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LUPIN LABORATORIES LIMITED

CONSOLIDATED BALANCE SHEET

As at March 31 2017 2016 2015


(in Rs. Millions)
ASSETS
Non-current assets
a. Property, plant and equipment 46,362.9 33,491.5 26,270.9
b. Capital work in progress 7,149.8 9,812.2 5,196.9
c. Goodwill on consolidation 23,100.1 22,654.4 16,252.8
d. Other intangible assets 40,866.3 31,023.7 929.4
e. Intangible assets under development 14,180.8 17,211.8 562.8
f. Financial assets
(i) Non-current investments
Investments accounted for using the equity method 164.3 88.1 30.3
Others 55.7 55.2 25.1
(ii) Non-current loans 765.2 518.4 338.8
(iii) Other non-current financial assets - - 3.2
g. Deferred tax assets (net) 5,076.4 3,358.5 2,561.7
h. Non-current tax assets (net) 1,048.4 646.0 294.2
i. Other non-current assets 7,761.2 8,514.8 2,103.5
146,531.1 127,374.6 54,569.6
Current assets
a. Inventories 36,422.8 32,736.5 25,036.1
b. Financial assets
(i) Current investments 21,141.3 20.2 16,587.0
(ii) Trade receivables 43,073.4 45,487.6 26,475.2
(iii) Cash and cash equivalents 6,818.3 7,926.6 4,413.0
(iv) Other bank balances 175.8 290.9 304.7
(v) Current loans 158.6 185.0 119.2
(vi) Other current financial assets 680.1 284.2 360.1
c. Current tax assets 308.8 31.6 10.4
d. Other current assets 10,762.6 11,911.4 4,734.4
119,541.7 98,874.0 78,040.1
TOTAL 266,072.8 226,248.6 132,609.7

EQUITY AND LIABILITIES


Equity
a. Equity share capital 903.2 901.2 899.0
b. Other equity 134,072.5 110,732.5 90,833.3
Equity attributable to owners of the Company 134,975.7 111,633.7 91,732.3
c. Non-controlling interest 345.2 320.8 241.0
135,320.9 111,954.5 91,973.3
Liabilities
Non-current liabilities
a. Financial liabilities
(i) Non-current borrowings 56,477.8 53,739.0 1,018.3
(ii) Trade Payables 59.0 127.6 66.3
(iii) Other non-current financial liabilities 4,764.8 3,556.0 1,016.9
b. Non-current provisions 3,087.3 1,900.0 1,620.3
c. Deferred tax liabilities (net) 3,948.5 3,266.8 1,527.5
d. Other non-current liabilities 1,208.6 1,093.0 754.2
69,546.0 63,682.4 6,003.5
Current liabilities
a. Financial liabilities
(i) Current borrowings 23,043.3 17,454.1 3,691.5
(ii) Trade payables 25,889.0 19,888.2 17,877.1
(iii) Other current financial liabilities 5,663.9 8,982.3 10,022.2
b. Other current liabilities 915.8 1,030.4 762.7
c. Current Provisions 4,713.8 2,348.4 1,476.2
d. Current tax liabilities (net) 980.1 908.3 803.2
61,205.9 50,611.7 34,632.9
TOTAL 266,072.8 226,248.6 132,609.7

Assets 266,072.8 100.00%


Liabilities 130,751.9 49.14%
Equity 135,320.9 50.86%
Liabilities and Equity 266,072.8

Liabilities Note Total Operating


% assets 49.1% 19.1%
Non-operating
30.1%
LUPIN LABORATORIES LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

For the year ended March 31 2017


(in Rs. Millions)

Revenue from operations 174,943.3


Other income 1,065.1
Total income 176,008.4
Expenses
Cost of materials consumed 29,486.6
Purchases of stock-in-trade 23,906.5
Changes in inventories of finished goods, WIP, and stock in trade (3,378.8)
Employee benefit expenses 28,495.2
Finance costs 1,525.3
Depreciation and amortization expenses 9,122.3
Other expenses 51,502.4
Total expenses 140,659.5
Profit before share of profit of jointly controlled entity and tax 35,348.9
Share of profit of jointly controlled entity (net of tax) 82.5
Profit before tax 35,431.4
Tax expense
Current tax (net) 10,882.1
Deferred tax (net) (1,097.0)
Total tax expense 9,785.1
Profit for the year 25,646.3
Less: Share of profit attributable to non-controlling interest 71.7
Profit for the year attributable to owners of the Company 25,574.6

Other comprehensive income / (loss)


(A) (i) Items that will not be reclassified to profit or loss
(a) Remeasurement of the defined benefit plans (417.2)
(ii) Income tax relating to Items that will not be reclassified to profit or loss 130.2

(B) (i) Items that will be reclassified subsequently to profit or loss


(a) The effective portion of gain & losses on hedging instruments in a cash flow hedge 275.3
(b) Exchange differences on translating the financial statements of foreign operations 233.0
(ii) Income tax relating to Items that will be reclassified to profit or loss (83.0)
Other comprehensive income / (loss) for the year, net of tax 138.3
Less: Share of other comprehensive income / (loss) attrib to non-controlling interest (20.0)
Other comprehensive income / (loss) attributable to owners of the Company 158.3

Total comprehensive income attributable to


Owners of the Company 25,732.9
Non-controlling interests 51.7
Total comprehensive income for the year 25,784.6

Earnings per equity share


Basic (Rs.) 56.69
Diluted (Rs.) 56.46
2016

142,555.4
1,851.9
144,407.3

27,586.7
20,198.2
(4,459.2)
21,416.2
594.7
4,871.3
40,960.0
111,167.9
33,239.4
49.0
33,288.4

11,433.5
(840.1)
10,593.4
22,695.0
87.6
22,607.4

(69.6)
20.2

(63.9)
(535.6)
(4.3)
(653.2)
3.0
(656.2)

21,951.2
90.6
22,041.8

50.25
49.96
LUPIN LABS CONSOLIDATED 2017 2016 2015

Profit for the year attrib to owners of the Company 25,574.6 22,607.4
Equity attrib to owners of the Company 134,975.7 111,633.7 91,732.3
Average equity attributable 123,304.7 101,683.0
ROE 20.7410% 22.2332%

Profit for the year 25,646.3 22,695.0


Total assets 266,072.8 226,248.6 132,609.7
Average total assets 246,160.7 179,429.2
Return on Assets 10.4% 12.6%

Financial leverage (FL)


Average total assets 246,160.7 179,429.2
Total equity 135,320.9 111,954.5 91,973.3
Average total equity 123,637.7 101,963.9
Financial leverage (FL) 1.99 1.76

ROE check = ROA × FL 20.7431% 22.2579%

Profit margin 2017 2016 2015


Profit for the year 25,646.3 22,695.0
Total consolidated Revenue 176,008.4 144,407.3
Profit margin (PM) 14.6% 15.7%

Asset turnover
Total consolidated Revenue 176,008.4 144,407.3
Total assets 266,072.8 226,248.6 132,609.7
Average total assets 246,160.7 179,429.2
Asset turnover (AT) 0.72 0.80

ROA check = PM × AT 10.4% 12.6%


1

Gross profit margin 2017 2016 2015


Revenue from operations 174,943.3 142,555.4
Cost of goods sold 50,014.3 43,325.7
Gross profit margin 71.4% 69.6%

Operating income margin


Revenue from operations 174,943.3 142,555.4
Total expenses 140,659.5 111,167.9
Finance costs (1,525.3) (594.7)
Expenses -- Operating 139,134.2 110,573.2
Operating income before tax 35,809.1 31,982.2
Operating income (before tax) margin 20.5% 22.4%

Profit before tax margin


Total consolidated Revenue 176,008.4 144,407.3
Profit before tax 35,431.4 33,288.4
Profit before tax margin 20.1% 23.1%

EBITDA margin
Total consolidated Revenue 176,008.4 144,407.3
Profit before tax 35,431.4 33,288.4
Financing cost 1,525.3 594.7
Depreciation and amortisation 9,122.3 4,871.3
EBITDA 46,079.0 38,754.4
EBITDA margin 26.2% 26.8%

Accounts receivable ratios A/R GROSS


Accounts receivable, net 43,073.4 45,487.6 26,475.2
Allowance for doubtful accounts 318.4 456.3 258.1
Accounts receivable, gross 43,391.8 45,943.9 26,733.3
Average accounts receivable 44,667.9 36,338.6
Revenue from operations 174,943.3 142,555.4
Accounts receivable turnover 3.92 3.92
DSO 93.19 93.04

Inventory ratios
Inventory 36,422.8 32,736.5 25,036.1
Average inventory 34,579.7 28,886.3
Cost of goods sold (estimated) 50,014.3 43,325.7
Inventory turnover 1.4 1.5
DIO 252.4 243.4

Accounts payable ratios


Trade payables - non-current 59.0 127.6 66.3
Trade payables - current 25,889.0 19,888.2 17,877.1
Total trade payables 25,948.0 20,015.8 17,943.4
Average accounts payable 22,981.9 18,979.6
Cost of goods sold (estimated) 50,014.3 43,325.7
Accounts payable turnover 2.18 2.28
DPO 167.72 159.89

Cash collection cycle = DSO + DIO - DPO 177.83 176.50

2017 2016 2015


Revenue from operations 174,943.3 142,555.4
PPE, net 46,362.9 33,491.5 26,270.9
Average PPE, net 39,927.2 29,881.2
PPE turnover 4.38 4.77

Average useful life


Depreciable asset cost 52,167.9 34,555.6
Depreciation expense 5,048.0 4,077.6
Average useful life 10.33 8.47

Percent used up
Accumulated depreciation 8,901.8 4,114.3
Depreciable asset cost 52,167.9 34,555.6
Percent used up 17.1% 11.9%

India USA Japan


Pre-tax profit 9,684.3 5,402.7 3,585.8
Revenue 2017 42,941.7 81,449.2 17,955.8
Revenue 2016 39,980.7 59,754.2 13,699.8
Non-current assets "Investment" 2017 37,994.5 17,964.5 24,071.9
Non-current assets "Investment" 2016 32,435.5 15,006.8 11,448.3
Average investment 35,215.0 16,485.7 17,760.1

Revenue growth 7.4% 36.3% 31.1%


Investment growth 17.1% 19.7% 110.3%
ROI = Pre-tax profit / Avg Investment 27.5% 32.8% 20.2%
Profit margin 22.6% 6.6% 20.0%
Productivity 1.22 4.94 1.01
A/R NET
43,073.4 45,487.6 26,475.2

44,280.5 35,981.4
174,943.3 142,555.4
3.95 3.96
92.39 92.13

36,422.8 32,736.5 25,036.1


34,579.7 28,886.3
50,014.3 43,325.7
1.4 1.5
252.36 243.35

59.0 127.6 66.3


25,889.0 19,888.2 17,877.1
25,948.0 20,015.8 17,943.4
22,981.9 18,979.6
50,014.3 43,325.7
2.18 2.28
167.72 159.89

177.03 175.59
Footnote 2 (pdf page 150) 2017 2016

Total PPE gross 55,264.7 37,605.8


Freehold land (3,096.8) (3,050.2)
Depreciable asset cost 52,167.9 34,555.6

Total accum. depreciation 8,901.8 4,114.3

Depreciation expense 5,048.0 4,077.6

Others
16,676.1
32,596.6
29,119.7
61,259.5
65,037.4
63,148.5

11.9%
-5.8%
26.4%
51.2%
0.52