 33.0) (₹ 14.0) (₹ 18.0) -
Inter corporate deposits - - - ₹ 1.0 - - - - - - -
Other investing items (₹ 5.0) (₹ 15.0) (₹ 3.0) (₹ 4.0) ₹ 13.0 (₹ 77.0) (₹ 8.0) (₹ 128.0) (₹ 389.0) (₹ 1,377.0) -
Cash Flow From Investing Activities (₹ 2,063.0) (₹ 1,265.0) (₹ 949.0) (₹ 4,532.0) (₹ 1,304.0) (₹ 833.0) (₹ 1,687.0) ₹ 114.0 (₹ 2,373.0) (₹ 1,858.0) -

Financing Activities
Proceeds from shares - - - ₹ 3.0 ₹ 12.0 - - - - - -
Proceeds from borrowings ₹ 956.0 ₹ 156.0 ₹ 508.0 ₹ 3,508.0 ₹ 3,652.0 - ₹ 48.0 ₹ 264.0 ₹ 70.0 ₹ 35.0 -
Repayment of borrowings (₹ 18.0) (₹ 112.0) - (₹ 66.0) (₹ 4,733.0) (₹ 34.0) (₹ 108.0) (₹ 1,948.0) (₹ 1,064.0) (₹ 1,041.0) -
Interest paid fin (₹ 33.0) (₹ 121.0) (₹ 167.0) (₹ 161.0) (₹ 159.0) (₹ 118.0) (₹ 159.0) (₹ 164.0) (₹ 121.0) (₹ 76.0) -
Dividends paid (₹ 161.0) (₹ 161.0) (₹ 161.0) (₹ 159.0) (₹ 161.0) (₹ 161.0) (₹ 242.0) (₹ 564.0) - (₹ 403.0) -
Financial liabilities - - - - - - - (₹ 76.0) (₹ 84.0) (₹ 92.0) -
Share application money - - ₹ 12.0 - - - - - - - -
Other financing items (₹ 26.0) (₹ 27.0) (₹ 27.0) (₹ 20.0) ₹ 63.0 (₹ 72.0) ₹ 112.0 (₹ 461.0) (₹ 41.0) (₹ 23.0) -
Cash Flow From Financing Activities ₹ 718.0 (₹ 265.0) ₹ 165.0 ₹ 3,105.0 (₹ 1,326.0) (₹ 385.0) (₹ 349.0) (₹ 2,949.0) (₹ 1,240.0) (₹ 1,600.0) -

Net Cash Flow (₹ 468.0) (₹ 527.0) (₹ 330.0) (₹ 115.0) (₹ 12.0) (₹ 533.0) (₹ 1,409.0) ₹ 606.0 ₹ 515.0 (₹ 310.0) -
 Ratio Analysis - CIPLA LTD
Years Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trendlines Mean Median

Sales Growth 22.88% 11.52% 21.55% 4.38% 5.29% 7.96% 4.70% 11.84% 13.59% 11.52% 11.52%
EBITDA Growth -3.05% 0.74% 14.65% 0.67% 13.22% 9.59% 3.51% 32.64% 7.06% 8.78% 7.06%
EBIT Growth -11.97% -8.52% 1.94% -33.24% 37.01% 15.35% 14.44% 64.89% 12.25% 10.24% 12.25%
Net Profit Growth -10.76% -6.47% 8.94% -29.73% 36.56% -9.32% 16.43% 77.53% 15.24% 10.93% 8.94%
Dividend Growth 0.00% -0.01% 0.01% 0.00% 50.00% 0.00% 33.34% 24.98% 0.01% 12.04% 0.01%

Gross Margin 42.99% 39.30% 37.44% 36.39% 36.63% 38.05% 39.41% 39.45% 37.39% 37.71% 38.48% 37.88%
EBITDA Margin 26.75% 21.10% 19.06% 17.98% 17.34% 18.65% 18.93% 18.71% 22.19% 20.92% 20.16% 19.00%
EBIT Margin 22.75% 17.44% 14.62% 12.51% 8.15% 9.92% 10.82% 11.86% 16.62% 16.09% 14.08% 13.56%
EBT Margin 22.35% 16.01% 13.13% 11.01% 7.04% 9.17% 9.79% 10.71% 15.78% 15.60% 13.06% 12.07%
Net Profit Margin 15.77% 11.45% 9.61% 8.61% 5.80% 7.52% 6.31% 7.02% 11.14% 11.31% 9.45% 9.11%

Sales Expense % Sales 16.24% 18.20% 18.37% 18.41% 19.28% 19.40% 20.48% 20.74% 15.20% 16.79% 18.31% 18.39%
Depreciation % Sales 3.99% 3.66% 4.45% 5.47% 9.19% 8.73% 8.11% 6.86% 5.57% 4.83% 6.09% 5.52%
Operating Income % Sales 22.75% 17.44% 14.62% 12.51% 8.15% 9.92% 10.82% 11.86% 16.62% 16.09% 14.08% 13.56%

Return on Capital Employed 18.87% 15.70% 13.26% 10.32% 7.04% 8.20% 9.16% 10.93% 15.66% 15.99% 12.51% 12.10%
Retained Earning % 87.70% 86.22% 85.26% 86.47% 80.71% 78.80% 76.60% 73.19% 81.12% 83.61% 81.97% 82.36%
Return on Equity % 14.48% 11.59% 10.09% 10.31% 6.65% 8.01% 6.88% 7.63% 11.65% 11.81% 9.91% 10.20%
Self Sustained Growth Rate 12.70% 10.00% 8.60% 8.91% 5.37% 6.31% 5.27% 5.58% 9.45% 9.87% 8.21% 8.76%
Interest Coverage Ratio 55.56x 12.17x 9.85x 8.35x 7.36x 13.16x 10.51x 10.29x 19.82x 32.92x 18.00x 11.34x

Debtors Turnover Ratio 4.96x 6.21x 5.68x 5.85x 5.62x 4.89x 3.94x 4.40x 5.56x 6.36x 5.35x 5.59x
Creditors Turnover Ratio 4.95x 4.84x 3.58x 3.18x 3.42x 3.49x 3.69x 3.54x 4.24x 4.39x 3.93x 3.64x
Inventory Turnover Ratio 3.47x 3.51x 3.00x 3.62x 4.13x 3.75x 4.13x 3.91x 4.10x 4.07x 3.77x 3.83x
Fixed Asset Turnover Ratio 2.29x 1.57x 1.66x 1.47x 1.52x 1.52x 1.70x 1.77x 2.01x 2.25x 1.78x 1.68x
Capital Turnover Ratio 0.92x 1.01x 1.05x 1.20x 1.15x 1.07x 1.09x 1.09x 1.05x 1.04x 1.07x 1.06x

(In Days)
Debtors Days 74 59 64 62 65 75 93 83 66 57 70 65
Payable Days 74 75 102 115 107 105 99 103 86 83 95 100
105 104 122 101 88 97 88 93 89 90 98 95
Cash Coversation Cycle 105 87 84 49 47 67 82 73 69 64 73 71

CFO/Sales 10.59% 9.86% 4.00% 9.51% 18.19% 4.52% 3.83% 20.09% 21.55% 14.46% 11.66% 10.23%
CFO/Total Assets 7.52% 7.48% 2.90% 6.23% 12.54% 3.02% 2.64% 14.69% 16.61% 11.72% 8.54% 7.50%
CFO/Total Debt 90.69% 80.37% 26.65% 25.22% 63.66% 16.72% 14.53% 122.18% 204.92% 298.17% 94.31% 72.02%
 CIPLA LTD - Sales Forecast CIPLA LTD - EBITDA Forecast CIPLA LTD - Earning Per Share Forecast
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year E.P.S. E.P.S. Growth
1 2013A 8279.3 1 2013A 2453.6 1 2013A 16.3
2 2014A 10173.4 22.88% 2 2014A 2370.2 -3.40% 2 2014A 14.5 -10.76%
3 2015A 11345.4 11.52% 3 2015A 2253.8 -4.91% 3 2015A 13.6 -6.48%
4 2016A 13790.1 21.55% 4 2016A 2652.4 17.69% 4 2016A 14.8 8.88%
5 2017A 14394.3 4.38% 5 2017A 2668.5 0.60% 5 2017A 10.4 -29.83%
6 2018A 15155.7 5.29% 6 2018A 3097.7 16.09% 6 2018A 14.2 36.46%
7 2019A 16362.4 7.96% 7 2019A 3592.0 15.96% 7 2019A 12.8 -9.39%
8 2020A 17132.0 4.70% 8 2020A 3549.7 -1.18% 8 2020A 14.9 16.36%
9 2021A 19159.6 11.84% 9 2021A 4522.0 27.39% 9 2021A 26.5 77.47%
10 2022A 21763.3 13.59% 10 2022A 4608.9 1.92% 10 2022A 30.5 15.19%
11 2023E 22144.6 1.75% 11 2023E 4649.8 0.89% 11 2023E 24.1 -21.13%
12 2024E 23488.0 6.07% 12 2024E 4917.6 5.76% 12 2024E 25.4 5.46%
13 2025E 24831.5 5.72% 13 2025E 5185.4 5.45% 13 2025E 26.7 5.17%
14 2026E 26175.0 5.41% 14 2026E 5453.2 5.16% 14 2026E 28.0 4.92%
15 2027E 27518.4 5.13% 15 2027E 5721.0 4.91% 15 2027E 29.3 4.69%

Sales Growth EBITDA Growth E.P.S. Growth

25.00% 30.00% 100.00%
25.00% 80.00%
20.00%
20.00%
60.00%
15.00% 15.00%
40.00%
10.00%
10.00% 20.00%
5.00%

0.00% 0.00%
5.00%
-5.00% -20.00%

0.00% -10.00% -40.00%

 Common Size Income Statement - CIPLA LTD

Particulars Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 39.17% 38.72% 39.96% 36.45% 36.17% 37.42% 35.06% 36.40% 39.38% 42.37%
Change in Inventory 3.51% 0.63% 3.03% -0.46% -0.77% 1.54% -0.29% 1.43% 1.01% 3.33%
Power and Fuel 2.82% 2.15% 2.01% 1.78% 1.75% 1.97% 2.05% 1.91% 1.61% 1.52%
Other Mfr. Exp 6.02% 5.29% 6.22% 7.25% 6.34% 6.28% 5.67% 5.94% 5.60% 5.46%
Employee Cost 12.51% 15.17% 17.40% 17.67% 18.35% 17.81% 17.52% 17.72% 17.02% 16.28%
Selling and admin 12.15% 14.10% 14.11% 13.79% 14.94% 15.47% 16.65% 16.85% 12.56% 14.38%
Other Expenses 4.09% 4.10% 4.26% 4.62% 4.34% 3.93% 3.83% 3.89% 2.63% 2.41%
Other Income 2.96% 2.47% 1.45% 1.51% 1.45% 1.85% 2.91% 2.01% 1.39% 0.45%
Depreciation 3.99% 3.66% 4.45% 5.47% 9.19% 8.73% 8.11% 6.86% 5.57% 4.83%
Interest 0.41% 1.43% 1.48% 1.50% 1.11% 0.75% 1.03% 1.15% 0.84% 0.49%
Profit before tax 25.31% 18.48% 14.58% 12.52% 8.49% 11.02% 12.71% 12.71% 17.17% 16.05%
Tax 6.57% 4.55% 3.53% 2.40% 1.25% 1.65% 3.48% 3.68% 4.64% 4.29%
Net profit 18.66% 13.65% 10.41% 9.86% 6.99% 9.31% 9.34% 9.03% 12.55% 11.56%
Dividend Amount 1.94% 1.58% 1.42% 1.17% 1.12% 1.59% 1.48% 1.88% 2.10% 1.85%
EBITDA 29.63% 23.30% 19.87% 19.23% 18.54% 20.44% 21.95% 20.72% 23.60% 21.18%

Common Size Balance Sheet - CIPLA LTD

Particulars Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

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 1.38% 1.20% 1.02% 0.76% 0.77% 0.71% 0.68% 0.69% 0.65% 0.60%
Reserves 75.98% 73.80% 67.90% 53.95% 59.34% 62.05% 62.50% 66.61% 73.08% 77.00%
Borrowings 8.30% 9.31% 10.87% 24.71% 19.71% 18.07% 18.16% 12.02% 8.10% 3.93%
Other Liabilities 14.34% 15.69% 20.20% 20.58% 20.19% 19.17% 18.66% 20.68% 18.16% 18.47%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 30.97% 48.48% 43.58% 44.51% 45.48% 43.89% 40.44% 41.34% 38.28% 36.05%
Capital Work in Progress 3.24% 3.30% 3.71% 9.79% 8.06% 4.33% 2.85% 3.52% 3.90% 2.85%
Investments 21.72% 5.29% 4.08% 3.60% 4.66% 5.55% 10.75% 6.28% 10.90% 9.50%
Other Assets 8.05% 7.79% 8.15% 8.67% 9.82% 10.45% 9.21% 9.27% 8.63% 11.74%
Receivables 14.32% 12.23% 12.75% 11.19% 12.28% 13.68% 17.47% 16.61% 13.86% 12.75%
Inventory 20.48% 21.61% 24.13% 18.09% 16.70% 17.84% 16.69% 18.69% 18.79% 19.92%
Cash & Bank 1.23% 1.31% 3.60% 4.14% 2.99% 4.26% 2.60% 4.29% 5.64% 7.18%
Weighted Average Cost of Capital

All figures are in INR. Unless Stated

Peer Comps
Debt/ Debt/ Levered Unleverd
Name of the comp Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3

Cipla India 1067.7 73147.9 30.00% 1.46% 1.44% 0.23 0.22

Sun Pharma.Inds. India 4365.5 239777.7 30.00% 1.82% 1.79% 0.56 0.56
Divi's Lab. India 3.3 81190.5 30.00% 0.00% 0.00% 0.48 0.48
Dr Reddy's Labs India 1728.9 81165.1 30.00% 2.13% 2.09% 0.53 0.52
Torrent Pharma. India 4083.0 57126.5 30.00% 7.15% 6.67% 0.39 0.37

Average 30.00% 2.51% 2.40% 0.44 0.43

Median 30.00% 1.82% 1.79% 0.48 0.48

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 8.71% Risk Free Rate 7.23%

Tax Rate 30.00% Equity Risk Premium 8.18%
Post Tax Cost of Debt 6.10% Levered Beta 4 0.49
Cost of Equity 11.20%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.48

Total Debt 1067.7 1.44% 2.40% Target Debt/ Equity 2.46%
Market Capitalization 73147.9 98.56% 97.60% Tax Rate 30.00%
Total Capital 74215.6 100.00% 100.00% Levered Beta 0.49

Debt/Equity 1.46% 2.46% Weighted Average Cost of Capital

Cost of Equity 11.20%

Notes: Equity Weight 97.60%
1. Tax rate considered as marginal tax rate for the country
2. levered beta is based on 5 years monthly data Cost of Debt 6.10%
3. Unlevered Beta = Levered beta/(1+(1-tax rate)*Debt/Equity) Debt Weight 2.40%
4. levered Beta = Unlevered beta*(1+(1-tax rate)*Debt/Equity)
WAAC 11.08%
Regression Beta - 2 years Weekly

Cipla Limited Weekly Returns Nifty Weekly Returns Beta Drifting

Date Adj Close Returns Date Adj Close Returns Levered Beta 0.23
12-04-2021 928.4 12-04-2021 14617.8 Raw Beta Weight 75.00%
19-04-2021 926.0 -0.26% 19-04-2021 14341.3 -1.89%
26-04-2021 901.0 -2.70% 26-04-2021 14631.1 2.02% Market Beta 1.00
03-05-2021 873.8 -3.02% 03-05-2021 14823.2 1.31% Market Beta Weight 25.00%
10-05-2021 894.7 2.40% 10-05-2021 14677.8 -0.98%
17-05-2021 917.4 2.53% 17-05-2021 15175.3 3.39% Adjusted Beta 0.42
24-05-2021 924.7 0.80% 24-05-2021 15435.7 1.72%
31-05-2021 936.7 1.29% 31-05-2021 15670.3 1.52%
07-06-2021 957.9 2.27% 07-06-2021 15799.3 0.82%
14-06-2021 951.0 -0.72% 14-06-2021 15683.3 -0.73% beta 1 0.23
21-06-2021 947.2 -0.40% 21-06-2021 15860.3 1.13% beta 2 0.23
28-06-2021 969.1 2.31% 28-06-2021 15722.2 -0.87%
05-07-2021 949.9 -1.98% 05-07-2021 15689.8 -0.21% beta 3 0.23
12-07-2021 967.1 1.81% 12-07-2021 15923.4 1.49%
19-07-2021 938.2 -2.98% 19-07-2021 15856.0 -0.42%
26-07-2021 910.6 -2.95% 26-07-2021 15763.0 -0.59% SUMMARY OUTPUT
02-08-2021 901.9 -0.95% 02-08-2021 16238.2 3.01%
09-08-2021 885.2 -1.85% 09-08-2021 16529.1 1.79% Regression Statistics
16-08-2021 886.5 0.15% 16-08-2021 16450.5 -0.48% Multiple R 0.145083
23-08-2021 919.4 3.71% 23-08-2021 16705.2 1.55% R Square 0.021049
30-08-2021 936.6 1.86% 30-08-2021 17323.6 3.70% Adjusted R Square
0.011545
06-09-2021 944.7 0.87% 06-09-2021 17369.3 0.26% Standard Error
0.030891
13-09-2021 949.4 0.50% 13-09-2021 17585.2 1.24% Observations 105
20-09-2021 963.0 1.43% 20-09-2021 17853.2 1.52%
27-09-2021 981.4 1.92% 27-09-2021 17532.1 -1.80% ANOVA
04-10-2021 912.7 -7.01% 04-10-2021 17895.2 2.07% df SS MS F Significance F
11-10-2021 906.9 -0.63% 11-10-2021 18338.6 2.48% Regression 1 0.002113429 0.002113429 2.214683713 0.139758365
18-10-2021 892.0 -1.65% 18-10-2021 18114.9 -1.22% Residual 103 0.098290883 0.00095428
25-10-2021 900.7 0.97% 25-10-2021 17671.7 -2.45% Total 104 0.100404313
01-11-2021 906.3 0.62% 01-11-2021 17916.8 1.39%
08-11-2021 911.5 0.58% 08-11-2021 18102.8 1.04% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
15-11-2021 888.0 -2.58% 15-11-2021 17764.8 -1.87% Intercept -0.00013 0.003031244 -0.041553963 0.966934718 -0.006137717 0.005885796 -0.006137717 0.005885796
22-11-2021 962.0 8.34% 22-11-2021 17026.4 -4.16% X Variable 10.225009 0.151196966 1.488181344 0.139758365 -0.074855017 0.524872026 -0.074855017 0.524872026
29-11-2021 907.6 -5.65% 29-11-2021 17196.7 1.00%
06-12-2021 889.6 -1.99% 06-12-2021 17511.3 1.83%
13-12-2021 856.0 -3.77% 13-12-2021 16985.2 -3.00%
20-12-2021 903.9 5.59% 20-12-2021 17003.8 0.11%
27-12-2021 939.5 3.94% 27-12-2021 17354.1 2.06%
03-01-2022 910.3 -3.11% 03-01-2022 17812.7 2.64%
10-01-2022 917.0 0.74% 10-01-2022 18255.8 2.49%
17-01-2022 863.3 -5.87% 17-01-2022 17617.2 -3.50%
24-01-2022 927.7 7.47% 24-01-2022 17101.9 -2.92%
31-01-2022 941.5 1.49% 31-01-2022 17516.3 2.42%
07-02-2022 953.9 1.31% 07-02-2022 17374.8 -0.81%
14-02-2022 904.7 -5.15% 14-02-2022 17276.3 -0.57%
21-02-2022 919.2 1.60% 21-02-2022 16658.4 -3.58%
28-02-2022 926.7 0.82% 28-02-2022 16245.3 -2.48%
07-03-2022 1038.9 12.11% 07-03-2022 16630.4 2.37%
14-03-2022 1043.4 0.44% 14-03-2022 17287.1 3.95%
21-03-2022 1008.6 -3.34% 21-03-2022 17153.0 -0.78%
28-03-2022 1009.9 0.13% 28-03-2022 17670.4 3.02%
04-04-2022 1006.7 -0.32% 04-04-2022 17784.3 0.64%
11-04-2022 1011.7 0.49% 11-04-2022 17475.7 -1.74%
18-04-2022 962.3 -4.88% 18-04-2022 17171.9 -1.74%
25-04-2022 976.5 1.47% 25-04-2022 17102.6 -0.40%
02-05-2022 930.2 -4.73% 02-05-2022 16411.3 -4.04%
09-05-2022 930.1 -0.02% 09-05-2022 15782.2 -3.83%
16-05-2022 973.7 4.69% 16-05-2022 16266.2 3.07%
23-05-2022 961.7 -1.23% 23-05-2022 16352.5 0.53%
30-05-2022 956.3 -0.56% 30-05-2022 16584.3 1.42%
06-06-2022 962.1 0.61% 06-06-2022 16201.8 -2.31%
13-06-2022 910.3 -5.38% 13-06-2022 15293.5 -5.61%
20-06-2022 929.2 2.07% 20-06-2022 15699.3 2.65%
27-06-2022 944.7 1.67% 27-06-2022 15752.0 0.34%
04-07-2022 930.9 -1.46% 04-07-2022 16220.6 2.97%
11-07-2022 961.4 3.27% 11-07-2022 16049.2 -1.06%
18-07-2022 967.4 0.63% 18-07-2022 16719.4 4.18%
25-07-2022 972.7 0.55% 25-07-2022 17158.3 2.62%
01-08-2022 1029.2 5.81% 01-08-2022 17397.5 1.39%
08-08-2022 1022.2 -0.68% 08-08-2022 17698.2 1.73%
15-08-2022 1030.1 0.77% 15-08-2022 17758.4 0.34%
22-08-2022 1020.8 -0.90% 22-08-2022 17558.9 -1.12%
29-08-2022 1015.6 -0.51% 29-08-2022 17539.4 -0.11%
05-09-2022 1058.3 4.20% 05-09-2022 17833.3 1.68%
12-09-2022 1043.5 -1.40% 12-09-2022 17530.8 -1.70%
19-09-2022 1068.1 2.36% 19-09-2022 17327.3 -1.16%
26-09-2022 1114.9 4.39% 26-09-2022 17094.3 -1.34%
03-10-2022 1130.5 1.39% 03-10-2022 17314.7 1.29%
10-10-2022 1108.9 -1.91% 10-10-2022 17185.7 -0.74%
17-10-2022 1134.8 2.33% 17-10-2022 17576.3 2.27%
24-10-2022 1155.2 1.80% 24-10-2022 17786.8 1.20%
31-10-2022 1146.1 -0.79% 31-10-2022 18117.2 1.86%
07-11-2022 1121.4 -2.16% 07-11-2022 18349.7 1.28%
14-11-2022 1102.4 -1.69% 14-11-2022 18307.7 -0.23%
21-11-2022 1105.3 0.27% 21-11-2022 18512.8 1.12%
28-11-2022 1114.3 0.81% 28-11-2022 18696.1 0.99%
05-12-2022 1107.9 -0.58% 05-12-2022 18496.6 -1.07%
12-12-2022 1089.4 -1.67% 12-12-2022 18269.0 -1.23%
19-12-2022 1119.2 2.73% 19-12-2022 17806.8 -2.53%
26-12-2022 1075.9 -3.86% 26-12-2022 18105.3 1.68%
02-01-2023 1076.3 0.04% 02-01-2023 17859.4 -1.36%
09-01-2023 1067.8 -0.80% 09-01-2023 17956.6 0.54%
16-01-2023 1053.4 -1.34% 16-01-2023 18027.7 0.40%
23-01-2023 1047.3 -0.59% 23-01-2023 17604.3 -2.35%
30-01-2023 1022.3 -2.38% 30-01-2023 17854.1 1.42%
06-02-2023 1033.2 1.07% 06-02-2023 17856.5 0.01%
13-02-2023 1025.8 -0.72% 13-02-2023 17944.2 0.49%
20-02-2023 961.8 -6.23% 20-02-2023 17465.8 -2.67%
27-02-2023 878.7 -8.65% 27-02-2023 17594.3 0.74%
06-03-2023 881.2 0.29% 06-03-2023 17412.9 -1.03%
13-03-2023 874.0 -0.81% 13-03-2023 17100.1 -1.80%
20-03-2023 877.3 0.37% 20-03-2023 16945.1 -0.91%
27-03-2023 900.5 2.65% 27-03-2023 17359.8 2.45%
03-04-2023 893.3 -0.79% 03-04-2023 17599.2 1.38%
10-04-2023 915.8 2.51% 10-04-2023 17828.0 1.30%
13-04-2023 915.8 0.00% 13-04-2023 17828.0 0.00%
Return on Markets

Year Annual
2000 -14.65% Average Return 15.41%
1
2001 -16.18% Dividend Yield 1.44%
2002 3.25% Total Market Return 15.41%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
 Intrisic Growth Rate Calculation

Calculation of ROIC March-18 March-19 March-20 March-21 March-22

Current Assets
Inventories 4045.0 3965.0 4378.0 4669.0 5350.0
Trade receivables 3102.0 4151.0 3891.0 3446.0 3424.0
Loans n Advances 1787.0 1768.0 1657.0 1722.0 2278.0
Other asset items 583.0 421.0 515.0 423.0 876.0
Total Current Assets 9517.0 10305.0 10441.0 10260.0 11928.0

Current Liabilities
Trade Payables 2119.0 1948.0 2282.0 2067.0 2508.0
Advance from Customers 71.0 44.0 34.0 40.0 74.0
Other liability items 1803.0 2109.0 2233.0 2149.0 2102.0
Total Current Liabilities 3993.0 4101.0 4549.0 4256.0 4684.0

# Net Working Capital 5524.0 6204.0 5892.0 6004.0 7244.0

Non- Current Assets

Land 107.0 115.0 161.0 194.0 219.0
Building 2,550.0 2,547.0 2,866.0 2,805.0 3,051.0
Plant Machinery 4,168.0 4,585.0 4,916.0 5,291.0 5,811.0
Equipments 93.0 98.0 103.0 92.0 99.0
Computers - - 35.0 8.0 1.0
Furniture n fittings 138.0 150.0 156.0 147.0 156.0
Vehicles 10.0 11.0 13.0 12.0 14.0
Intangible Assets 3,134.0 3,427.0 3,566.0 3,779.0 3,951.0
Other fixed assets 2,760.0 2,925.0 3,336.0 3,458.0 3,666.0
Gross Block 12,960.0 13,858.0 15,152.0 15,786.0 16,968.0
Accumulated Depreciation (-3,011.0) (-4,250.0) (-5,468.0) (-6,271.0) (-7,285.0)
Net Non Current Assets 9,949.0 9,608.0 9,684.0 9,515.0 9,683.0

# Invested Capital 15,473.0 15,812.0 15,576.0 15,519.0 16,927.0

EBIT 1,503.6 1,771.0 2,031.3 3,184.8 3,500.8

# ROIC 9.72% 11.20% 13.04% 20.52% 20.68%

Calculation of Reinvestment Rate March-18 March-19 March-20 March-21 March-22

Net Capex 739.0 504.0 986.0 791.0 681.0

Change in Working Capital 680.0 (-312.0) 112.0 1,240.0

EBIT 1,503.6 1,771.0 2,031.3 3,184.8 3,500.8

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 1,127.7 1,328.3 1,523.5 2,388.6 2,625.6

Reinvestment 1,184.0 674.0 903.0 1,921.0

Reinvestment Rate 89.14% 44.24% 37.80% 73.16%

4 Year Average 61.09%

4 Year Median 58.70%

Calculation of Reinvestment Rate

Reinvestment Rate 89.14% 44.24% 37.80% 73.16%

ROIC 11.20% 13.04% 20.52% 20.68%

Intrisic Growth Rate 9.98% 5.77% 7.76% 15.13%

4 Year Average 9.66%

4 Year Median 8.87%
Calculation of PV of FCFF Mar-22A Mar-23E Mar-24E Mar-25E Mar-26E Mar-27E

EBIT 3,556.90 3,872.44 4,215.96 4,589.97 4,997.15 5,440.45

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 2,667.68 2,904.33 3,161.97 3,442.48 3,747.86 4,080.34
Reinvestment Rate 58.70% 59.48% 60.25% 61.03% 61.80% 61.80%
Free Cash Flow to Firm (FCFF) 1,101.70 1,176.94 1,256.86 1,341.69 1,431.68 1,558.69
Mid Year Convection 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.949 0.854 0.769 0.692 0.623
PV of FCFF 1,116.69 1,073.56 1,031.70 991.08 971.36

Expected Growth 8.87%

Terminal Growth 5.38%
WAAC 11.08%

Calculation of Terminal Value Sensitivity Analysis

29,766.36 10.00% 11.08% 12.00% 15.00%
FCFF(n+1) 1,696.96 3.00% 24,242.3 21,002.0 18,855.1 14,141.3
WACC 11.08% 4.00% 28,282.7 23,968.4 21,212.0 15,426.9
Terminal Growth Rate 5.38% 5.38% 36,730.8 29,771.3 25,633.9 17,639.9
6.00% 42,424.0 33,404.8 28,282.7 18,855.1
Terminal Value 29,766.36 7.00% 56,565.4 41,592.2 33,939.2 21,212.0
8.00% 84,848.1 55,096.2 42,424.0 24,242.3

Calculation of Equity Value Per Share

PV of FCFF 5,184.39
PV of Terminal Value 18,550.17
Value of Operating Assets 23,734.56

Add: Cash 1928.48

Less: Debt 824
Value of Equity 24,839.04
No. of Shares 80.72
Equity Value Per Share 307.74

Share Price 907

Dicount/Premium 2.95X
Amount in Crores
Comparable Company Valuation
Market Data Financials Valuation
Shares Enterprise
Company Ticker Share Price Outstanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E

Cipla 908.50 80.72 73334.12 860.82 74194.94 22274.15 4900.31 2682.08 3.29 14.97 27.34
Sun Pharma.Inds. 994.10 239.93 238514.41 667.82 239182.23 42401.77 11448.48 4302.66 5.63 20.83 55.43
Divi's Lab. 3175.40 26.55 84306.87 2815.59 87122.46 8335.18 3334.07 2397.05 10.11 25.29 35.17
Dr Reddy's Labs 4905.75 16.65 81680.74 690.30 82371.04 23829.50 6433.97 3644.10 3.43 12.70 22.41
Torrent Pharma. 1609.55 33.84 54467.17 -3679.59 50787.58 9260.00 2778.00 831.00 5.88 19.61 65.54
Zydus Lifesci. 507.40 101.22 51359.03 -1339.10 50019.93 16433.50 3615.37 2187.00 3.13 14.21 23.48
Abbott India 22524.85 2.12 47752.68 2620.36 50373.04 5265.35 1368.99 929.40 9.07 34.88 51.38
Alkem Lab 3376.40 11.96 40381.74 723.99 41105.73 11180.52 1788.88 1047.34 3.61 22.57 38.56
Aurobindo Pharma 571.25 58.59 33469.54 -311.20 33158.34 24191.79 3870.69 1997.90 1.38 8.65 16.75
Lupin 684.30 45.50 31135.65 -3290.82 27844.83 16094.61 1609.46 -306.43 1.93 19.35 -101.61

High 10.1x 34.9x 65.5x

75 Percentile 5.8x 22.1x 48.2x
Average 4.7x 19.3x 23.4x
Median 3.5x 19.5x 31.3x
25 Percentile 2.8x 13.8x 21.0x
Low 1.4x 8.6x -101.6x

Cipla Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 78399.5 95438.5 84693.7

Net Debt 861 861 861
Implied Market Value 77539 94578 83833
Shares Oustanding 80.72 80.72 80.72
Implied Value Per Share 960.6 1171.7 1038.6

Undervalued Undervalued Undervalued

Regression Beta - 2 years Weekly

Sun Pharma. Inds. Returns Nifty Weekly Returns Beta Drifting

Date Adj Close Returns Date Adj Close Returns Levered Beta 0.56
12-04-2021 632.5 12-04-2021 14617.8 Raw Beta Weight 75.00% beta 1 0.56
19-04-2021 624.5 -1.25% 19-04-2021 14341.3 -1.89% beta 2 0.56
26-04-2021 640.7 2.59% 26-04-2021 14631.1 2.02% Market Beta 1.00
03-05-2021 665.2 3.82% 03-05-2021 14823.2 1.31% Market Beta Weight 25.00% beta 3 0.56
10-05-2021 676.9 1.77% 10-05-2021 14677.8 -0.98%
17-05-2021 675.9 -0.15% 17-05-2021 15175.3 3.39% Adjusted Beta 0.67
24-05-2021 655.7 -2.99% 24-05-2021 15435.7 1.72%
31-05-2021 659.8 0.63% 31-05-2021 15670.3 1.52%
07-06-2021 667.0 1.09% 07-06-2021 15799.3 0.82% SUMMARY OUTPUT
14-06-2021 654.4 -1.88% 14-06-2021 15683.3 -0.73%
21-06-2021 658.1 0.56% 21-06-2021 15860.3 1.13% Regression Statistics
28-06-2021 666.9 1.34% 28-06-2021 15722.2 -0.87% Multiple R 0.375641194
05-07-2021 653.9 -1.96% 05-07-2021 15689.8 -0.21% R Square 0.141106307
12-07-2021 674.1 3.10% 12-07-2021 15923.4 1.49% Adjusted R Square 0.132767533
19-07-2021 679.4 0.78% 19-07-2021 15856.0 -0.42% Standard Error 0.027980302
26-07-2021 757.7 11.52% 26-07-2021 15763.0 -0.59% Observations 105
02-08-2021 768.7 1.45% 02-08-2021 16238.2 3.01%
09-08-2021 761.9 -0.88% 09-08-2021 16529.1 1.79% ANOVA
16-08-2021 745.1 -2.20% 16-08-2021 16450.5 -0.48% df SS MS F Significance F
23-08-2021 755.6 1.40% 23-08-2021 16705.2 1.55% Regression 1 0.013247961 0.013247961 16.92170954 7.85682E-05
30-08-2021 774.8 2.55% 30-08-2021 17323.6 3.70% Residual 103 0.080638423 0.000782897
06-09-2021 762.0 -1.66% 06-09-2021 17369.3 0.26% Total 104 0.093886384
13-09-2021 755.7 -0.82% 13-09-2021 17585.2 1.24%
20-09-2021 756.2 0.07% 20-09-2021 17853.2 1.52% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
Upper 95.0%
27-09-2021 811.4 7.29% 27-09-2021 17532.1 -1.80% Intercept 0.003665425 0.002745587 1.335024215 0.184811675 -0.001779799 0.00911065 -0.00178 0.009111
04-10-2021 806.2 -0.63% 04-10-2021 17895.2 2.07% X Variable 1 0.563351673 0.13694856 4.113600557 7.85682E-05 0.291746504 0.834956841 0.291747 0.834957
11-10-2021 825.8 2.42% 11-10-2021 18338.6 2.48%
18-10-2021 797.6 -3.42% 18-10-2021 18114.9 -1.22%
25-10-2021 780.3 -2.16% 25-10-2021 17671.7 -2.45%
01-11-2021 780.8 0.06% 01-11-2021 17916.8 1.39%
08-11-2021 791.6 1.39% 08-11-2021 18102.8 1.04%
15-11-2021 776.1 -1.97% 15-11-2021 17764.8 -1.87%
22-11-2021 753.1 -2.95% 22-11-2021 17026.4 -4.16%
29-11-2021 737.9 -2.02% 29-11-2021 17196.7 1.00%
06-12-2021 747.3 1.27% 06-12-2021 17511.3 1.83%
13-12-2021 754.8 1.00% 13-12-2021 16985.2 -3.00%
20-12-2021 770.9 2.14% 20-12-2021 17003.8 0.11%
27-12-2021 830.1 7.68% 27-12-2021 17354.1 2.06%
03-01-2022 813.7 -1.98% 03-01-2022 17812.7 2.64%
10-01-2022 843.9 3.72% 10-01-2022 18255.8 2.49%
17-01-2022 793.8 -5.93% 17-01-2022 17617.2 -3.50%
24-01-2022 812.1 2.30% 24-01-2022 17101.9 -2.92%
31-01-2022 877.5 8.05% 31-01-2022 17516.3 2.42%
07-02-2022 863.9 -1.55% 07-02-2022 17374.8 -0.81%
14-02-2022 853.7 -1.18% 14-02-2022 17276.3 -0.57%
21-02-2022 822.7 -3.63% 21-02-2022 16658.4 -3.58%
28-02-2022 820.8 -0.23% 28-02-2022 16245.3 -2.48%
07-03-2022 892.3 8.72% 07-03-2022 16630.4 2.37%
14-03-2022 901.8 1.06% 14-03-2022 17287.1 3.95%
21-03-2022 892.7 -1.01% 21-03-2022 17153.0 -0.78%
28-03-2022 899.0 0.70% 28-03-2022 17670.4 3.02%
04-04-2022 914.7 1.75% 04-04-2022 17784.3 0.64%
11-04-2022 926.7 1.31% 11-04-2022 17475.7 -1.74%
18-04-2022 914.9 -1.28% 18-04-2022 17171.9 -1.74%
25-04-2022 918.7 0.42% 25-04-2022 17102.6 -0.40%
02-05-2022 873.8 -4.88% 02-05-2022 16411.3 -4.04%
09-05-2022 873.1 -0.09% 09-05-2022 15782.2 -3.83%
16-05-2022 905.9 3.76% 16-05-2022 16266.2 3.07%
23-05-2022 894.2 -1.28% 23-05-2022 16352.5 0.53%
30-05-2022 855.8 -4.29% 30-05-2022 16584.3 1.42%
06-06-2022 836.7 -2.24% 06-06-2022 16201.8 -2.31%
13-06-2022 784.9 -6.18% 13-06-2022 15293.5 -5.61%
20-06-2022 815.8 3.93% 20-06-2022 15699.3 2.65%
27-06-2022 820.4 0.56% 27-06-2022 15752.0 0.34%
04-07-2022 848.5 3.43% 04-07-2022 16220.6 2.97%
11-07-2022 869.0 2.41% 11-07-2022 16049.2 -1.06%
18-07-2022 865.1 -0.44% 18-07-2022 16719.4 4.18%
25-07-2022 933.1 7.86% 25-07-2022 17158.3 2.62%
01-08-2022 906.1 -2.89% 01-08-2022 17397.5 1.39%
08-08-2022 903.7 -0.27% 08-08-2022 17698.2 1.73%
15-08-2022 891.7 -1.32% 15-08-2022 17758.4 0.34%
22-08-2022 873.6 -2.03% 22-08-2022 17558.9 -1.12%
29-08-2022 863.1 -1.20% 29-08-2022 17539.4 -0.11%
05-09-2022 883.4 2.35% 05-09-2022 17833.3 1.68%
12-09-2022 861.6 -2.47% 12-09-2022 17530.8 -1.70%
19-09-2022 914.2 6.11% 19-09-2022 17327.3 -1.16%
26-09-2022 941.6 2.99% 26-09-2022 17094.3 -1.34%
03-10-2022 948.0 0.69% 03-10-2022 17314.7 1.29%
10-10-2022 969.0 2.21% 10-10-2022 17185.7 -0.74%
17-10-2022 970.4 0.14% 17-10-2022 17576.3 2.27%
24-10-2022 982.6 1.26% 24-10-2022 17786.8 1.20%
31-10-2022 1032.2 5.04% 31-10-2022 18117.2 1.86%
07-11-2022 1006.0 -2.53% 07-11-2022 18349.7 1.28%
14-11-2022 1002.1 -0.39% 14-11-2022 18307.7 -0.23%
21-11-2022 1026.1 2.40% 21-11-2022 18512.8 1.12%
28-11-2022 1032.2 0.59% 28-11-2022 18696.1 0.99%
05-12-2022 985.5 -4.53% 05-12-2022 18496.6 -1.07%
12-12-2022 986.2 0.08% 12-12-2022 18269.0 -1.23%
19-12-2022 994.1 0.80% 19-12-2022 17806.8 -2.53%
26-12-2022 993.9 -0.01% 26-12-2022 18105.3 1.68%
02-01-2023 1001.2 0.73% 02-01-2023 17859.4 -1.36%
09-01-2023 1023.9 2.27% 09-01-2023 17956.6 0.54%
16-01-2023 1022.7 -0.12% 16-01-2023 18027.7 0.40%
23-01-2023 1035.6 1.27% 23-01-2023 17604.3 -2.35%
30-01-2023 1020.5 -1.46% 30-01-2023 17854.1 1.42%
06-02-2023 999.1 -2.10% 06-02-2023 17856.5 0.01%
13-02-2023 984.5 -1.46% 13-02-2023 17944.2 0.49%
20-02-2023 970.5 -1.42% 20-02-2023 17465.8 -2.67%
27-02-2023 966.9 -0.37% 27-02-2023 17594.3 0.74%
06-03-2023 955.5 -1.17% 06-03-2023 17412.9 -1.03%
13-03-2023 957.7 0.23% 13-03-2023 17100.1 -1.80%
20-03-2023 972.8 1.58% 20-03-2023 16945.1 -0.91%
27-03-2023 983.1 1.05% 27-03-2023 17359.8 2.45%
03-04-2023 1012.1 2.95% 03-04-2023 17599.2 1.38%
10-04-2023 1003.5 -0.85% 10-04-2023 17828.0 1.30%
13-04-2023 1003.5 0.00% 13-04-2023 17828.0 0.00%
Regression Beta - 2 years Weekly

Dr. Reddy's Labs Returns Nifty Weekly Returns Beta Drifting

Date Adj Close Returns Date Adj Close Returns Levered Beta 0.53
12-04-2021 4783.5 12-04-2021 14617.8 Raw Beta Weight 75.00% beta 1 0.53
19-04-2021 4953.0 3.54% 19-04-2021 14341.3 -1.89% beta 2 0.53
26-04-2021 5047.3 1.90% 26-04-2021 14631.1 2.02% Market Beta 1.00
03-05-2021 5058.6 0.22% 03-05-2021 14823.2 1.31% Market Beta Weight 25.00% beta 3 0.53
10-05-2021 5080.3 0.43% 10-05-2021 14677.8 -0.98%
17-05-2021 5099.4 0.38% 17-05-2021 15175.3 3.39% Adjusted Beta 0.65
24-05-2021 5078.0 -0.42% 24-05-2021 15435.7 1.72%
31-05-2021 5137.1 1.16% 31-05-2021 15670.3 1.52%
07-06-2021 5330.7 3.77% 07-06-2021 15799.3 0.82% SUMMARY OUTPUT
14-06-2021 5165.3 -3.10% 14-06-2021 15683.3 -0.73%
21-06-2021 5190.2 0.48% 21-06-2021 15860.3 1.13% Regression Statistics
28-06-2021 5450.6 5.02% 28-06-2021 15722.2 -0.87% Multiple R 0.330086148
05-07-2021 5337.8 -2.07% 05-07-2021 15689.8 -0.21% R Square 0.108956865
12-07-2021 5309.5 -0.53% 12-07-2021 15923.4 1.49% Adjusted R Square 0.100305961
19-07-2021 5349.3 0.75% 19-07-2021 15856.0 -0.42% Standard Error 0.030381191
26-07-2021 4647.9 -13.11% 26-07-2021 15763.0 -0.59% Observations 105
02-08-2021 4722.0 1.59% 02-08-2021 16238.2 3.01%
09-08-2021 4589.7 -2.80% 09-08-2021 16529.1 1.79% ANOVA
16-08-2021 4494.8 -2.07% 16-08-2021 16450.5 -0.48% df SS MS F Significance F
23-08-2021 4538.8 0.98% 23-08-2021 16705.2 1.55% Regression 1 0.01162526 0.01162526 12.59485282 0.000584299
30-08-2021 4832.8 6.48% 30-08-2021 17323.6 3.70% Residual 103 0.095070728 0.000923017
06-09-2021 4846.1 0.28% 06-09-2021 17369.3 0.26% Total 104 0.106695989
13-09-2021 4819.0 -0.56% 13-09-2021 17585.2 1.24%
20-09-2021 4726.0 -1.93% 20-09-2021 17853.2 1.52% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
Upper 95.0%
27-09-2021 4889.3 3.45% 27-09-2021 17532.1 -1.80% Intercept -0.000450845 0.002981176 -0.151230477 0.880089707 -0.006363304 0.005461615 -0.00636 0.005462
04-10-2021 4784.1 -2.15% 04-10-2021 17895.2 2.07% X Variable 1 0.53 0.148699623 3.548922769 0.000584299 0.232812847 0.822634108 0.232813 0.822634
11-10-2021 4892.1 2.26% 11-10-2021 18338.6 2.48%
18-10-2021 4575.2 -6.48% 18-10-2021 18114.9 -1.22%
25-10-2021 4596.6 0.47% 25-10-2021 17671.7 -2.45%
01-11-2021 4702.1 2.30% 01-11-2021 17916.8 1.39%
08-11-2021 4778.2 1.62% 08-11-2021 18102.8 1.04%
15-11-2021 4608.7 -3.55% 15-11-2021 17764.8 -1.87%
22-11-2021 4687.1 1.70% 22-11-2021 17026.4 -4.16%
29-11-2021 4534.8 -3.25% 29-11-2021 17196.7 1.00%
06-12-2021 4531.6 -0.07% 06-12-2021 17511.3 1.83%
13-12-2021 4457.3 -1.64% 13-12-2021 16985.2 -3.00%
20-12-2021 4576.4 2.67% 20-12-2021 17003.8 0.11%
27-12-2021 4841.1 5.79% 27-12-2021 17354.1 2.06%
03-01-2022 4645.2 -4.05% 03-01-2022 17812.7 2.64%
10-01-2022 4626.2 -0.41% 10-01-2022 18255.8 2.49%
17-01-2022 4435.8 -4.12% 17-01-2022 17617.2 -3.50%
24-01-2022 4162.0 -6.17% 24-01-2022 17101.9 -2.92%
31-01-2022 4293.5 3.16% 31-01-2022 17516.3 2.42%
07-02-2022 4267.3 -0.61% 07-02-2022 17374.8 -0.81%
14-02-2022 4263.1 -0.10% 14-02-2022 17276.3 -0.57%
21-02-2022 4120.5 -3.35% 21-02-2022 16658.4 -3.58%
28-02-2022 3777.2 -8.33% 28-02-2022 16245.3 -2.48%
07-03-2022 3922.2 3.84% 07-03-2022 16630.4 2.37%
14-03-2022 3987.9 1.67% 14-03-2022 17287.1 3.95%
21-03-2022 4302.9 7.90% 21-03-2022 17153.0 -0.78%
28-03-2022 4222.0 -1.88% 28-03-2022 17670.4 3.02%
04-04-2022 4370.9 3.53% 04-04-2022 17784.3 0.64%
11-04-2022 4241.5 -2.96% 11-04-2022 17475.7 -1.74%
18-04-2022 4136.4 -2.48% 18-04-2022 17171.9 -1.74%
25-04-2022 4076.5 -1.45% 25-04-2022 17102.6 -0.40%
02-05-2022 3877.9 -4.87% 02-05-2022 16411.3 -4.04%
09-05-2022 3871.6 -0.16% 09-05-2022 15782.2 -3.83%
16-05-2022 4192.0 8.28% 16-05-2022 16266.2 3.07%
23-05-2022 4331.5 3.33% 23-05-2022 16352.5 0.53%
30-05-2022 4281.7 -1.15% 30-05-2022 16584.3 1.42%
06-06-2022 4293.1 0.27% 06-06-2022 16201.8 -2.31%
13-06-2022 4091.0 -4.71% 13-06-2022 15293.5 -5.61%
20-06-2022 4251.8 3.93% 20-06-2022 15699.3 2.65%
27-06-2022 4327.0 1.77% 27-06-2022 15752.0 0.34%
04-07-2022 4347.0 0.46% 04-07-2022 16220.6 2.97%
11-07-2022 4485.0 3.17% 11-07-2022 16049.2 -1.06%
18-07-2022 4373.5 -2.49% 18-07-2022 16719.4 4.18%
25-07-2022 4090.4 -6.47% 25-07-2022 17158.3 2.62%
01-08-2022 4156.9 1.63% 01-08-2022 17397.5 1.39%
08-08-2022 4260.8 2.50% 08-08-2022 17698.2 1.73%
15-08-2022 4204.0 -1.33% 15-08-2022 17758.4 0.34%
22-08-2022 4223.3 0.46% 22-08-2022 17558.9 -1.12%
29-08-2022 4190.0 -0.79% 29-08-2022 17539.4 -0.11%
05-09-2022 4255.1 1.55% 05-09-2022 17833.3 1.68%
12-09-2022 4077.4 -4.18% 12-09-2022 17530.8 -1.70%
19-09-2022 4139.2 1.52% 19-09-2022 17327.3 -1.16%
26-09-2022 4335.7 4.75% 26-09-2022 17094.3 -1.34%
03-10-2022 4376.6 0.94% 03-10-2022 17314.7 1.29%
10-10-2022 4310.8 -1.50% 10-10-2022 17185.7 -0.74%
17-10-2022 4330.8 0.46% 17-10-2022 17576.3 2.27%
24-10-2022 4460.0 2.98% 24-10-2022 17786.8 1.20%
31-10-2022 4525.1 1.46% 31-10-2022 18117.2 1.86%
07-11-2022 4539.5 0.32% 07-11-2022 18349.7 1.28%
14-11-2022 4409.0 -2.87% 14-11-2022 18307.7 -0.23%
21-11-2022 4418.1 0.21% 21-11-2022 18512.8 1.12%
28-11-2022 4510.4 2.09% 28-11-2022 18696.1 0.99%
05-12-2022 4407.1 -2.29% 05-12-2022 18496.6 -1.07%
12-12-2022 4309.1 -2.22% 12-12-2022 18269.0 -1.23%
19-12-2022 4310.5 0.03% 19-12-2022 17806.8 -2.53%
26-12-2022 4237.5 -1.69% 26-12-2022 18105.3 1.68%
02-01-2023 4271.8 0.81% 02-01-2023 17859.4 -1.36%
09-01-2023 4320.4 1.14% 09-01-2023 17956.6 0.54%
16-01-2023 4350.6 0.70% 16-01-2023 18027.7 0.40%
23-01-2023 4314.0 -0.84% 23-01-2023 17604.3 -2.35%
30-01-2023 4358.4 1.03% 30-01-2023 17854.1 1.42%
06-02-2023 4499.6 3.24% 06-02-2023 17856.5 0.01%
13-02-2023 4510.4 0.24% 13-02-2023 17944.2 0.49%
20-02-2023 4491.1 -0.43% 20-02-2023 17465.8 -2.67%
27-02-2023 4438.0 -1.18% 27-02-2023 17594.3 0.74%
06-03-2023 4395.5 -0.96% 06-03-2023 17412.9 -1.03%
13-03-2023 4436.1 0.92% 13-03-2023 17100.1 -1.80%
20-03-2023 4464.1 0.63% 20-03-2023 16945.1 -0.91%
27-03-2023 4622.8 3.55% 27-03-2023 17359.8 2.45%
03-04-2023 4699.4 1.66% 03-04-2023 17599.2 1.38%
10-04-2023 4852.9 3.27% 10-04-2023 17828.0 1.30%
13-04-2023 4852.9 0.00% 13-04-2023 17828.0 0.00%
Regression Beta - 2 years Weekly

Divi's Lab. Returns Nifty Weekly Returns Beta Drifting

Date Adj Close Returns Date Adj Close Returns Levered Beta 0.48
12-04-2021 3777.3 12-04-2021 14617.8 Raw Beta Weight 75.00%
19-04-2021 3735.7 -1.10% 19-04-2021 14341.3 -1.89%
26-04-2021 4015.0 7.48% 26-04-2021 14631.1 2.02% Market Beta 1.00
03-05-2021 3982.2 -0.82% 03-05-2021 14823.2 1.31% Market Beta Weight 25.00%
10-05-2021 3973.7 -0.21% 10-05-2021 14677.8 -0.98%
17-05-2021 4032.4 1.48% 17-05-2021 15175.3 3.39% Adjusted Beta 0.61
24-05-2021 4072.3 0.99% 24-05-2021 15435.7 1.72%
31-05-2021 4212.0 3.43% 31-05-2021 15670.3 1.52%
07-06-2021 4284.0 1.71% 07-06-2021 15799.3 0.82%
14-06-2021 4148.4 -3.17% 14-06-2021 15683.3 -0.73% beta 1 0.48
21-06-2021 4199.3 1.23% 21-06-2021 15860.3 1.13% beta 2 0.48
28-06-2021 4467.0 6.38% 28-06-2021 15722.2 -0.87%
05-07-2021 4546.1 1.77% 05-07-2021 15689.8 -0.21% beta 3 0.48
12-07-2021 4702.2 3.43% 12-07-2021 15923.4 1.49%
19-07-2021 4768.5 1.41% 19-07-2021 15856.0 -0.42%
26-07-2021 4849.0 1.69% 26-07-2021 15763.0 -0.59%
02-08-2021 4858.7 0.20% 02-08-2021 16238.2 3.01%
09-08-2021 4891.1 0.67% 09-08-2021 16529.1 1.79% SUMMARY OUTPUT
16-08-2021 4762.6 -2.63% 16-08-2021 16450.5 -0.48%
23-08-2021 4873.4 2.33% 23-08-2021 16705.2 1.55% Regression Statistics
30-08-2021 5168.7 6.06% 30-08-2021 17323.6 3.70% Multiple R 0.225198
06-09-2021 5016.5 -2.95% 06-09-2021 17369.3 0.26% R Square 0.050714
13-09-2021 5083.9 1.34% 13-09-2021 17585.2 1.24% Adjusted R Square
0.041498
20-09-2021 5069.7 -0.28% 20-09-2021 17853.2 1.52% Standard Error
0.04159
27-09-2021 4795.6 -5.41% 27-09-2021 17532.1 -1.80% Observations 105
04-10-2021 5032.8 4.95% 04-10-2021 17895.2 2.07%
11-10-2021 5331.3 5.93% 11-10-2021 18338.6 2.48% ANOVA
18-10-2021 5034.9 -5.56% 18-10-2021 18114.9 -1.22% df SS MS F Significance F
25-10-2021 5111.0 1.51% 25-10-2021 17671.7 -2.45% Regression 1 0.009517926 0.009517926 5.502640564 0.020903232
01-11-2021 5168.5 1.12% 01-11-2021 17916.8 1.39% Residual 103 0.178159262 0.001729702
08-11-2021 4807.0 -6.99% 08-11-2021 18102.8 1.04% Total 104 0.187677188
15-11-2021 4749.2 -1.20% 15-11-2021 17764.8 -1.87%
22-11-2021 4900.3 3.18% 22-11-2021 17026.4 -4.16% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
29-11-2021 4720.9 -3.66% 29-11-2021 17196.7 1.00% Intercept -0.00169 0.004081017 -0.41490717 0.679072802 -0.009786978 0.006400492 -0.009786978 0.006400492
06-12-2021 4472.2 -5.27% 06-12-2021 17511.3 1.83% X Variable 10.477503 0.203559164 2.345770782 0.020903232 0.073791548 0.881214732 0.073791548 0.881214732
13-12-2021 4477.2 0.11% 13-12-2021 16985.2 -3.00%
20-12-2021 4413.5 -1.42% 20-12-2021 17003.8 0.11%
27-12-2021 4642.7 5.19% 27-12-2021 17354.1 2.06%
03-01-2022 4482.4 -3.45% 03-01-2022 17812.7 2.64%
10-01-2022 4581.5 2.21% 10-01-2022 18255.8 2.49%
17-01-2022 4147.6 -9.47% 17-01-2022 17617.2 -3.50%
24-01-2022 3910.8 -5.71% 24-01-2022 17101.9 -2.92%
31-01-2022 4271.8 9.23% 31-01-2022 17516.3 2.42%
07-02-2022 4258.6 -0.31% 07-02-2022 17374.8 -0.81%
14-02-2022 4320.3 1.45% 14-02-2022 17276.3 -0.57%
21-02-2022 4106.9 -4.94% 21-02-2022 16658.4 -3.58%
28-02-2022 4063.6 -1.05% 28-02-2022 16245.3 -2.48%
07-03-2022 4306.4 5.98% 07-03-2022 16630.4 2.37%
14-03-2022 4470.1 3.80% 14-03-2022 17287.1 3.95%
21-03-2022 4420.3 -1.11% 21-03-2022 17153.0 -0.78%
28-03-2022 4346.4 -1.67% 28-03-2022 17670.4 3.02%
04-04-2022 4471.7 2.88% 04-04-2022 17784.3 0.64%
11-04-2022 4465.1 -0.15% 11-04-2022 17475.7 -1.74%
18-04-2022 4458.4 -0.15% 18-04-2022 17171.9 -1.74%
25-04-2022 4471.2 0.29% 25-04-2022 17102.6 -0.40%
02-05-2022 4134.2 -7.54% 02-05-2022 16411.3 -4.04%
09-05-2022 4248.6 2.77% 09-05-2022 15782.2 -3.83%
16-05-2022 4272.1 0.55% 16-05-2022 16266.2 3.07%
23-05-2022 3488.0 -18.35% 23-05-2022 16352.5 0.53%
30-05-2022 3451.9 -1.04% 30-05-2022 16584.3 1.42%
06-06-2022 3501.2 1.43% 06-06-2022 16201.8 -2.31%
13-06-2022 3455.5 -1.31% 13-06-2022 15293.5 -5.61%
20-06-2022 3653.0 5.72% 20-06-2022 15699.3 2.65%
27-06-2022 3609.9 -1.18% 27-06-2022 15752.0 0.34%
04-07-2022 3643.4 0.93% 04-07-2022 16220.6 2.97%
11-07-2022 3699.4 1.54% 11-07-2022 16049.2 -1.06%
18-07-2022 3767.9 1.85% 18-07-2022 16719.4 4.18%
25-07-2022 3802.5 0.92% 25-07-2022 17158.3 2.62%
01-08-2022 3882.5 2.10% 01-08-2022 17397.5 1.39%
08-08-2022 3697.9 -4.75% 08-08-2022 17698.2 1.73%
15-08-2022 3696.2 -0.05% 15-08-2022 17758.4 0.34%
22-08-2022 3587.5 -2.94% 22-08-2022 17558.9 -1.12%
29-08-2022 3598.1 0.30% 29-08-2022 17539.4 -0.11%
05-09-2022 3603.0 0.13% 05-09-2022 17833.3 1.68%
12-09-2022 3573.7 -0.81% 12-09-2022 17530.8 -1.70%
19-09-2022 3642.6 1.93% 19-09-2022 17327.3 -1.16%
26-09-2022 3705.2 1.72% 26-09-2022 17094.3 -1.34%
03-10-2022 3735.8 0.82% 03-10-2022 17314.7 1.29%
10-10-2022 3572.8 -4.36% 10-10-2022 17185.7 -0.74%
17-10-2022 3571.4 -0.04% 17-10-2022 17576.3 2.27%
24-10-2022 3547.5 -0.67% 24-10-2022 17786.8 1.20%
31-10-2022 3746.3 5.60% 31-10-2022 18117.2 1.86%
07-11-2022 3271.4 -12.68% 07-11-2022 18349.7 1.28%
14-11-2022 3287.4 0.49% 14-11-2022 18307.7 -0.23%
21-11-2022 3342.6 1.68% 21-11-2022 18512.8 1.12%
28-11-2022 3381.3 1.15% 28-11-2022 18696.1 0.99%
05-12-2022 3274.1 -3.17% 05-12-2022 18496.6 -1.07%
12-12-2022 3326.9 1.61% 12-12-2022 18269.0 -1.23%
19-12-2022 3498.4 5.16% 19-12-2022 17806.8 -2.53%
26-12-2022 3413.2 -2.44% 26-12-2022 18105.3 1.68%
02-01-2023 3434.9 0.64% 02-01-2023 17859.4 -1.36%
09-01-2023 3351.7 -2.42% 09-01-2023 17956.6 0.54%
16-01-2023 3343.1 -0.26% 16-01-2023 18027.7 0.40%
23-01-2023 3387.4 1.33% 23-01-2023 17604.3 -2.35%
30-01-2023 2884.4 -14.85% 30-01-2023 17854.1 1.42%
06-02-2023 2811.3 -2.53% 06-02-2023 17856.5 0.01%
13-02-2023 2829.8 0.66% 13-02-2023 17944.2 0.49%
20-02-2023 2915.2 3.02% 20-02-2023 17465.8 -2.67%
27-02-2023 2850.4 -2.22% 27-02-2023 17594.3 0.74%
06-03-2023 2787.5 -2.21% 06-03-2023 17412.9 -1.03%
13-03-2023 2791.5 0.14% 13-03-2023 17100.1 -1.80%
20-03-2023 2807.0 0.56% 20-03-2023 16945.1 -0.91%
27-03-2023 2823.4 0.58% 27-03-2023 17359.8 2.45%
03-04-2023 2921.4 3.47% 03-04-2023 17599.2 1.38%
10-04-2023 3183.9 8.99% 10-04-2023 17828.0 1.30%
13-04-2023 3183.9 0.00% 13-04-2023 17828.0 0.00%
Regression Beta - 2 years Weekly

Torrent Pharma. Returns Nifty Weekly Returns Beta Drifting

Date Adj Close Returns Date Adj Close Returns Levered Beta 0.39
12-04-2021 1272.3 12-04-2021 14617.8 Raw Beta Weight 75.00%
19-04-2021 1229.7 -3.34% 19-04-2021 14341.3 -1.89%
26-04-2021 1218.7 -0.90% 26-04-2021 14631.1 2.02% Market Beta 1.00
03-05-2021 1270.6 4.26% 03-05-2021 14823.2 1.31% Market Beta Weight 25.00%
10-05-2021 1322.2 4.06% 10-05-2021 14677.8 -0.98%
17-05-2021 1320.1 -0.16% 17-05-2021 15175.3 3.39% Adjusted Beta 0.54
24-05-2021 1318.2 -0.14% 24-05-2021 15435.7 1.72%
31-05-2021 1365.5 3.59% 31-05-2021 15670.3 1.52%
07-06-2021 1398.7 2.43% 07-06-2021 15799.3 0.82% beta 1 0.39
14-06-2021 1407.4 0.62% 14-06-2021 15683.3 -0.73% beta 2 0.39
21-06-2021 1409.1 0.12% 21-06-2021 15860.3 1.13%
28-06-2021 1440.4 2.22% 28-06-2021 15722.2 -0.87% beta 3 0.39
05-07-2021 1467.1 1.85% 05-07-2021 15689.8 -0.21%
12-07-2021 1460.1 -0.48% 12-07-2021 15923.4 1.49%
19-07-2021 1485.7 1.75% 19-07-2021 15856.0 -0.42%
26-07-2021 1499.4 0.92% 26-07-2021 15763.0 -0.59%
02-08-2021 1495.9 -0.23% 02-08-2021 16238.2 3.01% SUMMARY OUTPUT
09-08-2021 1447.0 -3.27% 09-08-2021 16529.1 1.79%
16-08-2021 1482.3 2.44% 16-08-2021 16450.5 -0.48% Regression Statistics
23-08-2021 1487.6 0.36% 23-08-2021 16705.2 1.55% Multiple R 0.24739
30-08-2021 1557.2 4.69% 30-08-2021 17323.6 3.70% R Square 0.061202
06-09-2021 1517.6 -2.55% 06-09-2021 17369.3 0.26% Adjusted R Square
0.052087
13-09-2021 1512.1 -0.36% 13-09-2021 17585.2 1.24% Standard Error
0.030724
20-09-2021 1513.5 0.09% 20-09-2021 17853.2 1.52% Observations 105
27-09-2021 1504.0 -0.63% 27-09-2021 17532.1 -1.80%
04-10-2021 1501.4 -0.17% 04-10-2021 17895.2 2.07% ANOVA
11-10-2021 1528.3 1.79% 11-10-2021 18338.6 2.48% df SS MS F Significance F
18-10-2021 1449.7 -5.14% 18-10-2021 18114.9 -1.22% Regression 1 0.006338483 0.006338483 6.714737034 0.010948847
25-10-2021 1396.5 -3.67% 25-10-2021 17671.7 -2.45% Residual 103 0.097228491 0.000943966
01-11-2021 1376.5 -1.44% 01-11-2021 17916.8 1.39% Total 104 0.103566974
08-11-2021 1362.8 -0.99% 08-11-2021 18102.8 1.04%
15-11-2021 1362.8 0.00% 15-11-2021 17764.8 -1.87% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
22-11-2021 1482.3 8.77% 22-11-2021 17026.4 -4.16% Intercept 0.001739 0.003014817 0.576776313 0.565348996 -0.004240304 0.007718054 -0.004240304 0.007718054
29-11-2021 1455.8 -1.79% 29-11-2021 17196.7 1.00% X Variable 10.389671 0.150377628 2.591280964 0.010948847 0.091432127 0.687909241 0.091432127 0.687909241
06-12-2021 1507.0 3.52% 06-12-2021 17511.3 1.83%
13-12-2021 1504.3 -0.17% 13-12-2021 16985.2 -3.00%
20-12-2021 1487.2 -1.14% 20-12-2021 17003.8 0.11%
27-12-2021 1600.6 7.62% 27-12-2021 17354.1 2.06%
03-01-2022 1533.2 -4.21% 03-01-2022 17812.7 2.64%
10-01-2022 1559.5 1.71% 10-01-2022 18255.8 2.49%
17-01-2022 1545.3 -0.91% 17-01-2022 17617.2 -3.50%
24-01-2022 1297.5 -16.03% 24-01-2022 17101.9 -2.92%
31-01-2022 1309.8 0.95% 31-01-2022 17516.3 2.42%
07-02-2022 1276.7 -2.53% 07-02-2022 17374.8 -0.81%
14-02-2022 1312.8 2.83% 14-02-2022 17276.3 -0.57%
21-02-2022 1333.4 1.57% 21-02-2022 16658.4 -3.58%
28-02-2022 1350.6 1.29% 28-02-2022 16245.3 -2.48%
07-03-2022 1391.3 3.02% 07-03-2022 16630.4 2.37%
14-03-2022 1416.7 1.82% 14-03-2022 17287.1 3.95%
21-03-2022 1351.9 -4.57% 21-03-2022 17153.0 -0.78%
28-03-2022 1373.3 1.59% 28-03-2022 17670.4 3.02%
04-04-2022 1380.8 0.54% 04-04-2022 17784.3 0.64%
11-04-2022 1404.3 1.70% 11-04-2022 17475.7 -1.74%
18-04-2022 1349.1 -3.93% 18-04-2022 17171.9 -1.74%
25-04-2022 1387.0 2.81% 25-04-2022 17102.6 -0.40%
02-05-2022 1306.4 -5.81% 02-05-2022 16411.3 -4.04%
09-05-2022 1272.8 -2.57% 09-05-2022 15782.2 -3.83%
16-05-2022 1313.2 3.18% 16-05-2022 16266.2 3.07%
23-05-2022 1447.4 10.22% 23-05-2022 16352.5 0.53%
30-05-2022 1370.2 -5.33% 30-05-2022 16584.3 1.42%
06-06-2022 1419.1 3.57% 06-06-2022 16201.8 -2.31%
13-06-2022 1366.4 -3.71% 13-06-2022 15293.5 -5.61%
20-06-2022 1421.6 4.04% 20-06-2022 15699.3 2.65%
27-06-2022 1445.2 1.66% 27-06-2022 15752.0 0.34%
04-07-2022 1453.4 0.56% 04-07-2022 16220.6 2.97%
11-07-2022 1504.2 3.50% 11-07-2022 16049.2 -1.06%
18-07-2022 1466.9 -2.48% 18-07-2022 16719.4 4.18%
25-07-2022 1514.9 3.28% 25-07-2022 17158.3 2.62%
01-08-2022 1542.4 1.82% 01-08-2022 17397.5 1.39%
08-08-2022 1526.0 -1.07% 08-08-2022 17698.2 1.73%
15-08-2022 1528.7 0.18% 15-08-2022 17758.4 0.34%
22-08-2022 1533.7 0.33% 22-08-2022 17558.9 -1.12%
29-08-2022 1506.0 -1.81% 29-08-2022 17539.4 -0.11%
05-09-2022 1509.6 0.23% 05-09-2022 17833.3 1.68%
12-09-2022 1465.3 -2.93% 12-09-2022 17530.8 -1.70%
19-09-2022 1502.4 2.54% 19-09-2022 17327.3 -1.16%
26-09-2022 1545.7 2.88% 26-09-2022 17094.3 -1.34%
03-10-2022 1558.1 0.80% 03-10-2022 17314.7 1.29%
10-10-2022 1580.6 1.44% 10-10-2022 17185.7 -0.74%
17-10-2022 1559.3 -1.34% 17-10-2022 17576.3 2.27%
24-10-2022 1586.7 1.75% 24-10-2022 17786.8 1.20%
31-10-2022 1651.8 4.10% 31-10-2022 18117.2 1.86%
07-11-2022 1653.9 0.13% 07-11-2022 18349.7 1.28%
14-11-2022 1607.0 -2.83% 14-11-2022 18307.7 -0.23%
21-11-2022 1614.7 0.48% 21-11-2022 18512.8 1.12%
28-11-2022 1606.4 -0.52% 28-11-2022 18696.1 0.99%
05-12-2022 1602.9 -0.22% 05-12-2022 18496.6 -1.07%
12-12-2022 1584.8 -1.13% 12-12-2022 18269.0 -1.23%
19-12-2022 1548.3 -2.30% 19-12-2022 17806.8 -2.53%
26-12-2022 1536.5 -0.76% 26-12-2022 18105.3 1.68%
02-01-2023 1532.5 -0.26% 02-01-2023 17859.4 -1.36%
09-01-2023 1536.7 0.28% 09-01-2023 17956.6 0.54%
16-01-2023 1567.7 2.02% 16-01-2023 18027.7 0.40%
23-01-2023 1523.4 -2.82% 23-01-2023 17604.3 -2.35%
30-01-2023 1518.0 -0.36% 30-01-2023 17854.1 1.42%
06-02-2023 1520.8 0.19% 06-02-2023 17856.5 0.01%
13-02-2023 1489.8 -2.04% 13-02-2023 17944.2 0.49%
20-02-2023 1480.4 -0.62% 20-02-2023 17465.8 -2.67%
27-02-2023 1493.3 0.86% 27-02-2023 17594.3 0.74%
06-03-2023 1511.5 1.22% 06-03-2023 17412.9 -1.03%
13-03-2023 1534.0 1.49% 13-03-2023 17100.1 -1.80%
20-03-2023 1517.9 -1.05% 20-03-2023 16945.1 -0.91%
27-03-2023 1537.2 1.27% 27-03-2023 17359.8 2.45%
03-04-2023 1574.8 2.45% 03-04-2023 17599.2 1.38%
10-04-2023 1577.6 0.18% 10-04-2023 17828.0 1.30%
13-04-2023 1577.6 0.00% 13-04-2023 17828.0 0.00%
COMPANY NAME CIPLA LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
CURRENT VERSION 2.10

META
Number of shares 80.72
Face Value 2
Current Price 915.75
Market Capitalization 73914.82

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Sales 8279.33 10173.39 11345.44 13790.1 14394.29 15155.71 16362.41 17131.99 19159.59 21763.34
Raw Material Cost 3243.21 3939.08 4533.92 5026.31 5206.16 5671.36 5737.45 6236.18 7544.6 9220.29
Change in Inventory 290.6 64.25 344.22 -63.55 -110.96 232.94 -47.04 244.76 192.71 724.69
Power and Fuel 233.12 218.63 228.28 245.92 251.73 298.82 335.11 327.43 308.26 331.03
Other Mfr. Exp 498.37 538.58 706.06 1000.01 912.5 952.02 928.08 1017.51 1073.6 1187.54
Employee Cost 1036.12 1543.09 1973.86 2436.43 2640.82 2699.32 2866.09 3036.41 3261.85 3542.24
Selling and admin 1006.14 1434.09 1600.96 1901.58 2150.79 2344.76 2725.09 2886.29 2407.34 3129.42
Other Expenses 338.53 417.23 483.71 636.63 625.02 595.99 626.24 666.94 504.22 524.73
Other Income 245.32 251.48 164.38 208.21 208.17 280.13 476.57 344.2 265.99 98.79
Depreciation 330.48 372.64 504.71 754.22 1322.93 1322.82 1326.31 1174.65 1067.66 1051.95
Interest 33.91 145.74 168.29 206.63 159.38 114.23 168.43 197.36 160.7 106.35
Profit before tax 2095.37 1880.04 1654.25 1727.03 1222.17 1669.46 2079.14 2178.18 3290.06 3493.27
Tax 544.31 463.38 400.03 331.59 179.76 250.11 569.53 631.2 888.76 933.8
Net profit 1544.85 1388.41 1180.77 1359.99 1006.39 1410.53 1527.7 1546.52 2404.87 2516.75
Dividend Amount 160.58 160.58 160.59 160.68 160.9 241.53 241.71 322.5 403.22 403.4

EBITDA 2,453.55 2,370.17 2,253.80 2,652.43 2,668.46 3,097.69 3,591.97 3,549.73 4,521.99 4,608.85

Quarters
Report Date Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22
Sales 5038.29 5168.69 4606.45 5504.35 5519.8 5478.86 5260.33 5375.19 5828.54 5810.09
Expenses 3861.72 3937.81 3810.21 4158.46 4293.6 4247.89 4510.61 4231.84 4526.21 4402.54
Other Income 53.47 86.94 60.13 -59.69 60.67 91.29 6.52 103.43 122.95 114.44
Depreciation 265.06 248.43 285.19 261.11 253.06 247.47 290.31 254.41 299.37 272.11
Interest 39.33 47.92 27.45 29.57 38 20.68 18.1 17.81 25.55 31.82
Profit before tax 925.65 1021.47 543.73 995.52 995.81 1054.11 447.83 974.56 1100.36 1218.06
Tax 263.8 268.96 128.22 283.72 283.81 295.16 71.11 268 302.6 410.01
Net profit 665.43 748.15 413.38 714.72 711.36 728.6 362.07 686.4 788.9 800.96
Operating Profit 1176.57 1230.88 796.24 1345.89 1226.2 1230.97 749.72 1143.35 1302.33 1407.55

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 160.58 160.58 160.59 160.68 160.9 161.02 161.14 161.25 161.29 161.36
Reserves 8858.1 9889.77 10640.9 11355.54 12382.76 14068.17 14851.14 15601.75 18165.24 20680.33
Borrowings 967.07 1247.91 1703.33 5201.92 4112.66 4098.05 4316.23 2816.43 2014.41 1055.78
Other Liabilities 1672.02 2102.1 3165.6 4331.35 4212.62 4345.66 4433.4 4843.36 4514.34 4959.69
Total 11657.77 13400.36 15670.42 21049.49 20868.94 22672.9 23761.91 23422.79 24855.28 26857.16
Net Block 3609.97 6496.47 6829.64 9368.32 9491.98 9950.17 9608.36 9682.89 9515.52 9683.33
Capital Work in Progress 377.79 441.84 580.9 2060.87 1682.98 981.33 676.18 824.53 968.89 766.18
Investments 2532.44 708.57 639.78 758.69 973.01 1258.84 2554.14 1471.02 2710.05 2550.6
Other Assets 5137.57 5753.48 7620.1 8861.61 8720.97 10482.56 10923.23 11444.35 11660.82 13857.05
Total 11657.77 13400.36 15670.42 21049.49 20868.94 22672.9 23761.91 23422.79 24855.28 26857.16
Receivables 1668.84 1638.89 1997.72 2356.27 2563.05 3102.45 4150.72 3891.31 3445.68 3424.44
Inventory 2387.07 2895.26 3780.62 3808.05 3485.28 4044.7 3964.83 4377.6 4669.18 5350.24
Cash & Bank 143.01 175.76 564.26 871.4 624.21 965.61 618.81 1003.91 1401.23 1928.48
No. of Equity Shares 803924800 802921400 802960440 803384282 804510074 805119164 805701266 806235329 806463279 806814036
New Bonus Shares
Face value 2 2 2 2 2 2 2 2 2 2

Other 938.65 1,043.57 1,277.50 1,825.89 2,048.43 2,369.80 2,188.87 2,171.53 2,144.73 3,153.89
Total Assets 11,657.77 13,400.36 15,670.42 21,049.49 20,868.94 22,672.90 23,761.91 23,422.79 24,855.28 26,857.16

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity 1397.67 1563.31 1173.43 1740.81 2381.76 1462.76 1691.15 3068.45 3755.2 3325.9
Cash from Investing Activity -2062.89 -1264.93 -949.71 -4532.56 -1303.88 -834.17 -1687.53 114.39 -2374.39 -1858.43
Cash from Financing Activity 717.77 -265.63 164.78 3104.06 -1325.68 -385.48 -348.72 -2948.82 -1239.51 -1599.79
Net Cash Flow 52.55 32.75 388.5 312.31 -247.8 243.11 -345.1 234.02 141.3 -132.32

PRICE: 379.75 382.8 712.45 511.95 592.95 545.45 528.9 422.85 815.1 1018.05

DERIVED:
Adjusted Equity Shares in Cr 80.29 80.29 80.30 80.34 80.45 80.51 80.57 80.62 80.65 80.68
S.No. Name CMP Rs. No. Eq. Shares Cr. Debt Rs.Cr. Cash End Rs.Cr. EV Rs.Cr. Sales Rs.Cr. EBITDA Margins NP 12M Rs.Cr. Mar Cap Rs.Cr.
4 Cipla 915.75 80.72 1067.66 1928.48 73147.9 22274.15 0.22 2682.08 73914.82
1 Sun Pharma.Inds. 1003.5 239.93 4365.53 5033.35 239777.71 42401.77 0.27 4302.66 240773.26
2 Divi's Lab. 3183.95 26.55 3.29 2818.88 81190.53 8335.18 0.4 2397.05 84523.87
3 Dr Reddy's Labs 4852.9 16.65 1728.9 2419.2 81165.11 23829.5 0.27 3644.1 80814.41
5 Torrent Pharma. 1577.55 33.84 4083 403.41 57126.46 9260 0.3 831 53391.46
6 Zydus Lifesci. 503.65 101.22 2446 1106.9 52641.96 16433.5 0.22 2187 50979.66
7 Abbott India 22493.7 2.12 128.86 2749.22 46145.56 5265.35 0.26 929.4 47799.11
8 Alkem Lab 3345.05 11.96 1854.59 2578.58 39217.38 11180.52 0.16 1047.34 39995.09
9 Aurobindo Pharma 565.95 58.59 4501.21 4190.01 32257.98 24191.79 0.16 1997.9 33161.2
10 Lupin 671.4 45.5 4388.95 1098.13 33961.66 16094.61 0.1 -306.43 30547.45
S.No. Name CMP Rs.
No. Eq. Shares Cr. Market Cap Debt Rs.Cr. Cash End Rs.Cr. Net Debt. EV Sales Rs.Cr. EBITDA NP 12M Rs.Cr.
4 Cipla 908.5 80.72 73334.12 1067.66 1928.48 -860.82 72473.3 22274.15 4900.313 2682.08
1 Sun Pharma.Inds. 994.1 239.93 238514.413 4365.53 5033.35 -667.82 237846.593 42401.77 11448.4779 4302.66
2 Divi's Lab. 3175.4 26.55 84306.87 3.29 2818.88 -2815.59 81491.28 8335.18 3334.072 2397.05
3 Dr Reddy's Labs 4905.75 16.65 81680.7375 1728.9 2419.2 -690.3 80990.4375 23829.5 6433.965 3644.1
5 Torrent Pharma. 1609.55 33.84 54467.172 4083 403.41 3679.59 58146.762 9260 2778 831
6 Zydus Lifesci. 507.4 101.22 51359.028 2446 1106.9 1339.1 52698.128 16433.5 3615.37 2187
7 Abbott India 22524.85 2.12 47752.682 128.86 2749.22 -2620.36 45132.322 5265.35 1368.991 929.4
8 Alkem Lab 3376.4 11.96 40381.744 1854.59 2578.58 -723.99 39657.754 11180.52 1788.8832 1047.34
9 Aurobindo Pharma 571.25 58.59 33469.5375 4501.21 4190.01 311.2 33780.7375 24191.79 3870.6864 1997.9
10 Lupin 684.3 45.5 31135.65 4388.95 1098.13 3290.82 34426.47 16094.61 1609.461 -306.43
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Equity Capital 161.0 161.0 161.0 161.0 161.0 161.0 161.0 161.0 161.0 161.0 161.0 161.0
Reserves 6,506.0 7,478.0 8,858.0 9,890.0 10,641.0 11,356.0 12,383.0 14,068.0 14,851.0 15,602.0 18,165.0 20,680.0
Borrowings
Long term Borrowings 18.0 3.0 1.0 318.0 309.0 222.0 3,645.0 3,662.0 3,830.0 2,369.0 1,203.0 416.0
Short term Borrowings 523.0 10.0 966.0 910.0 1,392.0 4,970.0 467.0 436.0 486.0 447.0 553.0 408.0
Lease Liabilities - - - - - - - - - - 259.0 232.0
Other Borrowings 31.0 16.0 - 20.0 2.0 10.0 - - - - - -
Other Liabilities -
Non controlling int - - - 50.0 180.0 350.0 438.0 352.0 332.0 294.0 259.0 276.0
Trade Payables 721.0 692.0 828.0 980.0 1,452.0 1,476.0 1,571.0 2,119.0 1,948.0 2,282.0 2,067.0 2,508.0
Advance from Customers 8.0 107.0 70.0 107.0 106.0 29.0 52.0 71.0 44.0 34.0 40.0 74.0
Other liability items 630.0 883.0 774.0 966.0 1,427.0 2,476.0 2,152.0 1,803.0 2,109.0 2,233.0 2,149.0 2,102.0
Total Liabilities 8,597.0 9,350.0 11,658.0 13,400.0 15,670.0 21,049.0 20,869.0 22,673.0 23,762.0 23,423.0 24,855.0 26,857.0

Fixed Assets
Land 112.0 114.0 115.0 116.0 148.0 95.0 97.0 107.0 115.0 161.0 194.0 219.0
Building 1,008.0 1,083.0 1,499.0 1,797.0 2,011.0 2,033.0 2,247.0 2,550.0 2,547.0 2,866.0 2,805.0 3,051.0
Plant Machinery 2,953.0 3,240.0 3,491.0 3,983.0 4,389.0 2,776.0 3,476.0 4,168.0 4,585.0 4,916.0 5,291.0 5,811.0
Equipments 51.0 61.0 75.0 100.0 114.0 66.0 77.0 93.0 98.0 103.0 92.0 99.0
Computers - - - - - - - - - 35.0 8.0 1.0
Furniture n fittings 108.0 120.0 128.0 160.0 176.0 104.0 122.0 138.0 150.0 156.0 147.0 156.0
Vehicles 9.0 10.0 10.0 16.0 20.0 10.0 13.0 10.0 11.0 13.0 12.0 14.0
Intangible Assets - - - 2,493.0 2,569.0 3,874.0 4,003.0 3,134.0 3,427.0 3,566.0 3,779.0 3,951.0
Other fixed assets - - - 12.0 135.0 1,209.0 1,319.0 2,760.0 2,925.0 3,336.0 3,458.0 3,666.0
Gross Block 4,241.0 4,626.0 5,318.0 8,676.0 9,562.0 10,168.0 11,355.0 12,961.0 13,858.0 15,151.0 15,787.0 16,968.0
Accumulated Depreciation 1,146.0 1,411.0 1,708.0 2,180.0 2,732.0 799.0 1,863.0 3,011.0 4,250.0 5,468.0 6,271.0 7,285.0
Net Block 3,095.0 3,215.0 3,610.0 6,496.0 6,830.0 9,369.0 9,492.0 9,950.0 9,608.0 9,683.0 9,516.0 9,683.0

CWIP 285.0 371.0 378.0 442.0 581.0 2,061.0 1,683.0 981.0 676.0 825.0 969.0 766.0
Investments 591.0 1,269.0 2,532.0 709.0 640.0 759.0 973.0 1,259.0 2,554.0 1,471.0 2,710.0 2,551.0

Other Assets
Inventories 1,906.0 1,850.0 2,387.0 2,895.0 3,781.0 3,808.0 3,485.0 4,045.0 3,965.0 4,378.0 4,669.0 5,350.0
Trade receivables 1,491.0 1,554.0 1,669.0 1,639.0 1,998.0 2,356.0 2,563.0 3,102.0 4,151.0 3,891.0 3,446.0 3,424.0
Cash Equivalents 96.0 90.0 143.0 176.0 564.0 871.0 624.0 966.0 619.0 1,004.0 1,401.0 1,928.0
Loans n Advances 727.0 622.0 470.0 732.0 961.0 1,825.0 1,394.0 1,787.0 1,768.0 1,657.0 1,722.0 2,278.0
Other asset items 407.0 378.0 469.0 311.0 316.0 1.0 655.0 583.0 421.0 515.0 423.0 876.0
Total Assets 8,597.0 9,350.0 11,658.0 13,400.0 15,670.0 21,049.0 20,869.0 22,673.0 23,762.0 23,423.0 24,855.0 26,857.0

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Cash from Operating Activity

Profit from operations 1,451.0 1,799.0 2,379.0 2,433.0 2,284.0 2,678.0 2,597.0 2,963.0 3,348.0 3,544.0 4,421.0 4,643.0
Receivables 309.0 132.0 (166.0) (251.0) (443.0) 77.0 (288.0) (855.0) (1,015.0) 217.0 423.0 81.0
Inventory (373.0) 56.0 (537.0) (175.0) (833.0) (65.0) 323.0 (559.0) 104.0 (332.0) (254.0) (621.0)
Payables (97.0) 57.0 183.0 (135.0) 557.0 (441.0) 201.0 636.0 (153.0) 487.0 203.0 362.0
Working capital changes (162.0) 245.0 (520.0) (561.0) (719.0) (429.0) 235.0 (778.0) (1,064.0) 373.0 372.0 (177.0)
Direct taxes (264.0) (331.0) (462.0) (308.0) (392.0) (508.0) (450.0) (722.0) (593.0) (848.0) (1,037.0) (1,140.0)
Cash from Operating Activity 864.0 1,958.0 877.0 1,003.0 454.0 1,312.0 2,618.0 685.0 627.0 3,441.0 4,128.0 3,148.0

Cash from Investing Activity

Fixed assets purchased -710 -561 -757 -570 -646 -1,077 -1,136 -816 -527 -1,000 -819 -701
Fixed assets sold 13 5 5 3 21 24 38 77 23 14 28 20
Investments purchased -5,228 -7,471 -18,720 -18,029 -20,564 -15,940 -198 -190 -910 0 -1,245 0
Investments sold 5,251 7,119 17,341 19,842 20,525 15,950 137 10 84 1,210 0 171
Investment income 0 239 0 0 0 0 0 0 0 0 0 0
Interest received 7 7 2 19 10 9 12 30 38 50 41 47
Dividends received 9 36 92 74 22 0 0 4 34 0 22 0
Investment in group cos -2 -311 -21 -11 0 -13 -3 0 0 0 0 0
Redemp n Canc of Shares 0 0 0 0 0 0 21 143 0 1 3 0
Acquisition of companies -31 0 0 -2,578 -314 -3,482 -188 -14 -421 -33 -14 -18
Inter corporate deposits 0 0 0 0 0 1 0 0 0 0 0 0
Other investing items -217 -28 -5 -15 -3 -4 13 -77 -8 -128 -389 -1,377
Cash from Operating Activity (908.0) (965.0) (2,063.0) (1,265.0) (949.0) (4,532.0) (1,304.0) (833.0) (1,687.0) 114.0 (2,373.0) (1,858.0)

Cash from Financing Activity

Proceeds from shares 0 0 0 0 0 3 12 0 0 0 0 0
Proceeds from borrowings 868 200 956 156 508 3,508 3,652 0 48 264 70 35
Repayment of borrowings -671 -743 -18 -112 0 -66 -4,733 -34 -108 -1,948 -1,064 -1,041
Interest paid fin -17 -24 -33 -121 -167 -161 -159 -118 -159 -164 -121 -76
Dividends paid -225 -161 -161 -161 -161 -159 -161 -161 -242 -564 0 -403
Financial liabilities 0 0 0 0 0 0 0 0 0 -76 -84 -92
Share application money 0 0 0 0 12 0 0 0 0 0 0 0
Other financing items -37 -26 -26 -27 -27 -20 63 -72 112 -461 -41 -23
Cash from Financing Activity (82.0) (754.0) 718.0 (265.0) 165.0 3,105.0 (1,326.0) (385.0) (349.0) (2,949.0) (1,240.0) (1,600.0)

Net Cash Flow (126.0) 239.0 (468.0) (527.0) (330.0) (115.0) (12.0) (533.0) (1,409.0) 606.0 515.0 (310.0)
 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity - 1,398 1,563 1,173 1,741 2,382 1,463 1,691 3,068 3,755 3,326
Profit from operations 2,379 2,433 2,284 2,678 2,597 2,963 3,348 3,544 4,421 4,643
Receivables -166 -251 -443 77 -288 -855 -1,015 217 423 81
Inventory -537 -175 -833 -65 323 -559 104 -332 -254 -621
Payables 183 -135 557 -441 201 636 -153 487 203 362
Working capital changes -520 -561 -719 -429 235 -778 -1,064 373 372 -177
Direct taxes -462 -308 -392 -508 -450 -722 -593 -848 -1,037 -1,140
Cash from Investing Activity - -2,063 -1,265 -950 -4,533 -1,304 -834 -1,688 114 -2,374 -1,858
Fixed assets purchased -757 -570 -646 -1,077 -1,136 -816 -527 -1,000 -819 -701
Fixed assets sold 5 3 21 24 38 77 23 14 28 20
Investments purchased -18,720 -18,029 -20,564 -15,940 -198 -190 -910 0 -1,245 0
Investments sold 17,341 19,842 20,525 15,950 137 10 84 1,210 0 171
Investment income 0 0 0 0 0 0 0 0 0 0
Interest received 2 19 10 9 12 30 38 50 41 47
Dividends received 92 74 22 0 0 4 34 0 22 0
Investment in group cos -21 -11 0 -13 -3 0 0 0 0 0
Redemp n Canc of Shares 0 0 0 0 21 143 0 1 3 0
Acquisition of companies 0 -2,578 -314 -3,482 -188 -14 -421 -33 -14 -18
Inter corporate deposits 0 0 0 1 0 0 0 0 0 0
Other investing items -5 -15 -3 -4 13 -77 -8 -128 -389 -1,377
Cash from Financing Activity - 718 -266 165 3,104 -1,326 -385 -349 -2,949 -1,240 -1,600
Proceeds from shares 0 0 0 3 12 0 0 0 0 0
Proceeds from borrowings 956 156 508 3,508 3,652 0 48 264 70 35
Repayment of borrowings -18 -112 0 -66 -4,733 -34 -108 -1,948 -1,064 -1,041
Interest paid fin -33 -121 -167 -161 -159 -118 -159 -164 -121 -76
Dividends paid -161 -161 -161 -159 -161 -161 -242 -564 0 -403
Financial liabilities 0 0 0 0 0 0 0 -76 -84 -92
Share application money 0 0 12 0 0 0 0 0 0 0
Other financing items -26 -27 -27 -20 63 -72 112 -461 -41 -23
Net Cash Flow 53 33 388 312 -248 243 -345 234 141 -132

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity - 1,025 1,713 1,398 1,563 1,173 1,741 2,382 1,463 1,691 3,068 3,755 3,326
Profit from operations 1,451 1,799 2,379 2,433 2,284 2,678 2,597 2,963 3,348 3,544 4,421 4,643
Receivables 309 132 -166 -251 -443 77 -288 -855 -1,015 217 423 81
Inventory -373 56 -537 -175 -833 -65 323 -559 104 -332 -254 -621
Payables -97 57 183 -135 557 -441 201 636 -153 487 203 362
Working capital changes -162 245 -520 -561 -719 -429 235 -778 -1,064 373 372 -177
Direct taxes -264 -331 -462 -308 -392 -508 -450 -722 -593 -848 -1,037 -1,140
Cash from Investing Activity - -908 -965 -2,063 -1,265 -950 -4,533 -1,304 -834 -1,688 114 -2,374 -1,858
Fixed assets purchased -710 -561 -757 -570 -646 -1,077 -1,136 -816 -527 -1,000 -819 -701
Fixed assets sold 13 5 5 3 21 24 38 77 23 14 28 20
Investments purchased -5,228 -7,471 -18,720 -18,029 -20,564 -15,940 -198 -190 -910 0 -1,245 0
Investments sold 5,251 7,119 17,341 19,842 20,525 15,950 137 10 84 1,210 0 171
Investment income 0 239 0 0 0 0 0 0 0 0 0 0
Interest received 7 7 2 19 10 9 12 30 38 50 41 47
Dividends received 9 36 92 74 22 0 0 4 34 0 22 0
Investment in group cos -2 -311 -21 -11 0 -13 -3 0 0 0 0 0
Redemp n Canc of Shares 0 0 0 0 0 0 21 143 0 1 3 0
Acquisition of companies -31 0 0 -2,578 -314 -3,482 -188 -14 -421 -33 -14 -18
Inter corporate deposits 0 0 0 0 0 1 0 0 0 0 0 0
Other investing items -217 -28 -5 -15 -3 -4 13 -77 -8 -128 -389 -1,377
Cash from Financing Activity - -83 -753 718 -266 165 3,104 -1,326 -385 -349 -2,949 -1,240 -1,600
Proceeds from shares 0 0 0 0 0 3 12 0 0 0 0 0
Proceeds from borrowings 868 200 956 156 508 3,508 3,652 0 48 264 70 35
Repayment of borrowings -671 -743 -18 -112 0 -66 -4,733 -34 -108 -1,948 -1,064 -1,041
Interest paid fin -17 -24 -33 -121 -167 -161 -159 -118 -159 -164 -121 -76
Dividends paid -225 -161 -161 -161 -161 -159 -161 -161 -242 -564 0 -403
Financial liabilities 0 0 0 0 0 0 0 0 0 -76 -84 -92
Share application money 0 0 0 0 12 0 0 0 0 0 0 0
Other financing items -37 -26 -26 -27 -27 -20 63 -72 112 -461 -41 -23
Net Cash Flow 34 -6 53 33 388 312 -248 243 -345 234 141 -132