Sun+Pharma - Analysis

VALUATION OF THE COMPANY Sun Pharma
SUBMITTED BY
---------------------------------
ENROLLMENT NUMBER - ------------------
Email - ------------------------------
Phone - ---------------------
Contents Click Below to go to Shee

1 Assumptions Assumptions!A1
2 WACC WACC (daily)'!A1
3 DCF Valuation DCF Valuation'!A1
4 Cash Flow Cash Flow'!A1
5 Balance Sheet BS '!A1
6 Profit and Loss Account PL!A1
7 Quarterly Data Qtrly data'!A1
8 Projections Sales Projections sales'!A1
9 Ratio Calculations RATIO.CAL!A1
10 Cost Structure Cost Structure'!A1
11 Financial Ratios Finacial Ratios'!A1
12Final Report Requirements
Final Report requirements'!A1
13 UBS Growth Formula UBS Growth Formula'!A1
14 Rough Rough!A1
NY Sun Pharma
Below to go to Sheet
sumptions!A1
CC (daily)'!A1
F Valuation'!A1
ash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ctions sales'!A1
ATIO.CAL!A1
t Structure'!A1
acial Ratios'!A1
ort requirements'!A1
rowth Formula'!A1
Rough!A1
Assumptions click to go back
Industry Assumption:
1 Indian pharmaceuticals industry is growing at the CAGR of 13.6%.
2 Improvement in average disposable income.
3 Custom duty on drug intermeduates and bulk drug cuts to 7.7% from 12.8%,.formulation 10.3%
4 Indian pharma company has major number of USFDA approval
5 Indian pharma company has strong genric fundamentals.
6 Cost competitivness
7 Cut in excise duty to 8%, cut in custom duty to 5% on selected drugs and 125% deduc
8 IN 2008, US$ 20 billion of the drugs will be off patent.
Company assumptions:
1 Sun pharmaceutical get the USFDA to market its generic version of Novartis Trileptal Oxcarbuzepine Tablets.And com
2 Sun pharmaceutical receipt of a covenant Not to Sue from Wyeth over Sunpharma's Abbreviated New Drug Application
3 Sun pharma recevied USFDA approval to market generic Protonix and also get a 180 days marketing exclusivity right.
4 company get the USFDA approval for generic Razadyne,galantamine tablets. These generic have annual sale of US$
5 company get the USFDA approval for generic Sinement CR Tablets.These generic have annual sale of US$ 66million
6 company is growing at the rate of 18-20%.
7 Drugsapproved by USFDA are cerebyx, generic ethyol, Metaprolol Tartrate, Topiramat
8 Depreciating INR against US dollars can fuel up the bottom
,MORE line
REALIZATION AS 55% IS EX
9 HUGE RESERVES , NO DEBT TAKEN , SO NO INTEREST PAYMENT
%,.formulation 10.3% from 12.8%.
s and 125% deduction on R&D outsourcing expenditure
zepine Tablets.And company get 180 day marketing exclusivity right.

ed New Drug Application (ANDA) for generic venlafaxine extended release tablets.
arketing exclusivity right. These generic have annual sale of US$ 2.3billion in US.
ave annual sale of US$ 120million in US.
al sale of US$ 66million in US.
artrate, Topiramate and generic tessalon

TION AS 55% IS EXPORTED
1 2 3 4 5 6
Date Sun Pharma Sensex Ri Ri-Avg(Ri) Rm RM-Avg(RM))

26 July 2007
27 July 2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1 August 2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
3 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
6 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
7 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
10 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
12 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
13 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
14 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
17 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
18 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
19 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
20 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
21 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
24 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
25 September
2007 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
24April 2007 1,062.40 14,136.72 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
25April 2007 1,061.85 14,217.77 -0.05 -0.10 0.57 0.44
26April 2007 1,070.65 14,228.88 0.83 0.78 0.08 -0.06
27April 2007 1,035.90 13,908.58 -3.25 -3.29 -2.25 -2.39
30April 2007 1,026.95 13,872.37 -0.86 -0.91 -0.26 -0.40
3May 2007 1,022.75 14,078.21 -0.41 -0.45 1.48 1.35
4May 2007 1,002.05 13,934.27 -2.02 -2.07 -1.02 -1.16
7May 2007 1,012.55 13,879.25 1.05 1.00 -0.39 -0.53
8May 2007 1,005.35 13,765.46 -0.71 -0.76 -0.82 -0.96
9May 2007 1,009.80 13,781.51 0.44 0.40 0.12 -0.02
10May 2007 995.4 13,771.23 -1.43 -1.47 -0.07 -0.21
11May 2007 977.3 13,796.16 -1.82 -1.86 0.18 0.04
14May 2007 989.15 13,965.86 1.21 1.17 1.23 1.09
15May 2007 1,004.65 13,929.33 1.57 1.52 -0.26 -0.40
16May 2007 1,009.95 14,127.31 0.53 0.48 1.42 1.29
17May 2007 1,012.45 14,299.71 0.25 0.20 1.22 1.08
18May 2007 1,013.20 14,303.41 0.07 0.03 0.03 -0.11
21May 2007 1,064.15 14,418.60 5.03 4.98 0.81 0.67
22May 2007 1,089.70 14,453.72 2.40 2.36 0.24 0.11
23May 2007 1,089.15 14,363.26 -0.05 -0.09 -0.63 -0.76
24May 2007 1,063.20 14,218.11 -2.38 -2.43 -1.01 -1.15
25May 2007 1,069.75 14,338.45 0.62 0.57 0.85 0.71
28May 2007 1,070.20 14,397.89 0.04 0.00 0.41 0.28
29May 2007 1,106.40 14,508.21 3.38 3.34 0.77 0.63
30May 2007 1,109.20 14,411.38 0.25 0.21 -0.67 -0.80
31May 2007 1,108.30 14,544.46 -0.08 -0.13 0.92 0.79
1June 2007 1,092.00 14,570.75 -1.47 -1.52 0.18 0.04
4June 2007 1,075.05 14,495.77 -1.55 -1.60 -0.51 -0.65
5June 2007 1,092.70 14,535.01 1.64 1.60 0.27 0.13
6June 2007 1,075.00 14,255.93 -1.62 -1.66 -1.92 -2.06
7June 2007 1,059.95 14,186.18 -1.40 -1.44 -0.49 -0.63
8June 2007 1,059.90 14,063.81 0.00 -0.05 -0.86 -1.00
11June 2007 1,057.30 14,083.41 -0.25 -0.29 0.14 0.00
12June 2007 1,054.70 14,130.95 -0.25 -0.29 0.34 0.20
13June 2007 1,052.80 14,003.03 -0.18 -0.22 -0.91 -1.04
14June 2007 1,062.35 14,203.72 0.91 0.86 1.43 1.30
15June 2007 1,056.90 14,162.71 -0.51 -0.56 -0.29 -0.42
18June 2007 1,047.80 14,080.14 -0.86 -0.91 -0.58 -0.72
19June 2007 1,045.65 14,295.50 -0.21 -0.25 1.53 1.39
20June 2007 1,050.20 14,411.95 0.44 0.39 0.81 0.68
21June 2007 1,032.45 14,499.24 -1.69 -1.73 0.61 0.47
22June 2007 1,063.00 14,467.36 2.96 2.91 -0.22 -0.36
25June 2007 1,040.95 14,487.72 -2.07 -2.12 0.14 0.00
26June 2007 1,037.05 14,501.08 -0.37 -0.42 0.09 -0.04
27June 2007 1,014.95 14,431.06 -2.13 -2.18 -0.48 -0.62
28June 2007 1,015.55 14,504.57 0.06 0.01 0.51 0.37
29June 2007 1,022.10 14,650.51 0.64 0.60 1.01 0.87
2July 2007 1,036.50 14,664.26 1.41 1.36 0.09 -0.04
3July 2007 1,027.00 14,806.51 -0.92 -0.96 0.97 0.83
4July 2007 1,021.65 14,880.24 -0.52 -0.57 0.50 0.36
5July 2007 1,008.35 14,861.89 -1.30 -1.35 -0.12 -0.26
6July 2007 1,012.10 14,964.12 0.37 0.33 0.69 0.55
9July 2007 1,010.50 15,045.73 -0.16 -0.20 0.55 0.41
10July 2007 995.15 15,009.88 -1.52 -1.56 -0.24 -0.37
11July 2007 986.65 14,910.62 -0.85 -0.90 -0.66 -0.80
12July 2007 997.05 15,092.04 1.05 1.01 1.22 1.08
13July 2007 1,015.50 15,272.72 1.85 1.81 1.20 1.06
16July 2007 999.9 15,311.22 -1.54 -1.58 0.25 0.12
17July 2007 1,002.35 15,289.82 0.25 0.20 -0.14 -0.28
18July 2007 997.2 15,301.17 -0.51 -0.56 0.07 -0.06
19July 2007 981.05 15,550.13 -1.62 -1.66 1.63 1.49
20July 2007 980.2 15,565.55 -0.09 -0.13 0.10 -0.04
23July 2007 986.9 15,732.20 0.68 0.64 1.07 0.93
24July 2007 971.1 15,794.92 -1.60 -1.65 0.40 0.26
25July 2007 964.5 15,699.33 -0.68 -0.72 -0.61 -0.74
26July 2007 960.85 15,776.31 -0.38 -0.42 0.49 0.35
27July 2007 933.4 15,234.57 -2.86 -2.90 -3.43 -3.57
30July 2007 926.75 15,260.91 -0.71 -0.76 0.17 0.04
31July 2007 930.5 15,550.99 0.40 0.36 1.90 1.76
1August 2007 902.75 14,935.77 -2.98 -3.03 -3.96 -4.09
2August 2007 905.5 14,985.70 0.30 0.26 0.33 0.20
3August 2007 922.85 15,138.40 1.92 1.87 1.02 0.88
6August 2007 912.75 14,903.03 -1.09 -1.14 -1.55 -1.69
7August 2007 914.95 14,932.77 0.24 0.20 0.20 0.06
8August 2007 940.3 15,307.98 2.77 2.73 2.51 2.38
9August 2007 935.95 15,100.15 -0.46 -0.51 -1.36 -1.49
10August 2007 915 14,868.25 -2.24 -2.28 -1.54 -1.67
13August 2007 924.75 15,017.21 1.07 1.02 1.00 0.87
14August 2007 923.55 15,000.91 -0.13 -0.17 -0.11 -0.24
16August 2007 913.95 14,358.21 -1.04 -1.08 -4.28 -4.42
17August 2007 934.05 14,141.52 2.20 2.15 -1.51 -1.65
20August 2007 959.65 14,427.55 2.74 2.70 2.02 1.89
21August 2007 946.7 13,989.11 -1.35 -1.39 -3.04 -3.18
22August 2007 922.4 14,248.66 -2.57 -2.61 1.86 1.72
23August 2007 901.35 14,163.98 -2.28 -2.33 -0.59 -0.73
24August 2007 897.2 14,424.87 -0.46 -0.50 1.84 1.71
27August 2007 904.8 14,842.38 0.85 0.80 2.89 2.76
28August 2007 908 14,919.19 0.35 0.31 0.52 0.38
29August 2007 900.5 14,993.04 -0.83 -0.87 0.50 0.36
30August 2007 921.5 15,121.74 2.33 2.29 0.86 0.72
31August 2007 931.05 15,318.60 1.04 0.99 1.30 1.17
3September2007 944.65 15,422.05 1.46 1.42 0.68 0.54
4September2007 944.15 15,465.40 -0.05 -0.10 0.28 0.14
5September2007 982.55 15,446.15 4.07 4.02 -0.12 -0.26
6September2007 980.85 15,616.31 -0.17 -0.22 1.10 0.97
7September2007 1,011.75 15,590.42 3.15 3.11 -0.17 -0.30
10September2007 1,003.10 15,596.83 -0.85 -0.90 0.04 -0.10
11September2007 1,010.00 15,542.77 0.69 0.64 -0.35 -0.48
12September2007 1,002.60 15,505.36 -0.73 -0.78 -0.24 -0.38
13September2007 1,007.60 15,614.44 0.50 0.45 0.70 0.57
14September2007 994.35 15,603.80 -1.32 -1.36 -0.07 -0.20
17September2007 993.4 15,504.43 -0.10 -0.14 -0.64 -0.77
18September2007 994.7 15,669.12 0.13 0.09 1.06 0.93
19September2007 1,011.45 16,322.75 1.68 1.64 4.17 4.04
20September2007 994.1 16,347.95 -1.72 -1.76 0.15 0.02
21September2007 979.35 16,564.23 -1.48 -1.53 1.32 1.19
24September2007 949.55 16,845.83 -3.04 -3.09 1.70 1.56
25September2007 947.4 16,899.54 -0.23 -0.27 0.32 0.18
26September2007 945.6 16,921.39 -0.19 -0.23 0.13 -0.01
27September2007 948.45 17,150.56 0.30 0.26 1.35 1.22
28September2007 965.5 17,291.10 1.80 1.75 0.82 0.68
1October2007 964.75 17,328.62 -0.08 -0.12 0.22 0.08
3October2007 960.8 17,847.04 -0.41 -0.45 2.99 2.86
4October2007 947.1 17,777.14 -1.43 -1.47 -0.39 -0.53
5October2007 957.05 17,773.36 1.05 1.01 -0.02 -0.16
8October2007 946.5 17,491.39 -1.10 -1.15 -1.59 -1.72
9October2007 923.4 18,280.24 -2.44 -2.48 4.51 4.37
10October2007 920.2 18,658.25 -0.35 -0.39 2.07 1.93
11October2007 969.45 18,814.07 5.35 5.31 0.84 0.70
12October2007 969.25 18,419.04 -0.02 -0.07 -2.10 -2.24
15October2007 990.45 19,058.67 2.19 2.14 3.47 3.34
16October2007 971.85 19,051.86 -1.88 -1.92 -0.04 -0.17
17October2007 964.3 18,715.82 -0.78 -0.82 -1.76 -1.90
18October2007 997.3 17,998.39 3.42 3.38 -3.83 -3.97
19October2007 983.2 17,559.98 -1.41 -1.46 -2.44 -2.57
22October2007 979.7 17,613.99 -0.36 -0.40 0.31 0.17
23October2007 1,007.50 18,492.84 2.84 2.79 4.99 4.85
24October2007 996.7 18,512.91 -1.07 -1.12 0.11 -0.03
25October2007 1,002.00 18,770.89 0.53 0.49 1.39 1.26
26October2007 1,041.85 19,243.17 3.98 3.93 2.52 2.38
29October2007 1,054.85 19,977.67 1.25 1.20 3.82 3.68
30October2007 1,068.40 19,783.51 1.28 1.24 -0.97 -1.11
31October2007 1,054.20 19,837.99 -1.33 -1.37 0.28 0.14
1November2007 1,068.80 19,724.35 1.38 1.34 -0.57 -0.71
2November2007 1,072.25 19,976.23 0.32 0.28 1.28 1.14
5November2007 1,052.85 19,590.78 -1.81 -1.85 -1.93 -2.07
6November2007 1,052.05 19,400.67 -0.08 -0.12 -0.97 -1.11
7November2007 1,054.15 19,289.83 0.20 0.16 -0.57 -0.71
8November2007 1,054.45 19,058.93 0.03 -0.02 -1.20 -1.33
9November2007 1,043.70 18,907.60 -1.02 -1.06 -0.79 -0.93
12November2007 1,051.85 18,737.27 0.78 0.74 -0.90 -1.04
13November2007 1,078.70 19,035.48 2.55 2.51 1.59 1.46
14November2007 1,135.10 19,929.06 5.23 5.18 4.69 4.56
15November2007 1,123.05 19,784.89 -1.06 -1.11 -0.72 -0.86
16November2007 1,100.65 19,698.36 -1.99 -2.04 -0.44 -0.57
19November2007 1,144.05 19,633.36 3.94 3.90 -0.33 -0.47
20November2007 1,112.60 19,280.80 -2.75 -2.79 -1.80 -1.93
21November2007 1,076.45 18,602.62 -3.25 -3.29 -3.52 -3.65
22November2007 1,099.60 18,526.32 2.15 2.11 -0.41 -0.55
23November2007 1,094.35 18,852.87 -0.48 -0.52 1.76 1.63
26November2007 1,115.60 19,247.54 1.94 1.90 2.09 1.96
27November2007 1,112.25 19,127.73 -0.30 -0.34 -0.62 -0.76
28November2007 1,099.45 18,938.87 -1.15 -1.20 -0.99 -1.12
29November2007 1,098.75 19,003.26 -0.06 -0.11 0.34 0.20
30November2007 1,102.50 19,363.19 0.34 0.30 1.89 1.76
3December2007 1,098.25 19,603.41 -0.39 -0.43 1.24 1.10
4December2007 1,083.45 19,529.50 -1.35 -1.39 -0.38 -0.51
5December2007 1,107.75 19,738.07 2.24 2.20 1.07 0.93
6December2007 1,082.90 19,795.87 -2.24 -2.29 0.29 0.16
7December2007 1,110.90 19,966.00 2.59 2.54 0.86 0.72
10December2007 1,112.00 19,930.68 0.10 0.05 -0.18 -0.31
11December2007 1,133.20 20,290.89 1.91 1.86 1.81 1.67
12December2007 1,165.85 20,375.87 2.88 2.84 0.42 0.28
13December2007 1,124.05 20,104.39 -3.59 -3.63 -1.33 -1.47
14December2007 1,137.10 20,030.83 1.16 1.12 -0.37 -0.50
17December2007 1,093.85 19,261.35 -3.80 -3.85 -3.84 -3.98
18December2007 1,137.95 19,079.64 4.03 3.99 -0.94 -1.08
19December2007 1,148.60 19,091.96 0.94 0.89 0.06 -0.07
20December2007 1,174.20 19,162.57 2.23 2.18 0.37 0.23
24December2007 1,235.30 19,854.12 5.20 5.16 3.61 3.47
26December2007 1,207.15 20,192.52 -2.28 -2.32 1.70 1.57
27December2007 1,183.30 20,216.72 -1.98 -2.02 0.12 -0.02
28December2007 1,207.25 20,206.95 2.02 1.98 -0.05 -0.18
31December2007 1,222.05 20,286.99 1.23 1.18 0.40 0.26
1January2008 1,198.55 20,300.71 -1.92 -1.97 0.07 -0.07
2January2008 1,184.15 20,465.30 -1.20 -1.25 0.81 0.67
3January2008 1,134.45 20,345.20 -4.20 -4.24 -0.59 -0.72
4January2008 1,108.30 20,686.89 -2.31 -2.35 1.68 1.54
7January2008 1,115.45 20,812.65 0.65 0.60 0.61 0.47
8January2008 1,112.80 20,873.33 -0.24 -0.28 0.29 0.16
9January2008 1,098.85 20,869.78 -1.25 -1.30 -0.02 -0.15
10January2008 1,093.55 20,582.08 -0.48 -0.53 -1.38 -1.51
11January2008 1,146.55 20,827.45 4.85 4.80 1.19 1.06
14January2008 1,105.75 20,728.05 -3.56 -3.60 -0.48 -0.61
15January2008 1,102.00 20,251.09 -0.34 -0.38 -2.30 -2.44
16January2008 1,091.55 19,868.11 -0.95 -0.99 -1.89 -2.03
17January2008 1,087.90 19,700.82 -0.33 -0.38 -0.84 -0.98
18January2008 1,088.20 19,013.70 0.03 -0.02 -3.49 -3.62
21January2008 1,062.95 17,605.35 -2.32 -2.36 -7.41 -7.54
22January2008 963.5 16,729.94 -9.36 -9.40 -4.97 -5.11
23January2008 972.35 17,594.07 0.92 0.87 5.17 5.03
24January2008 941.05 17,221.74 -3.22 -3.26 -2.12 -2.25
25January2008 976.7 18,361.66 3.79 3.74 6.62 6.48
28January2008 983.7 18,152.78 0.72 0.67 -1.14 -1.27
29January2008 1,059.10 18,091.94 7.66 7.62 -0.34 -0.47
30January2008 1,154.50 17,758.64 9.01 8.96 -1.84 -1.98
31January2008 1,138.45 17,648.71 -1.39 -1.43 -0.62 -0.76
1February2008 1,118.20 18,242.58 -1.78 -1.82 3.36 3.23
4February2008 1,108.15 18,660.32 -0.90 -0.94 2.29 2.15
5February2008 1,123.60 18,663.16 1.39 1.35 0.02 -0.12
6February2008 1,097.60 18,139.49 -2.31 -2.36 -2.81 -2.94
7February2008 1,089.75 17,526.93 -0.72 -0.76 -3.38 -3.51
8February2008 1,115.10 17,464.89 2.33 2.28 -0.35 -0.49
11February2008 1,125.50 16,630.91 0.93 0.89 -4.78 -4.91
12February2008 1,119.95 16,608.01 -0.49 -0.54 -0.14 -0.27
13February2008 1,090.00 16,949.14 -2.67 -2.72 2.05 1.92
14February2008 1,109.25 17,766.63 1.77 1.72 4.82 4.69
15February2008 1,112.60 18,115.25 0.30 0.26 1.96 1.83
Average 0.04 0.14
Source: 2017 GS as
on 20th Jan - Source
- RBI
Beta 0.41689 0.41689
Rf 9.45% 9.45% 10 year govt. bond
Rm(daily avg) 0.14% LAA+ corporate bond - ICRA
Rm 64.36% 6.50% Risk premium
Ke 32.34% 12.16%
Ke 12.16% Market Variance
NW 24,494.90 30 trading day period 279.41
Debt 11,774.70 60 trading day period 334.46
capital employed 36,269.60 90 trading day period 475.49
Tax Rate 1.8% 120 trading day period 537.52
kd 0.00% 150 trading day period 639.26
WACC 8.21% 251 trading day period 676.55
Debt NW Total Interest kd

FY08E 8960.97 42,076 51037.17 0.00 0.00%
FY09E 5316.22 50,485 55800.89 0.00 0.00%
FY10E 1671.47 58,326 59997.09 0.00 0.00%
FY11E
click to go back
7 8
Covariance
Col. 4 X
Col. 6 ^2 Col. 6
#DIV/0! #DIV/0! SUMMARY OUTPUT

#DIV/0! #DIV/0!
#DIV/0! #DIV/0! Regression Statistics
#DIV/0! #DIV/0! Multiple R 0.2
#DIV/0! #DIV/0! R Square 0.04
#DIV/0! #DIV/0! Adjusted R Square 0.04
#DIV/0! #DIV/0! Standard Error 8.67
#DIV/0! #DIV/0! Observations 252
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! ANOVA
#DIV/0! #DIV/0! df SS
#DIV/0! #DIV/0! Regression 1 760.09
#DIV/0! #DIV/0! Residual 250 18789.07
#DIV/0! #DIV/0! Total 251 19549.16
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! Coefficients Standard Error
#DIV/0! #DIV/0! Intercept 129.11 3.58
#DIV/0! #DIV/0! X Variable 1 0 0
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! variance 5214886.68
#DIV/0! #DIV/0! Covariance 91918.81
#DIV/0! #DIV/0! Beta 0.02
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
0.19 -0.04
0.00 -0.05
5.70 7.85
0.16 0.36
1.82 -0.61
1.34 2.40
0.28 -0.53
0.91 0.72
0.00 -0.01
0.04 0.31
0.00 -0.08
1.20 1.28
0.16 -0.61
1.65 0.62
1.18 0.22
0.01 0.00
0.45 3.33
0.01 0.25
0.58 0.07
1.32 2.78
0.50 0.41
0.08 0.00
0.40 2.10
0.65 -0.17
0.62 -0.10
0.00 -0.07
0.42 1.04
0.02 0.21
4.23 3.42
0.39 0.90
1.00 0.05
0.00 0.00
0.04 -0.06
1.08 0.23
1.68 1.12
0.18 0.24
0.52 0.65
1.94 -0.35
0.46 0.27
0.22 -0.81
0.13 -1.04
0.00 -0.01
0.00 0.02
0.38 1.35
0.14 0.01
0.76 0.52
0.00 -0.06
0.70 -0.80
0.13 -0.20
0.07 0.35
0.30 0.18
0.17 -0.08
0.14 0.59
0.64 0.72
1.17 1.09
1.13 1.92
0.01 -0.18
0.08 -0.06
0.00 0.03
2.22 -2.48
0.00 0.00
0.87 0.60
0.07 -0.43
0.55 0.54
0.13 -0.15
12.75 10.36
0.00 -0.03
3.11 0.64
16.75 12.39
0.04 0.05
0.78 1.65
2.86 1.93
0.00 0.01
5.65 6.48
2.23 0.76
2.80 3.82
0.75 0.88
0.06 0.04
19.54 4.79
2.71 -3.55
3.56 5.09
10.08 4.43
2.96 -4.49
0.53 1.70
2.91 -0.86
7.61 2.21
0.15 0.12
0.13 -0.31
0.52 1.65
1.36 1.16
0.29 0.76
0.02 -0.01
0.07 -1.05
0.93 -0.21
0.09 -0.94
0.01 0.09
0.23 -0.31
0.14 0.29
0.32 0.26
0.04 0.28
0.60 0.11
0.86 0.08
16.28 6.62
0.00 -0.03
1.41 -1.81
2.45 -4.83
0.03 -0.05
0.00 0.00
1.48 0.31
0.47 1.20
0.01 -0.01
8.15 -1.30
0.28 0.78
0.02 -0.16
2.97 1.98
19.13 -10.87
3.73 -0.76
0.49 3.71
5.00 0.15
11.13 7.15
0.03 0.33
3.61 1.56
15.76 -13.41
6.62 3.75
0.03 -0.07
23.55 13.56
0.00 0.03
1.58 0.61
5.66 9.36
13.55 4.43
1.23 -1.37
0.02 -0.19
0.50 -0.95
1.30 0.32
4.27 3.83
1.22 0.13
0.50 -0.11
1.78 0.02
0.87 0.99
1.08 -0.76
2.12 3.65
20.78 23.63
0.74 0.95
0.33 1.17
0.22 -1.82
3.73 5.40
13.35 12.03
0.30 -1.15
2.65 -0.85
3.83 3.71
0.58 0.26
1.26 1.34
0.04 -0.02
3.09 0.52
1.22 -0.47
0.26 0.71
0.87 2.05
0.02 -0.36
0.52 1.84
0.10 -0.02
2.79 3.11
0.08 0.80
2.16 5.33
0.25 -0.56
15.82 15.31
1.17 -4.30
0.01 -0.06
0.05 0.51
12.06 17.92
2.46 -3.64
0.00 0.03
0.03 -0.37
0.07 0.31
0.00 0.13
0.45 -0.84
0.52 3.07
2.38 -3.63
0.22 0.28
0.02 -0.04
0.02 0.20
2.29 0.80
1.11 5.07
0.38 2.21
5.94 0.93
4.11 2.01
0.96 0.37
13.13 0.06
56.90 17.84
26.10 48.02
25.29 4.40
5.07 7.35
42.03 24.27
1.62 -0.86
0.22 -3.59
3.91 -17.73
0.57 1.08
10.42 -5.89
4.64 -2.03
0.01 -0.16
8.66 6.94
12.34 2.67
0.24 -1.12
24.12 -4.36
0.08 0.15
3.68 -5.21
21.97 8.07
3.33 0.47
676.55 282.04
Beta 0.42
year govt. bond

AA+ corporate bond - ICRA Limited August 2007
sk premium
Market Variance Covariance Beta
279.41 92.19 0.33
334.46 132.88 0.40
475.49 210.95 0.44
537.52 203.86 0.38
639.26 250.33 0.39
676.55 282.04 0.42
WACC
10.02%
11.00%
11.82%
11.82%
MS F Significance F
760.09 10.11 0
75.16
t Stat P-value Lower 95% Upper 95% Lower 95.0%Upper 95.0%

36.06 0 122.06 136.16 122.06 136.16
3.18 0 0 0 0 0
DCF VALUATION - Sun Pharma
Assumptions FY07 FY08E FY09E FY10E FY11E
Revenue Growth (%) 28.7% 42.3% 42.0% 42.0% 20.0%

FCF Margin (%) 35.6% 35.6% -8.8% 35.0% 23.4%
Tax Rate (%) -27.7% -5.6% -27.7% -5.6% 6.4%
Capex/Sales 8.9% 5.7% 12.6% 11.6% 6.4%
DCF VALUATION
FY06 FY07 FY08 FY09(E) FY10(E)

Revenue 12916.40 16625.60 23656.40 33594.30 47707.27
EBIT -266.30 -1009.20 1410.00 1585.00 -2685.75
% of Revenues -2.06 -6.07 5.96 4.72 -5.63
Depreciation 407.30 462.70 561.10 753.00 1010.53
% of Revenues 3.15 2.78 2.37 2.24 2.12
EBITDA 141.00 -546.50 1971.10 2338.00 -1675.22
% of Revenues 1.09 -3.29 8.33 6.96 -3.51
Less: Cash Tax 73.80 56.30 -390.75 -88.42 -171.24
NOPLAT 67.20 -602.80 2361.85 2426.42 -1503.98
Capex -1150.70 -955.50 -2987.41 -3885.19 -3052.83
Changes in WC -4356.80 204.80 -10226.28 1794.73 1069.33
Post Tax Non-operating cash flows 4864.27 7280.21 8781.54 11406.29 14629.87
Free Cash Flows -576.03 5926.71 -2070.30 11742.24 11142.38
it is assumed that beyond FY 12 cash flow w
PV of Estimated FC Flows 11742.24 11142.38
Horizontal Value
PV of Estimated Perpetuity Flows
Total Present Value (EV) 9270408.1
Book Value of Debt 24494.9
Fundamental Value of Equity 9245913.2
No of Outstanding Shares 1934.26
Fundamental Value per share (Rs) 4780.09
Sensitivity Analysis
Continuing Rate 5.00%

WACC 11%
-2043.46 10441.50 8926.20
Total Present Value 353515
Fundamental Value per share 170.1

WACC 11.5%
-2042.32 10388.83 8841.36

WACC 12.0%
-2041.17 10336.67 8757.70

WACC 12.5%
-2040.04 10285.00 8675.19

WACC 13.0%
-2038.91 10233.82 8593.82

WACC 8.21%
-2049.97 10744.60 9421.96

WACC 14.0%
-2036.66 10132.88 8434.42

WACC 15.0%
-2034.44 10033.81 8279.33
170.1 155.6 143.1 132.3
Table 1: DCF Sensitivity

Weighted Average Cost of Capital (%
Continuing Growth (%)
11 11.5 12 12.5
7.5 291.97 251.70 220.35 195.26
Continuing Growth (%)
8 342.01 288.87 248.99 217.95
8.5 412.05 338.42 285.80 246.32
9 517.12 407.80 334.89 282.78
10 1042.45 685.31 506.69 399.48
click to go back
FY12E
20.0%
35.0%
-7.4%
6.4% book value= paid up capital+ reserves and surplus
Rs in m
FY11(E) FY12(E) FY06 FY07
57248.73 68698.47
3223.10 3867.72
5.63 5.63
1230.85 1477.02
2.15 2.15
2289.95 2747.94 Capex assumed to grow at 15% and 16
4.00 4.00
-239.33 -441.69 Change in WC - for FY11E and FY12E the average of th
4693.28 5786.43 FY06 FY07
-3663.92 -4396.70 Actuals -33.73% 1.23%
1282.37 1538.85 Average of 3PY
17747.11 21296.53
20058.83 24225.10 26163.11 8.0% Sustainable Growth Rate
at beyond FY 12 cash flow will grow @8%
20058.83 24225.10
12330967.28
9203239.53
11742.24 Ass
term
RBI's
keep
PV of Horizon Value
14476.76 15751.00 305963.25
PV of Horizon Value
14274.86 15461.68 278488.66
PV of Horizon Value
14076.65 15178.93 255006.04
PV of Horizon Value
13882.06 14902.58 234715.59
PV of Horizon Value
13691.01 14632.45 217017.48
PV of Horizon Value
15674.47 17493.49 618789.43
PV of Horizon Value
13319.20 14110.20 187665.60
PV of Horizon Value
12960.59 13610.90 164351.65
122.9 333.8 107.1 94.5
Rs.
Average Cost of Capital (%)
13 8.21 14 15
174.71 169.22 143.06 119.81
193.10 186.55 155.79 129.09
215.58 207.60 170.83 139.80
243.68 233.72 188.88 152.30
327.97 310.85 238.52 184.78
FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)
42.01% 42.01% 20.00% 20.00%
4.72% -5.63% 5.63% 5.63%
ssumed to grow at 15% and 16% for FY11E and FY12E
E and FY12E the average of the 3 previous years is considered

FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)
-43.23% 5.34% 2.24% 2.24% 2.24%
-12.22% 3.27%
Sustainable Growth Rate
Assumed to grow in long

term at GDP growth rate.
RBI's Third Quarter Review
keeps the growth of GDP at
8.5%
Cash Tax FY04 FY05 FY06 FY07 FY08(E)
EBIT 1744.20 763.50 -266.30 -1009.20 1410.00

Current Tax (Cash Tax) (qtrly data) 85.30 65.30 73.80 56.30 89.90
Deferred Tax (Non-cash Tax) (qd) 60.00 112.40 191.40 48.80 0.00
Current tax as % of EBIT 4.89% 8.55% -27.71% -5.58% 6.38%
Deferrent tax as % of EBIT 3.44% 14.72% -71.87% -4.84% 0.00%
Average (last 4 immediate PY's) -4.96%
FY09(E) FY10(E)
1585.00 -2685.75
-614.38 -524.48
0.00 0.00
-38.76% 19.53%
0.00% 0.00%
-7.43% -11.42%
Cash Flow Statement - Sun Pharma
Rs in m
Cash Flow from Operating Activities
FY05
FY06 FY07 FY08
PAT ### 4612.90 6289.30 10140.40
Add: Depreciation ### 351.70 413.40 561.10
Add: Interest Expense ### 0.00 0.00 0.00
Add: Other Non-Cash Charges ### 0.00 0.00 0.00
Add: Direct taxes paid ### 273.90 116.10 381.60
Operating Profit Before WC Changes ### 5238.50 6818.80 11083.10
Changes in Current Assets (excluding cash) ### (1619.50) 416.90 (792.17)

Changes in Current Liabilities ### 672.20 (495.10) 283.10
Changes In WC ### (947.30) (78.20) (509.07)
Cash Generated From Operations ### 4291.20 6740.60 10574.03
Less: Direct Taxes Paid ### 273.90 116.10 381.60

Others ### 0.00 0.00 0.00
Net Cash Generated From Operations ### 4017.30 6624.50 10192.43
Cash Flow from Investing Activities
Capital Expenditure (CAPEX) ### (1150.70) (955.50) (2987.41)

Investments ### 2056.20 (2778.70) (2114.98)
Net Cash Used In Investing Activities ### 905.50 (3734.20) (5102.39)
Cash Flow from Financing Activities
Change in Debt ### (495.30) (6729.50) (2813.73)

Change in Equity ### 1.00 38.00 54.90
Dividends Paid ### 0.00 0.00 (3549.00)
Interest Paid ### 0.00 0.00 0.00
Others ### (1019.00) 3518.20 10935.00
Net Cash used in Financing Activities ### (1513.30) (3173.30) 4627.17
Net Increase in Cash and Cash Equivalents ### 3409.50 (283.00) 9717.21
Cash and cash equivalents At the beginning ### 8900.3 12309.8 12026.8
Net Increase in Cash and Cash Equivalents ### 3409.50 -283.00 9717.21
Cash and cash equivalents At the end ### 12,309.80 12026.80 21744.01
cash balance as per balance sheet 12309.8 12026.8 21744.0

difference ### 0.00 0.00 0.00
ma click to go back
Rs in million
FY09(E) FY10(E)
12936.48 12063.76
753.00 1010.53
0.00 0.00
0.00 0.00
463.33 562.48
14152.81 13636.77
(492.30) (487.50)
88.55 (106.00)
(403.75) (593.50)
13749.06 13043.27
463.33 562.48 -0.29

0.00 0.00
13285.73 12480.79 -0.13 -0.12 -0.06
(3885.19) (3052.83)
(3426.27) (3223.23)
(7311.46) (6276.06)
(3644.75) (3644.75)
0.00 0.00
(4528.00) (4222.00)
0.00 0.00
0.00 (0.81)
(8172.75) (7867.56)
(2198.48) (1662.83)
21744.01 19545.53
-2198.48 -1662.83
19545.53 17882.70
19545.5 17882.7
0.00 0.00
Balance Sheet - Sun Pharma
Particulars FY04 FY05 FY06 FY07
Gross Asset 6,120.50 7442.60 8387.00
Accumulated Depriciation 1,729.00 2080.70 2494.10
Capital WIP 479.40 308.00 319.10
Net Fixed Asset 0.00 4,870.90 5,669.90 6,212.00
Investments 9,852.40 7796.20 10574.90
gross asset turnover ratio 162.67% 173.55% 198.23%
Current Asset 0.00 17,545.30 22,574.30 21,874.40
total asset 32,268.60 36,040.40 38,661.30
Cash 8,900.30 12309.80 12026.80
Other Current Assets 45.00 304.60 327.00
Inventories 1,866.20 2634.10 3333.80
Trade Debtors 2,349.70 2564.70 3100.00
Loans and Advances 4,384.10 4761.10 3086.80
total asset turnover ratio 0.31 0.36 0.43
Current Liabilities & Provisions 2,214.60 2886.80 2391.70
Net Current Asset Excluding Cash 0.00 6,430.40 7,377.70 7,455.90
Miscellaneous Items
Deffered Tax (Net)
Capital Deployed 0.00 30,054.00 33,153.60 36,269.60
current asset turnover ratio 0.57 0.57 0.76
Non-Current Liabilities
Secured Debt 139.2 183.90 203.90
Non-secured debt & Trade deposit 18,007.30 17275.90 10477.60
Deferred Tax Liabilities 853.00 1044.40 1093.20
Total Liabilities 0.00 18,999.50 18,504.20 11,774.70
Contingent Liabilities
Share Capital 941.70 942.70 980.70
Reserve and Surplus 10112.8 13706.70 23514.20
Total Stock Holder's Equity 0.00 11,054.50 14,649.40 24,494.90
0.00 30,054.00 33,153.60 36,269.60
Capital Employed 0.00 30,054.00 33,153.60 36,269.60
current asser exclyuding cash 8,645.00 10,264.50 9,847.60
DIFF 0.00 0.00 0.00 0.00
current ratio #DIV/0! 7.92 7.82 9.15

D\E #DIV/0! 1.72
current asset excluding cash to total asset turnover 0.27 0.28 0.25
cash from cash flow statement #REF! 12309.80 12026.80

difference between the two cash balance #REF! 0.00 0.00
Closing Cash Balance from Cash Flow Stmt #REF! 12309.80 12026.80
0.22 0.26 0.34 0.39

0.13 0.11 0.14 0.19
7.92 7.82 9.15

rma click to go back
Rs in million
FY08 FY09(E) FY10(E)
11,264.95 15,132.57 18,159.08 Assets as a percentage of sales
3,055.20 3,808.20 4,818.73 Growth rate of assets
428.56 446.13 472.45
8,638.31 11,770.50 13,812.80 As a %age of sales
12,689.88 16,116.15 19339.38 0.26
210.00% 222.00% 262.72%
32,383.78 30,677.60 29,502.27 Average cash
46,385.10 58,937.38 70,724.85 Average inventory
21,744.01 19,545.53 17,882.70 Average debors
359.00 391.00 418.20
4,078.97 4812.77 5,546.57 Average Loans and advances
3,421.77 3796.92 4172.07 Average current liabilities
2,780.03 2131.38 1,482.73 Average Net sales
0.51 0.57 0.67 Cash turnover ratio
2,674.80 2763.35 2657.35 Inventory turnover ratio
7,964.97 8,368.72 8,962.22 Debtors turnover ratio
Loans and advances turnover ratio

51,037.17 55,800.89 59,997.10
0.73 1.1 1.62 0.22 0.04 -0.77
0.10
0 0.00 0.00 As %age of total liabilities
7,723.90 3959.05 194.20
1,237.07 1357.17 1477.27
8,960.97 5,316.22 1,671.47 current-total= 0.54
12667.2
1,035.60 1,035.60 1,035.60 6350.06
41,040.60 49,449.08 57290.03 0.65 191687225.15
42,076.20 50,484.68 58,325.63 4681.15
51,037.17 55,800.89 59,997.09 0.31 0.22
51,037.17 55,800.89 59,997.09 Interest
10,639.77 11,132.07 11,619.57 0.11 Interest cost
0.00 0.00 0.00
12.11 11.10 11.10 0.27 0.28

0.00
0.27 0.28 0.25
21744.01 19545.53 17882.70 12523.98

0.00 0.00 0.00 4884.35
21744.01 19545.53 17882.70 2379.56
current ratio 0
4,078.97
FY04 FY05 FY06 FY07 FY08(E) FY09(E) FY10(E)
0.00 0.61 0.58 0.50 0.48 0.45 0.38
#DIV/0! 1.22 1.13 1.34 1.34 1.20
0.00 0.49 0.44 0.37 0.37 0.35 0.29
4450.15 10605.05 12168.30 16885.41 20644.77 18714.12

933.10 2250.15 2983.95 3706.38 4445.87 5179.67
1174.85 2457.20 2832.35 3260.88 3609.34 3984.49
2192.05 4572.60 3923.95 2933.42 2455.71 1807.06

1107.30 2550.70 2639.25 2533.25 2719.08 2710.35
9651.80 11436.30 14771.00 20141.00 28625.35 40650.79
2.17 1.08 1.21 1.19 1.39 2.17
10.34 5.08 4.95 5.43 6.44 7.85
8.22 4.65 5.22 6.18 7.93 10.20
4.40 2.50 3.76 6.87 11.66 22.50
0.11 0.3 6042.3 4571.15 5300.26 6090.5
#DIV/0! 0.01 0.01 0.02 0.00 0.00 0.00

4.84 4161.36
0.63 0.57 1.36 14809.56
0.27
0.00 0.00 0.00 0.00 0.00 0.00 0.00
#DIV/0! 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.25
Profit And Loss Statement - Sun Pharma
Rs in milli
Particulars FY04 FY05 FY06 FY07 FY08
Net Sales 9347.40 9956.20 12916.40 16625.60 23656.40
% Growth 0% 6.51% 29.73% 28.72% 42.29%
Total Revenue 10552.70 12468.10 18069.50 24040.20 32768.40
% Growth 0% 18.15% 44.93% 33.04% 36.31%
EXPENDITURES
Staff Costs 563.90 653.10 820.10 988.70 1435.60
% of Net Sales 6% 6.56% 6.35% 5.95% 6.07%
Other Manufacturing/Operating costs
4713.20 6616.30 9266.90 13142.80 15271.60
% of Net Sales 50% 66.45% 71.75% 79.05% 64.56%
Miscellaneous Expenses 2094.00 1635.60 2688.40 3040.60 4978.10
% of Net Sales 22% 16.43% 20.81% 18.29% 21.04%
Total Expenditures 7371.10 8905.00 12775.40 17172.10 21685.30
% of Net Sales 79% 89.44% 98.91% 103.29% 91.67%
EBITDA 1976.30 1051.20 141.00 -546.50 1971.10
EBITDA Margin % 21% 10.56% 1.09% -3.29% 8.33%
Growth % -46.81% -86.59% -487.59% -460.68%
Depreciation & Amortisation 232.10 287.70 407.30 462.70 561.10
EBIT 1744.20 763.50 -266.30 -1009.20 1410.00
Financial Charges 0.00 0.00 0.00 0.00 0.00
Other Income 1205.30 2511.90 5153.10 7414.60 9112.00
PBT 2949.50 3275.40 4886.80 6405.40 10522.00
Pre-tax Margin % 31.55% 32.90% 37.83% 38.53% 44.48%
Tax 145.30 177.70 273.90 116.10 381.60
Effective Tax Rate % 5% 5.43% 5.60% 1.81% 3.63%
Adjusted PAT 2804.20 3097.70 4612.90 6289.30 10140.40
Net Profit Margin % 30% 31.11% 35.71% 37.83% 42.87%
Growth in Adjusted PAT % 0% 10.47% 48.91% 36.34% 61.23%
Extrodinary Income 0.00 0.00 0.00 0.00 0.00
Reported PAT 2804.20 3097.70 4612.90 6289.30 10140.40
Shares In Issue 190.07 185.51 185.69 193.43 193.43
Adjusted EPS 14.75 16.70 24.84 32.52 52.43
Growth % 0% 13.18% 48.77% 30.89% 61.23%
Dividend paid 0 0 0 0 3549

Dividend pay out ratio 0.00 0.00 0.00 0.00 0.35
Net profit transferred to Reserves Acccount
2804.20 3097.70 4612.90 6289.30 6591.40
DPS 0.00 0.00 0.00 0.00

click to go back
Rs in million
FY09(E) FY10(E)
33594.30 47707.27
42.01% 42.01%
45409.12 62927.95
38.58% 38.58%
2049.25 2174.26
6.10% 6.10%
24041.89 41248.67
71.57% 71.57%
5165.17 5959.57
15.38% 15.38%
31256.31 49382.50
93.04% 103.51% 0.02 0.02 0.02
2338.00 -1675.22
6.96% -3.51% 191.90
18.61% -171.65% 0.34
753.00 1010.53 7840.95
1585.00 -2685.75 1.34
0.00 0.00
11814.81 15312.00 0.21 0.15 0.12 #DIV/0!
13399.81 12626.25 0.3
39.89% 26.47% 1.3
463.33 562.48
3.46% 4.45% 0.21
12936.48 12063.76 1.21
38.51% 25.29% 0.37
27.57% -6.75%
0.00 0.00
12936.48 12063.76
207.11 207.11
62.46 58.25
19.14% -6.75%
4528 4222
0.35 0.35
8408.48 7841.76
Company - Sun Pharma click to go back
(UN)AUDITED FINANCIAL RESULTS FOR
QUARTER ENDED 31st Jun/Sep/Dec/Mar
(Rs. in millions, except per share data) Stand alone
S
r.N Particulars
o. 2003-04
Annual(Apr-Mar)
1 Turnover 9347.40
Less Excise Duty 0.00
2 Net Turnover 9347.40
3 Other Income 1205.30
4 Total Operational Expenditure 7371.10
a) Materials 4400.60
b) Purchase of Traded Goods
c) (Increase)/Decrease in Stock in Trade & WIP -165.90
d) Manufacturing Expenses*
e) Cost of Power & Fuel
f) Freight Forwarding charges etc.
g) Research & Development Exp. 478.50
h) Staff Cost 563.90
i) Other expenditure(Administrative, Selling & Other Expenses) 2094.00
5 Operating Profit (PBDIT) 1976.30
Depreciation 232.10
6 PBIT 1744.20
Interest & Financial Charges 0.00
7 Profit before Tax 2949.50
8 Provision for Current Tax (incl. FBT) 85.30
9 Provision for deferred Tax 60.00
Others 0.00
10 Profit After Tax (Reported PAT) 2804.20
11 0 Extra Ordinary Items 0.00
12 Net Profit (Adjusted PAT) 2804.20
Paid up equity share Capital
13 (Equity share of Rs 10 each) 463.80
14 Reserves and surplus incl. revaluation reserve 8432.40
15 Earning per share (each of Rs 10)
a) Basic 30.23
b) Diluted 30.23
16 Number of Outsanding Shares (of par value Rs 10)
a Basic 92.77
b Diluted (Incl. of bonus & convertible debentures) 92.77
17 Share price (Current price) 0
Market Capitalization
18 Dividend (Annual Data only)
Dividend %
Preference Dividend
Dividend %
19 Retained earnings (Annual Data only)
20 Capital Employed (Annual Data only)
a Total asset
b Current Liability
2003-04
As a percentage of Turnover Annual(Apr-Mar)
Materials 47.08%
Purchase of Traded Goods 0.00%
(Increase)/Decrease in Stock in Trade & WIP -1.77%
Manufacturing Expenses 0.00%
Cost of Power & Fuel 0.00%
Freight Forwarding charges etc. 0.00%
Research & Development Exp. 5.12%
Staff Cost 6.03%
Other expenditure(Administrative, Selling & Other Expenses) 22.40%
Depreciation 2.48%
Interest & Financial Charges 0.00%
Provision for Current Tax (incl. FBT) 0.91%
Provision for deferred Tax 0.64%
Other income as a % of revenue 12.89%
Total Tax 145.30
Tax as a %age of EBIT 8.33%
Current tax as a %age of EBIT 4.89%
Deferred Tax as a %age of EBIT 3.44%
Bharat Forge Ltd.

Segment revenue
Steel Forging
Gen. Engg., Trading etc
Inter Segment Revenue
Total
EBIT
Steel Forging
Inter Segment Profit/ Un allocable Income
Total
Capital Employed
Steel Forging
Unallocable
Total Capital employed
% of subsidaries income 21.94%
Subsidaires income 2935.50
Actual Total Sales 13379.00
2004-05 2004-05 2004-05 2004-05 2004-05 2004-05 2004-05

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)
2698.30 2666.40 5364.70 2925.80 8290.50 3047.90 10443.50
0.00 0.00 0.00 0.00 0.00 0.00 487.30
2698.30 2666.40 5364.70 2925.80 8290.50 3047.90 9956.20
534.90 594.90 1129.80 601.10 1730.90 220.40 2511.90
2379.90 2367.10 4747.00 2417.90 7164.90 2212.80 8905.00
1510.40 1437.70 2948.10 1536.20 4484.30 1262.80 5564.40
0.00 0.00 0.00
30.40 59.70 90.10 -17.70 72.40 (25.00) 47.40
0.00 0.00 120.10
0.00 0.00 143.00
0.00 0.00 0.00
147.80 183.50 331.30 188.00 519.30 242.10 741.40
161.30 165.20 326.50 169.30 495.80 150.00 653.10
530.00 521.00 1051.00 542.10 1593.10 582.90 1635.60
318.40 299.30 617.70 507.90 1125.60 835.10 1051.20
65.20 70.80 136.00 71.20 207.20 80.50 287.70
253.20 228.50 481.70 436.70 918.40 754.60 763.50
0.00 0.00 0.00 28.70 28.70 0.00 0.00
788.10 823.40 1611.50 1009.10 2620.60 975.00 3275.40
22.50 17.50 40.00 10.30 50.30 30.00 65.30
15.00 13.00 28.00 34.00 62.00 23.50 112.40
0.00 0.00 0.00 0.00 0.00 0.00 0.00
750.60 792.90 1543.50 964.80 2508.30 921.50 3097.70
0 0 0.00 -157.6 -157.60 0 0.00
750.60 792.90 1543.50 807.20 2350.70 921.50 3097.70
927.60 927.60 0.00 927.60 0.00 927.60 927.60

0.00 0.00 0.00 0.00 0.00 0.00 0.00
4.05 4.27 #DIV/0! 4.35 #DIV/0! 4.97 16.70

4.05 4.27 #DIV/0! 4.35 #DIV/0! 4.97 16.70
185.51 185.51 0.00 185.51 0.00 185.51 185.51

185.51 185.51 0.00 185.51 0.00 185.51 185.51
0 0.00 0.00 0.00 0.00 0.00 0.00
2004-05 2004-05 2004-05 2004-05 2004-05 2004-05 2004-05
55.98% 53.92% 54.95% 52.51% 54.09% 41.43% 55.89%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.13% 2.24% 1.68% -0.60% 0.87% -0.82% 0.48%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.21%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.44%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.48% 6.88% 6.18% 6.43% 6.26% 7.94% 7.45%
5.98% 6.20% 6.09% 5.79% 5.98% 4.92% 6.56%
19.64% 19.54% 19.59% 18.53% 19.22% 19.12% 16.43%
2.42% 2.66% 2.54% 2.43% 2.50% 2.64% 2.89%
0.00% 0.00% 0.00% 0.98% 0.35% 0.00% 0.00%
0.83% 0.66% 0.75% 0.35% 0.61% 0.98% 0.66%
0.56% 0.49% 0.52% 1.16% 0.75% 0.77% 1.13%
19.82% 22.31% 21.06% 20.54% 20.88% 7.23% 25.23%
37.50 30.50 68.00 44.30 112.30 53.50 177.70
23.27%
8.89% 7.66% 8.30% 2.36% 5.48% 3.98% 8.55%
14.72%
OTHER INCOME
2004-05 Q2 JAS 22.31%

2005-06 Q2 JAS 4.62%
2006-07 Q2 JAS 45.73% 0.24
2007-08 Q2 JAS 40.01% 0.3 0.39
2008-09 Q2 E JAS 0.39
materials Q3 3 YR MOVINGincrease
AVG ingrowth rate above avg
2004-05 Q2 JAS 20.54%
2005-06 Q2 JAS 4.51%
2006-07 Q2 JAS 46.61% 0.24
2007-08 Q2 JAS 30.85% 0.27 0.36
2008-09 Q2 E JAS 0.36
materialsQ4 3 YR MOVINGincrease
2004-05 Q2 JAS 7.23%
2005-06 Q2 JAS 8.55%
2006-07 Q2 JAS 47.16% 0.21
2007-08 Q2 JAS 42.69% 0.33 0.43
2008-09 Q2 E JAS 0.43
8905 % of subsidaries income 27.83%
0.00 Subsidaires income 5218.20
2005-06 2005-06 2005-06 2005-06 2005-06 2005-06 2005-06

4402.40 4540.30 4540.30 4432.40 8972.70 4332.40 13530.10
0.00 173.80 173.80 149.70 323.50 146.10 613.70
4402.40 4366.50 4366.50 4282.70 8649.20 4186.30 12916.40
203.60 201.60 405.20 193.30 598.50 358.00 5153.10
3235.80 3305.40 4976.10 3195.50 7289.20 3150.50 12775.40
2205.50 2256.60 4462.10 2311.70 6773.80 2097.00 8319.00
0.00 0.00 0.00
-151.20 -3.00 -154.20 -254.30 -408.50 (149.60) -558.10
0.00 0.00 116.10
0.00 0.00 255.50
0.00 0.00 0.00
193.40 0.00 193.40 0.00 193.40 0.00 1134.40
215.90 258.90 474.80 255.70 730.50 236.20 820.10
772.20 792.90 882.40 966.90 2688.40
1166.60 1061.10 -609.60 1087.20 1360.00 1035.80 141.00
83.60 100.20 183.80 108.90 292.70 105.10 407.30
1083.00 960.90 -793.40 978.30 1067.30 930.70 -266.30
0.00 0.00 0.00 0.00 0.00 0.00 0.00
1286.60 1162.50 -388.20 1171.60 1665.80 1288.70 4886.80
28.90 26.70 55.60 88.50 144.10 129.80 73.80
0.00 0.00 0.00 0.00 0.00 0.00 191.40
0.00 0.00 0.00 0.00 0.00 0.00 8.70
1257.70 1135.80 -443.80 1083.10 1521.70 1158.90 4612.90
0 0 0.00 0 0.00 0 0.00
1257.70 1135.80 -443.80 1083.10 1521.70 1158.90 4612.90
927.60 927.60 0.00 927.60 0.00 928.70 928.70

0.00 0.00 0.00 0.00 0.00 0.00 13706.70
6.78 6.12 #DIV/0! 5.84 #DIV/0! 6.24 24.84

6.78 6.12 #DIV/0! 5.84 #DIV/0! 6.24 24.84
185.53 185.54 0.00 185.52 0.00 185.69 185.69

185.53 185.54 0.00 185.52 0.00 185.69 185.69
0 0.00 0.00 0.00 0.00 0.00 0.00
2005-06 2005-06 2005-06 2005-06 2005-06 2005-06 2005-06
50.10% 51.68% 102.19% 53.98% 78.32% 50.09% 64.41%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
-3.43% -0.07% -3.53% -5.94% -4.72% -3.57% -4.32%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.90%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.98%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4.39% 0.00% 4.43% 0.00% 2.24% 0.00% 8.78%
4.90% 5.93% 10.87% 5.97% 8.45% 5.64% 6.35%
17.54% 18.16% 0.00% 20.60% 0.00% 23.10% 20.81%
1.90% 2.29% 4.21% 2.54% 3.38% 2.51% 3.15%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.66% 0.61% 1.27% 2.07% 1.67% 3.10% 0.57%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.48%
4.62% 4.62% 9.28% 4.51% 6.92% 8.55% 39.90%
28.90 26.70 55.60 88.50 144.10 129.80 265.20
2.67% 2.78% -7.01% 9.05% 13.50% 13.95% -99.59%
2.67% 2.78% -7.01% 9.05% 13.50% 13.95% -27.71%
-71.87%
materials 3 YR MOVINGincrease
2004-05 Q1 AMJ 55.98%
2005-06 Q1 AMJ 50.10%
2006-07 Q1 AMJ 51.04% 0.52
2007-08 Q1 AMJ 72.78% 0.58 0.7
2008-09 Q1 E AMJ 0.7
3 YR MOVINGincrease
2004-05 Q1 AMJ 5.98%
2005-06 Q1 AMJ 4.90%
2006-07 Q1 AMJ 5.82% 0.06
2007-08 Q1 AMJ 7.13% 0.06 0.07
2008-09 Q1 E AMJ 0.07
2004-05 Q1 AMJ 0.83%
2005-06 Q1 AMJ 0.66%
2006-07 Q1 AMJ 0.55% 0.01
2007-08 Q1 AMJ 1.77% 0.01 0.01
2008-09 Q1 E AMJ 0.01
% of subsidaries income
Subsidaires income
Actual Total Sales
2006-07 2006-07 2006-07 2006-07 2006-07 2006-07

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM
5544.00 4234.60 9778.60 4309.00 14087.60 4462.20
135.30 174.70 310.00 129.90 439.90 155.80
5408.70 4059.90 9468.60 4179.10 13647.70 4306.40
250.90 1856.60 2107.50 1947.90 4055.40 2031.00
4031.80 4166.10 6284.00 4312.40 9493.60 4662.10
2760.40 2868.40 5628.80 3020.10 8648.90 3350.10
0.00 0.00
40.90 -10.20 30.70 -124.50 -93.80 (320.30)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
314.70 309.80 624.50 314.00 938.50 306.40
915.80 998.10 1102.80 1325.90
1376.90 -106.20 3184.60 -133.30 4154.10 -355.70
118.10 117.10 235.20 125.40 360.60 102.10
1258.80 -223.30 2949.40 -258.70 3793.50 -457.80
0.00 0.00 0.00 0.00 0.00 0.00
1509.70 1633.30 5056.90 1689.20 7848.90 1573.20
29.50 32.20 61.70 37.90 99.60 16.50
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1480.20 1601.10 4995.20 1651.30 7749.30 1556.70
0 0 0.00 0 0.00 0
1480.20 1601.10 4995.20 1651.30 7749.30 1556.70
930.30 933.30 0.00 950.30 0.00 967.00

0.00 0.00 0.00 0.00 0.00 0.00
7.95 8.58 #DIV/0! 8.69 #DIV/0! 8.05

7.95 8.58 #DIV/0! 8.69 #DIV/0! 8.05
186.08 186.69 0.00 190.07 0.00 193.43

186.08 186.69 0.00 190.07 0.00 193.43
0 0.00 0.00 0.00 0.00 0.00
2006-07 2006-07 2006-07 2006-07 2006-07 2006-07
AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM
51.04% 70.65% 59.45% 72.27% 63.37% 77.79%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.76% -0.25% 0.32% -2.98% -0.69% -7.44%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.82% 7.63% 6.60% 7.51% 6.88% 7.11%
16.93% 24.58% 0.00% 26.39% 0.00% 30.79%
2.18% 2.88% 2.48% 3.00% 2.64% 2.37%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.55% 0.79% 0.65% 0.91% 0.73% 0.38%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4.64% 45.73% 22.26% 46.61% 29.71% 47.16%
29.50 32.20 61.70 37.90 99.60 16.50
2.34% -14.42% 2.09% -14.65% 2.63% -3.60%
2.34% -14.42% 2.09% -14.65% 2.63% -3.60%
3 YR MOVING AVGincrease ingrowth rate above avg materialsQ2

2004-05 Q1 AMJ 17.54% 2004-05 Q2 JAS
2005-06 Q1 AMJ 16.93% 2005-06 Q2 JAS
2006-07 Q1 AMJ 19.64% 0.18 2006-07 Q2 JAS
2007-08 Q1 AMJ 19.27% 0.19 0.2 2007-08 Q2 JAS
2008-09 Q1 E AMJ 0.2 2008-09 Q2 E JAS
2004-05 Q1 AMJ 2.42% materials Q3

2005-06 Q1 AMJ 1.90% 2004-05 Q2 JAS
2006-07 Q1 AMJ 2.18% 0.02 2005-06 Q2 JAS
2007-08 Q1 AMJ 2.66% 0.02 0.03 2006-07 Q2 JAS
2008-09 Q1 E AMJ 0.03 2007-08 Q2 JAS
2008-09 Q2 E JAS
2004-05 Q1 AMJ 19.82%
2005-06 Q1 AMJ 4.64% materialsQ4
2006-07 Q1 AMJ 4.62% 0.1 2004-05 Q2 JAS
2007-08 Q1 AMJ 46.93% 0.19 0.24 2005-06 Q2 JAS
2008-09 Q1 E AMJ 0.24 2006-07 Q2 JAS
2007-08 Q2 JAS
2004-05 Q1 AMJ 1.13% 2008-09 Q2 E JAS
2005-06 Q1 AMJ -3.43%
2006-07 Q1 AMJ 0.76% -0.01
2007-08 Q1 AMJ -0.97% -0.01 -0.01
2008-09 Q1 E AMJ -0.01
33.79% % of subsidaries income
8790.00 Subsidaires income
26011.30 Actual Total Sales
2006-07 2007-08 2007-08 2007-08 2007-08 2007-08

Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)
17221.30 5246.30 5412.80 10659.10 7339.10 17998.20
595.70 158.20 158.20 158.20
16625.60 5088.10 5412.80 10500.90 7339.10 17840.00
7414.60 2387.90 2328.10 4716.00 2264.20 6980.20
17172.10 4996.80 9798.20 10620.00 5814.80 16434.80
11579.80 3703.20 3826.90 7530.10 3956.30 11486.40
0.00 0.00 0.00
-414.10 -49.50 -58.10 -107.60 -36.10 -143.70
129.50 0.00 0.00
311.40 0.00 0.00
0.00 0.00 0.00
1536.20 0.00 0.00 0.00 0.00 0.00
988.70 362.80 348.10 710.90 356.80 1067.70
3040.60 980.30 5681.30 2486.60 1537.80 4024.40
-546.50 91.30 -4385.40 -119.10 1524.30 1405.20
462.70 135.20 136.90 272.10 140.50 412.60
-1009.20 -43.90 -4522.30 -391.20 1383.80 992.60
0.00 0.00 0.00 0.00 0.00 0.00
6405.40 2344.00 -2194.20 4324.80 3648.00 7972.80
56.30 89.90 -614.38 -524.48 188.70 -335.78
48.80 0.00 0.00 0.00 0.00 0.00
11.00 0.00 0.00 0.00 0.00 0.00
6289.30 2254.10 -1579.82 4849.28 3459.30 8308.58
0.00 0 0 0.00 0 0.00
6289.30 2254.10 -1579.82 4849.28 3459.30 8308.58
967.00 985.50 995.90 178.50 1007.20 178.50

23514.20 0.00 0.00 0.00 0.00 0.00
32.52 11.44 -7.93 24.60 17.17 42.15

32.51 11.44 -7.93 24.60 17.17 42.15
193.43 197.12 199.20 197.12 201.45 197.12

193.43 197.12 199.20 197.12 201.45 197.12
0.00 1022.1 965.50 0.00 965.50 0.00
9504.40
2006-07 2007-08 2007-08 2007-08 2007-08 2007-08

Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)
69.65% 72.78% 70.70% 71.71% 53.91% 64.39%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
-2.49% -0.97% -1.07% -1.02% -0.49% -0.81%
0.78% 0.00% 0.00% 0.00% 0.00% 0.00%
1.87% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9.24% 0.00% 0.00% 0.00% 0.00% 0.00%
5.95% 7.13% 6.43% 6.77% 4.86% 5.98%
18.29% 19.27% 104.96% 23.68% 20.95% 22.56%
2.78% 2.66% 2.53% 2.59% 1.91% 2.31%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.34% 1.77% -11.35% -4.99% 2.57% -1.88%
0.29% 0.00% 0.00% 0.00% 0.00% 0.00%
44.60% 46.93% 43.01% 44.91% 30.85% 39.13%
105.10 89.90 -614.38 -524.48 188.70 -335.78
-10.41% -204.78% 13.59% 134.07% 13.64% -33.83%
-5.58%
-4.84%
3 YR MOVINGincrease
AVG ingrowth rate above avg OTHER EXPEMSEQ2
53.92% 2004-05 Q2 JAS
51.68% 2005-06 Q2 JAS 18.16%
70.65% 0.59 2006-07 Q2 JAS 24.58%
70.65% 0.64 0.77 2007-08 Q2 JAS 104.96%
0.77 2008-09 Q2 E JAS 0.52
3 YR MOVINGincrease
AVG ingrowth rate above avg materials Q3
52.51% 2004-05 Q2 JAS
53.58% 2005-06 Q2 JAS 20.60%
72.27% 0.59 2006-07 Q2 JAS 26.39%
53.91% 0.6 0.72 2007-08 Q2 JAS 20.95%
0.72 2008-09 Q2 E JAS 0.24
3 YR MOVINGincrease
AVG ingrowth rate above avg materialsQ4
41.43% 2004-05 Q2 JAS
50.09% 2005-06 Q2 JAS 23.10%
77.79% 0.56 2006-07 Q2 JAS 30.79%
68.07% 0.65 0.78 2007-08 Q2 JAS 22.44%
0.78 2008-09 Q2 E JAS 0.27
bsidaries income 9.05%
ires income 2354.90 4978.1
Total Sales 26011.30
2007-08 2007-08 2008-09E 2008-09E 2008-09E 2008-09E

JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND
5816.40 23656.40 7423.12 7312.36 14735.48 11445.81
0.00
5816.40 23656.40 7084.83 7312.36 14735.48 11445.81
2483.10 9112.00 1725.09 2863.23 4588.31 4065.59
5601.80 21685.30 6977.44 9829.98 16807.42 11272.96
3959.10 15445.50 5164.12 5644.56 10808.67 8229.99
0.00 0.00
-30.20 -173.90 -90.26 -40.75 -131.01 -376.92
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00
367.90 1435.60 452.81 446.05 898.86 698.19
1305.00 4978.10 1450.77 3780.12 5230.90 2721.70
214.60 1971.10 107.39 -2517.62 -2071.94 172.84
148.30 561.10 200.13 206.67 406.80 211.46
66.30 1410.00 -92.74 -2724.29 -2478.74 -38.62
0.00 0.00 0.00
2549.40 10522.00 1632.35 138.93 2109.57 4026.97
70.50 381.60 77.41 -266.67 -189.25 232.69
0.00 0.00 0.00
0.00 0.00 0.00
2478.90 10140.40 1554.93 405.60 2298.82 3794.28
0 0.00 0.00
2478.90 10140.40 1554.93 405.60 2298.82 3794.28
1035.60 1035.60 0.00

41040.60 0.00
11.97 51.44 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

11.97 51.44 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
207.09 197.12 0.00

207.09 197.12 0.00
0.00 0.00 0
0.52
2007-08 2007-08 2008-09E 2008-09E 2008-09E 2008-09E

JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND
68.07% 65.29% 72.89% 77.19% 73.35% 71.90%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
-0.52% -0.74% -1.27% -0.56% -0.89% -3.29%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6.33% 6.07% 6.39% 6.10% 6.10% 6.10%
22.44% 21.04% 20.48% 51.70% 35.50% 23.78%
2.55% 2.37% 2.82% 2.83% 2.76% 1.85%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.21% 1.61% 1.09% -3.65% -1.28% 2.03%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
42.69% 38.52% 24.35% 39.16% 31.14% 35.52%
70.50 381.60 77.41 -266.67 -189.25 232.69
106.33% 27.06% -83.47% 9.79% 7.64% -602.55%
3 YR MOVING AVG
increase ingrowth rate above avg STAFFQ2 3 YR MOVING AVG
2004-05 Q2 JAS
2005-06 Q2 JAS 5.93%
0.14 2006-07 Q2 JAS 7.63% 0.05
0.49 0.52 2007-08 Q2 JAS 6.43% 0.07
2008-09 Q2 E JAS 0.08
3 YR MOVING AVG
increase ingrowth rate above avg materials Q3 3 YR MOVING AVG
2004-05 Q2 JAS
2005-06 Q2 JAS 5.97%
0.16 2006-07 Q2 JAS 7.51% 0.04
0.23 0.24 2007-08 Q2 JAS 4.86% 0.06
2008-09 Q2 E JAS 0.07
3 YR MOVING AVG
increase ingrowth rate above avg materialsQ4 3 YR MOVING AVG
2004-05 Q2 JAS
2005-06 Q2 JAS 5.64%
0.18 2006-07 Q2 JAS 7.11% 0.04
0.25 0.27 2007-08 Q2 JAS 6.33% 0.06
2008-09 Q2 E JAS 0.08
wipQ2 3 YR MOVING AVG

2004-05 Q2 JAS
2005-06 Q2 JAS -0.07%
2006-07 Q2 JAS -0.25% 0
2007-08 Q2 JAS -1.07% 0
2008-09 Q2 E JAS -0.01
materials Q3 3 YR MOVING AVG

2004-05 Q2 JAS
2005-06 Q2 JAS -5.94%
2006-07 Q2 JAS -2.98% -0.03
2007-08 Q2 JAS -0.49% -0.03
2008-09 Q2 E JAS -0.03
materialsQ4 3 YR MOVING AVG

2004-05 Q2 JAS
2005-06 Q2 JAS -3.57%
2006-07 Q2 JAS -7.44% -0.04
2007-08 Q2 JAS -0.52% -0.04
2008-09 Q2 E JAS -0.04
% of subsidaries income -29.15%
Subsidaires income -7583.00
2008-09E 2008-09E 2008-09E

9-m (Apr-Dec) JFM Annual(Apr-Mar)
26181.29 7413.02 33594.30
0.00 0.00
26181.29 7413.02 33594.30
8653.90 3160.91 11814.81 45409.12
28080.39 7943.77 31256.31
19038.67 5810.32 24848.99
0.00 0.00
-507.94 -299.17 -807.10 24041.89
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
1597.06 452.19 2049.25
7952.60 1980.42 5165.17 9933.02 5165.17
-1899.10 -530.76 2338.00
618.26 201.99 753.00
-2517.36 -732.74 1585.00
0.00 0.00
6136.54 2428.17 13399.81
43.44 127.64 463.33
0.00 0.00
0.00 0.00
6093.10 2300.53 12936.48
0.00 0.00
6093.10 2300.53 12936.48
0.00 0.00
0.00 0.00
#DIV/0! #DIV/0! 62.46

#DIV/0! #DIV/0! #DIV/0!
207.11
2008-09E 2008-09E 2008-09E
9-m (Apr-Dec) JFM Annual(Apr-Mar)
72.72% 78.38% 73.97% #DIV/0!
0.00% 0.00% 0.00% #REF!
-1.94% -4.04% -2.40% #DIV/0!
0.00% 0.00% 0.00% #DIV/0!
0.00% 0.00% 0.00% #DIV/0!
0.00% 0.00% 0.00% #DIV/0!
0.00% 0.00% 0.00% #DIV/0!
6.10% 6.10% 6.10% #DIV/0!
30.38% 26.72% 15.38% #DIV/0!
2.36% 2.72% 2.24% #DIV/0!
0.00% 0.00% 0.00% #DIV/0!
0.17% 1.72% 1.38% #DIV/0!
0.00% 0.00% 0.00% #DIV/0!
33.05% 42.64% 35.17% #DIV/0!
43.44 127.64 463.33
-1.73% -17.42% 29.23%
increase ingrowth rate above avg depriQ2 3 YR MOVING

increase
AVGingrowth rate above avg
2004-05 Q2 JAS
2005-06 Q2 JAS 2.29%
2006-07 Q2 JAS 2.88% 0.02
0.08 2007-08 Q2 JAS 2.53% 0.03 0.03
2008-09 Q2 E JAS 0.03
increase ingrowth rate above avg materials Q3 3 YR MOVING

increase
2004-05 Q2 JAS
2005-06 Q2 JAS 2.54%
2006-07 Q2 JAS 3.00% 0.02
0.07 2007-08 Q2 JAS 1.91% 0.02 0.03
2008-09 Q2 E JAS 0.03
increase ingrowth rate above avg materialsQ4 3 YR MOVING

increase
2004-05 Q2 JAS
2005-06 Q2 JAS 2.51%
2006-07 Q2 JAS 2.37% 0.02
0.08 2007-08 Q2 JAS 2.55% 0.02 0.03
2008-09 Q2 E JAS 0.03
increase ingrowth rate above avg taxQ2 3 YR MOVING

increase
2004-05 Q2 JAS
2005-06 Q2 JAS 0.61%
2006-07 Q2 JAS 0.79% 0
-0.01 2007-08 Q2 JAS -11.35% -0.03 -0.04
2008-09 Q2 E JAS -0.04
increase ingrowth rate above avg materials Q3 3 YR MOVING

increase
2004-05 Q2 JAS
2005-06 Q2 JAS 2.07%
2006-07 Q2 JAS 0.91% 0.01
-0.03 2007-08 Q2 JAS 2.57% 0.02 0.02
2008-09 Q2 E JAS 0.02
increase ingrowth rate above avg materialsQ4 3 YR MOVING

increase
2004-05 Q2 JAS
2005-06 Q2 JAS 3.10%
2006-07 Q2 JAS 0.38% 0.01
-0.04 2007-08 Q2 JAS 1.21% 0.02 0.02
2008-09 Q2 E JAS 0.02
Actuals
Projected
Company - Sun Pharma
Net sales (Operating revenue excluding other income)

Q1 AMJ Q2 JAS 6 months Q3 OND 9 months
FY 2004-05 2698.30 2666.40 5364.70 2925.80 8290.50

FY 2003-04 4402.40 4366.50 4366.50 4282.70 8649.20
YOY Growth% -38.71% -38.94% 22.86% -31.68% -4.15%
FY 2005-06 4402.40 4366.50 4366.50 4282.70 8649.20
FY 2004-05 2698.30 2666.40 5364.70 2925.80 8290.50
YOY Growth% 63.15% 63.76% -18.61% 46.38% 4.33%
FY 2006-07 5408.70 4059.90 9468.60 4179.10 13647.70
FY 2005-06 4402.40 4366.50 4366.50 4282.70 8649.20
YOY Growth% 22.86% -7.02% 116.85% -2.42% 57.79%
FY 2007-08 5088.10 5412.80 10500.90 7339.10 17840.00
FY 2006-07 5408.70 4059.90 9468.60 4179.10 13647.70
YOY Growth% -5.93% 33.32% 10.90% 75.61% 30.72%
FY 2008-09EE 7423.12 7312.36 14735.48 11445.81 26181.29
FY 2007-08 5088.10 5412.80 10500.90 7339.10 17840.00
YOY Growth% 45.89% 35.09% 40.33% 55.96% 46.76%
Segments
formulations
FY 2004-05
FY 2003-04
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2005-06
FY 2004-05
FY 2006-07 3562.34 3475.06 7034.87 3702.92 10738.52
FY 2005-06
Growth% #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2007-08 4489.11 4967.45 9456.44 6903.22 16335.27
FY 2006-07 3562.34 3475.06 7034.87 3702.92 10738.52
Growth% 26.02% 42.95% 34.42% 86.43% 52.12%
FY 2008-09E 6549.24 6710.72 13259.96 10766.02 24025.99
FY 2007-08 4489.11 4967.45 9456.44 6903.22 16335.27
Growth% 45.89% 35.09% 40.22% 55.96% 47.08%
bulk
FY 2004-05
FY 2003-04
FY 2005-06 624.35 595.96
FY 2004-05
FY 2006-07 645.60 753.91 1402.08 595.95 1997.29
FY 2005-06 624.35 595.96
Growth% 3.40% #DIV/0! #DIV/0! 0.00% #DIV/0!
FY 2007-08 750.39 592.90 1343.40 578.87 1946.48
FY 2006-07 645.60 753.91 1402.08 595.95 1997.29
Growth% 16.23% -21.36% -4.19% -2.87% -2.54%
FY 2008-09E 1094.76 800.97 1895.73 902.79 2798.51
FY 2007-08 750.39 592.90 1343.40 578.87 1946.48
Growth% 45.89% 35.09% 41.11% 55.96% 43.77%
Other
Other Sales (Operating revenue excluding other income)
FY 2004-05
FY 2003-04
FY 2005-06 7.31 10.13
FY 2004-05
FY 2006-07 7.57 5.63 13.15 10.13 23.30
FY 2005-06 7.31 10.13
Growth% 3.56% #DIV/0! #DIV/0! 0.00% #DIV/0!
FY 2007-08 6.80 6.25 13.05 6.31 19.55
FY 2006-07 7.57 5.63 13.15 10.13 23.30
Growth% -10.17% 11.01% -0.76% -37.71% -16.09%
FY 2008-09E 9.92 8.44 18.36 9.84 28.20
FY 2007-08 6.80 6.25 13.05 6.31 19.55
Growth% 45.89% 35.09% 40.72% 55.96% 44.27%
click to go back
Q4 JFM 12 months
3047.90 9956.20
4186.30 12916.40
-27.19% -22.92%
4186.30 12916.40
3047.90 9956.20
37.35% 29.73%
4306.40 16625.60
4186.30 12916.40
2.87% 28.72%
5816.40 23656.40
4306.40 16625.60
35.06% 42.29%
7413.02 33594.30
5816.40 23656.40
27.45% 42.01%
Q4 JFM 12 months
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
3966.11 14701.93
#DIV/0! #DIV/0!
5532.97 21815.54
3966.11 14701.93
39.51% 48.39%
7051.78 31077.77
5532.97 21815.54
27.45% 42.46%
Q4 JFM 12 months
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
481.13 2481.19
#DIV/0! #DIV/0!
430.69 2428.79
481.13 2481.19
-10.48% -2.11%
548.92 3347.43
430.69 2428.79
27.45% 37.82%
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
14.96 38.18
#DIV/0! #DIV/0!
8.54 29.17
14.96 38.18
-42.91% -23.60%
10.88 39.09
8.54 29.17
27.45% 34.00%
2004-05 2005-06 2006-07
Q1 AMJ 2004-05Q1 AMJ -38.71%
Q2 JAS 2004-05Q2 JAS -38.94%
Q3 OND 2004-05Q3 OND -31.68%
Q4 JFM 2004-05Q4 JFM -27.19%
2005-06Q1 AMJ 63.15%
2005-06Q2 JAS 63.76%
2005-06Q3 OND 46.38%
2005-06Q4 JFM 37.35%
2006-07Q1 AMJ 22.86%
2006-07Q2 JAS -7.02%
2006-07Q3 OND 57.79%
2006-07Q4 JFM 2.87%
FY 2007-08Q1 AMJ 28.72%
FY 2007-08Q2 JAS 31.00%
FY 2007-08Q3 OND 35.72%
FY 2007-08Q4 JFM 28.41%
FY 2008-09EEQ1 AMJ 45.89%
FY 2008-09EEQ2 JAS 35.09%
FY 2008-09EEQ3 OND 55.96%
FY 2008-09EEQ4 JFM 27.45%
3 Yr Average Increase in growth from average

2004-05Q1 AMJ 20.00%
2005-06Q1 AMJ 63.15% 41.58%
2006-07Q1 AMJ 22.86% 35.34% 3.75%
FY 2007-08Q1 AMJ 28.72% 38.24% 7.65%
FY 2008-09EEQ1 AMJ 45.89%

2004-05Q2 JAS 25.00%
2005-06Q2 JAS 63.76%
2006-07Q2 JAS -7.02% 27.25% 3.75%
FY 2007-08Q2 JAS 31.00% 29.24% 5.85%
FY 2008-09EEQ2 JAS 35.09%

2004-05Q3 OND 0.00%
2005-06Q3 OND 46.38%
2006-07Q3 OND 57.79% 34.72% 1.00%
FY 2007-08Q3 OND 35.72% 46.63% 9.33%
FY 2008-09EEQ3 OND 55.96%

2004-05Q4 JFM 18.00%
2005-06Q4 JFM 37.35%
2006-07Q4 JFM 2.87% 19.41% 9.00%
FY 2007-08Q4 JFM 28.41% 22.88% 4.58%
FY 2008-09EEQ4 JFM 27.45%
0.25
0.25
0.2 0.2
0.15 0.15
0.1 0.1
0.05 0.05
0
0 Column S
-0.05
-0.05
-0.1
-0.1 -0.15
-0.15 R R R R R
Ro Ro Ro Ro Ro Ro Ro Ro Ro Ro Ro Ro o o o o o
w6 w7 w8 w9 w w w w w w w w w w w w w
10 11 12 13 14 15 16 17
0.15
0.13
0.1
0.08
Column S
0.05
0.03
0
Row 31 Row 32 Row 33
0.25
0.2
0.15
0.1 Column S
0.05
0
0.2
0.15
0.1
Column S
0.05
0.2
0.15
0.1
Column S
0.05
0
0.2
0.1
0
Column S
-0.1
-0.2
operating matrices
foreign currency
0.25
0.2
0.15
0.1
0.05
0 Column S
-0.05
-0.1
-0.15
R R R R R R R R R R R R R R R R R R R R
o o o o o o o o o o o o o o o o o o o o
w w w w w w w w w w w w w w w w w w w w
COMPANY - Sun Pharma
Year CURRENT SHARE PRICE EPS

FY 06 (Mar 31) 866.4 24.8
FY 07 1054.0 32.5
FY 08 1231.4 52.4
FY 09E 62.5
FY 10E 58.2
Year PAT Shareholders Equity(NW)

FY 06 (Mar 31) 4612.9 14649.4
FY 07 6289.3 24494.9
FY 08 10140.4 42076.2
FY 09E 12936.5 50484.7
FY 10E 12063.8 58325.6
Year EBIT Total Asset-CL

FY 06 (Mar 31) -266.3 30266.80
FY 07 -1009.2 33877.90
FY 08 1410.0 48362.37
FY 09E 1585.0 53037.54
FY 10E -2685.7 57339.75
Year PAT EPS

FY 06 (Mar 31) 4612.9 24.8
FY 07 6289.3 32.5
FY 08 10140.4 52.4
FY 09E 12936.5 62.5
FY 10E 12063.8 58.2
a click to go back
P/ E
34.9
32.4
23.5
0.0
0.0
ROE
31.49%
25.68%
24.10%
25.62%
20.68%
ROCE
-0.88%
-2.98%
2.92%
2.99%
-4.68%
NO.of Outstanding
Shares (Incl. CD)
185.69
193.43
193.43
207.11
207.11
COMPANY - Sun Pharma click to go back
2003-04 2004-05 2005-06

As a percentage of Turnover Annual(Apr-Mar) Annual(Apr-Mar) Annual(Apr-Mar)
Materials 47.08% 55.89% 64.41%
Purchase of Traded Goods 0.00% 0.00% 0.00%
(Increase)/Decrease in Stock in Trade & WIP -1.77% 0.48% -4.32%
Manufacturing Expenses 0.00% 1.21% 0.90%
Cost of Power & Fuel 0.00% 1.44% 1.98%
Freight Forwarding charges etc. 0.00% 0.00% 0.00%
Research & Development Exp. 5.12% 7.45% 8.78%
Staff Cost 6.03% 6.56% 6.35%
22.40%
Other expenditure(Administrative, Selling & Other Expenses) 16.43% 20.81%
Depreciation 2.48% 2.89% 3.15%
Interest & Financial Charges 0.00% 0.00% 0.00%
Provision for Current Tax (incl. FBT) 0.91% 0.66% 0.57%
Provision for deferred Tax 0.64% 1.13% 1.48%
Other income% of revenue 12.89% 25.23% 39.90%
2004-05 2005-06
As a percentage of Turnover AMJ AMJ
Materials 55.98% 50.10%
Purchase of Traded Goods 0.00% 0.00%
(Increase)/Decrease in Stock in Trade & WIP 1.13% -3.43%
Manufacturing Expenses 0.00% 0.00%
Cost of Power & Fuel 0.00% 0.00%
Freight Forwarding charges etc. 0.00% 0.00%
Research & Development Exp. 5.48% 4.39%
Staff Cost 5.98% 4.90%
Other expenditure(Administrative, Selling & Other Expenses) 19.64% 17.54%
Depreciation 2.42% 1.90%
Interest & Financial Charges 0.00% 0.00%
Provision for Current Tax (incl. FBT) 0.83% 0.66%
Provision for deferred Tax 0.56% 0.00%
Other income% of revenue 19.82% 4.62%
2006-07 2007-08 2009E 2004-05 2005-06 2006-07
Annual(Apr-Mar) Annual(Apr-Mar) 6-m (Apr-Sep) 6-m (Apr-Sep) 6-m (Apr-Sep)
69.65% 65.29% 69.86% 54.95% 102.19% 59.45%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
-2.49% -0.74% -0.79% 1.68% -3.53% 0.32%
0.78% 0.00% 0.00% 0.00% 0.00% 0.00%
1.87% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9.24% 0.00% 0.00% 6.18% 4.43% 0.00%
5.95% 6.07% 6.49% 6.09% 10.87% 6.60%
18.29% 21.04% 22.52% 19.59% 0.00% 0.00%
2.78% 2.37% 2.54% 2.54% 4.21% 2.48%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.34% 1.61% 1.73% 0.75% 1.27% 0.65%
0.29% 0.00% 0.00% 0.52% 0.00% 0.00%
44.60% 46.83% 50.11% 21.06% 9.28% 22.26%
2006-07 2007-08 2009E 2004-05 2005-06 2006-07

AMJ AMJ JAS JAS JAS
51.04% 72.78% 77.88% 53.92% 51.68% 70.65%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.76% -0.97% -1.03% 2.24% -0.07% -0.25%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 6.88% 0.00% 0.00%
5.82% 7.13% 7.63% 6.20% 5.93% 7.63%
16.93% 19.27% 19.65% 19.54% 18.16% 24.58%
2.18% 2.66% 2.66% 2.66% 2.29% 2.88%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.55% 1.77% 1.77% 0.66% 0.61% 0.79%
0.00% 0.00% 0.00% 0.49% 0.00% 0.00%
4.64% 46.93% 46.93% 22.31% 4.62% 45.73%
2007-08 2009E 2004-05 2005-06 2006-07 2007-08
6-m (Apr-Sep) 9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec)
71.71% 54.09% 78.32% 63.37% 64.39%
0.00% 0.00% 0.00% 0.00% 0.00%
-1.02% 0.87% -4.72% -0.69% -0.81%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 6.26% 2.24% 0.00% 0.00%
6.77% 5.98% 8.45% 6.88% 5.98%
23.68% 19.22% 0.00% 0.00% 22.56%
2.59% 2.50% 3.38% 2.64% 2.31%
0.00% 0.35% 0.00% 0.00% 0.00%
-4.99% 0.61% 1.67% 0.73% -1.88%
0.00% 0.75% 0.00% 0.00% 0.00%
0.00% 20.88% 6.92% 29.71% 39.13%
2007-08 2009E 2004-05 2005-06 2006-07 2007-08 2009E

JAS OND OND OND OND
70.70% 71.41% 52.51% 53.98% 72.27% 53.91% 56.60%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
-1.07% -1.14% -0.60% -5.94% -2.98% -0.49% -0.53%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 6.43% 0.00% 0.00% 0.00% 0.00%
6.43% 6.56% 5.79% 5.97% 7.51% 4.86% 5.10%
104.96% 107.06% 18.53% 20.60% 26.39% 20.95% 21.37%
2.53% 2.53% 2.43% 2.54% 3.00% 1.91% 1.91%
0.00% 0.00% 0.98% 0.00% 0.00% 0.00% 0.00%
-11.35% -11.35% 0.35% 2.07% 0.91% 2.57% 2.57%
0.00% 0.00% 1.16% 0.00% 0.00% 0.00% 0.00%
43.01% 43.01% 20.54% 4.51% 46.61% 30.85% 30.85%
2004-05 2005-06 2006-07 2006-07 2009E
JFM JFM JFM JFM
41.43% 50.09% 77.79% 68.07% 71.47%
0.00% 0.00% 0.00% 0.00% 0.00%
-0.82% -3.57% -7.44% -0.52% -0.56%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
7.94% 0.00% 0.00% 0.00% 0.00%
4.92% 5.64% 7.11% 6.33% 6.64%
19.12% 23.10% 30.79% 22.44% 22.89%
2.64% 2.51% 2.37% 2.55% 2.55%
0.00% 0.00% 0.00% 0.00% 0.00%
0.98% 3.10% 0.38% 1.21% 1.21%
0.77% 0.00% 0.00% 0.00% 0.00%
7.23% 8.55% 47.16% 42.69% 42.69%
Sun Pharma
Financial Ratios
FY04 FY05 FY06 FY07 FY08
Profitability Ratios
Return on Assets (ROA) #DIV/0! 9.60% 12.80% 16.27% 18.88%
Return on Equity (ROE) #DIV/0! 28.02% 31.49% 25.68% 24.10%
Return on Capital Employed (ROCE) #DIV/0! 2.54% -0.80% -2.78% 2.76%
Dupont Analysis-ROE Decomposition
PAT/PBT (Tax Efficiency) 0.95 0.95 0.94 0.98 0.96
PBT/EBIT (Interest Burden) 1.69 4.29 -18.35 -6.35 7.46
EBIT/Sales (OPM) 0.19 0.08 -0.02 -0.06 0.06
Sales/Total Assets (Asset Turnover) #DIV/0! 0.31 0.36 0.43 0.44
TA/NW (Financial Leverage) #DIV/0! 2.92 2.46 1.58 1.28
ROE #DIV/0! 28.02 31.49 25.68 24.10
Liquidity Ratios
Current Ratio #DIV/0! 7.92 7.82 9.15 12.11
Acid Test Ratio #DIV/0! 7.08 6.91 7.75 10.58
Debt-Equity Ratio #DIV/0! 1.72 1.26 0.48 0.21
Efficiency Ratios
Assets Turnover Ratio #DIV/0! 0.31 0.36 0.43 0.44
Working Capital Turnover Ratio #DIV/0! 0.65 0.66 0.85 0.80
F.A. Turnover Ratio #DIV/0! 2.04 2.28 2.68 2.74
C.A. Turnover Ratio #DIV/0! 0.57 0.57 0.76 0.73
Debtors Velocity #DIV/0! 86.14 72.47 68.06 52.80
Margin Ratios (%)

EBITDA Margin 21.14% 10.56% 1.09% -3.29% 8.33%
Pre-Tax Margin 31.55% 32.90% 37.83% 38.53% 44.48%
Net Profit Margin 30.00% 31.11% 35.71% 37.83% 42.87%
Growth Ratios YoY (%)

Net Sales 0.00% 6.51% 29.73% 28.72% 42.29%
EBITDA 0.00% -46.81% -86.59% -487.59% -460.68%
Adj.PAT 0.00% 10.47% 48.91% 36.34% 61.23%
Adj.EPS 0.00% 13.18% 48.77% 30.89% 61.23%
Working Ratios (Days)

Inventory #DIV/0! 68.42 74.44 73.19 62.94
Debtors #DIV/0! 86.14 72.47 68.06 52.80
Net Working Capital Excluding Cash 0.00 6430.40 7377.70 7455.90 7964.97
Other Ratios (%)

Other Income/PBT 40.86% 76.69% 105.45% 115.76% 86.60%
Per Share (Rs.)

Adj.EPS 14.75 16.70 24.84 32.52 52.43
CEPS 15.97 18.25 27.04 3.49 5.53
DPS 0.00 0.00 0.00 0.00 1.83
BVPS 0.00 59.59 78.89 12.66 21.75
Cash Per Share 0.00 47.98 66.29 62.18 112.42
Valuation Parameters
P/E #REF! 28.23 34.88 32.42 23.49
P/CEPS #REF! 25.83 32.05 301.94 222.57
P/BV #REF! 7.91 10.98 83.23 56.61
EV/EBITDA #REF! 92.80 1184.94 -3730.01 1027.81
EV/SALES #REF! 9.80 12.94 122.61 85.64
click to go back
FY09(E) FY10(E)
22.09% 19.25%
25.62% 20.68%
2.84% -4.48%
0.97 0.96
8.45 -4.70
0.05 -0.06
0.57 0.76
1.16 1.07
25.62 20.68
11.10 11.10
9.36 9.01
0.11 0.03
0.57 0.76
1.20 1.78
2.85 3.45
1.10 1.62
41.25 31.92
6.96% -3.51%
39.89% 26.47%
38.51% 25.29%
42.01% 42.01%
18.61% -171.65%
27.57% -6.75%
19.14% -6.75%
52.29 42.44
41.25 31.92
8368.72 8962.22
88.17% 121.27%
62.46 58.25
6.61 6.31
2.19 2.04
24.38 28.16
94.37 86.34
0.00 0.00
0.00 0.00
0.00 0.00
927.59 -1293.40
64.56 45.42
Sun Pharma
Rs. in bln
Key Financials * FY 05 FY 06 FY 07 FY08
Net sales 9.96 12.92 16.63 23.66

%Growth #REF! 29.73% 28.72% 42.29%
EBITDA 1.05 0.14 -0.55 1.97
EBITDA Margin % 10.56% 1.09% -3.29% 8.33%
Adjusted PAT 3.10 4.61 6.29 10.14
%Growth #REF! 48.91% 36.34% 61.23%
Net profit margin % 31.11% 35.71% 37.83% 42.87%
EPS (based on Adj.Pat)* 16.70 24.84 32.52 52.43
Book value per share * 59.59 78.89 12.66 21.75
Return on equity 28.02% 31.49% 25.68% 24.10%
(*share split in the year FY07 from Rs.10 per share to Re.1 per share)
Key ratios (%) FY 05 FY 06 FY 07 FY08
Market Price 471.40 866.40 1054.00 1231.40

P/E 28.23 34.88 32.42 23.49
P/BV 7.91 10.98 83.23 56.61
EV/EBITDA 92.80 1184.94 -3730.01 1027.81
EV/Sales 9.80 12.94 122.61 85.64
Key data
Face value (Rs.)
Shares outstanding (mn)
Market cap (Rs. In bln)
52 week high/low (Rs.)
BSE Code
NSE Code
Bloomberg Code
Reuters Code
click to go back
Share split to
Rs. in bln
FY09E Valuation Inputs FY04 FY05 FY06 FY07
Price as on March 31 (Rs) #REF! 471.40 866.40 1054.00
33.59 No of Outstanding Shares 190.07 185.51 185.69 1934.26
42.01% Market Capitalisation #REF! 87449.41 160881.82 2038704.84
2.34 Debt 0.00 18999.50 18504.20 11774.70
6.96% Cash & Equivalents 0.00 8900.30 12309.80 12026.80
12.94 Enterprise Value #REF! 97548.61 167076.22 2038452.74
27.57% EBITDA 1976.30 1051.20 141.00 -546.50
38.51% Sales 9347.40 9956.20 12916.40 16625.60
62.46 EV/EBITDA #REF! 92.80 1184.94 -3730.01
24.38 EV/Sales #REF! 9.80 12.94 122.61
25.62%
FY09E
0.00
0.00
0.00
927.59
64.56
1
207.11
268.84
1550
524715
sunpharma
Share split to Re.1 per share from Rs.10
Rs. In million
FY08 FY09(E) FY10(E)
1054.00 1054.00 1054.00
1934.26 2071.10 2071.10
2038704.84 2182939.40 2182939.40
8960.97 5316.22 1671.47
21744.01 19545.53 17882.70
2025921.79 2168710.09 2166728.17
1971.10 2338.00 -1675.22
23656.40 33594.30 47707.27
1027.81 927.59 -1293.40
85.64 64.56 45.42
Sun Pharma
FY04 FY05 FY06 FY07 FY08 FY09(E)

PAT 2804.20 3097.70 4612.90 6289.30 10140.40 12936.48
Shareholders Equity (Networth) 0.00 11,054.50 14,649.40 24,494.90 42,076.20 50,484.68
Return of Equity (ROE) #DIV/0! 28.02% 31.49% 25.68% 24.10% 25.62%
Price/Book Value 56.21

Price 1054.00
Book Value 18.75
Cost of Equity (COE or Ke) 15.95%
Beta of the stock 0.4169

Rf (2017 GS Bonds) 9.45%
Rm 0.00%
Risk Premium 6.50%
Growth (g) = 15.77%
Sun Pharma
click to go back
FY10(E)
12063.76
58,325.63
20.68%
for the year ended march 2008
Parameters SUN PHARMA dr reddy

P/E 26.50 24.50
P/BV 4.69 2.90
EV/EBITDA 19.36 17.48
29th august
price 267.65 365.8
FY07
Name of the company Net Sales (Rs m) PAT (Rs m)
SUN PHARMA 23656.4 10140.40

dr reddy 33306.6 4752.20
CIPLA 42184.5 7014.30
12 months average share price Shares Outstanding (Millions)

SUN PHARMA 1170.5 1035.60
dr reddy 635.1 168.29
CIPLA 197.2 778.29
Peer set analysis (as on August 31, 2007)

Market Capitalization ( Rs sun pharma ranbaxy
mn ) 55,810.38 47,433.28
Book Value 10,414.30 13,148.32
Debt / Equity 1.09 0.42
P/E (Trailing) * 32.20 27.00
Dividend Yield %
EPS 5.59 12.38
Return on Net Worth 11.11 10.76
Current Ratio
Quick Ratio
* LNT was trading at a trailing P/E of 24.4 on August 31 the base date of this valuation exercise
CIPLA Average
23.9 24.97
3.57 3.72
14.4 17.08
132.45
EPS (Rs) ROE (%) book value
49.00 14.58% 42076.2

27.10 10.76% 48118.1
9.00 8.77% 37468.50
Market Capitalisation (m) Enterprise Value (m) Earnings(Adj PAT) BV per share
268841.8 268558.70 10140.40 40.63
111793.3 102599.60 4752.20 285.92
167303.1 166433.00 7014.30 48.14
EV= MARKET CAP-DEBT + CASH
2006-07
P/E expected eps Expected price
27.0 62.5 1686.4
33.3 62.5 2081.8
42.0 62.5 2623.3
P/BV expected book value
0.0300 50484.7 1514.5
0.0400 50484.7 2019.4
0.0500 50484.7 2524.2
Expected
EV/EBIDTA EV (m)
17.0 268558.7
26.0 268558.7 948.1
34.0 268558.7 948.1
07)
cipla
33,940.31
9,040.80
40.7
1.43
8.77
of this valuation exercise
EBIDTA CASH EPS P/E P/BV EV/EBIDTA
11083.10 283.1 49.00 26.5 0.03 24.23
7,562.80 9193.7 27.10 24.5 0.01 13.57
9,807.30 870.1 9.00 23.9 0.01 16.97

Sun+Pharma - Analysis

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sun+Pharma - Analysis

Uploaded by

Copyright:

Available Formats

VALUATION OF THE COMPANY Sun Pharma

Contents Click Below to go to Shee

s and 125% deduction on R&D outsourcing expenditure

zepine Tablets.And company get 180 day marketing exclusivity right.

artrate, Topiramate and generic tessalon

Date Sun Pharma Sensex Ri Ri-Avg(Ri) Rm RM-Avg(RM))

Average 0.04 0.14

Debt NW Total Interest kd

#DIV/0! #DIV/0! SUMMARY OUTPUT

year govt. bond

t Stat P-value Lower 95% Upper 95% Lower 95.0%Upper 95.0%

Assumptions FY07 FY08E FY09E FY10E FY11E

Revenue Growth (%) 28.7% 42.3% 42.0% 42.0% 20.0%

FY06 FY07 FY08 FY09(E) FY10(E)

Book Value of Debt 24494.9

Fundamental Value of Equity 9245913.2

No of Outstanding Shares 1934.26

Fundamental Value per share (Rs) 4780.09

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

Continuing Rate 5.00%

170.1 155.6 143.1 132.3

Table 1: DCF Sensitivity

122.9 333.8 107.1 94.5

ssumed to grow at 15% and 16% for FY11E and FY12E

E and FY12E the average of the 3 previous years is considered

Sustainable Growth Rate

Assumed to grow in long

EBIT 1744.20 763.50 -266.30 -1009.20 1410.00

Changes in Current Assets (excluding cash) ### (1619.50) 416.90 (792.17)

Cash Generated From Operations ### 4291.20 6740.60 10574.03

Less: Direct Taxes Paid ### 273.90 116.10 381.60

Cash Flow from Investing Activities

Capital Expenditure (CAPEX) ### (1150.70) (955.50) (2987.41)

Cash Flow from Financing Activities

Change in Debt ### (495.30) (6729.50) (2813.73)

cash balance as per balance sheet 12309.8 12026.8 21744.0

463.33 562.48 -0.29

current ratio #DIV/0! 7.92 7.82 9.15

cash from cash flow statement #REF! 12309.80 12026.80

0.22 0.26 0.34 0.39

7.92 7.82 9.15

Loans and advances turnover ratio

12.11 11.10 11.10 0.27 0.28

21744.01 19545.53 17882.70 12523.98

0.00 0.49 0.44 0.37 0.37 0.35 0.29

4450.15 10605.05 12168.30 16885.41 20644.77 18714.12

2192.05 4572.60 3923.95 2933.42 2455.71 1807.06

4.40 2.50 3.76 6.87 11.66 22.50

0.11 0.3 6042.3 4571.15 5300.26 6090.5

#DIV/0! 0.01 0.01 0.02 0.00 0.00 0.00

0.63 0.57 1.36 14809.56

Dividend paid 0 0 0 0 3549

DPS 0.00 0.00 0.00 0.00

Bharat Forge Ltd.

2004-05 2004-05 2004-05 2004-05 2004-05 2004-05 2004-05

927.60 927.60 0.00 927.60 0.00 927.60 927.60

4.05 4.27 #DIV/0! 4.35 #DIV/0! 4.97 16.70