Journal of Management and Science | ISSN: 2249-1260 | e-ISSN: 2250-1819 | Special Issue No.

1 | Jan’2018

Impact of Financial Performance on Stock

Price of Large Cap and Mid Cap Indian
Pharmaceutical Companies
Dr. Rajesh Tiwari Chakadola Das
Associate Professor PGDM Student
International Institute of Management Studies International Institute of Management Studies
Pune Pune

Rakesh Pathak Wahid Seikh

Assistant Professor PGDM Student
International Institute of Management Studies International Institute of Management Studies
Pune Pune

Abstract: The paper examines the impact of financial
performance of large cap and mid cap Indian
Pharmaceutical companies. Pharmaceutical sector is a
dominant player in world generic market and an emerging
player in global pharmaceutical industry. The large cap
pharmaceutical companies listed in Nifty and mid cap
companies listed in Nifty Mid cap index were selected to
the study. Secondary data of five years from 2013 to 2017
was analysed using correlation. Cipla, Lupin, Sun pharma,
DrReddys, Aurobindo, Ajanta and Biocon were selected
for the study. It was found that mid cap companies have
done better in terms of stock performance from 2015 to
2017. Financial performance was found to have different
effects on companies. Earnings per share had significant
correlation with stock price of two large cap companies
and dividend per share was found to be significantly
correlated with stock price of two large cap companies
and one mid cap company. Revenue was found to be
significantly correlated with stock price of both mid cap
companies. Mid cap companies offers scope of
diversification for investors in pharmaceutical sector.
Keywords: Earnings, Dividend, Share Price,
Pharmaceutical, Large Cap, Mid Cap
Indian Pharmaceutical Industry:
Indian pharmaceutical industry has a prominent place in
global pharmaceutical sector, and contributes 10% of
Table 1: Stock Performance of Pharmaceutical Companies
Analyst Buy
Companies FY18 Forward PE
Ratings (%)
Sun Pharma 20.3
Lupin 18.8
Cipla 25.8
DrReddys Labs 24.1
AurobindoPharma 14.1
Biocon 34.1
Biocon has shown 7.34% YTD returns and all other large
volume and 2.4% of value of global pharmaceutical
market. It is estimated to grow from $20 billion in 2015 to
$55 billion in 2020 at a compounded annual growth rate
(CAGR) of 15.92%. Generic drugs form a major segment
of Indian Pharmaceutical sector. India is a dominant
player in world generic market. India exports drugs to
more than 200 countries. US is a key market for Indian
pharmaceutical companies. India is the world leader in
Drug Master Files (DMFs) and Abbreviated New Drug
Applications (ANDAs) in US. Indian Government has
planned to develop India as a hub for end to end drug
discovery by “Pharma Vision 2020”. (ibef, 2017).
Pharma Stock Performances:
According to Somvanshi, Indian pharma companies have
witnessed tough times in the past two years due to
regulatory issues in the US market. In the fourth quarter
performance of not even a single company could beat the
expectations of the market. Lack of new launches,
domestic issues due to GST, and regulatory uncertainty
have been the major challenges affecting pharma
companies. According to G Chokkalingam, founder,
Equinomics Research & Advisory, It takes about 18
months for pharma companies to resolve the issues related
to USFDA, the large cap firms have been beaten by
regulatory issues and provides a buy opportunity. The
pharma stocks have been beaten down more than they
deserved (Somvanshi, 2017).
% Returns from 52
YTD Returns(%)
week low
52 7.19 -16.09
58 8.21 -21.23
37 19.34 -3.39
22 10.71 -13.77
92 19.95 -9.64
38 48.48 7.34
Source: Somvanshi, 2017
cap pharma companies have shown negative YTD returns.

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Journal of Management and Science | ISSN: 2249-1260 | e-ISSN: 2250-1819 | Special Issue No.1 | Jan’2018

Biocon has also shown highest returns of 48.48% from 52 34.1.

week low. Biocon also has the highest forward PE of

Table 2: Stock Data of Pharmaceutical Companies

Particulars AUROPHARMA SUNPHARMA LUPIN CIPLA BIOCON AJANTA
Current
683.95 574 878.55 611.50 538 1493.75
Price*(Rs)
Face Value
(Rs.) 1 1 2 2 5 2
663.40 548.70
1573.60
52 Wk 809.45(7 Nov 729.05 (14 Mar (7 Nov (21 Dec 1852.95 (22 Mar
(6 Feb
High/Low* 2017)/503.05 (29 May 2017)/432.70(14 2017)/480.20 2017)/295.0 2017)/1120.05 (28
2017)/806.25
(Rs.) 2017) Aug 2017) (26 May 3 (25 May Sept 2017)
(6 Dec 2017)
2017) 2017)
Market Cap*
(Rs. Crore) 39,312.71 137,576.40 21,157.28 48,896.37 32,526.00 12,982.14
EPS (TTM)
(Rs.) 41.15 15.78 40.42 14.57 7.48 54.91

P/E (TTM) 16.31 36.34 21.73 41.69 72.47 26.86

P/BV (TTM) 4.19 3.40 2.93 3.77 4.84 8.28
NSE Scrip
Name AUROPHARMA SUNPHARMA LUPIN CIPLA BIOCON AJANTPHARM
NSE Scrip INE326A010 INE059A010 INE376G01
INE406A01037 INE044A01036 INE031B01049
Code 37 26 013
Source: NSE, Money Control (* 1st January 2018)

Ajanta pharma had the highest EPS of Rs. 54.91 followed
by Aurobindo with Rs. 41.15 and Lupin with Rs. 40.42.
Bioconhad the highest PE ratio of 72.47. The industry PE
is 30.7 (moneycontro, 2017). Ajanta (26.86), Aurobindo
(16.31) and Lupin (21.73) are below the industry PE.
Ajanta had the highest Price to Book value ratio of 8.28
followed by Biocon 4.84. It is found that mid cap pharma
stocks had higher price to book value ratio as compared to
large cap.
Objective:
1. Analyse the impact of financial performance on stock
price of large cap and mid cap pharmaceutical
companies in India
LITERATURE REVIEW:
Balaji (2010) studied correlation of market capitalization
and economic value added. Five year data from 2006-07
to 2010-11 was considered for the study. It was found that
there is a positive correlation between market
capitalization and economic value added for Cipla and
Lupin but negative correlation for Ranbaxy.
Nirmala, Sanju and Ramachandran (2011) examined
factors impacting stock prices in Indian auto, healthcare
and public sector undertakings from 2000 to 2009. It was
found that share prices are significantly influenced by
dividend, price-earnings ratio and leverage. Sharma
(2011) argued that dividend per share and earnings per
share have greatest influence on the share prices.
Jayashree (2014) examined stock price trends of Indian
and international pharma companies. Five years data was
considered, from 2008 to 2013. It was argued that Sun
pharma profitability has declined due to diversification. It
was also found that Indian pharma market trends are
affected by international pharma companies.
Mohideen and Parveen (2015) examined profitability of
pharma companies. Authors predicted gross profit from
inventory, asset, debtors and creditors turnover. Ten years
data from 2004-2013 was examined for the study and it
was found that only Lupin and Dr Reddy Laboratories had
gross profit above the average gross profit ratio. Cipla,
Sun Pharma and GlaxoSmithKline had gross profit below
the average gross profit. It was argued that efficiency in
terms of turnover ratios should be improved to improve
profitability.
Gopalakrishnan and Vijay (2017) examined risk return
relationship for pharma companies from 2012 to 2017. It
was found that Divi’s Laboratories provides more return
per unit of risk. It was found that all pharma companies
had a positive correlation coefficient with NIFTY. It was
also found that pharma companies were less volatile as
compared to market. Srivastava (2017) investigated inter
firm profitability of pharma companies. Top five
companies were selected for profitability analysis. Data
from 2012 to 2016 was considered for the study. The
companies considered for the study were Cipla, Sun

Management Case and Research Conference - Evolving World Order : Perspective, Issues & Challenges 7

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Journal of Management and Science | ISSN: 2249-1260 | e-ISSN: 2250-1819 | Special Issue No.1 | Jan’2018
pharma, Lupin, Dr Reddy, and Aurobindo. It was found
that Lupin had the best performance followed by Dr
Reddy’s Lab, Cipla, AurobindoPharma and Sun pharma
was the lowest performer. Singh (2017) analysedliquidity
of NSE pharma index. Data was considered from 2010-11
to 2014-15. It was found that Divis, Piramal, Lupin, Cipla
and Sun pharma had average current ratio more than other
companies in index.
CONCEPTUAL FRAMEWORK:
Collins (1957) found that net profit, dividend, operating
earnings and book value determines share price. Arbitrage
Pricing Theory (APT) (1976) by Stephen Ross linked
stock price with multiple macro economic factors like
inflation, exchange rate etc. Each factor has its own
sensitivity unlike Capital Asset Pricing Model (CAPM)
which has only one beta representing sensitivity with
market returns. According to dividend-discount valuation
model, stock prices depend on net present value of the
future dividends. Shiller (1981) argued that stock prices
are unstable and react on news about the fundamentals
when dividends are announced. It was argued that primary
reason for fluctuation of stock price is irrationality of
market.
Easton & Harris (1991) argued that earnings provide
explanation for stock returns. Lintner’s model proposed
that firms adjust their dividend payouts slowly over time.
The desired level of income is dependent on expected
earnings. In case of change of earnings, instead of
reflecting it in dividend immediately a firm will adjust
dividends slowly. Linter (1956) argued that firms target
their desired payout ratio, and it is determined by the
current earnings and past dividends of the companies.
Tax clientele theory states that investors in low tax
bracket prefer the high dividend paying stock, and
investors in high tax bracket prefer low dividend paying
stocks (Litzenberger & Ramaswamy, 1979). Walter and
Gordon approach recommends that high growth firms
should pay fewer dividends, low growth firms should pay
maximum dividend and normal growth firm’s dividend
has no impact on share price. High growth firms are those
having growth rate which is more than the cost of capital,
low growth firms are those having growth rate lower than
cost of capital and normal growth firms are those having
growth rate which is equal to cost of capital.
Residual dividend policy states that,if available profits are
more than equity financing required for growth then the
surplus may be distributed as dividends of shareholder. As
far as the required equity financing is in excess of the
amount of profits available, no dividends would be paid to
the shareholders.
Modigliani and Miller hypothesis on the other hand
argues that value of a firm is independent of its dividend
8 Management Case and Research Conference - Evolving World Order : Perspective, Issues & Challenges
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policy. It rather depends on its investment policy.
Signaling hypothesis considers dividends as a tool used
by firms to give a signal that it is a good quality firm. It is
argued that the payment of dividend convey private
information about current and future earnings and it can
be used to minimize the information asymmetry between
the insider and outsider, therefore, the dividend policy
does affect the value of the firm. The life cycle theory of
dividends argues that more mature firms tends to pay
more dividends as they have high reserves, and
comparatively less growth opportunities as compared to
young firms.
Catering theory of dividends propose that managers takes
dividend decisions to cater to the needs of the investors.
They pay dividends when investors prefer dividend
paying firms and they do not pay dividends when
investors prefer non dividend paying firms.
EFFECT OF MARKET
CAPITALIZATION:
According to Harshad Patwardhan, “The conventional
wisdom in our industry is that mid caps should trade at a
discount to large caps, and as a corollary, when the
discount narrow, it is time to favor large caps over mid
caps. Many treat this as if it is some inviolable law of
physics” (Patwardhan, 2017). According to Rajeev
Thakkar, CIO, PPFAS Mutual Fund, “Large-cap
companies are less risky because they have more product
segments. They are also good at managing their debts and
have a professional management” According to Manish
Gunwani, deputy CIO, ICICI Prudential AMC. “If global
growth is expected to be robust, driven by developing
countries, then large-cap companies have more to gain
than the mid-cap segment because the former deal in
information technology, oil and gas, metals and pharma”
(Palande, 2017).
RESEARCH METHODOLOGY:
The impact of financial performance on stock price was
analysed using a descriptive research design. Secondary
data of financial performance and stock price of five years
from 2013 to 2017 was used for the study. Stock price
data was obtained from National Stock Exchange,
financial performance data was obtained from
moneycontrol.com. The pharmaceutical companies in the
Nifty index and Nifty Mid cap index were selected. Sun
Pharma, Cipla, Lupin, Aurobindo and Dr.Reddys were the
large cap companies and Ajanta Pharma and Biocon was
the mid cap companies. The stock price of April was
considered for the yearly comparison with financial
performance. The financial variables considered were;
earning per share, dividend per share, revenue per share,
Journal of Management and Science | ISSN: 2249-1260 | e-ISSN: 2250-1819 | Special Issue No.1 | Jan’2018

market price per share. Data was analysed using share and market price per share
correlation.
Findings:
Hypothesis:
H0: There is no correlation between earning per The trend of financial performance of companies is shown
share and market price per share followed by correlation of financial variables with stock
H0: There is no correlation between dividend per price.
share and market price per share
H0: There is no correlation between revenue per

Table 3: Stock Price per Share (MPS) of Pharmaceutical Companies (INR)

Year Lupin Sun Aurobindo Dr Reddy's Cipla Ajanta Biocon
2013 655 894 175 1912 398 714 285
2014 960 612 561 2606 398 990 454
2015 1875 1040 1327 3588 679 1348 461
2016 1537 817 766 3072 519 1470 548
2017 1407 664 646 2644 575 1715 1113
Source: National Stock Exchange

The stock price has increased from 2013 to 2015 for all
the companies. After 2015 large cap pharma company
stocks have shown a declining trend. Mid cap pharma
stock prices have increased from 2015 to 2017. In 2017
Biocon share price has increased 2.03 times as compared
to 2016.

Source: National Stock Exchange

Figure 1: Share Price Pattern of Pharma Companies (INR)

Table4: Earnings per Share (EPS) of Pharmaceutical Companies (INR)

Year Lupin Sun Aurobindo Dr Reddy's Cipla Ajanta Biocon
2013 70 16.4 17 4.25 199 43 -4.5
2014 64 5 40 12.82 199 63 -6.1
2015 53 -13.7 52 -3.90 339 35 -13.7
2016 52 -6.1 28 -8.50 260 47 5
2017 28 -4.5 29 -6.26 287 57 16.4

EPS, increasing from Rs. 43 to Rs. 63 in 2014 and

declining to Rs 35 in 2014 and thereafter showing a
consistent increase till 2017. EPS of Cipla had declined
between 2015 and 2017.Lupin has shown a consistent fall
in EPS from 2013 to 2017. EPS of Aurobindo has
increased from 2013 (Rs. 17) to 2015 (Rs. 52) and
declined in 2016 and 2017 (Rs29). Sun pharma and
DrReddys had shown significant decline in EPS after
2014. Both the firms have a negative EPS in 2015, 2016,
2017. It is found that mid cap firms have done better as
compared to large cap firms in earnings per share from
Figure 2: EPS Trend of Pharma Companies (INR)
2015 to 2017.
Biocon had significantly improved EPS from –Rs4.5 in
2013 to Rs.16.4 in 2017. Ajanta had shown a fluctuating
Table5: Dividend per Share of Pharmaceutical Companies (INR)

Management Case and Research Conference - Evolving World Order : Perspective, Issues & Challenges 9

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Journal of Management and Science | ISSN: 2249-1260 | e-ISSN: 2250-1819 | Special Issue No.1 | Jan’2018

Year Lupin Sun Aurobindo Dr Reddy's Cipla Ajanta Biocon

2013 4 5 0.5 15 2 6.25 7.5
2014 6 1.5 3 18 2 10 5
2015 7.5 3 4.5 20 2 6 5
2016 7.5 1 2.5 20 2 8 5
2017 7.5 3.5 2.5 20 2 13 1
Source: Moneycontrol

A stable dividend policy was followed by Cipla, Lupin,

DrReddys. Aurobindopharma had shown a decline in
dividend per share after 2015. Ajanta had consistently
increased dividend from 2015 onwards from Rs. 6 in 2015
to Rs. 13 in 2017. Biocon has maintained stable dividend
for three years (2014 to 2016) and later decreased in 2017
to Re. 1. Sun pharma had followed a fluctuating dividend
policy.

Source: Money Control

Figure 3: Dividend per Share Pattern of Large Cap
Pharma Companies (INR)

Table 6: Revenue per Share (RPS) of Pharmaceutical Companies (INR)

Year Lupin Sun Aurobindo Dr Reddy's Cipla Ajanta Biocon
2013 159.14 23.49 186.3 496.7 102.16 355.59 96.9
2014 199.36 13.66 243.94 571.56 116.83 314.07 110.13
2015 216.96 38.71 277.23 587.5 126.18 153.42 112.08
2016 250.33 31.64 156.63 598.34 149.79 175.44 116.18
2017 282.4 32.08 163.97 586.24 136.41 206.07 129.4
Source: Moneycontrol

Biocon from Rs. 96.9 in 2013 to Rs. 129.4 in 2017.

Figure 4: Revenue per Share Pattern of Pharma
Companies (INR)
Ajanta registered a fall in revenue from 2013 to 2015 and
after that it has shown consistent increase in revenue from
2015 to 2017. Aurobindopharma had shown a increase in
revenue from 2013 to 2015, decline in 2016 and again
improved in 2017. Sun pharma’s revenue increased from
2013 to 2015 and after that it declined to Rs. 31.64 in
2016 and recovered to Rs. 32.08 in 2017. Revenue has
consistently increased in case of Lupin from 2013 to
2017. DrReddy’s had shown an increase in revenue from
Rs. 496.7 in 2013 to Rs. 598.34 in 2016 and declined to
Rs. 586.24 in 2017. Revenue increased consistently from
Rs. 102.16 in 2013 to Rs. 149.79 in 2016 in Case of Cipla
and declined to Rs. 136.41 in 2017.

The revenue per share has consistently increased for

Table7: Correlation of Market Price per Share with EPS, DPS, Revenue per Share (RPS)

10 Management Case and Research Conference - Evolving World Order : Perspective, Issues & Challenges

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Journal of Management and Science | ISSN: 2249-1260 | e-ISSN: 2250-1819 | Special Issue No.1 | Jan’2018

EPS DPS RPS

Particulars
CORRELATION SIG. CORRELATION SIG. CORRELATION SIG.
LUPIN -0.567 0.319 0.909 0.032 0.642 0.243
SUN -0.269 0.662 0.335 0.581 0.651 0.234
AUROBINDO 0.868 0.057 0.937 0.019 0.555 0.332
Dr. REDDY'S 1 0.000 0.842 0.073 0.82 0.089
CIPLA 1 0 NC NC 0.526 0.362
AJANTA 0.084 0.893 0.553 0.334 -0.848 0.07
BIOCON 0.836 0.078 -0.973 0.005 0.934 0.02
NC: Not computed as one variable (DPS) is constant

A significant positive correlation (0.909) was observed in
case of Lupin between stock price and dividend per share.
The p value was obtained as 0.032 (<0.05). Earnings
showed a non-significant negative correlation with stock
price, revenue showed a non-significant positive
correlation with stock price in case of Lupin. Sun pharma
showed non-significant correlations. Aurobindo pharma
had a significant positive correlation of 0.937 between
dividend and stock price. P value was obtained as 0.019
(<0.05). A non-significant positive correlation was
observed between earnings and revenue with stock price.
DrReddys had a significant positive correlation (Corr: 1)
between earnings and stock price. The p value was
obtained as 0.000 (<0.05). Revenue and dividend showed
a non-significant positive correlation with stock price. A
significant positive correlation was found between
earning and stock price in case of Cipla. Dividend was
constant(Rs. 2). Revenue had shown a non-significant
positive correlation with Stock price in Cipla. Biocon had
a significant correlation (0.934) between revenue and
stock price. The p value was obtained as 0.02 (<0.05).
fundamentals of each company and take investment
decision on a one to one basis.
Biocon had shown the highest compounded annual
growth rate (CAGR) of stock price from 2015 to 2017,
followed by Ajanta with a CAGR of 12.81%. All large
cap pharma companies have shown a negative CAGR.
It was found that financial performance had different
impact on the market price of pharmaceutical companies.
Earning per share had a significant correlation with
market price per share of only two large cap companies;
Dr Reddys and Cipla. Other large cap companies and both
mid cap companies did not show any significant
correlation with market price per share. Dividend per
share was significantly correlated with market price of
two large cap companies; Lupin, Aurobindo and one mid
cap company; Biocon. Revenue per share was
significantly correlated with market price per share of
both mid cap pharma companies but no significant
correlation was found in case of large cap companies. The
CAGR of share prices of mid cap companies had shown a
positive trend, CAGR of Biocon was 55.30 % and Ajanta
was 12.81% between 2015 and 2017, whereas all large
cap pharma companies had a negative CAGR in the same
period. Large cap pharma companies are affected by
USFDA regulatory issues.

A stable dividend policy is preferred by pharmaceutical

companies.

The findings show that market price in case of pharma

Source: National Stock Exchange
Figure 5: CAGR of Share Price of Pharmaceutical
Companies from 2015 to 2017 (%)
With regard to the findings of correlation, null hypothesis
1, 2 and 3 are rejected and it is concluded that there is a
significant correlation between dividend per share,
earnings per share and revenue per share with stock price
per share of large cap and mid cap Indian pharmaceutical
companies. However the relationship varies from
company to company. The investor need to analyse the
company is not only depends on the financial
performance but also the business environment with
regard to US FDA approvals and adverse reports. Mid cap
pharma companies have shown a different correlation
with financial variables and stock price performance as
compared to large cap firms in the same period. Thus it is
concluded that mid cap pharma companies offer benefit of
diversification for an investor. An investor should
consider new product launches, USFDA reports,
Abbreviated New Drug Applications (ANDA) of a
company along with financial performance for investment

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decisions.
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