Company Analysed

Competitor
Analysed
Group No - 6
Section 2
Names of Members
Pratik Sureka - DM242054
Shreyansh Singh - DM242076
Kumar Rahul Singh - DM242033
Ankit Vispute - DM242010
Deepshika Jat - DM242017
Sakshi Sharma - DM242068
Yuvraj Saxena - DM242096
Dr Reddys Laboratories
(All the amounts
Standalone Balance Sheet
are in Rs. Cr)
Mar-22 Mar-21

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 83.2 83.2

Total Share Capital 83.2 83.2
Reserves and Surplus 18,253.00 16,900.50
Total Reserves and Surplus 18,253.00 16,900.50
Total Shareholders Funds 18,336.20 16,983.70
NON-CURRENT LIABILITIES
Long Term Borrowings 0 0

Deferred Tax Liabilities [Net] 0 0

Other Long Term Liabilities 103.9 60.5

Long Term Provisions 10.4 25.1

Total Non-Current Liabilities 114.3 85.6
CURRENT LIABILITIES
Short Term Borrowings 2,171.10 1,180.90
Trade Payables 1,666.20 1,336.40
Other Current Liabilities 1,885.60 1,744.30
Short Term Provisions 322.2 298.7

Total Current Liabilities 6,045.10 4,560.30

Total Capital And Liabilities 24,495.60 21,629.60

ASSETS
NON-CURRENT ASSETS
Tangible Assets 4,024.00 3,579.20
Intangible Assets 2,126.50 2,265.10
Capital Work-In-Progress 1,186.40 877.1

Intangible Assets Under Development 13.9 23.7

Fixed Assets 7,350.80 6,745.10

Non-Current Investments 3,024.30 3,392.20
Deferred Tax Assets [Net] 19.4 254.8
Long Term Loans And Advances 1.2 1.2
Other Non-Current Assets 616.3 292.1
Total Non-Current Assets 11,012.00 10,685.40
CURRENT ASSETS
Current Investments 1,912.40 1,257.00
Inventories 3,347.80 2,819.70

Trade Receivables 4,945.40 4,080.00

Cash And Cash Equivalents 2,030.50 1,646.50

OtherCurrentAssets 1,247.50 1,141.00

Total Current Assets 13,483.60 10,944.20

Total Assets 24,495.60 21,629.60
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 827.4 1,062.80
CIF VALUE OF IMPORTS
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 4,040.10 3,442.00
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - -
Other Earnings 10,154.40 9,769.90
BONUS DETAILS
Bonus Equity Share Capital 55.87 55.87
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - -
Non-Current Investments Unquoted Book Value - -
CURRENT INVESTMENTS
Current Investments Quoted Market Value - -
Current Investments Unquoted Book Value - -
 Cipla
(All the amounts
Standalone Balance Sheet
are in Rs. Cr)
Mar 22 Mar-21
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 161.36 161.29
Total Share Capital 161.36 161.29
Reserves and Surplus 22,315.35 19,730.58
Total Reserves and Surplus 22,315.35 19,730.58
Employees Stock Options 36.84 35.69
Total Shareholders Funds 22,513.55 19,927.56
NON-CURRENT LIABILITIES
Deferred Tax Liabilities [Net] 55.96 104.91
Other Long Term Liabilities 72.06 143.36
Long Term Provisions 78.92 95.97
Total Non-Current Liabilities 206.94 344.24
CURRENT LIABILITIES
Short Term Borrowings 0 0
Trade Payables 1,378.93 1,495.49
Other Current Liabilities 718.84 575.89
Short Term Provisions 630.79 620.56
Total Current Liabilities 2,728.56 2,691.94
Total Capital And Liabilities 25,449.05 22,963.74
ASSETS
NON-CURRENT ASSETS
Tangible Assets 3,111.73 3,673.15
Intangible Assets 215.96 269.51
Capital Work-In-Progress 169.22 275.04
Intangible Assets Under Development 44.62 80.07
Other Assets 63.35 123.79
Fixed Assets 3,604.88 4,421.56

Non-Current Investments 8,934.88 7,720.99

Deferred Tax Assets [Net] 0 0

Long Term Loans And Advances 0 43.37

Other Non-Current Assets 884.66 585.64
Total Non-Current Assets 13,424.42 12,771.56
CURRENT ASSETS
Current Investments 2,038.80 2,004.84
Inventories 3,199.05 3,085.81
Trade Receivables 1,939.62 3,035.37

Cash And Cash Equivalents 1,428.03 874.8

Short Term Loans And Advances 0.89 1.9

OtherCurrentAssets 3,418.24 1,189.46
Total Current Assets 12,024.63 10,192.18
Total Assets 25,449.05 22,963.74
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 975.31 1,972.95
CIF VALUE OF IMPORTS
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 1,780.34 2,091.06
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods 5,709.43 6,805.06
Other Earnings 135.97 -
BONUS DETAILS
Bonus Equity Share Capital 151.66 151.66
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - -
Non-Current Investments Unquoted Book Value 8,934.88 7,720.99
CURRENT INVESTMENTS
Current Investments Quoted Market Value - -
Current Investments Unquoted Book Value 2,038.80 2,004.84
 (All the amounts are
Standalone Profit & Loss account
in Rs. Cr)
Mar-20 Mar 22 Mar-21

INCOME
Revenue From Operations [Gross] 14,315.30 13,281.40

83.1 Revenue From Operations [Net] 14,315.30 13,281.40

83.1 Other Operating Revenues 89.9 67.7
15,108.80 Total Operating Revenues 14,405.20 13,349.10
15,108.80 Other Income 482 801.1
15,191.90 Total Revenue 14,887.20 14,150.20
EXPENSES
19.3 Cost Of Materials Consumed 3,378.40 3,266.30

0 Purchase Of Stock-In Trade 2,057.10 1,252.30

Changes In Inventories Of FG,WIP And

29.6 -389.6 -395.6
Stock-In Trade

54.5 Employee Benefit Expenses 2,434.60 2,270.10

103.4 Finance Costs 38 46.7
Provsions and Contingencies 9.8 15
Depreciation And Amortisation
1,043.60 814.3 835
Expenses
1,068.40 Other Expenses 4,320.80 3,804.20
1,861.20 Total Expenses 12,663.40 11,094.00
207.3

Profit/Loss Before Exceptional,

4,180.50 2,223.80 3,056.20
ExtraOrdinary Items And Tax

19,475.80 Profit/Loss Before Tax 2,223.80 3,056.20

Tax Expenses-Continued Operations
Current Tax 392.6 540.1
3,769.80 Deferred Tax 208 329.7
664.1 Total Tax Expenses 600.6 869.8
 Profit/Loss After Tax And Before
384.1 1,623.20 2,186.40
ExtraOrdinary Items

Profit/Loss From Continuing

27.7 1,623.20 2,186.40
Operations
4,845.70 Profit/Loss For The Period 1,623.20 2,186.40
3,367.10 Mar-22 Mar-21
612.9
1.2 12 mths 12 mths
542.2
OTHER ADDITIONAL
9,369.10
INFORMATION
EARNINGS PER SHARE
2,118.40 Basic EPS (Rs.) 97.85 131.84
2,190.40 Diluted EPS (Rs.) 97.85 131.46
VALUE OF IMPORTED AND
4,638.70
INDIGENIOUS RAW MATERIALS

STORES, SPARES AND LOOSE

39.2
TOOLS

DIVIDEND AND DIVIDEND

1,120.00
PERCENTAGE
10,106.70 Equity Share Dividend 414.6 414.7
19,475.80 Tax On Dividend 0 0
Equity Dividend Rate (%) 600 500

1,068.60

3,961.60

-
8,419.30

55.87

-
-

-
-
Cipla
(All the amounts are
Standalone Profit & Loss account
in Rs. Cr)
Mar-20 Mar 22 Mar-21
INCOME
Revenue From Operations [Gross] 12,827.29 13,610.02
161.25 Less: Excise/Sevice Tax/Other Levies 0 0
161.25 Revenue From Operations [Net] 12,827.29 13,610.02
17,207.54 Other Operating Revenues 264.5 290.56
17,207.54 Total Operating Revenues 13,091.79 13,900.58
34.17 Other Income 666.7 230.28
17,402.96 Total Revenue 13,758.49 14,130.86
EXPENSES
112.97 Cost Of Materials Consumed 2,767.79 3,262.29
165.3 Purchase Of Stock-In Trade 2,850.85 1,847.85
105.14 Operating And Direct Expenses 0 0
Changes In Inventories Of FG,WIP And
383.41 -528.4 -9.93
Stock-In Trade
Employee Benefit Expenses 1,729.16 2,038.88
6.06 Finance Costs 26.93 45.07
Depreciation And Amortisation
1,612.12 460.01 556.11
Expenses
459.61 Other Expenses 2,905.92 3,039.93
541.5 Total Expenses 10,212.26 10,780.20
2,619.29
20,405.66
Profit/Loss Before Exceptional,
3,546.23 3,350.66
ExtraOrdinary Items And Tax
Exceptional Items 0 0
3,818.67 Profit/Loss Before Tax 3,546.23 3,350.66
205.87 Tax Expenses-Continued Operations
255.73 Current Tax 887.24 904.38
64 Deferred Tax -30.4 -22
126.44 Total Tax Expenses 856.84 882.38
Profit/Loss After Tax And Before
4,470.71 2,689.39 2,468.28
ExtraOrdinary Items
Profit/Loss From Continuing
6,355.32 2,689.39 2,468.28
Operations
Profit Loss From Discontinuing
0 268.54 0
Operations
Net Profit Loss From Discontinuing
41.89 268.54 0
Operations
 510.68 Profit/Loss For The Period 2,957.93 2,468.28
11,378.60
EARNINGS PER SHARE
834.43 Basic EPS (Rs.) 36.67 30.61
3,021.36 Diluted EPS (Rs.) 36.63 30.57
VALUE OF IMPORTED AND
3,560.27
INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE
523.07
TOOLS
DIVIDEND AND DIVIDEND
4.49
PERCENTAGE
1,083.44 Equity Share Dividend 403.35 0
9,027.06 Tax On Dividend 0 0
20,405.66 Equity Dividend Rate (%) 250 250

3,121.80

590.26

5,517.45
86.15

151.66

-
6,355.32

-
834.43
 Mar-20

11,803.00

11,803.00
47.4
11,850.40
743.2
12,593.60

2,556.50

1,117.20

-99.9

2,030.20
47.8
0
789.2
3,376.80
9,817.80

2,775.80

2,775.80

483.9
-645.8
-161.9
2,937.70

2,937.70

2,937.70
Mar-20

12 mths

177.23
176.88

391.4
0
500
 Mar-20

12,220.22
0
12,220.22
438.93
12,659.15
892.85
13,552.00

2,999.17
1,363.12
0
-43.08
1,911.08
36.05
599.78
3,721.57
10,587.69

2,964.31
0
2,964.31

545.96
100.18
646.14
2,318.17

2,318.17

0
2,318.17

28.76
28.72

564.26
87.45
200
 Shareholding Pattern
As on March 31, 2020 As on March 31, 2019
Percentage
Category of Shareholders Percentage of Change during
Percentage of the year
No of shares No of shares total shares
total shares (%)
(%)
Promoters’ Holding
- Individuals 3,133,228 1.89 3,133,228 1.89 -
- Companies 41,325,300 24.87 41,325,300 24.88 -0.01
Sub-total 44,458,528 26.76 44,458,528 26.77 -0.01
Indian financial institutio 8,896,044 5.35 8,200,552 4.94 0.41
Banks 224,457 0.14 314,614 0.19 -0.05
Mutual funds/UTI 14,539,166 8.75 15,132,031 9.11 -0.36
Foreign holdings
- Foreign institutional inv 50,098,326 30.15 51,371,769 30.94 -0.79
- Non resident Indians 1,653,054 0.99 1,751,508 1.05 -0.06
- ADRs 23,429,546 14.1 23,437,729 14.11 -0.01
- Foreign nationals 4,199 0 11,821 0.01 -0.01
Sub-total 98,844,792 59.48 100,220,024 60.35 -0.87
Indian public and corpora 22,868,762 13.76 21,387,396 12.88 0.88
Total 166,172,082 100 166,065,948 100 -

As on March 31, 2021 As on March 31, 2020

Percentage
Category of Shareholders Percentage of Change during
Percentage of the year
No of shares No of shares total shares
total shares (%)
(%)
PROMOTERS
individual 3,135,828 1.88 3,133,228 1.89 0.01
companies 41,325,300 24.85 41,325,300 24.87 0.02
SUB-TOTAL 44,461,128 26.73 44,458,528 26.76 0.03

Indian Financial inst. 1,442,868 0.87 8,896,044 5.35 4.48

Banks 112,089 0.07 224,457 0.14 0.07
Mutual Funds 22,138,337 14,539,166 8.75 4.56
FOREIGN HOLDINGS
institutional investors 48,276,060 29.03 50,098,326 30.15 1.12
NRI 1,666,509 1 1,653,054 0.99 0.01
ADRs 20,299,272 12.21 23,429,546 14.1 1.89
Foreign nationals 1 0 4,199 0
SUB-TOTAL 93,936,594 56.49 98,844,792 59.48 2.99
Indian public & corpora 27,903,509 16.78 22,868,762 13.76 3.02
TOTAL 166,301,231 100 166,172,082 100

As on March 31, 2022 As on March 31, 2021

Percentage
Category of Shareholders Change during
the year
 Percentage
Category of Shareholders Percentage of Change during
Percentage of
No of shares No of shares total shares the year
total shares (%)
(%)
Promoters’ Holding
Individuals 3,135,828 1.88 3,135,828 1.89 ‑
Companies 41,325,300 24.83 41,325,300 24.85 -0.02
Sub-total 44,461,128 26.72 44,461,128 26.74 -0.02
Indian financial institutions 17,023,058 10.23 1,442,868 0.87 9.36
Banks 191,924 0.12 112,089 0.07 0.05
Mutual funds/UTI 23,494,448 14.12 22,138,337 13.31 0.81
Foreign holdings
Foreign institutional inves 41,872,636 25.16 48,276,060 29.03 -3.87
Non‑resident Indians 1,650,025 0.99 1,666,509 1 -0.01
ADRs 18,681,846 11.23 20,299,272 12.21 -0.98
Foreign nationals 1,459 0 1,459 0‑
Sub-total 102,915,396 61.84 93,936,594 56.49 -5.36
Indian public and corporates and others (C)
19,049,325 11.45 27,903,509 16.78 -5.33
Total 166,425,849 100 166,301,231 100 0.03

Analysis
The FIIs have been aggressively selling Indian equities since the benchmarks touched record highs in
October last year.The relentless selling by FIIs is on the back of rising inflation globally which has led to
spike in interest rates and in turn led to jump in bond yields in US money from emerging markets like India
into the US bonds, analysts said.

Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline,
housing and other necessities squeezing American consumers and wiping out the pay raises that many
people have received.
ing Pattern
Holder Percentage
Holding Percentage

Promoter 26.80%
30.20%
FII 30.20% 28.50%
26.80%
DII 14.40%
Public 28.50%
Others 0.30%
14.40%

Promoter FII DII Public 0.30%

Others

Holder Percentage
Holding Percentage
29.00% 29.00%
Promoter 26.70% 26.70%
FII 29.00%
DII 14.90%
Public 29.00% 14.90%
Others 0.30%

Promoter FII DII Public 0.30%

Others

Holding Percentage
 Holder Percentage Holding Percentage
Promoter 26.70%
26.70%
FII 25.20% 25.20% 24.80%
23.10%
DII 24.80%
Public 23.10%
Others 0.30%

Promoter FII DII Public 0.30%

Others

s in
ed to
like India

asoline,
many
 Segment Reporting(Revenue)
Particulars FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 200000
Global Generics 179647 154759 89683 123056 114282 180000
Pharmaceutical Services and Active Ingredients 31244 32379 20703 24618 22438 160000
140000
Proprietary Products 1687 523 7644 4750 4250 120000
Total 212578 187661 118030 152424 140970 100000
80000
60000
40000
20000
0
FY 2022

Segment Reporting(Gross Profits)

120000
Particulars FY 2022 FY 2021 FY 2020 FY 2019 FY 2018
Global Generics 103270 91111 78449 71924 67190 100000
Pharmaceutical Services and Active Ingredients 6834 9444 6219 6158 4477 80000
Proprietary Products 1589 482 7744 4182 3799
Total 111693 101037 92412 82264 75466 60000

40000

20000

0
FY 2022

Note : Segment reporting data is only available

for revenue and gross profits headings.
 Revenue Trend
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
FY 2022 FY 2021 FY 2020 FY 2019 FY 2018

Global Generics
Pharmaceutical Services and Active Ingredients
Proprietary Products

Gross Profit Trend

120000

100000

80000

60000

40000

20000

0
FY 2022 FY 2021 FY 2020 FY 2019 FY 2018

Global Generics
Pharmaceutical Services and Active Ingredients
Proprietary Products
Name of Subsidiary Date of acquisition
Aurigene Discovery Technologies Ltd 8/10/2001
Betapharm Arzneimittel GmbH 2/15/2006
Dr. Reddy's Laboratories, Inc. 5/13/1992
Dr. Reddy's Laboratories LLC 4/5/2003

Industrias Quimicas Falcon de Mexico, S.A de 12/30/2005

Reddy Holding GmbH 2/15/2006

SVAAS Wellness Ltd. 7/8/2009

Name of Joint Venture Company Date of acquisition

DRES Energy Private Limited, India 42283

Percentage of shareholding Share Capital Total Equity and liabilities Turnover
100% 905 5,388 2,899
100% 60 9,479 9,981
100% 580 51,186 72,546
100% 738 14,529 21,894

100% 594 7,247 5,669

100% 1 27,837 -

100% 250 184 -

No of Shares
Percentage of shareholding held(Dr Type Of Company
Reddy)
26% 8580000 Private
Nature of Business
Biotech industry - Drug discovery company
Distributes generic pharmaceuticals in the German market
Manufactures and markets a wide range of pharmaceuticals in India and overseas

Vertically integrated pharmaceutical company with a presence across the value chain, producing and delivering safe,
active pharmaceutical ingredients and biological products.
Pharmaceutical company - the Company manufactures tablets, capsules, injectables, topical creams, and other generic
A digitally-enabled, integrated Outpatient Care offering, to bring to its users an extremely simple-to-use yet futuristic
individuals and corporate employees.

Nature of Business

Generation and transmission of electricity: atomic reactor power plants, It Comes Under Division ELECTRICITY, G
come under scetion ELECTRICITY, GAS AND WATER SUPPLY
 Investme
2019-2020
Particulars As at 31 March 2020
Investments at FVTOCI
Quoted equity shares (fully paid-up)
58,000 (31 March 2019: 120,000) equity shares
of ` 1/- each of State Bank of India, India
11
Quoted equity shares (fully paid-up) 11

Investments in market linked debentures 1993

Total investments at FVTOCI 2004
Investments carried at cost

Unquoted equity shares (fully paid-up)

I. In subsidiary companies
Dr. Reddy’s Laboratories SA,
13515
Idea2Enterprises (India) Private
1537
Aurigene Discovery
974
Dr. Reddy’s Farmaceutica Do
825
Dr. Reddy’s Bio-sciences Limited, India 515
Imperial Credit Private Limited, India 31
Regkinetics Services Limited, India

1
Cheminor Investments Limited, India 1
Dr. Reddy’s Farmaceutica Do Brasil Ltda., Brazil
-622
Total unquoted investments in equity shares of
subsidiary companies 17486

II. In Joint ventures

Equity shares held in Kunshan Rotam Reddy

Pharmaceutical Co. Limited, China(2) 429
DRES Energy Private Limited, India

86
Total unquoted investments in equity shares of
joint ventures 515

Total investments carried at cost 18001

Jeedimetla Effluent Treatment Limited 1
Total unquoted trade investments in equity shares
of other companies 1
Total investments at FVTPL 11371

Investments carried at amortised cost

I. Investments in 2,000,000 (31 March 2019: Nil)
preference shares of CHF 100 each of Dr.
Reddy’s Laboratories SA, Switzerland
II. Investments in term deposit accounts with
banks (original maturity more than 3 months)

5003
III. Investments in bonds

1851
IV. Investments in commercial paper 967
Total investments carried at amortised cost 23479

Total investments
54855

Total Investments 2019-2020 2020-2021

54855 46492

Total Investments
56000
54000 54855
52000
50000
48000 49367

46000 46492
44000
42000
2019-2020 2020-2021 2021-202
Analysis - Company issues commercial paper as a short term debt instrument to raise funds for a time period of upto 1 year.In
company invested in commercial paper but withdrew it’s investment in commercial paper after one year in 2022.As it can be i
from the investment report the company invested heavily in bond in 2020 but eventually reduced the investment in 2021 and a
increased the investment by nearly 5 times to meet their capital requirement for various aspect Investment at FVTPL significa
increased which changes in the fair value of these investments recorded in income.
 Investments(all amounts are in Indian Rupees in millions)
2020-2021
Particulars As at 31 March 2021
Investments at FVTOCI
Quoted equity shares (fully paid-up)
25,000 (31 March 2021: 25,000) equity shares of
` 1/- each of State Bank of India, India
9

Total investments at FVTOCI 9

Investments carried at cost

Unquoted equity shares (fully paid-up)

I. In subsidiary companies
Reddy’s Laboratories SA, Switzerland 13515
Idea2Enterprises (India) Private Limited, India
1537
Aurigene Discovery Technologies Limited, India
974
Dr. Reddy’s Farmaceutica Do Brasil Ltda.,
Brazil 825
Industrias Quimicas Falcon de Mexico S.A. de
C.V., Mexico 709
Dr. Reddy’s Bio-sciences Limited, India 515
Imperial Credit Private Limited, India 31
Svass Wellness Limited, India (Formerly
Regkinetics Services Limited, India)
1
Cheminor Investments Limited, India 1
Dr. Reddy’s Laboratories Inc.
-
Dr. Reddy’s Formulations Limited
-

Total unquoted investments in equity shares of

subsidiary companies 17486
II. In joint ventures

Equity shares held in Kunshan Rotam Reddy

Pharmaceutical Co. Limited, China
429
DRES Energy Private Limited, India
86
Total unquoted investments in equity shares 515
of joint ventures
Total investments carried at cost 18001
 Investments at FVTPL
I. Investment in unquoted equity shares

Jeedimetla Effluent Treatment Limited, India 1

Total unquoted trade investments in equity
shares of other companies 1
Total investments at FVTPL 12449
Investments carried at amortized cost

I. Investments in Nil (31 March 2021: 2,000,000)

preference shares of CHF 100 each of Dr.
Reddy’s Laboratories SA, Switzerland
15511
II. Investment in 20,000,000 (31 March 2021:
Nil) preference shares shares of ` 10/- each of
Svass Wellness Limited, India (Formerly
Regkinetics Services Limited, India)

III. Investments in bonds 522

IV. Investments in commercial paper
V. Investment in Non-convertible debentures
of Dr. Reddy’s Laboratories Inc

Total investments carried at amortised cost

16033

Total investments 46492

2021-2022
49367

Total Investments

49367

46492

2020-2021 2021-2022
nt to raise funds for a time period of upto 1 year.In 2020
mercial paper after one year in 2022.As it can be inferred
ut eventually reduced the investment in 2021 and again
for various aspect Investment at FVTPL significantly
ncome.
dian Rupees in millions)
2021-2022
Particulars As at 31 March 2022
Investments at FVTOCI
Quoted equity shares (fully paid-up)
25,000 (31 March 2021: 25,000) equity
shares of ` 1/- each of State Bank of
India, India 12

Total investments at FVTOCI 12

Investments carried at cost

Unquoted equity shares (fully paid-up)

I. In subsidiary companies
Reddy’s Laboratories SA, Switzerland 13515
Idea2Enterprises (India) Private Limited,
India 1536
Aurigene Discovery Technologies
Limited, India 974
Dr. Reddy’s Farmaceutica Do Brasil
Ltda., Brazil 825
Industrias Quimicas Falcon de Mexico
S.A. de C.V., Mexico 709
Dr. Reddy’s Bio-sciences Limited, India 515
Imperial Credit Private Limited, India 31
Svass Wellness Limited, India (Formerly
Regkinetics Services Limited, India)
50
Cheminor Investments Limited, India 1
Dr. Reddy’s Laboratories Inc.
1
Dr. Reddy’s Formulations Limited
1

Total unquoted investments in equity

shares of subsidiary companies 17505
II. In joint ventures

Equity shares held in Kunshan Rotam

Reddy Pharmaceutical Co. Limited,
China 429
DRES Energy Private Limited, India
86
Total unquoted investments in equity 515
shares of joint ventures
Total investments carried at cost 18020
Investments at FVTPL
I. Investment in unquoted equity
shares
Jeedimetla Effluent Treatment Limited, 1
India
Total unquoted trade investments in
equity shares of other companies 1
Total investments at FVTPL 16289
Investments carried at amortized cost

I. Investments in Nil (31 March 2021:

2,000,000) preference shares of CHF 100
each of Dr. Reddy’s Laboratories SA,
Switzerland
II. Investment in 20,000,000 (31 March
2021: Nil) preference shares shares of `
10/- each of Svass Wellness Limited,
India (Formerly Regkinetics Services
Limited, India)
III. Investments in bonds 2505
IV. Investments in commercial paper
V. Investment in Non-convertible
debentures of Dr. Reddy’s
Laboratories Inc
Total investments carried at amortised
cost 15046

Total investments 49367

Particulars 2019-2020 2020-2021
Equity(equity share capital + other equity) 151,919 169,837
Borrowings(non-current + current borrowings) 10,629 11,986
Trade Payables 10,684 13,364

Equity Share Cap

2019-2020
As at 31
Particulars March
2020
Authorised share capital
240,000,000 equity shares of ` 5/- each (31
1200
March 2019: 240,000,000)

Issued equity capital

166,172,282 equity shares of ` 5/- each fully

831
paid-up (31 March 2019: 166,066,148)

Subscribed and fully paid-up

166,172,082 equity shares of ` 5/- each fully

831
paid-up (31 March 2019: 166,065,948)

Add: Forfeited share capital (e) -

831

Borrowings
Non-Current Borrow
2019-2020
As at 31
Particulars March
2020
Unsecured

Long-term loans from banks -

Secured
Long-term maturities of lease obligation
193
193
 Current Borrowin
2019-2020
As at 31
Particulars March
2020
From Banks
Unsecured
Pre-shipment credit 10,432
Bank Overdraft 1
Others 3
10,436

Trade Payables

2019-2020
As at 31
Particulars March
2020
Trade payables to third parties
Due to micro, small and medium enterprises 55
Other parties 9,809
Trade payables to subsidiaries including step
820
down subsidiaries
10,684
 2021-2022 (All amounts are in Indian Rupees millions)
183,362
21,908
16,662

Equity Share Capital

2020-2021

Particulars As at 31 March 2021

Authorised share capital

240,000,000 equity shares of ` 5/-
1200
each (31 March 2021: 240,000,000)

Issued equity capital

166,426,049 equity shares of ` 5/-

each fully paid-up (31 March 2021: 832
166,301,431)

Subscribed and fully paid-up

166,425,849 equity shares of ` 5/-
each fully paid-up (31 March 2021: 832
166,301,231)
Add: Forfeited share capital (e) -
832

Borrowings
Non-Current Borrowings
2020-2021

Particulars As at 31 March 2021

Unsecured

Long-term loans from banks -

Secured
Long-term maturities of lease
obligation 177
177
 Current Borrowings
2020-2021

Particulars As at 31 March 2021

From Banks
Unsecured
Pre-shipment credit 10300
Bank Overdraft 9
Others 1500
11809

Trade Payables

2020-2021

Particulars As at 31 March 2021

Trade payables to third parties

Due to micro, small and medium
152
enterprises
Other parties 12,559
Trade payables to subsidiaries
653
including step down subsidiaries
13,364
 2021-2022
As at 31 March
Particulars
2022
Authorised share capital
240,000,000 equity shares of ` 5/-
1200
each (31 March 2021: 240,000,000)

Issued equity capital

166,426,049 equity shares of ` 5/-

each fully paid-up (31 March 2021: 832
166,301,431)

Subscribed and fully paid-up

166,425,849 equity shares of ` 5/-
each fully paid-up (31 March 2021: 832
166,301,231)
Add: Forfeited share capital (e) -
832

2021-2022
As at 31 March
Particulars
2022
Unsecured

Long-term loans from banks -

Secured
Long-term maturities of lease
obligation 197
197
 2021-2022
As at 31 March
Particulars
2022
From Banks
Unsecured
Pre-shipment credit 18,211
Bank Overdraft -
Others 3,500
21,711

2021-2022
As at 31 March
Particulars
2022
Trade payables to third parties
Due to micro, small and medium
120
enterprises
Other parties 15,541
Trade payables to subsidiaries
1,001
including step down subsidiaries
16,662
 Dr. Reddy's Laboratories Cipla
Date Price Open Share return Date Price Open Share return
Aug 14, 2022 4,204.00 4,274.45 -0.0029 Aug 14, 2022 1,030.10 1,027.65 -0.0049
Aug 07, 2022 4,260.80 4,156.85 0.0253 Aug 07, 2022 1,027.15 1,036.20 -0.0131
Jul 31, 2022 4,156.85 4,139.80 0.0295 Jul 31, 2022 1,034.20 990 0.0329
Jul 24, 2022 4,090.35 4,377.65 -0.0264 Jul 24, 2022 977.40 976 0.0477
Jul 17, 2022 4,373.50 4,576.00 -0.0686 Jul 17, 2022 972.10 971.65 0.0524
Jul 10, 2022 4,546.00 4,379.15 -0.0268 Jul 10, 2022 966.05 938 0.0902
Jul 03, 2022 4,406.20 4,362.10 -0.0229 Jul 03, 2022 935.45 944.6 0.0826
Jun 26, 2022 4,385.90 4,399.85 -0.0313 Jun 26, 2022 949.30 936 0.0925
Jun 19, 2022 4,309.65 4,146.70 0.0278 Jun 19, 2022 933.70 914.75 0.1179
Jun 12, 2022 4,146.70 4,323.00 -0.0141 Jun 12, 2022 914.75 955 0.0708
Jun 05, 2022 4,351.55 4,332.00 -0.0162 Jun 05, 2022 966.80 960.95 0.0642
May 29, 2022 4,340.00 4,404.00 -0.0322 May 29, 2022 960.95 968.4 0.0560
May 22, 2022 4,390.50 4,249.10 0.0030 May 22, 2022 966.35 978.8 0.0447
May 15, 2022 4,249.10 3,923.00 0.0864 May 15, 2022 978.40 926.05 0.1043
May 08, 2022 3,924.30 3,929.00 0.0848 May 08, 2022 934.60 934.75 0.0940
May 01, 2022 3,930.65 4,122.15 0.0339 May 01, 2022 934.75 979 0.0445
Apr 24, 2022 4,131.95 4,150.00 0.0270 Apr 24, 2022 981.20 957.1 0.0684
Apr 17, 2022 4,192.75 4,275.00 -0.0030 Apr 17, 2022 967.00 1,016.60 0.0059
Apr 10, 2022 4,299.20 4,430.00 -0.0379 Apr 10, 2022 1,016.60 1,012.00 0.0105
Apr 03, 2022 4,430.35 4,340.00 -0.0180 Apr 03, 2022 1,011.60 1,018.00 0.0045
Mar 27, 2022 4,279.45 4,359.80 -0.0224 Mar 27, 2022 1,014.85 1,022.00 0.0006
Mar 20, 2022 4,361.45 4,074.00 0.0461 Mar 20, 2022 1,013.50 1,067.80 -0.0423
Mar 13, 2022 4,042.15 3,961.00 0.0760 Mar 13, 2022 1,048.50 1,045.00 -0.0214
Mar 06, 2022 3,975.60 3,749.00 0.1368 Mar 06, 2022 1,043.95 921.9 0.1092
Feb 27, 2022 3,828.65 4,150.00 0.0270 Feb 27, 2022 931.20 920.05 0.1115
Feb 20, 2022 4,176.60 4,376.00 -0.0261 Feb 20, 2022 923.65 903.1 0.1323
Feb 13, 2022 4,321.15 4,250.00 0.0028 Feb 13, 2022 909.10 947 0.0798
Feb 06, 2022 4,325.40 4,320.00 -0.0134 Feb 06, 2022 958.50 946.2 0.0807
Jan 30, 2022 4,351.95 4,249.95 0.0028 Jan 30, 2022 946.10 939 0.0890
Jan 23, 2022 4,218.60 4,486.10 -0.0500 Jan 23, 2022 932.25 871.5 0.1734
Jan 16, 2022 4,496.15 4,665.50 -0.0865 Jan 16, 2022 867.45 915.6 0.1169
Jan 09, 2022 4,689.20 4,728.40 -0.0986 Jan 09, 2022 921.50 914.75 0.1179
Jan 02, 2022 4,708.40 4,907.00 -0.1314 Jan 02, 2022 914.75 947.05 0.0798
Dec 26, 2021 4,907.00 4,624.10 -0.0783 Dec 26, 2021 944.10 912.9 0.1202
Dec 19, 2021 4,638.65 4,496.20 -0.0521 Dec 19, 2021 908.30 864 0.1836
Dec 12, 2021 4,517.95 4,678.00 -0.0889 Dec 12, 2021 860.20 895.2 0.1423
Dec 05, 2021 4,593.30 4,609.25 -0.0753 Dec 05, 2021 893.90 915.1 0.1175
Nov 28, 2021 4,596.50 4,850.00 -0.1212 Nov 28, 2021 912.05 974 0.0499
Nov 21, 2021 4,750.90 4,676.45 -0.0886 Nov 21, 2021 966.70 893 0.1451
Nov 14, 2021 4,671.45 4,841.00 -0.1196 Nov 14, 2021 892.30 915 0.1176
Nov 07, 2021 4,843.25 4,760.00 -0.1046 Nov 07, 2021 915.95 917.95 0.1140
Oct 31, 2021 4,766.15 4,685.00 -0.0903 Oct 31, 2021 910.70 917 0.1152
Oct 24, 2021 4,659.20 4,650.90 -0.0836 Oct 24, 2021 905.05 895.9 0.1414
Oct 17, 2021 4,637.45 4,945.00 -0.1381 Oct 17, 2021 896.35 911.35 0.1221
Oct 10, 2021 4,958.70 4,870.00 -0.1248 Oct 10, 2021 911.35 922.8 0.1081
Oct 03, 2021 4,849.20 4,955.00 -0.1399 Oct 03, 2021 917.10 986 0.0371
Sep 26, 2021 4,955.85 4,797.30 -0.1116 Sep 26, 2021 986.20 965 0.0597
Sep 19, 2021 4,790.35 4,875.00 -0.1257 Sep 19, 2021 967.65 953 0.0730
Sep 12, 2021 4,884.55 4,928.90 -0.1353 Sep 12, 2021 954.05 946 0.0810
Sep 05, 2021 4,912.05 4,940.00 -0.1372 Sep 05, 2021 949.30 945.85 0.0811
Aug 29, 2021 4,898.55 4,619.00 -0.0773 Aug 29, 2021 941.10 924 0.1067
Aug 22, 2021 4,600.55 4,599.00 -0.0733 Aug 22, 2021 923.90 898 0.1388
Aug 15, 2021 4,556.00 4,640.00 -0.0815 Aug 15, 2021 890.85 896 0.1413

Standard Dev 0.07 Standard Dev 0.05

Analysis - When we have found the standard deviation of Dr. Reddy's Stock price is higher than
Cipla's Stock price. It is indicating that Dr. Reddy's Stock is more volatile and risky in nature.
When we compare the standard deviation of Dr. Reddy's stock price with the Standard deviation
of Nifty 50 it also indicates that Dr. Reddy's stock is more volatile in nature.
 Nifty 50
Date Price Open Return
Aug 14, 2022 17758.45 17797.2 0.0003
Aug 07, 2022 17698.15 17401.5 0.0227
Jul 31, 2022 17397.5 17243.2 0.0092
Jul 24, 2022 17158.25 16662.55 0.0348
Jul 17, 2022 16719.45 16151.4 0.0316
Jul 10, 2022 16049.2 16136.15 0.0009
Jul 03, 2022 16220.6 15710.5 0.0271
Jun 26, 2022 15752.05 15926.2 -0.0135
Jun 19, 2022 15699.25 15334.5 0.0386
Jun 12, 2022 15293.5 15877.55 -0.0342
Jun 05, 2022 16201.8 16530.7 -0.0395
May 29, 2022 16584.3 16527.9 0.0002
May 22, 2022 16352.45 16290.95 0.0145
May 15, 2022 16266.15 15845.1 0.0281
May 08, 2022 15782.15 16227.7 -0.0236
May 01, 2022 16411.25 16924.45 -0.0412
Apr 24, 2022 17102.55 17009.05 -0.0050
Apr 17, 2022 17171.95 17183.45 -0.0101
Apr 10, 2022 17475.65 17740.9 -0.0314
Apr 03, 2022 17784.35 17809.1 -0.0038
Mar 27, 2022 17670.45 17181.85 0.0365
Mar 20, 2022 17153 17329.5 -0.0085
Mar 13, 2022 17287.05 16633.7 0.0418
Mar 06, 2022 16630.45 15867.95 0.0483
Feb 27, 2022 16245.35 16481.6 -0.0372
Feb 20, 2022 16658.4 17192.25 -0.0413
Feb 13, 2022 17276.3 17076.15 0.0068
Feb 06, 2022 17374.75 17456.3 -0.0218
Jan 30, 2022 17516.3 17301.05 0.0090
Jan 23, 2022 17101.95 17575.15 -0.0156
Jan 16, 2022 17617.15 18235.65 -0.0362
Jan 09, 2022 18255.75 17913.3 0.0180
Jan 02, 2022 17812.7 17387.15 0.0303
Dec 26, 2021 17354.05 16937.75 0.0265
Dec 19, 2021 17003.75 16824.25 0.0067
Dec 12, 2021 16985.2 17619.1 -0.0451
Dec 05, 2021 17511.3 17209.05 0.0238
Nov 28, 2021 17196.7 17055.8 0.0090
Nov 21, 2021 17026.45 17796.25 -0.0416
Nov 14, 2021 17764.8 18140.95 -0.0190
Nov 07, 2021 18102.75 18040.2 0.0056
Oct 31, 2021 17916.8 17783.15 0.0145
Oct 24, 2021 17671.65 18229.5 -0.0245
Oct 17, 2021 18114.9 18500.1 -0.0146
Oct 10, 2021 18338.55 17867.55 0.0354
Oct 03, 2021 17895.2 17615.55 0.0143
Sep 26, 2021 17532.05 17932.2 -0.0177
Sep 19, 2021 17853.2 17443.85 0.0280
Sep 12, 2021 17585.15 17363.55 0.0046
Sep 05, 2021 17369.25 17399.35 -0.0021
Aug 29, 2021 17323.6 16775.85 0.0372
Aug 22, 2021 16705.2 16592.25 0.0111
Aug 15, 2021 16450.5 16518.4 0.0045

Standard Dev 0.03

Serial No Date

5/19/2022
1
7/28/2022
2
2/25/2022
3
1/18/2022
4
7/29/2022
5
3/25/2022
6

4/8/2022
7

7/28/2022

8
2/21/2022
9
3/20/2022
10

7/29/2022

11
Announcement
For the year ending March 2022 Dr Reddys Laboratories has declared an equity
dividend of 600.00% amounting to Rs 30 per share. At the current share price of
Rs 4204.00 this results in a dividend yield of 0.71%.
Appointment of Mr.Arun Madhavan Kumar as a Additional Director for the term
of five consecutive years
Accuquistion of German Medical Cannabis Firm Nembus Health Gemph by
Subsdiary Reddy Holding GmbH

Grant of Stock Options

Sale of Investment in wholy owned Subsdiary Imperical Credit PVT LTD(NBFC)

Loss of Share Certificates(total 300 shares) by Manoj Kumar Dhelawat

The Scheme of Amalgamation and Arrangement of Dr. Reddy’s Holdings Limited

and Dr. Reddy’s Laboratories Limited and their respective shareholders

Allotment of 7.426 equity shares of Rs. 5/- each of the Company, fully paid up, as
per the following details: a) 2,504 equity shares of Rs. 5/- each, pursuant to Dr.
Reddy's Employees Stock Option Scheme, b) 4,347 equity shares of Rs. 5/- each
underlying 4,347 ADRs, pursuant to Dr. Reddy's Employees ADR Stock Option
Scheme, 2007. c) 575 equity shares underlying 575 ADRs at fair market value,
pursuant to Dr. Reddy's Employees ADR Stock Option Scheme, 2007
Innopharm Group enters into agreement to acquire two anti-bacterial brands from
Dr. Reddy’s in the Russia & CIS region

Approved the revision in the Policy on Determination of Materiality

Enters into a licensing agreement with Slayback Pharma to obtain exclusive rights
in the first-to-file ANDA for the private label version of Lumify® in the U.S.

Price movement(Fluctuati on in price)

200
150
144.25
100 109.65
50 80.80000000 - 80.80000000 71.5 71.34999999
00002 15.89999999 00002 99999
0 - 99996
1
78.05000000 2 3- 4 5 1.600000000
6 7 8 9 10 11
-50 00002 98.94999999 00036
99998 -107.15
-100
-150
 109.65
50 80.80000000 - 80.80000000 71.5 71.34999999
00002 15.89999999 00002 99999
0 - 99996
1
78.05000000 2 3- 4 5 1.600000000
6 7 8 9 10 11
-50 00002 98.94999999 00036
99998 -107.15
-100
-150
 Opening share price Closing share Price Price movement(Fluctuation in price)

3850 3928.05 -78.0500000000002

4340 4259.2 80.8000000000002

4081.5 4180.45 -98.9499999999998

4673.6 4689.5 -15.8999999999996

4200 4090.35 109.65

4362.5 4360.9 1.60000000000036

4323 4430.15 -107.15

4340 4259.2 80.8000000000002

4368.9 4297.4 71.5

4078 4006.65 71.3499999999999

4200 4055.75 144.25

n price)

144.25

0000000 71.5 71.34999999

00002 99999
8 9 10 11
 0000000 71.5 71.34999999
00002 99999
8 9 10 11
Analysis

Major
Fluctuation
Major
Fluctuation
Major
Fluctuation
Minor
Fluctuation

Minor
Fluctuation

Major
Fluctuation

Major
Fluctuation
Major
Fluctuation
Major
Fluctuation

Significant
Fluctuation
resulting due to
a information
which is
favourable for
the company.
 PROFIT RATIOS
1. NET PROFIT RATIO=
2. RETURN ON CAPITAL EMPLOYED=
3. RETURN ON EQUITY=
4. RETURN ON TOTAL ASSET=
5. EPS (EARNING PER SHARE)=
6. OPERATING PROFIT RATIO=
NET PROFIT(PAT)/NET SALES * 100
EBIT/ CAPITAL EMPLOYED *100
PAT/SHAREHOLDERS FUND*100
PAT/TOTAL ASSET*100
PAFESH/ NO OF SHARES
OPERATING PROFIT/NET SALES*100

VALUES FOR COMPUTATION (Dr Reddy) 2018

PROFIT AFTER TAX(PAT)= 947
TAX EXPENSE= 403.00
INTEREST EXPENSE= 79.00
NET SALES= 14281
OPERATING PROFIT= 2351
EARNING BEFORE INTEREST AND TAX(EBIT)= 1429.00
CAPITAL EMPLOYED 15081
SHAREHOLDERS FUND 12572
LONG TERM BORROWING 2509
TOTAL ASSETS 22349

Profit ratios of Dr Reddy's 2018

1. NET PROFIT RATIO= 6.63
2. RETURN ON CAPITAL EMPLOYED= 6.28
3. RETURN ON EQUITY= 7.53
4. RETURN ON TOTAL ASSET= 4.24
5. EPS (EARNING PER SHARE)= 16.85
6. OPERATING PROFIT RATIO= 16.46
 (All amounts are in Indian rupees crores)
2019 2020 2021 2022 VALUES FOR COMPUTATION (Cipla)
1950 2026 1952 2182 PROFIT AFTER TAX(PAT)=
386.00 -140.00 932.00 879.00 TAX EXPENSE=
89.00 98.00 97.00 96.00 INTEREST EXPENSE=
15448 17517 19048 21545 NET SALES=
3178 2477 3874 3768 OPERATING PROFIT=
2425.00 1984.00 2981.00 3157.00 EARNING BEFORE INTEREST AND TAX
16277 15829 18135 19752 CAPITAL EMPLOYED
14077 15699 17755 19372 SHAREHOLDERS FUND
2200 130 380 380 LONG TERM BORROWING
22418 23223 26588 29746 TOTAL ASSETS

2019 2020 2021 2022 Profit ratios of Cipla

12.62 11.57 10.25 10.13 1. NET PROFIT RATIO=
11.98 12.80 10.76 11.05 2. RETURN ON CAPITAL EMPLOYED=
13.85 12.91 10.99 11.26 3. RETURN ON EQUITY=
8.70 8.72 7.34 7.34 4. RETURN ON TOTAL ASSET=
14.99 16.67 19.11 22.37 5. EPS (EARNING PER SHARE)=
20.57 14.14 20.34 17.49 6. OPERATING PROFIT RATIO=
 2018 2019 2020 2021 2022
1417.00 1492.00 1500.00 2389.00 2547.00
252.00 587.00 678.00 901.00 946.00
114 168 197 161 106
15156 16362 17132 19160 21763
2826.00 3097.00 3206.00 4252.00 4553.00
1783.00 2247.00 2375.00 3451.00 3599.00
17891.00 18842.00 18132.00 19529.00 21257.00
14229 15012 15763 18326 20841
3662 3830 2369 1203 416
22673.00 23762.00 23423.00 24855.00 26857.00

2018 2019 2020 2021 2022

9.35 9.12 8.76 12.47 11.70
7.92 7.92 8.27 12.23 11.98
9.96 9.94 9.52 13.04 12.22
6.25 6.28 6.40 9.61 9.48
16.85 14.99 16.67 19.11 22.37
18.65 18.93 18.71 22.19 20.92
 Dr. Reddy's Laboratories (All amounts in Indian Rs, millions)
Particulars 2021 2020
Assets 216296.00 194758.00
Percentage Change 11% 20%
Profits 21864.00 29377.00
Percentage Change -26% 130%
Sales 132094.00 109925.00
Percentage Change 20% 5%

CIPLA(All amounts in Indian Rs, millions)

Particulars 2021 2020
Assets 229637.40 204056.60
Percentage Change 13% 11%
Profits 24682.80 23181.70
Percentage Change 6% 23%
Sales 136100.20 122202.20
Percentage Change 11% 2%

Analysis:
The overall performance of Dr Reddy’s Labs Ltd., in terms of profitability is good, the
opportunities. It is also found that there is a statistical relationship between gross profi
variables) during the different business cycles and the performance of the company (de
yet it has to look carefully at controlling the cost of goods sold more effectively and re
Increase in assets is a sign that the company is growing as the assets of company is inc
various reasons comprising changes in liability and equity but for the year 2020-2021
affected and also various other reasons like during the year 2017-2018 the profit tumbl
regain the profit on track also the profit plunges because of increased sales during the c
company is a profitable one and has good future opportunities, yet it has to look carefu
difficult financial circumstances in future
company is a profitable one and has good future opportunities, yet it has to look carefu
difficult financial circumstances in future
 unts in Indian Rs, millions) Asse
2019 2018 2017 250000

162475.00 171003.00 164472.00 229637.4

216296
-5% 4% 204056.6

12773.00 5669.00 13841.00 200000 194758

18
125% -59%
1
104667.00 92468.00 95868.00
13% -4% 150000

dian Rs, millions) 100000

2019 2018 2017

184188.10 170949.70 156072.20
8% 10% 50000

18884.10 14685.20 9749.40

29% 51%
119684.40 110044.40 106370.80 0
2021 2020
Dr. Redd
9% 3%

ms of profitability is good, the company’s market is growing, its earns an acceptable return on inv
tionship between gross profit margin ratios, operating profit margin, net profit margin and return
formance of the company (dependent variable). Again, though the company is a profitable one a
s sold more effectively and reduce its expenses to avoid having difficult financial circumstances i
s the assets of company is increasing from year 17-18 but eventually saw drop in assets in the yea
y but for the year 2020-2021 company again managed to increase its assets as a result of this the
ar 2017-2018 the profit tumbles due to us pricing pressure also due to fall in annual sales despite
of increased sales during the course 5 year as sales are significantly increasing which shows that
nities, yet it has to look carefully at controlling the cost of goods sold more effectively and reduce
nities, yet it has to look carefully at controlling the cost of goods sold more effectively and reduce
 Assets
250000 35000
229637.4
216296
204056.6 30000
200000 194758
184188.1
171003
170949.7 25000 24682.8
162475 164472
156072.2 21864
150000
20000

15000
100000

10000

50000

5000

0 0
2021 2020 2019 2018 2017 2021
Dr. Reddy Cipla

growing, its earns an acceptable return on invested capital, and it has good
ng profit margin, net profit margin and return on equity ratios (independent
ain, though the company is a profitable one and has good future opportunities,
oid having difficult financial circumstances in future.
8 but eventually saw drop in assets in the year 2019 which can be backed by
ed to increase its assets as a result of this the profits of the company also get
essure also due to fall in annual sales despite the fall the company managed to
re significantly increasing which shows that company is growing though the
ost of goods sold more effectively and reduce its expenses to avoid having
ost of goods sold more effectively and reduce its expenses to avoid having
 Profi ts
35000 160000

140000 136100.2
30000 29377 132094

120000
25000 24682.8
23181.7
21864
100000
20000 18884.1

80000

15000 14685.2
13841
12773 60000

9749.4
10000
40000

5669
5000
20000

0 0
2021 2020 2019 2018 2017 2021

Dr. Reddy Cipla

 Sales
160000

140000 136100.2
132094

122202.2
119684.4
120000
109925 110044.4
104667 106370.8

100000 95868
92468

80000

60000

40000

20000

0
2021 2020 2019 2018 2017

Dr. Reddy Cipla

 CASH FLOW
PARTICULARS

Cash flows from/(used in) operating activities

Profit before tax
Adjustments for:

Fair value changes and profit on sale of financial instruments measured at FVTPL

Depreciation and amortisation expense

Impairment of non-current assets

Allowance for credit losses (on trade receivables and other advances)
(Profit)/loss on sale/disposal of property, plant and equipment and other intangible assets,
net
Share of profit of equity accounted investees
Foreign exchange (gain)/loss, net
Interest income
Finance costs
Equity settled share-based payment expense
Dividend income
Changes in operating assets and liabilities:
Trade and other receivables
Inventories
Trade and other payables
Other assets and other liabilities, net
Cash generated from operations
Income tax paid, net
Net cash from operating activities
Cash flows from/(used in) investing activities
Expenditures on property, plant and equipment
Proceeds from sale of property, plant and equipment
Expenditures on other intangible assets
Proceeds from sale of other intangible assets
Payment for acquisition of business, net of cash acquired
Purchase of investments
Proceeds from sale of investments
Interest and dividend received
Net cash used in investing activities
Cash flows from/(used in) financing activities

Proceeds from issuance of equity shares (including treasury shares)

Purchase of treasury shares

Proceeds from short-term loans and borrowings, net
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Payment of principal portion of lease liabilities
Dividends paid
Interest paid
Net cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year.

CASH FLOW
PARTICULARS
Cash flow from operating activities
Profit before exceptional items and tax
Adjustments for:
Depreciation, impairment and amortisation expense
Interest expense
Unrealised foreign exchange (gain)/loss (net)
Share based payment
Allowances for credit loss (net)
Interest income on income tox
Interest income on bank deposit ono
Dividend income
Sundry balances written back
Net gain on sale of current investment carried at fair value through profit or loss
Loss on liquidation of subsidiaries (net)
Net fair value (gain)/loss on financial instruments at fair value through profit or loss
Net gain on sale/disposal of property, plant and equipment
Rent income
Operating profit before working capital changes
Adjustments for working capital:
Increase in inventories
Decrease In trade and other
Increase In trade
Cash generated from operations
Income tax paid (net of refunds)
Net cash flows from operating activities (a)
Cash flow from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of property, plant and equipment
Receipts from sale of assets held for sale
Proceeds from sale of intangible assets
Proceeds from sale/liquidation of investments in subsidiaries
Investment in associates
Purchase of non-current investments
Sale/(purchase) of current investments (net)
Change in other bank balance and cash not available for immediate use
Interest received
Dividend received
Rent received
Net cash used in investing activities (b)
Cash flow from financing activities
Proceeds from issue of equity shares (ESOSs)
Transaction with non-controlling interest (net)
Consideration paid on buyback of ESOP rights relating to subsidiary
Settlement of Put option liablity
Proceeds/(repayment) from current borrowings (net)
Payment of lease liabilities
Proceeds from non-current borrowings
Repayment of non-current borrowings
Interest paid
Dividend paid

Net cash used in financing activities.

 Comparitive Ana
Mar-22
Ratio
Cash realisation ratio
Credit worthiness ratio
Cash generation ratio
Current liability coverage ratio
Interest coverage ratio
Mar-21
Ratio
Cash realisation ratio
Credit worthiness ratio
Cash generation ratio
Current liability coverage ratio
Interest coverage ratio
Mar-20
Ratio
Cash realisation ratio
Credit worthiness ratio
Cash generation ratio
Current liability coverage ratio
Interest coverage ratio
 DR. Reddy's
CASH FLOW
For the year ended 31 March 2022 For the year ended 31 March 2021

30,614 28,835

-277 -557

11,652 12,288
9,304 6,768

70 230

-1119 42

-703 -480
-758 1,853
-965 -826
958 970
592 584
- -

-17,012 2,081
-5,328 -9,881
4,412 2,861
4,105 -3,349
35,545 41,419
-7,437 -5,716
28,108 35,703

-14,660 -9,741
370 85
 -4,389 -2,820
2946 -
-326 -15,514
-88,972 -75,418
77,771 79,528
873 1,220
-26,387 -22,660

334 269

- -1,193
3,520 6,791
- 3,800
- -3,743
-785 -754
-4,146 -4,147
-1,345 -1,321
-2422 -298

-701 12,745

733 113
14,820 1,962
14,852 14,820

Cipla
CASH FLOW
For the year ended 31
For the year ended 31 March 2022
March 2021

3,675.39 3,290.06

1,051.95 1,067.66
106.35 160.7
11.15 -8.64
 24.12 19.54
-40.82 39.48
-17.75 -7.04
-61.87 -4022
-0.01 -21.64
-6.37 -0.06
-77.32 -52.79
- 3.78
-2.02 -12.08
-8.68 -3.01
-11.36 -14.77
4,642.86 4,420.97

-621.11 -254.32
81 36 422.93
36229 203.05
4,465.40 4792.63
-1,139.50 -103,743
3,325.90 3,755.20

-544.11 -629.66
-157.04 -189.26
16.4 22.05
14.98 -
3.78 5.48
- 2.6
-18.02 -13.65
-0.05 -40
170.64 -1,204.98
-1,416.82 -416.72
46.99 40.55
0.01 21.64
11.36 14.77
-1,871.88 -2,387.18

0.07 0.05
-19.75 -5.36
-2.77 -36
- -
34.98 -132.26
-92.1 -84.33
- 70.49
-1,041.21 -1,021.75
-75.66 -120.74
-403.35 -

-1,599.79 -1,239.51
Comparitive Analysis
Mar-22
Formula Dr. Reddy's
CFO/Net income 1.51
CFO/Total borrowings 1.62
CFO/ CFO+CFI+CFF 5.28
CFO-Cash Dividend Paid/CL 0.32
CFO+TAX+Cash Paid for Interest / Interest 28.99
Mar-21
Formula Dr. Reddy's
CFO/Net income 2.4
CFO/Total borrowings 3.46
CFO/ CFO+CFI+CFF 2.24
CFO-Cash Dividend Paid/CL 0.46
CFO+TAX+Cash Paid for Interest / Interest 34.24
Mar-20
Formula Dr. Reddy's
CFO/Net income 1.89
CFO/Total borrowings 3.48
CFO/ CFO+CFI+CFF 5.38
CFO-Cash Dividend Paid/CL 0.46
CFO+TAX+Cash Paid for Interest / Interest 40.08
DR. Reddy's
ANALYS
Ratios
For the year ended 31 March 2020
Cash realisation ratio
CFO
18,857 Net Income

-929
Credit worthiness ratio
11,631 CFO
16,767 Total Borrowings
190
`
68 Cash generation ratio

-561 CFO
2,152 CFO+CFI(outflow)+CFF(outflow)
888
983 Current liability coverage ratio
521 CFO
-5 Current Liabilities

12,446 Interest coverage ratio

-1,487 CFO
1,576 Tax
4,821 Interest Expense
36,946
7,105 Note
29,841 Net Income
Total Borrowing
-4,846 Current Liabilities
131 Tax
 -1,269 Interest Expense
259 Dividends paid
-111,918
111,704
392
624
-4,923

-474
4,235

-22,918
-482
-3,916
-1,608
-25159

-241

-25
2,228
1,962

Cipla
ANALYS
For the year ended 31 Ratios
March 2020 Cash realisation ratio

CFO
2,178.18 Net Income

1,174.65 Credit worthiness ratio

197.36 CFO
-31.9 Total Borrowings
 23.45 `
180.27 Cash generation ratio
-9.28 CFO
-58.39 CFO+CFI(outflow)+CFF(outflow)
-0.06
-2.41 Current liability coverage ratio
-125.92 CFO
4.66 Current Liabilities
25.18
-2.62 Interest coverage ratio
-9.46 CFO
3,543.71 Tax
Interest Expense
-331.55
217.26
487.28 Note
3916.7 Net Income
-848 Total Borrowing
3,068.45 Current Liabilities
Tax
-572.77 Interest Expense
-427.24 Dividends paid
14.32
-
-
1.27
-33.32
-
-1,210.01
-147.84
50.09
0.06
9.46
104.04

0.11
-383.02
-
21.83
51.92
-75.83
211.63
-1,947.74
-163.52
-564.26
99.94
2,948.82
 Ratio Analysis
Cipla
1.Cash Realisation Ratio:
1.77
5.42 2.Credit Worthiness Ratio:
4.49
0.93 3.Cash Generation Ratio:
60.2
4.Current Liability Ratio:

Cipla 5.Interest Coverage Ratio:

1.99
The ratios are increasing over the time for Cipla and dropping fo
2.73 tax, it can be deduced from the ratio calculations. Cipla's instance
4.11 enough cash in hand to pay interest. which will relieve the compa
1.08 Dr. Reddys however, this presents a difficulty because the compa
39.99

Cipla
2.53
1.39
0.56
0.93
24.99
 ANALYSIS
Formula Mar-22 Mar-21 Mar-20

CFO/Net income 1.51 2.40 1.89

35,545 41,419 36,946

23568 17238 19498

CFO/Total borrowings 1.62 3.46 3.48

35,545 41,419 36,946

21908 11986 10629

CFO/ CFO+CFI+CFF 5.28 2.24 5.38

35,545 41,419 36,946

6,736 18,461 6,864

CFO-Cash Dividend Paid/CL 0.32 0.46 0.46

35,545 41,419 36,946

97658 81038 72141

CFO+TAX+Cash Paid for Interest / Interest 28.99 34.24 40.08

35,545 41,419 36,946

-8730 -9175 1466

958 970 983

Mar-22 Mar-21 Mar-20

23568 17238 19498
21908 11986 10629
97658 81038 72141
-8730 -9175 1466
221 227 230
-4146 -4147 -3916

ANALYSIS
Formula Mar-22 Mar-21 Mar-20
CFO/Net income 1.77 1.99 2.53
4,465 4,793 3,917
2516.8 2404.9 1546.5

CFO/Total borrowings 5.42 2.73 1.39

4,465 4,793 3,917
824.14 1755.56 2816.43
CFO/ CFO+CFI+CFF 4.49 4.11 0.56
4,465 4,793 3,917
994 1,166 6,970

CFO-Cash Dividend Paid/CL 0.93 1.08 0.93

4,465 4,793 3,917
4912.87 4591.14 4393.14

CFO+TAX+Cash Paid for Interest / Interest 60.20 39.99 24.99

4,465 4,793 3,917
933.8 888.8 631.2
91.2 145.7 189.6

Mar-22 Mar-21 Mar-20

2516.8 2404.9 1546.5
4912.87 4591.14 4393.14
824.14 1755.56 2816.43
933.8 888.8 631.2
91.2 145.7 189.6
-403.35 - -564.26
Ratio:

Ratio:

Ratio:

Ratio:

Ratio:

ing over the time for Cipla and dropping for Dr. Reddys, respectively, as a result of changes in operational cash flow a
d from the ratio calculations. Cipla's instance demonstrates that the business is making more money from operations an
to pay interest. which will relieve the company's financial burden and give it more resources to invest in the long run. F
this presents a difficulty because the company doesn't generate enough cash to cover its debt obligations.
Ratio Analysis
1.Cash Realisation Ratio:

The company is in the optimal cash ratio range, but it is not constant, as the ratio increased from
FY2020 to FY2021, indicating that the company has more cash on hand in case of short-term
liquidation or financial commitments. However, for FY2022, the ratio has dropped dramatically,
indicating that there are more current liabilities than cash, resulting in insufficient cash to satisfy its
short-term contingencies or obligations.

2.Credit Worthiness Ratio:

By calculating the credit worthiness ratio, we can see that the ratio for FY2020 and FY22021 was
nearly the same, but for FY2022, the company saw a significant decrease, indicating that the
company has increased its total borrowings, i.e. short-term borrowings and long-term borrowings.

3.Cash Generation Ratio:

Considering the ideal ratio 1 the company is performing quite well as its operating cash flow is
consistent through the years which is indicating that the company has generated enough cash to
meet its short-term obligations and current liabilities.

4.Current Liability Ratio:

The ideal ratio for a corporation is larger than one, but the ratio for the FY taken is less than one,
indicating that the company does not have enough money to fulfil its current liabilities during the
time, which is a red flag for investors.

5.Interest Coverage Ratio:

Based on the company's ratios during the years, the interest coverage over the years is
decreasing as observed from the cash flow, that the company is losing money on interest
payments since the ratio has decreased dramatically from FY 2020 to FY 2022. As a result,
the company will be burdened with additional debt obligations and will have fewer
resources to invest in the long run.
 perational cash flow and
ey from operations and has
nvest in the long run. For
ligations.