SunPharma 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'!A
13 UBS Growth Formula UBS Growth Formula'!A1
14
Rough
Rough!A1
NY Sun Pharma
Below to go to Sheet
sumptions!A1
ACC (daily)'!A1
F Valuation'!A1
ash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ections sales'!A1
ATIO.CAL!A1
st 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% from 12.8%.
4 Indian pharma company has major number of USFDA approval
5 Indian pharma company has strong genric fundamentals.
6 Cost competitivness
Cut in excise duty to 8%, cut in custom duty to 5% on selected drugs and 125% deduction on R&D outsourcin
8 IN 2008, US$ 20 billion of the drugs will be off patent.
7
Company assumptions:
1
2
3
4
5
6
Sun pharmaceutical get the USFDA to market its generic version of Novartis Trileptal Oxcarbuzepine Tablets.And com
Sun pharmaceutical receipt of a covenant Not to Sue from Wyeth over Sunpharma's Abbreviated New Drug Application
Sun pharma recevied USFDA approval to market generic Protonix and also get a 180 days marketing exclusivity right.
company get the USFDA approval for generic Razadyne,galantamine tablets. These generic have annual sale of US$
company get the USFDA approval for generic Sinement CR Tablets.These generic have annual sale of US$ 66million
company is growing at the rate of 18-20%.
Drugs approved by USFDA are cerebyx, generic ethyol, Metaprolol Tartrate, Topiramate and generic tessalon
8 Depreciating INR against US dollars can fuel up the bottom line
,MORE REALIZATION AS 55% IS EXP
7
9 HUGE RESERVES , NO DEBT TAKEN , SO NO INTEREST PAYMENT
ion 10.3% from 12.8%.
% deduction on R&D outsourcing expenditure
al Oxcarbuzepine Tablets.And company get 180 day marketing exclusivity right.

s Abbreviated New Drug Application (ANDA) for generic venlafaxine extended release tablets.
80 days marketing exclusivity right. These generic have annual sale of US$ 2.3billion in US.
e generic have annual sale of US$ 120million in US.
have annual sale of US$ 66million in US.
opiramate and generic tessalon

EALIZATION AS 55% IS EXPORTED
Date
26 July 2007
27 July 2007
30 July 2007
31 July 2007
1 August 2007
2 August 2007
3 August 2007
6 August 2007
7 August 2007
8 August 2007
9 August 2007
10 August 2007
13 August 2007
14 August 2007
16 August 2007
17 August 2007
20 August 2007
21 August 2007
22 August 2007
23 August 2007
24 August 2007
27 August 2007
28 August 2007
29 August 2007
30 August 2007
31 August 2007
3 September
2007
4 September
2007
5 September
2007
6 September
2007
7 September
2007
10 September
2007
11 September
2007
12 September
2007
Sun Pharma
Sensex
Ri
Ri-Avg(Ri)
Rm
RM-Avg(RM))
#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!
#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!
#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!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
13 September
2007
14 September
2007
17 September
2007
18 September
2007
19 September
2007
20 September
2007
21 September
2007
24 September
2007
25 September
2007
24April 2007
25April 2007
26April 2007
27April 2007
30April 2007
3May 2007
4May 2007
7May 2007
8May 2007
9May 2007
10May 2007
11May 2007
14May 2007
15May 2007
16May 2007
17May 2007
18May 2007
21May 2007
22May 2007
23May 2007
24May 2007
25May 2007
28May 2007
29May 2007
30May 2007
31May 2007
1June 2007
4June 2007
5June 2007
6June 2007
1,062.40
1,061.85
1,070.65
1,035.90
1,026.95
1,022.75
1,002.05
1,012.55
1,005.35
1,009.80
995.4
977.3
989.15
1,004.65
1,009.95
1,012.45
1,013.20
1,064.15
1,089.70
1,089.15
1,063.20
1,069.75
1,070.20
1,106.40
1,109.20
1,108.30
1,092.00
1,075.05
1,092.70
1,075.00
14,136.72
14,217.77
14,228.88
13,908.58
13,872.37
14,078.21
13,934.27
13,879.25
13,765.46
13,781.51
13,771.23
13,796.16
13,965.86
13,929.33
14,127.31
14,299.71
14,303.41
14,418.60
14,453.72
14,363.26
14,218.11
14,338.45
14,397.89
14,508.21
14,411.38
14,544.46
14,570.75
14,495.77
14,535.01
14,255.93
#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!
-0.05
0.83
-3.25
-0.86
-0.41
-2.02
1.05
-0.71
0.44
-1.43
-1.82
1.21
1.57
0.53
0.25
0.07
5.03
2.40
-0.05
-2.38
0.62
0.04
3.38
0.25
-0.08
-1.47
-1.55
1.64
-1.62
#DIV/0!
#DIV/0!
#DIV/0!
-0.10
0.78
-3.29
-0.91
-0.45
-2.07
1.00
-0.76
0.40
-1.47
-1.86
1.17
1.52
0.48
0.20
0.03
4.98
2.36
-0.09
-2.43
0.57
0.00
3.34
0.21
-0.13
-1.52
-1.60
1.60
-1.66
#DIV/0!
#DIV/0!
#DIV/0!
0.57
0.08
-2.25
-0.26
1.48
-1.02
-0.39
-0.82
0.12
-0.07
0.18
1.23
-0.26
1.42
1.22
0.03
0.81
0.24
-0.63
-1.01
0.85
0.41
0.77
-0.67
0.92
0.18
-0.51
0.27
-1.92
#DIV/0!
#DIV/0!
#DIV/0!
0.44
-0.06
-2.39
-0.40
1.35
-1.16
-0.53
-0.96
-0.02
-0.21
0.04
1.09
-0.40
1.29
1.08
-0.11
0.67
0.11
-0.76
-1.15
0.71
0.28
0.63
-0.80
0.79
0.04
-0.65
0.13
-2.06
7June 2007
8June 2007
11June 2007
12June 2007
13June 2007
14June 2007
15June 2007
18June 2007
19June 2007
20June 2007
21June 2007
22June 2007
25June 2007
26June 2007
27June 2007
28June 2007
29June 2007
2July 2007
3July 2007
4July 2007
5July 2007
6July 2007
9July 2007
10July 2007
11July 2007
12July 2007
13July 2007
16July 2007
17July 2007
18July 2007
19July 2007
20July 2007
23July 2007
24July 2007
25July 2007
26July 2007
27July 2007
30July 2007
31July 2007
1August 2007
2August 2007
3August 2007
6August 2007
7August 2007
8August 2007
9August 2007
10August 2007
13August 2007
14August 2007
1,059.95
1,059.90
1,057.30
1,054.70
1,052.80
1,062.35
1,056.90
1,047.80
1,045.65
1,050.20
1,032.45
1,063.00
1,040.95
1,037.05
1,014.95
1,015.55
1,022.10
1,036.50
1,027.00
1,021.65
1,008.35
1,012.10
1,010.50
995.15
986.65
997.05
1,015.50
999.9
1,002.35
997.2
981.05
980.2
986.9
971.1
964.5
960.85
933.4
926.75
930.5
902.75
905.5
922.85
912.75
914.95
940.3
935.95
915
924.75
923.55
14,186.18
14,063.81
14,083.41
14,130.95
14,003.03
14,203.72
14,162.71
14,080.14
14,295.50
14,411.95
14,499.24
14,467.36
14,487.72
14,501.08
14,431.06
14,504.57
14,650.51
14,664.26
14,806.51
14,880.24
14,861.89
14,964.12
15,045.73
15,009.88
14,910.62
15,092.04
15,272.72
15,311.22
15,289.82
15,301.17
15,550.13
15,565.55
15,732.20
15,794.92
15,699.33
15,776.31
15,234.57
15,260.91
15,550.99
14,935.77
14,985.70
15,138.40
14,903.03
14,932.77
15,307.98
15,100.15
14,868.25
15,017.21
15,000.91
-1.40
0.00
-0.25
-0.25
-0.18
0.91
-0.51
-0.86
-0.21
0.44
-1.69
2.96
-2.07
-0.37
-2.13
0.06
0.64
1.41
-0.92
-0.52
-1.30
0.37
-0.16
-1.52
-0.85
1.05
1.85
-1.54
0.25
-0.51
-1.62
-0.09
0.68
-1.60
-0.68
-0.38
-2.86
-0.71
0.40
-2.98
0.30
1.92
-1.09
0.24
2.77
-0.46
-2.24
1.07
-0.13
-1.44
-0.05
-0.29
-0.29
-0.22
0.86
-0.56
-0.91
-0.25
0.39
-1.73
2.91
-2.12
-0.42
-2.18
0.01
0.60
1.36
-0.96
-0.57
-1.35
0.33
-0.20
-1.56
-0.90
1.01
1.81
-1.58
0.20
-0.56
-1.66
-0.13
0.64
-1.65
-0.72
-0.42
-2.90
-0.76
0.36
-3.03
0.26
1.87
-1.14
0.20
2.73
-0.51
-2.28
1.02
-0.17
-0.49
-0.86
0.14
0.34
-0.91
1.43
-0.29
-0.58
1.53
0.81
0.61
-0.22
0.14
0.09
-0.48
0.51
1.01
0.09
0.97
0.50
-0.12
0.69
0.55
-0.24
-0.66
1.22
1.20
0.25
-0.14
0.07
1.63
0.10
1.07
0.40
-0.61
0.49
-3.43
0.17
1.90
-3.96
0.33
1.02
-1.55
0.20
2.51
-1.36
-1.54
1.00
-0.11
-0.63
-1.00
0.00
0.20
-1.04
1.30
-0.42
-0.72
1.39
0.68
0.47
-0.36
0.00
-0.04
-0.62
0.37
0.87
-0.04
0.83
0.36
-0.26
0.55
0.41
-0.37
-0.80
1.08
1.06
0.12
-0.28
-0.06
1.49
-0.04
0.93
0.26
-0.74
0.35
-3.57
0.04
1.76
-4.09
0.20
0.88
-1.69
0.06
2.38
-1.49
-1.67
0.87
-0.24
16August 2007
17August 2007
20August 2007
21August 2007
22August 2007
23August 2007
24August 2007
27August 2007
28August 2007
29August 2007
30August 2007
31August 2007
3September2007
4September2007
5September2007
6September2007
7September2007
10September2007
11September2007
12September2007
13September2007
14September2007
17September2007
18September2007
19September2007
20September2007
21September2007
24September2007
25September2007
26September2007
27September2007
28September2007
1October2007
3October2007
4October2007
5October2007
8October2007
9October2007
10October2007
11October2007
12October2007
15October2007
16October2007
17October2007
18October2007
19October2007
22October2007
23October2007
24October2007
913.95
934.05
959.65
946.7
922.4
901.35
897.2
904.8
908
900.5
921.5
931.05
944.65
944.15
982.55
980.85
1,011.75
1,003.10
1,010.00
1,002.60
1,007.60
994.35
993.4
994.7
1,011.45
994.1
979.35
949.55
947.4
945.6
948.45
965.5
964.75
960.8
947.1
957.05
946.5
923.4
920.2
969.45
969.25
990.45
971.85
964.3
997.3
983.2
979.7
1,007.50
996.7
14,358.21
14,141.52
14,427.55
13,989.11
14,248.66
14,163.98
14,424.87
14,842.38
14,919.19
14,993.04
15,121.74
15,318.60
15,422.05
15,465.40
15,446.15
15,616.31
15,590.42
15,596.83
15,542.77
15,505.36
15,614.44
15,603.80
15,504.43
15,669.12
16,322.75
16,347.95
16,564.23
16,845.83
16,899.54
16,921.39
17,150.56
17,291.10
17,328.62
17,847.04
17,777.14
17,773.36
17,491.39
18,280.24
18,658.25
18,814.07
18,419.04
19,058.67
19,051.86
18,715.82
17,998.39
17,559.98
17,613.99
18,492.84
18,512.91
-1.04
2.20
2.74
-1.35
-2.57
-2.28
-0.46
0.85
0.35
-0.83
2.33
1.04
1.46
-0.05
4.07
-0.17
3.15
-0.85
0.69
-0.73
0.50
-1.32
-0.10
0.13
1.68
-1.72
-1.48
-3.04
-0.23
-0.19
0.30
1.80
-0.08
-0.41
-1.43
1.05
-1.10
-2.44
-0.35
5.35
-0.02
2.19
-1.88
-0.78
3.42
-1.41
-0.36
2.84
-1.07
-1.08
2.15
2.70
-1.39
-2.61
-2.33
-0.50
0.80
0.31
-0.87
2.29
0.99
1.42
-0.10
4.02
-0.22
3.11
-0.90
0.64
-0.78
0.45
-1.36
-0.14
0.09
1.64
-1.76
-1.53
-3.09
-0.27
-0.23
0.26
1.75
-0.12
-0.45
-1.47
1.01
-1.15
-2.48
-0.39
5.31
-0.07
2.14
-1.92
-0.82
3.38
-1.46
-0.40
2.79
-1.12
-4.28
-1.51
2.02
-3.04
1.86
-0.59
1.84
2.89
0.52
0.50
0.86
1.30
0.68
0.28
-0.12
1.10
-0.17
0.04
-0.35
-0.24
0.70
-0.07
-0.64
1.06
4.17
0.15
1.32
1.70
0.32
0.13
1.35
0.82
0.22
2.99
-0.39
-0.02
-1.59
4.51
2.07
0.84
-2.10
3.47
-0.04
-1.76
-3.83
-2.44
0.31
4.99
0.11
-4.42
-1.65
1.89
-3.18
1.72
-0.73
1.71
2.76
0.38
0.36
0.72
1.17
0.54
0.14
-0.26
0.97
-0.30
-0.10
-0.48
-0.38
0.57
-0.20
-0.77
0.93
4.04
0.02
1.19
1.56
0.18
-0.01
1.22
0.68
0.08
2.86
-0.53
-0.16
-1.72
4.37
1.93
0.70
-2.24
3.34
-0.17
-1.90
-3.97
-2.57
0.17
4.85
-0.03
25October2007
26October2007
29October2007
30October2007
31October2007
1November2007
2November2007
5November2007
6November2007
7November2007
8November2007
9November2007
12November2007
13November2007
14November2007
15November2007
16November2007
19November2007
20November2007
21November2007
22November2007
23November2007
26November2007
27November2007
28November2007
29November2007
30November2007
3December2007
4December2007
5December2007
6December2007
7December2007
10December2007
11December2007
12December2007
13December2007
14December2007
17December2007
18December2007
19December2007
20December2007
24December2007
26December2007
27December2007
28December2007
31December2007
1January2008
2January2008
3January2008
1,002.00
1,041.85
1,054.85
1,068.40
1,054.20
1,068.80
1,072.25
1,052.85
1,052.05
1,054.15
1,054.45
1,043.70
1,051.85
1,078.70
1,135.10
1,123.05
1,100.65
1,144.05
1,112.60
1,076.45
1,099.60
1,094.35
1,115.60
1,112.25
1,099.45
1,098.75
1,102.50
1,098.25
1,083.45
1,107.75
1,082.90
1,110.90
1,112.00
1,133.20
1,165.85
1,124.05
1,137.10
1,093.85
1,137.95
1,148.60
1,174.20
1,235.30
1,207.15
1,183.30
1,207.25
1,222.05
1,198.55
1,184.15
1,134.45
18,770.89
19,243.17
19,977.67
19,783.51
19,837.99
19,724.35
19,976.23
19,590.78
19,400.67
19,289.83
19,058.93
18,907.60
18,737.27
19,035.48
19,929.06
19,784.89
19,698.36
19,633.36
19,280.80
18,602.62
18,526.32
18,852.87
19,247.54
19,127.73
18,938.87
19,003.26
19,363.19
19,603.41
19,529.50
19,738.07
19,795.87
19,966.00
19,930.68
20,290.89
20,375.87
20,104.39
20,030.83
19,261.35
19,079.64
19,091.96
19,162.57
19,854.12
20,192.52
20,216.72
20,206.95
20,286.99
20,300.71
20,465.30
20,345.20
0.53
3.98
1.25
1.28
-1.33
1.38
0.32
-1.81
-0.08
0.20
0.03
-1.02
0.78
2.55
5.23
-1.06
-1.99
3.94
-2.75
-3.25
2.15
-0.48
1.94
-0.30
-1.15
-0.06
0.34
-0.39
-1.35
2.24
-2.24
2.59
0.10
1.91
2.88
-3.59
1.16
-3.80
4.03
0.94
2.23
5.20
-2.28
-1.98
2.02
1.23
-1.92
-1.20
-4.20
0.49
3.93
1.20
1.24
-1.37
1.34
0.28
-1.85
-0.12
0.16
-0.02
-1.06
0.74
2.51
5.18
-1.11
-2.04
3.90
-2.79
-3.29
2.11
-0.52
1.90
-0.34
-1.20
-0.11
0.30
-0.43
-1.39
2.20
-2.29
2.54
0.05
1.86
2.84
-3.63
1.12
-3.85
3.99
0.89
2.18
5.16
-2.32
-2.02
1.98
1.18
-1.97
-1.25
-4.24
1.39
2.52
3.82
-0.97
0.28
-0.57
1.28
-1.93
-0.97
-0.57
-1.20
-0.79
-0.90
1.59
4.69
-0.72
-0.44
-0.33
-1.80
-3.52
-0.41
1.76
2.09
-0.62
-0.99
0.34
1.89
1.24
-0.38
1.07
0.29
0.86
-0.18
1.81
0.42
-1.33
-0.37
-3.84
-0.94
0.06
0.37
3.61
1.70
0.12
-0.05
0.40
0.07
0.81
-0.59
1.26
2.38
3.68
-1.11
0.14
-0.71
1.14
-2.07
-1.11
-0.71
-1.33
-0.93
-1.04
1.46
4.56
-0.86
-0.57
-0.47
-1.93
-3.65
-0.55
1.63
1.96
-0.76
-1.12
0.20
1.76
1.10
-0.51
0.93
0.16
0.72
-0.31
1.67
0.28
-1.47
-0.50
-3.98
-1.08
-0.07
0.23
3.47
1.57
-0.02
-0.18
0.26
-0.07
0.67
-0.72
4January2008
7January2008
8January2008
9January2008
10January2008
11January2008
14January2008
15January2008
16January2008
17January2008
18January2008
21January2008
22January2008
23January2008
24January2008
25January2008
28January2008
29January2008
30January2008
31January2008
1February2008
4February2008
5February2008
6February2008
7February2008
8February2008
11February2008
12February2008
13February2008
14February2008
15February2008
1,108.30
1,115.45
1,112.80
1,098.85
1,093.55
1,146.55
1,105.75
1,102.00
1,091.55
1,087.90
1,088.20
1,062.95
963.5
972.35
941.05
976.7
983.7
1,059.10
1,154.50
1,138.45
1,118.20
1,108.15
1,123.60
1,097.60
1,089.75
1,115.10
1,125.50
1,119.95
1,090.00
1,109.25
1,112.60
Average
20,686.89
20,812.65
20,873.33
20,869.78
20,582.08
20,827.45
20,728.05
20,251.09
19,868.11
19,700.82
19,013.70
17,605.35
16,729.94
17,594.07
17,221.74
18,361.66
18,152.78
18,091.94
17,758.64
17,648.71
18,242.58
18,660.32
18,663.16
18,139.49
17,526.93
17,464.89
16,630.91
16,608.01
16,949.14
17,766.63
18,115.25
-2.31
0.65
-0.24
-1.25
-0.48
4.85
-3.56
-0.34
-0.95
-0.33
0.03
-2.32
-9.36
0.92
-3.22
3.79
0.72
7.66
9.01
-1.39
-1.78
-0.90
1.39
-2.31
-0.72
2.33
0.93
-0.49
-2.67
1.77
0.30
0.04
-2.35
0.60
-0.28
-1.30
-0.53
4.80
-3.60
-0.38
-0.99
-0.38
-0.02
-2.36
-9.40
0.87
-3.26
3.74
0.67
7.62
8.96
-1.43
-1.82
-0.94
1.35
-2.36
-0.76
2.28
0.89
-0.54
-2.72
1.72
0.26
1.68
0.61
0.29
-0.02
-1.38
1.19
-0.48
-2.30
-1.89
-0.84
-3.49
-7.41
-4.97
5.17
-2.12
6.62
-1.14
-0.34
-1.84
-0.62
3.36
2.29
0.02
-2.81
-3.38
-0.35
-4.78
-0.14
2.05
4.82
1.96
1.54
0.47
0.16
-0.15
-1.51
1.06
-0.61
-2.44
-2.03
-0.98
-3.62
-7.54
-5.11
5.03
-2.25
6.48
-1.27
-0.47
-1.98
-0.76
3.23
2.15
-0.12
-2.94
-3.51
-0.49
-4.91
-0.27
1.92
4.69
1.83
0.14
Source: 2017 GS as on
20th Jan - Source - RBI
Beta
Rf
Rm(daily avg)
Rm
Ke
Ke
NW
Debt
capital employed
Tax Rate
12.16%
24,494.90
11,774.70
36,269.60
1.8%
0.41689
9.45%
0.14%
64.36%
32.34%
0.41689
9.45% 10 year govt. bond
LAA+ corporate bond - ICRA
6.50% Risk premium
12.16%
30 trading day period

Market Variance
279.41
334.46
475.49
537.52
kd
WACC
0.00%
8.21%
Debt
FY08E
FY09E
FY10E
FY11E
8960.97
5316.22
1671.47

NW
42,076
50,485
58,326
Total
51037.17
55800.89
59997.09
Interest
0.00
0.00
0.00
639.26
676.55
kd
0.00%
0.00%
0.00%
click to go back
7
Col. 6 ^2
Covariance
Col. 4 X
Col. 6
#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!
#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!
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.197183181
R Square
0.038881207
Adjusted R Square
0.035036732
Standard Error
8.669271184
Observations
252
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
1
250
251
SS
760.0949613
18789.06571
19549.16067
Coefficients Standard Error

129.1127568 3.580042294
0.000695523 0.000218706
variance
Covariance
Beta
5214886.684
91918.81266
0.017626234
#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
0.00
5.70
0.16
1.82
1.34
0.28
0.91
0.00
0.04
0.00
1.20
0.16
1.65
1.18
0.01
0.45
0.01
0.58
1.32
0.50
0.08
0.40
0.65
0.62
0.00
0.42
0.02
4.23
#DIV/0!
#DIV/0!
#DIV/0!
-0.04
-0.05
7.85
0.36
-0.61
2.40
-0.53
0.72
-0.01
0.31
-0.08
1.28
-0.61
0.62
0.22
0.00
3.33
0.25
0.07
2.78
0.41
0.00
2.10
-0.17
-0.10
-0.07
1.04
0.21
3.42
0.39
1.00
0.00
0.04
1.08
1.68
0.18
0.52
1.94
0.46
0.22
0.13
0.00
0.00
0.38
0.14
0.76
0.00
0.70
0.13
0.07
0.30
0.17
0.14
0.64
1.17
1.13
0.01
0.08
0.00
2.22
0.00
0.87
0.07
0.55
0.13
12.75
0.00
3.11
16.75
0.04
0.78
2.86
0.00
5.65
2.23
2.80
0.75
0.06
0.90
0.05
0.00
-0.06
0.23
1.12
0.24
0.65
-0.35
0.27
-0.81
-1.04
-0.01
0.02
1.35
0.01
0.52
-0.06
-0.80
-0.20
0.35
0.18
-0.08
0.59
0.72
1.09
1.92
-0.18
-0.06
0.03
-2.48
0.00
0.60
-0.43
0.54
-0.15
10.36
-0.03
0.64
12.39
0.05
1.65
1.93
0.01
6.48
0.76
3.82
0.88
0.04
19.54
2.71
3.56
10.08
2.96
0.53
2.91
7.61
0.15
0.13
0.52
1.36
0.29
0.02
0.07
0.93
0.09
0.01
0.23
0.14
0.32
0.04
0.60
0.86
16.28
0.00
1.41
2.45
0.03
0.00
1.48
0.47
0.01
8.15
0.28
0.02
2.97
19.13
3.73
0.49
5.00
11.13
0.03
3.61
15.76
6.62
0.03
23.55
0.00
4.79
-3.55
5.09
4.43
-4.49
1.70
-0.86
2.21
0.12
-0.31
1.65
1.16
0.76
-0.01
-1.05
-0.21
-0.94
0.09
-0.31
0.29
0.26
0.28
0.11
0.08
6.62
-0.03
-1.81
-4.83
-0.05
0.00
0.31
1.20
-0.01
-1.30
0.78
-0.16
1.98
-10.87
-0.76
3.71
0.15
7.15
0.33
1.56
-13.41
3.75
-0.07
13.56
0.03
1.58
5.66
13.55
1.23
0.02
0.50
1.30
4.27
1.22
0.50
1.78
0.87
1.08
2.12
20.78
0.74
0.33
0.22
3.73
13.35
0.30
2.65
3.83
0.58
1.26
0.04
3.09
1.22
0.26
0.87
0.02
0.52
0.10
2.79
0.08
2.16
0.25
15.82
1.17
0.01
0.05
12.06
2.46
0.00
0.03
0.07
0.00
0.45
0.52
0.61
9.36
4.43
-1.37
-0.19
-0.95
0.32
3.83
0.13
-0.11
0.02
0.99
-0.76
3.65
23.63
0.95
1.17
-1.82
5.40
12.03
-1.15
-0.85
3.71
0.26
1.34
-0.02
0.52
-0.47
0.71
2.05
-0.36
1.84
-0.02
3.11
0.80
5.33
-0.56
15.31
-4.30
-0.06
0.51
17.92
-3.64
0.03
-0.37
0.31
0.13
-0.84
3.07
2.38
0.22
0.02
0.02
2.29
1.11
0.38
5.94
4.11
0.96
13.13
56.90
26.10
25.29
5.07
42.03
1.62
0.22
3.91
0.57
10.42
4.64
0.01
8.66
12.34
0.24
24.12
0.08
3.68
21.97
3.33
-3.63
0.28
-0.04
0.20
0.80
5.07
2.21
0.93
2.01
0.37
0.06
17.84
48.02
4.40
7.35
24.27
-0.86
-3.59
-17.73
1.08
-5.89
-2.03
-0.16
6.94
2.67
-1.12
-4.36
0.15
-5.21
8.07
0.47
676.55
282.04
Beta
0.42
0 year govt. bond

AA+ corporate bond - ICRA Limited August 2007
isk premium
Market Variance
279.41
334.46
475.49
537.52
Covariance
92.19
132.88
210.95
203.86
Beta
0.33
0.40
0.44
0.38
639.26
676.55
250.33
282.04
WACC
10.02%
11.00%
11.82%
11.82%
0.39
0.42
MS
760.0949613
75.15626285
F
Significance F
10.1135279 0.001657669
t Stat
P-value
36.06458981 4.6612E-101
3.180177338 0.001657669
Lower 95%
122.0618695
0.000264782
Upper 95%
Lower 95.0%Upper 95.0%
136.1636442 122.0618695 136.1636
0.001126264 0.000264782 0.001126
DCF VALUATION - Sun Pharma

Assumptions
FY07
Revenue Growth (%)

FCF Margin (%)
Tax Rate (%)
Capex/Sales
28.7%
35.6%
-27.7%
8.9%
FY08E
FY09E
FY10E
FY11E
42.3%
35.6%
-5.6%
5.7%
42.0%
-8.8%
-27.7%
12.6%
42.0%
35.0%
-5.6%
11.6%
20.0%
23.4%
6.4%
6.4%
FY09(E)
33594.30
1585.00
4.72
753.00
FY10(E)
47707.27
-2685.75
-5.63
1010.53
DCF VALUATION
Revenue
EBIT
% of Revenues
Depreciation
FY06
12916.40
-266.30
-2.06
407.30
FY07
16625.60
-1009.20
-6.07
462.70
FY08
23656.40
1410.00
5.96
561.10
% of Revenues
EBITDA
% of Revenues
Less: Cash Tax
NOPLAT
Capex
Changes in WC
Post Tax Non-operating cash flows
Free Cash Flows
3.15
141.00
1.09
73.80
67.20
-1150.70
-4356.80
4864.27
-576.03
2.78
-546.50
-3.29
56.30
-602.80
-955.50
204.80
7280.21
5926.71
2.37
1971.10
8.33
-390.75
2361.85
-2987.41
-10226.28
8781.54
-2070.30
PV of Estimated FC Flows
Horizontal Value
PV of Estimated Perpetuity Flows
Total Present Value (EV)
9270408.1
Book Value of Debt
2.24
2.12
2338.00
-1675.22
6.96
-3.51
-88.42
-171.24
2426.42
-1503.98
-3885.19
-3052.83
1794.73
1069.33
11406.29
14629.87
11742.24
11142.38
it is assumed that beyond FY 12 cash flow w
11742.24
11142.38
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
WACC
5.00%
11%
Total Present Value

Fundamental Value per share
Continuing Rate
WACC
5.00%
11.5%
Total Present Value

325413
155.6
Continuing Rate
WACC
Total Present Value
Continuing Rate
Total Present Value

280420
132.3
Total Present Value

Continuing Rate
Total Present Value

670074
333.8
WACC
5.00%
14.0%
Total Present Value

231626
107.1
WACC
Total Present Value
Continuing Rate
10388.83
8841.36
-2041.17
10336.67
8757.70
-2040.04
10285.00
8675.19
-2038.91
10233.82
8593.82
-2049.97
10744.60
9421.96
-2036.66
10132.88
8434.42
-2034.44
10033.81
8279.33
262130
122.9
5.00%
8.21%
Continuing Rate
-2042.32
5.00%
13.0%
WACC
Continuing Rate
8926.20
301315
143.1
WACC
WACC
10441.50
5.00%
12.0%
5.00%
12.5%
Continuing Rate
-2043.46
353515
170.1
5.00%
15.0%
207202
94.5
5.00%
170.1
155.6
11
291.97
342.01
412.05
517.12
1042.45
11.5
251.70
288.87
338.42
407.80
685.31
143.1
132.3
Continuing Growth (%)
Table 1: DCF Sensitivity
7.5
8
8.5
9
10
Weighted Average Cost of Capital

12
12.5
220.35
195.26
248.99
217.95
285.80
246.32
334.89
282.78
506.69
399.48
click to go back
FY12E
20.0%
35.0%
-7.4%
6.4%
Rs in m
FY11(E)
57248.73
3223.10
5.63
1230.85
book value= paid up capital+ reserves and surplus
FY12(E)
68698.47
3867.72
5.63
1477.02
2.15
2.15
2289.95
2747.94
4.00
4.00
-239.33
-441.69
4693.28
5786.43
-3663.92
-4396.70
1282.37
1538.85
17747.11
21296.53
20058.83
24225.10
at beyond FY 12 cash flow will grow @8%
20058.83
24225.10
12330967.28
9203239.53
FY06
FY07
Capex assumed to grow at 15% and 1

Change in WC - for FY11E and FY12E the average of
FY06
FY07
Actuals
-33.73%
1.23%
Average of 3PY
26163.1052
11742.24305
PV of Horizon Value
8.0% Sustainable Growth Rate
14476.76
15751.00
305963.25
PV of Horizon Value
14274.86
15461.68
14076.65
15178.93
13882.06
14902.58
13691.01
14632.45
15674.47
17493.49
278488.66
PV of Horizon Value
255006.04
PV of Horizon Value
234715.59
PV of Horizon Value
217017.48
PV of Horizon Value
618789.43
PV of Horizon Value
13319.20
14110.20
12960.59
13610.90
187665.60
PV of Horizon Value
164351.65
122.9
333.8
Average Cost of Capital (%)

13
8.21
174.71
169.22
193.10
186.55
215.58
207.60
243.68
233.72
327.97
310.85
107.1
94.5
Rs.
14
143.06
155.79
170.83
188.88
238.52
15
119.81
129.09
139.80
152.30
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
EBIT
Current Tax (Cash Tax) (qtrly data)
Deferred Tax (Non-cash Tax) (qd)
Current tax as % of EBIT
Deferrent tax as % of EBIT
Average (last 4 immediate PY's)
FY04
1744.20
85.30
60.00
4.89%
3.44%
FY05
FY06
763.50
65.30
112.40
8.55%
14.72%
FY07
-266.30 -1009.20
73.80
56.30
191.40
48.80
-27.71%
-5.58%
-71.87%
-4.84%
FY08(E)
1410.00
89.90
0.00
6.38%
0.00%
-4.96%
FY09(E)
1585.00
-614.38
0.00
-38.76%
0.00%
-7.43%
FY10(E)
-2685.75
-524.48
0.00
19.53%
0.00%
-11.42%
Cash Flow Statement - Sun Pharma
Rs in m
Cash Flow from Operating Activities
Add:
Add:
Add:
Add:
PAT
Depreciation
Interest Expense
Other Non-Cash Charges
Direct taxes paid
Operating Profit Before WC Changes
Changes in Current Assets (excluding cash)
Changes in Current Liabilities
Changes In WC
FY05
FY06
FY07
FY08
4612.90
6289.30
10140.40
351.70
413.40
561.10
0.00
0.00
0.00
0.00
0.00
0.00
273.90
116.10
381.60
5238.50
6818.80
11083.10
(1619.50)
672.20
(947.30)
416.90
(495.10)
(78.20)
(792.17)
283.10
(509.07)
4291.20
6740.60
10574.03
273.90
0.00
4017.30
116.10
0.00
6624.50
381.60
0.00
10192.43
(1150.70)
2056.20
905.50
(955.50)
(2778.70)
(3734.20)
(2987.41)
(2114.98)
(5102.39)
(495.30)
1.00
0.00
0.00
(1019.00)
(1513.30)
(6729.50)
38.00
0.00
0.00
3518.20
(3173.30)
(2813.73)
54.90
(3549.00)
0.00
10935.00
4627.17
Net Increase in Cash and Cash Equivalents
3409.50
(283.00)
9717.21
Cash and cash equivalents At the beginning

Net Increase in Cash and Cash Equivalents
8900.3
3409.50
12309.8
-283.00
Cash Generated From Operations

Less: Direct Taxes Paid
Others
Net Cash Generated From Operations
Cash Flow from Investing Activities
Capital Expenditure (CAPEX)
Investments
Net Cash Used In Investing Activities
Cash Flow from Financing Activities
Change in Debt
Change in Equity
Dividends Paid
Interest Paid
Others
Net Cash used in Financing Activities
12026.8
9717.21
Cash and cash equivalents At the end

cash balance as per balance sheet
difference
12,309.80
12026.80
21744.01
12309.8
0.00
12026.8
0.00
21744.0
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)
88.55
(403.75)
(487.50)
(106.00)
(593.50)
13749.06
13043.27
463.33
0.00
13285.73
562.48
0.00
12480.79
(3885.19)
(3426.27)
(7311.46)
(3052.83)
(3223.23)
(6276.06)
(3644.75)
0.00
(4528.00)
0.00
0.00
(8172.75)
(3644.75)
0.00
(4222.00)
0.00
(0.81)
(7867.56)
(2198.48)
(1662.83)
21744.01
-2198.48
19545.53
-1662.83
-0.294605
-0.126283
-0.11565 -0.063991
19545.53
17882.70
19545.5
0.00
17882.7
0.00
Balance Sheet - Sun Pharma

Particulars
Gross Asset
Accumulated Depriciation
Capital WIP
Net Fixed Asset
Investments
gross asset turnover ratio
Current Asset
total asset
Cash
Other Current Assets
Inventories
Trade Debtors
Loans and Advances
total asset turnover ratio
Current Liabilities & Provisions
Net Current Asset Excluding Cash
Miscellaneous Items
Deffered Tax (Net)
Capital Deployed
current asset turnover ratio
Non-Current Liabilities
Secured Debt
Non-secured debt & Trade deposit
Deferred Tax Liabilities
Total Liabilities
Contingent Liabilities
Share Capital
Reserve and Surplus
Total Stock Holder's Equity
FY04
Capital Employed
FY05
FY06
FY07
7442.60
8387.00
6,120.50
2080.70
2494.10
1,729.00
308.00
319.10
479.40
0.00
4,870.90
5,669.90
6,212.00
7796.20 10574.90
9,852.40
0.00
0.00
0.00
current ratio
D\E
current asset excluding cash to total asset turnover
0.31
2,214.60
6,430.40
18,007.30
853.00
0.00
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!
173.55%
198.23%
22,574.30
21,874.40
36,040.40
38,661.30
12309.80
12026.80
304.60
327.00
2634.10
3333.80
2564.70
3100.00
4761.10
3086.80
0.36
0.43
2886.80
2391.70
7,377.70
7,455.90
30,054.00
33,153.60
36,269.60
0.5674568 0.572172781 0.760048276
139.2
current asser exclyuding cash

DIFF
162.67%
17,545.30
32,268.60
8,900.30
45.00
1,866.20
2,349.70
4,384.10
183.90
17275.90
203.90
10477.60
1044.40
1093.20
18,999.50
18,504.20
11,774.70
941.70
10112.8
942.70
13706.70
980.70
23514.20
11,054.50
14,649.40
24,494.90
30,054.00
30,054.00
33,153.60
36,269.60
8,645.00
33,153.60
10,264.50
36,269.60
9,847.60
0.00
0.00
0.00
7.92
7.82
9.15
1.72
0.2679075 0.284805385 0.254714663
cash from cash flow statement

difference between the two cash balance
Closing Cash Balance from Cash Flow Stmt
#REF!
#REF!
#REF!
12309.80
0.00
12309.80
12026.80
0.00
12026.80
0.21587045
0.25662234
0.33853934
0.39
0.13392191
0.1136115
0.141718173
0.19
7.9225594
7.8198351 9.145963122
rma
click to go back
Rs in million
FY08
FY09(E)
FY10(E)
11,264.95
15,132.57
18,159.08
3,055.20
3,808.20
4,818.73
472.45
428.56
446.13
8,638.31
11,770.50
12,689.88
210.00%
16,116.15
222.00%
32,383.78
30,677.60
29,502.27
46,385.10
21,744.01
359.00
4,078.97
3,421.77
2,780.03
58,937.38
19,545.53
391.00
70,724.85
17,882.70
4812.77
5,546.57
3796.92
4172.07
2131.38
1,482.73
0.51
2,674.80
0.57
0.67
2763.35
2657.35
7,964.97
8,368.72
8,962.22
Assets as a percentage of sales

Growth rate of assets
13,812.80
19339.38
As a %age of sales
0.256756757
262.72%
Average cash
Average inventory
Average debors
418.20
Average Loans and advances
Average current liabilities
Average Net sales
Cash turnover ratio
Inventory turnover ratio
Debtors turnover ratio
Loans and advances turnover ratio
51,037.17
55,800.89
0.730501579 1.095076152
59,997.10
1.617071406 0.2235187
0.038043666
-0.765146924
0.10
0
7,723.90
1,237.07
8,960.97
0.00
3959.05
1357.17
5,316.22
0.00
194.20
As %age of total liabilities
1477.27
1,671.47
current-total=
0.543726719
12667.196
1,035.60
41,040.60
1,035.60
49,449.08
1,035.60
42,076.20
50,484.68
58,325.63
4681.151515
51,037.17
55,800.89
59,997.09
0.305324681
51,037.17
10,639.77
55,800.89
11,132.07
59,997.09
11,619.57
Interest
0.108754758 Interest cost
0.00
0.00
0.00
12.11
0.00
11.10
11.10
6350.060606
57290.03 0.6488413
0.2679075
191687225.1
0.216318354
0.267907501
0.284805385
0.284805385
0.254714663
21744.01
0.00
21744.01
19545.53
0.00
19545.53
17882.70
0.00
17882.70
12523.977
4884.3522
2379.55563
current ratio
4,078.97
FY04
FY05
0.00
0.00
FY06
FY07
FY08(E) FY09(E) FY10(E)
0.61
0.58
0.50
0.48
0.45
0.38
#DIV/0!
1.22
1.13
1.34
1.34
1.20
0.49
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
0.1075538
#DIV/0!
0.626361
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
0.3
6042.3
5300.263
6090.5
0.00
0.00
0.00
0.00
0.00%
0.00
0.00%
0.00
0.00%
0.01
0.01
4.84 4161.364
0.565796
4571.15
0.02
1.36 14809.56
0.2735268
0.00
#DIV/0!
0.2547147
0.00
0.00%
0.00
0.00%
0.00
0.00%
Profit And Loss Statement - Sun Pharma
Rs in mil
Particulars
FY04
Net Sales
9347.40
% Growth
0%
Total Revenue
10552.70
% Growth
0%
EXPENDITURES
Staff Costs
563.90
% of Net Sales
6%
Other Manufacturing/Operating costs4713.20
% of Net Sales
50%
Miscellaneous Expenses
2094.00
% of Net Sales
22%
Total Expenditures
7371.10
% of Net Sales
79%
EBITDA
1976.30
EBITDA Margin %
21%
Growth %
Depreciation & Amortisation
232.10
EBIT
1744.20
Financial Charges
0.00
Other Income
1205.30
FY05
9956.20
6.51%
12468.10
18.15%
FY06
12916.40
29.73%
18069.50
44.93%
FY07
16625.60
28.72%
24040.20
33.04%
FY08
23656.40
42.29%
32768.40
36.31%
653.10
6.56%
6616.30
66.45%
1635.60
16.43%
8905.00
89.44%
1051.20
10.56%
-46.81%
287.70
763.50
0.00
2511.90
820.10
6.35%
9266.90
71.75%
2688.40
20.81%
12775.40
98.91%
141.00
1.09%
-86.59%
407.30
-266.30
0.00
5153.10
988.70
5.95%
13142.80
79.05%
3040.60
18.29%
17172.10
103.29%
-546.50
-3.29%
-487.59%
462.70
-1009.20
0.00
7414.60
1435.60
6.07%
15271.60
64.56%
4978.10
21.04%
21685.30
91.67%
1971.10
8.33%
-460.68%
561.10
1410.00
0.00
9112.00
PBT
2949.50
3275.40
4886.80
6405.40
10522.00
Pre-tax Margin %
Tax
Effective Tax Rate %
Adjusted PAT
Net Profit Margin %
Growth in Adjusted PAT %
Extrodinary Income
Reported PAT
Shares In Issue
Adjusted EPS
Growth %
31.55%
145.30
5%
2804.20
30%
0%
0.00
2804.20
190.07
14.75
0%
32.90%
177.70
5.43%
3097.70
31.11%
10.47%
0.00
3097.70
185.51
16.70
13.18%
37.83%
273.90
5.60%
4612.90
35.71%
48.91%
0.00
4612.90
185.69
24.84
48.77%
38.53%
116.10
1.81%
6289.30
37.83%
36.34%
0.00
6289.30
193.43
32.52
30.89%
44.48%
381.60
3.63%
10140.40
42.87%
61.23%
0.00
10140.40
193.43
52.43
61.23%
Dividend paid
0
Dividend pay out ratio
0.00
Net profit transferred to Reserves Acccount
2804.20
0
0.00
3097.70
0
0.00
4612.90
0
0.00
6289.30
3549
0.35
6591.40
0.00
0.00
0.00
DPS
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
6.10%
24041.89
71.57%
5165.17
15.38%
31256.31
93.04%
2338.00
6.96%
18.61%
753.00
1585.00
0.00
11814.81
2174.26
6.10%
41248.67
71.57%
5959.57
15.38%
49382.50
103.51%
-1675.22
-3.51%
-171.65%
1010.53
-2685.75
0.00
15312.00
13399.81
12626.25 0.2966211
39.89%
463.33
3.46%
12936.48
38.51%
27.57%
0.00
12936.48
207.11
62.46
19.14%
26.47%
1.296
562.48
4.45% 0.2141771
12063.76
1.214
25.29%
-6.75%
0.00
12063.76
207.11
58.25
-6.75%
4528
0.35
8408.48
4222
0.35
7841.76
0.0237187 0.0224145 0.0211818

191.90
0.342006772
7840.95
1.342
0.21043354 0.1537514 0.1249196 #DIV/0!
0.3657005
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)
Sr.
Particulars
No.
Stand alone
2003-04
Annual(Apr-Mar)
1 Turnover
9347.40
Less Excise Duty

2 Net Turnover
0.00
9347.40
3 Other Income
1205.30
4 Total Operational Expenditure

a) Materials
7371.10
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)

5 Operating Profit (PBDIT)
2094.00
1976.30
Depreciation
232.10
6 PBIT
1744.20
Interest & Financial Charges

7 Profit before Tax
0.00
2949.50
8 Provision for Current Tax (incl. FBT)
85.30
9 Provision for deferred Tax
60.00
Others
10 Profit After Tax (Reported PAT)
0.00
2804.20
11 0 Extra Ordinary Items

12 Net Profit (Adjusted PAT)
0.00
2804.20
13 Paid up equity share Capital (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
b) Diluted
30.23
30.23
16 Number of Outsanding Shares (of par value Rs 10)

a
Basic
92.77
Diluted (Incl. of bonus & convertible debentures)
92.77
17 Share price (Current price)

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
As a percentage of Turnover
Materials
Purchase of Traded Goods
(Increase)/Decrease in Stock in Trade & WIP
Manufacturing Expenses
Cost of Power & Fuel
Freight Forwarding charges etc.
Research & Development Exp.
Staff Cost
Other expenditure(Administrative, Selling & Other Expenses)
Depreciation
Provision for Current Tax (incl. FBT)
Provision for deferred Tax
Other income as a % of revenue
Total Tax
Tax as a %age of EBIT
Current tax as a %age of EBIT
Deferred Tax as a %age of EBIT
Bharat Forge Ltd.

Segment revenue
Steel Forging
Gen. Engg., Trading etc
Inter Segment Revenue
Total
EBIT
Steel Forging
2003-04
Annual(Apr-Mar)
47.08%
0.00%
-1.77%
0.00%
0.00%
0.00%
5.12%
6.03%
22.40%
2.48%
0.00%
0.91%
0.64%
12.89%
145.30
8.33%
4.89%
3.44%

Inter Segment Profit/ Un allocable Income
Total
Capital Employed
Steel Forging
Unallocable
Total Capital employed
% of subsidaries income
Subsidaires income
Actual Total Sales
21.94%
2935.50
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
2698.30
0.00
2666.40
0.00
5364.70
0.00
2925.80
0.00
8290.50
0.00
3047.90
487.30
9956.20
534.90
594.90
1129.80
601.10
1730.90
220.40
2511.90
2379.90
2367.10
1510.40
1437.70
4747.00
2948.10
2417.90
1536.20
0.00
30.40
59.70
90.10
7164.90
4484.30
2212.80
1262.80
8905.00
5564.40
0.00
-17.70
72.40
0.00
(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
318.40
521.00
299.30
1051.00
617.70
542.10
507.90
1593.10
1125.60
582.90
835.10
1635.60
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
788.10
0.00
823.40
0.00
1611.50
28.70
1009.10
28.70
2620.60
0.00
975.00
0.00
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
750.60
0.00
792.90
0.00
1543.50
0.00
964.80
0.00
2508.30
0.00
921.50
0.00
3097.70
0
750.60
0
792.90
0.00
1543.50
-157.6
807.20
-157.60
2350.70
0
921.50
0.00
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
4.05
4.27
4.27
#DIV/0!
#DIV/0!
4.35
4.35
#DIV/0!
#DIV/0!
4.97
4.97
16.70
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
0.00
0.00
0.00
0.00
0.00
0.00
2004-05
AMJ
55.98%
0.00%
1.13%
0.00%
0.00%
0.00%
5.48%
5.98%
19.64%
2.42%
0.00%
0.83%
0.56%
19.82%
37.50
8.89%
2004-05
2004-05
JAS
6-m (Apr-Sep)
53.92%
54.95%
0.00%
0.00%
2.24%
1.68%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.88%
6.18%
6.20%
6.09%
19.54%
19.59%
2.66%
2.54%
0.00%
0.00%
0.66%
0.75%
0.49%
0.52%
22.31%
21.06%
30.50
68.00
7.66%
8.30%
2004-05
2004-05
OND
9-m (Apr-Dec)
52.51%
54.09%
0.00%
0.00%
-0.60%
0.87%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.43%
6.26%
5.79%
5.98%
18.53%
19.22%
2.43%
2.50%
0.98%
0.35%
0.35%
0.61%
1.16%
0.75%
20.54%
20.88%
44.30
112.30
2.36%
5.48%
0.2422
0.3012
0.39156
OTHER INCOME
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
22.31%
4.62%
45.73%
40.01%
0.39156
2004-05
2004-05
JFM
Annual(Apr-Mar)
41.43%
55.89%
0.00%
0.00%
-0.82%
0.48%
0.00%
1.21%
0.00%
1.44%
0.00%
0.00%
7.94%
7.45%
4.92%
6.56%
19.12%
16.43%
2.64%
2.89%
0.00%
0.00%
0.98%
0.66%
0.77%
1.13%
7.23%
25.23%
53.50
177.70
23.27%
3.98%
8.55%
14.72%
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% 0.238866667
2007-08 Q2 JAS
30.85% 0.273233333
0.355203333
2008-09 Q2 E JAS 0.355203333
materialsQ4
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
3 YR MOVINGincrease
7.23%
8.55%
47.16%
42.69%
0.4264
0.2098
0.328
0.4264
8905
0.00
Subsidaires income
Actual Total Sales
27.83%
5218.20
18748.30
2005-06
2005-06
2005-06
2005-06
2005-06
2005-06
2005-06
AMJ
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
4402.40
0.00
4540.30
173.80
4402.40
4366.50
203.60
3235.80
2205.50
201.60
3305.40
2256.60
4540.30
173.80
4366.50
405.20
4976.10
4462.10
4432.40
149.70
4282.70
193.30
3195.50
2311.70
0.00
-151.20
-3.00
-154.20
8972.70
323.50
8649.20
4332.40
146.10
4186.30
358.00
7289.20
3150.50
6773.80 2097.00
598.50
13530.10
613.70
12916.40
5153.10
12775.40
8319.00
0.00
-254.30
-408.50
0.00
(149.60)
-558.10
0.00
0.00
116.10
0.00
0.00
255.50
0.00
193.40
215.90
772.20
0.00
258.90
792.90
193.40
1166.60
1061.10
83.60
1083.00
0.00
100.20
960.90
0.00
1286.60
1162.50
28.90
0.00
0.00
26.70
0.00
0.00
1257.70
1135.80
1257.70
0.00
0.00
255.70
882.40
193.40
-609.60
1087.20
1360.00
183.80
108.90
978.30
0.00
292.70
474.80
-793.40
0.00
-388.20
55.60
0.00
0.00
-443.80
1171.60
88.50
0.00
0.00
1083.10
730.50
1067.30
0.00
1665.80
144.10
0.00
0.00
1521.70
0.00
0.00
236.20
966.90
1035.80
105.10
930.70
0.00
1288.70
129.80
0.00
0.00
1158.90
1134.40
820.10
2688.40
141.00
407.30
-266.30
0.00
4886.80
73.80
191.40
8.70
4612.90
1135.80
0.00
-443.80
1083.10
0.00
1521.70
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
6.78
6.12
6.12
#DIV/0!
#DIV/0!
5.84
5.84
#DIV/0!
#DIV/0!
0
1158.90
6.24
6.24
0.00
4612.90
24.84
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
0.00
0.00
0.00
0.00
0.00
0.00
2005-06
AMJ
50.10%
0.00%
-3.43%
0.00%
0.00%
0.00%
4.39%
4.90%
17.54%
1.90%
0.00%
0.66%
0.00%
4.62%
28.90
2.67%
2.67%
2005-06
2005-06
JAS
6-m (Apr-Sep)
51.68%
102.19%
0.00%
0.00%
-0.07%
-3.53%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.43%
5.93%
10.87%
18.16%
0.00%
2.29%
4.21%
0.00%
0.00%
0.61%
1.27%
0.00%
0.00%
4.62%
9.28%
26.70
55.60
2.78%
-7.01%
2.78%
-7.01%
materials
2004-05 Q1 AMJ
2005-06 Q1 AMJ
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
2005-06
2005-06
OND
9-m (Apr-Dec)
53.98%
78.32%
0.00%
0.00%
-5.94%
-4.72%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.24%
5.97%
8.45%
20.60%
0.00%
2.54%
3.38%
0.00%
0.00%
2.07%
1.67%
0.00%
0.00%
4.51%
6.92%
88.50
144.10
9.05%
13.50%
9.05%
13.50%
2005-06
2005-06
JFM
Annual(Apr-Mar)
50.09%
64.41%
0.00%
0.00%
-3.57%
-4.32%
0.00%
0.90%
0.00%
1.98%
0.00%
0.00%
0.00%
8.78%
5.64%
6.35%
23.10%
20.81%
2.51%
3.15%
0.00%
0.00%
3.10%
0.57%
0.00%
1.48%
8.55%
39.90%
129.80
265.20
13.95%
-99.59%
13.95%
-27.71%
-71.87%
3 YR MOVINGincrease
55.98%
50.10%
51.04%
72.78%
0.69568
0.523733333
0.579733333
0.69568
3 YR MOVINGincrease
2004-05 Q1 AMJ
5.98%
2005-06 Q1 AMJ
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
2004-05 Q1 AMJ
2005-06 Q1 AMJ
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
4.90%
5.82%
7.13%
0.07141164
0.83%
0.66%
0.55%
1.77%
0.010926667
0.055667949
0.0595097
0.07141164
0.0068
0.009933333
0.010926667
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
135.30
4234.60
174.70
5408.70
4059.90
250.90
4031.80
2760.40
1856.60
4166.10
2868.40
9778.60
310.00
9468.60
2107.50
6284.00
5628.80
4309.00
129.90
4179.10
1947.90
4312.40
3020.10
14087.60
439.90
13647.70
4055.40
9493.60
8648.90
0.00
40.90
-10.20
30.70
0.00
309.80
998.10
-124.50
-93.80
0.00
0.00
0.00
0.00
1376.90
624.50
938.50
-106.20
3184.60
-133.30
4154.10
118.10
1258.80
0.00
117.10
-223.30
0.00
235.20
125.40
-258.70
0.00
360.60
1509.70
1633.30
29.50
0.00
0.00
32.20
0.00
0.00
1480.20
1601.10
1480.20
2949.40
0.00
5056.90
61.70
0.00
0.00
4995.20
2031.00
4662.10
3350.10
(320.30)
0.00
0.00
314.00
1102.80
0.00
4306.40
0.00
0.00
0.00
314.70
915.80
4462.20
155.80
1689.20
37.90
0.00
0.00
1651.30
0.00
3793.50
0.00
7848.90
99.60
0.00
0.00
7749.30
0.00
306.40
1325.90
-355.70
102.10
-457.80
0.00
1573.20
16.50
0.00
0.00
1556.70
1601.10
0.00
4995.20
1651.30
0.00
7749.30
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
7.95
8.58
8.58
#DIV/0!
#DIV/0!
8.69
8.69
#DIV/0!
#DIV/0!
0
1556.70
8.05
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
0.00
0.00
0.00
0.00
0.00
2006-07
AMJ
51.04%
0.00%
0.76%
0.00%
0.00%
0.00%
0.00%
5.82%
16.93%
2.18%
0.00%
0.55%
0.00%
4.64%
29.50
2.34%
2.34%
2006-07
JAS
70.65%
0.00%
-0.25%
0.00%
0.00%
0.00%
0.00%
7.63%
24.58%
2.88%
0.00%
0.79%
0.00%
45.73%
32.20
-14.42%
-14.42%
2004-05 Q1 AMJ
2005-06 Q1 AMJ
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
17.54%
16.93%
19.64%
19.27%
0.19544
2006-07
6-m (Apr-Sep)
59.45%
0.00%
0.32%
0.00%
0.00%
0.00%
0.00%
6.60%
0.00%
2.48%
0.00%
0.65%
0.00%
22.26%
61.70
2.09%
2.09%
2006-07
OND
72.27%
0.00%
-2.98%
0.00%
0.00%
0.00%
0.00%
7.51%
26.39%
3.00%
0.00%
0.91%
0.00%
46.61%
37.90
-14.65%
-14.65%
2006-07
9-m (Apr-Dec)
63.37%
0.00%
-0.69%
0.00%
0.00%
0.00%
0.00%
6.88%
0.00%
2.64%
0.00%
0.73%
0.00%
29.71%
99.60
2.63%
2.63%
3 YR MOVING AVGincrease ingrowth rate above avg
2004-05 Q1 AMJ
2005-06 Q1 AMJ
2.42%
1.90%
0.180366667
0.186133333
0.19544
2006-07
JFM
77.79%
0.00%
-7.44%
0.00%
0.00%
0.00%
0.00%
7.11%
30.79%
2.37%
0.00%
0.38%
0.00%
47.16%
16.50
-3.60%
-3.60%
materialsQ2
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
materials Q3
2004-05 Q2 JAS
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
2.18%
2.66%
0.02696
2004-05 Q1 AMJ
2005-06 Q1 AMJ
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
19.82%
4.64%
4.62%
46.93%
0.24349
2004-05 Q1 AMJ
2005-06 Q1 AMJ
2006-07 Q1 AMJ
2007-08 Q1 AMJ
2008-09 Q1 E AMJ
1.13%
-3.43%
0.76%
-0.97%
-0.01274
0.021666667
0.022466667
0.02696
0.096933333
0.1873
0.24349
-0.005133333
-0.012133333
-0.01274
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
materialsQ4
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
33.79%
8790.00
26011.30
Subsidaires income
Actual Total Sales
2006-07
2007-08
Annual(Apr-Mar) AMJ
17221.30
5246.30
595.70
158.20
2007-08
2007-08
JAS
6-m (Apr-Sep)
5412.80
10659.10
2007-08
2007-08
OND
9-m (Apr-Dec)
7339.10
17998.20
158.20
10500.90
158.20
17840.00
16625.60
5088.10
5412.80
7414.60
2387.90
4996.80
3703.20
2328.10
9798.20
3826.90
17172.10
11579.80
4716.00
10620.00
7530.10
0.00
-414.10
7339.10
2264.20
5814.80
3956.30
6980.20
16434.80
11486.40
0.00
-49.50
-58.10
-107.60
0.00
-36.10
-143.70
129.50
0.00
0.00
311.40
0.00
0.00
0.00
1536.20
988.70
3040.60
-546.50
462.70
-1009.20
0.00
6405.40
56.30
48.80
11.00
6289.30
0.00
6289.30
967.00
23514.20
32.52
32.51
193.43
193.43
0.00
0.00
0.00
362.80
980.30
0.00
348.10
5681.30
91.30
-4385.40
135.20
-43.90
0.00
136.90
-4522.30
0.00
2344.00
-2194.20
89.90
0.00
0.00
-614.38
0.00
0.00
2254.10
-1579.82
2254.10
-1579.82
985.50
0.00
995.90
0.00
11.44
11.44
-7.93
-7.93
197.12
197.12
1022.1
199.20
199.20
965.50
0.00
710.90
2486.60
-119.10
272.10
-391.20
0.00
4324.80
-524.48
0.00
0.00
4849.28
0.00
4849.28
178.50
0.00
24.60
24.60
197.12
197.12
0.00
0.00
0.00
356.80
1537.80
1524.30
140.50
1383.80
0.00
3648.00
188.70
0.00
0.00
3459.30
0
3459.30
1007.20
0.00
17.17
17.17
201.45
201.45
965.50
0.00
1067.70
4024.40
1405.20
412.60
992.60
0.00
7972.80
-335.78
0.00
0.00
8308.58
0.00
8308.58
178.50
0.00
42.15
42.15
197.12
197.12
0.00
9504.40
2006-07
Annual(Apr-Mar)
69.65%
0.00%
-2.49%
0.78%
1.87%
0.00%
9.24%
5.95%
18.29%
2.78%
0.00%
0.34%
0.29%
44.60%
105.10
-10.41%
-5.58%
-4.84%
2007-08
AMJ
72.78%
0.00%
-0.97%
0.00%
0.00%
0.00%
0.00%
7.13%
19.27%
2.66%
0.00%
1.77%
0.00%
46.93%
89.90
-204.78%
2007-08
JAS
70.70%
0.00%
-1.07%
0.00%
0.00%
0.00%
0.00%
6.43%
104.96%
2.53%
0.00%
-11.35%
0.00%
43.01%
-614.38
13.59%
2007-08
6-m (Apr-Sep)
71.71%
0.00%
-1.02%
0.00%
0.00%
0.00%
0.00%
6.77%
23.68%
2.59%
0.00%
-4.99%
0.00%
44.91%
-524.48
134.07%
2007-08
OND
53.91%
0.00%
-0.49%
0.00%
0.00%
0.00%
0.00%
4.86%
20.95%
1.91%
0.00%
2.57%
0.00%
30.85%
188.70
13.64%
2007-08
9-m (Apr-Dec)
64.39%
0.00%
-0.81%
0.00%
0.00%
0.00%
0.00%
5.98%
22.56%
2.31%
0.00%
-1.88%
0.00%
39.13%
-335.78
-33.83%
53.92%
51.68%
70.65%
70.65%
0.77192
3 YR MOVINGincrease
AVG ingrowth rate above avg OTHER EXPEMSEQ2
2004-05 Q2 JAS
2005-06 Q2 JAS
0.5875
2006-07 Q2 JAS
0.643266667
0.77192
2007-08 Q2 JAS
2008-09 Q2 E JAS
52.51%
3 YR MOVINGincrease
AVG ingrowth rate above avg materials Q3
2004-05 Q2 JAS
18.16%
24.58%
104.96%
0.51695
53.58%
72.27%
53.91%
0.71904
41.43%
50.09%
77.79%
68.07%
0.7838
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
20.60%
26.39%
20.95%
0.23779
3 YR MOVINGincrease
AVG ingrowth rate above avg materialsQ4
2004-05 Q2 JAS
2005-06 Q2 JAS
0.564366667
2006-07 Q2 JAS
0.653166667
0.7838
2007-08 Q2 JAS
2008-09 Q2 E JAS
23.10%
30.79%
22.44%
0.267155
0.594533333
0.5992
0.71904
bsidaries income
ires income
Total Sales
9.05%
2354.90
26011.30
4978.1
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
5816.40
2483.10
5601.80
3959.10
23656.40
7423.12
7312.36
14735.48
11445.81
11445.81
4065.59
23656.40
7084.83
7312.36
0.00
14735.48
9112.00
1725.09
2863.23
4588.31
21685.30
6977.44
15445.50
9829.98
5164.12
5644.56
16807.42
10808.67
0.00
-30.20
0.00
367.90
1305.00
214.60
148.30
66.30
0.00
2549.40
70.50
0.00
0.00
2478.90
0
2478.90
1035.60
11.97
11.97
-173.90
11272.96
8229.99
0.00
-90.26
-40.75
-131.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-376.92
1435.60
452.81
446.05
898.86
698.19
4978.10
1971.10
1450.77
107.39
3780.12
-2517.62
5230.90
-2071.94
2721.70
172.84
561.10
200.13
206.67
406.80
211.46
1410.00
-92.74
-2724.29
0.00
10522.00
1632.35
381.60
77.41
-2478.74
138.93
0.00
2109.57
4026.97
-266.67
-189.25
232.69
0.00
0.00
10140.40
0.00
10140.40
0.00
1554.93
1554.93
405.60
0.00
2298.82
3794.28
405.60
0.00
2298.82
3794.28
1035.60
0.00
41040.60
0.00
51.44
51.44
-38.62
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
207.09
197.12
0.00
207.09
197.12
0.00
0.00
0.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.523767939
2007-08
JFM
68.07%
0.00%
-0.52%
0.00%
0.00%
0.00%
0.00%
6.33%
22.44%
2.55%
0.00%
1.21%
0.00%
42.69%
70.50
106.33%
2007-08
Annual(Apr-Mar)
65.29%
0.00%
-0.74%
0.00%
0.00%
0.00%
0.00%
6.07%
21.04%
2.37%
0.00%
1.61%
0.00%
38.52%
381.60
27.06%
2008-09E
AMJ
72.89%
0.00%
-1.27%
0.00%
0.00%
0.00%
0.00%
6.39%
20.48%
2.82%
0.00%
1.09%
0.00%
24.35%
77.41
-83.47%
3 YR MOVING AVG
increase ingrowth rate above avg
0.142466667
0.492333333
0.51695
3 YR MOVING AVG
2008-09E
JAS
77.19%
0.00%
-0.56%
0.00%
0.00%
0.00%
0.00%
6.10%
51.70%
2.83%
0.00%
-3.65%
0.00%
39.16%
-266.67
9.79%
STAFFQ2
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
materials Q3
2004-05 Q2 JAS
2008-09E
6-m (Apr-Sep)
73.35%
0.00%
-0.89%
0.00%
0.00%
0.00%
0.00%
6.10%
35.50%
2.76%
0.00%
-1.28%
0.00%
31.14%
-189.25
7.64%
2008-09E
OND
71.90%
0.00%
-3.29%
0.00%
0.00%
0.00%
0.00%
6.10%
23.78%
1.85%
0.00%
2.03%
0.00%
35.52%
232.69
-602.55%
3 YR MOVING AVG
5.93%
7.63%
6.43%
0.079964064
0.045199879
0.06663672
3 YR MOVING AVG
0.156633333
0.226466667
0.23779
3 YR MOVING AVG
0.179633333
0.254433333
0.267155
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
materialsQ4
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
wipQ2
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
materials Q3
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
materialsQ4
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
5.97%
7.51%
4.86%
0.073382974
0.04494704
0.061152479
3 YR MOVING AVG
5.64%
7.11%
6.33%
0.076348822
0.042524018
0.063624018
3 YR MOVING AVG
-0.07%
-0.25%
-1.07%
-0.005573297
-0.001066475
-0.004644414
3 YR MOVING AVG
-5.94%
-2.98%
-0.49%
-0.032930937
-0.029723178
-0.031362797
3 YR MOVING AVG
-3.57%
-7.44%
-0.52%
-0.040356925
-0.036704428
-0.038435166
Subsidaires income
Actual Total Sales
-29.15%
-7583.00
26011.30
2008-09E
2008-09E
2008-09E
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
26181.29
7413.02
33594.30
0.00
26181.29
7413.02
0.00
33594.30
8653.90
3160.91
11814.81
28080.39
7943.77
19038.67
5810.32
31256.31
24848.99
0.00
-507.94
0.00
-299.17
-807.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1597.06
452.19
2049.25
7952.60
-1899.10
1980.42
-530.76
5165.17
2338.00
618.26
201.99
753.00
-2517.36
-732.74
1585.00
0.00
6136.54
2428.17
0.00
13399.81
43.44
127.64
463.33
0.00
0.00
6093.10
0.00
6093.10
#DIV/0!
#DIV/0!
45409.12
0.00
2300.53
0.00
12936.48
2300.53
0.00
12936.48
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!
62.46
#DIV/0!
207.11
24041.89
9933.02 5165.1704
2008-09E
9-m (Apr-Dec)
72.72%
0.00%
-1.94%
0.00%
0.00%
0.00%
0.00%
6.10%
30.38%
2.36%
0.00%
0.17%
0.00%
33.05%
43.44
-1.73%
2008-09E
JFM
78.38%
0.00%
-4.04%
0.00%
0.00%
0.00%
0.00%
6.10%
26.72%
2.72%
0.00%
1.72%
0.00%
42.64%
127.64
-17.42%
2008-09E
Annual(Apr-Mar)
73.97%
0.00%
-2.40%
0.00%
0.00%
0.00%
0.00%
6.10%
15.38%
2.24%
0.00%
1.38%
0.00%
35.17%
463.33
29.23%
increase ingrowth rate above avg depriQ2

2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
0.079964064
2007-08 Q2 JAS
2008-09 Q2 E JAS
increase ingrowth rate above avg materials Q3
2004-05 Q2 JAS
#DIV/0!
#REF!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
3 YR MOVING
increase
AVGingrowth rate above avg
2.29%
2.88% 0.0172635
2.53% 0.0256941 0.0282636
0.0282636
3 YR MOVING
increase
0.073382974
2005-06 Q2 JAS
2006-07 Q2 JAS
2007-08 Q2 JAS
2008-09 Q2 E JAS
increase ingrowth rate above avg materialsQ4

2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
0.076348822
2007-08 Q2 JAS
2008-09 Q2 E JAS
increase ingrowth rate above avg taxQ2

2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
-0.005573297
2007-08 Q2 JAS
2008-09 Q2 E JAS
increase ingrowth rate above avg materials Q3
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
-0.032930937
2007-08 Q2 JAS
2008-09 Q2 E JAS
increase ingrowth rate above avg materialsQ4
2004-05 Q2 JAS
2005-06 Q2 JAS
2006-07 Q2 JAS
-0.040356925
2007-08 Q2 JAS
2008-09 Q2 E JAS
2.54%
3.00% 0.0184781
1.91% 0.0248595 0.0273454
0.0273454
3 YR MOVING
increase
2.51%
2.37% 0.0162715
2.55% 0.0247705 0.0272475
0.0272475
3 YR MOVING
increase
0.61%
0.79% 0.004682
-11.35% -0.033153 -0.036468
-0.036468
3 YR MOVING
increase
2.07%
0.91% 0.0099112
2.57% 0.0184817 0.0203299
0.0203299
3 YR MOVING
increase
3.10%
0.38% 0.0116125
1.21% 0.0156528
0.017218
0.017218
Actuals
Projected
Company - Sun Pharma

Net sales
YOY
YOY
YOY
YOY
YOY
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09EE
FY 2007-08
Growth%
Segments
formulations
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09E
(Operating revenue excluding other income)

Q1 AMJ
Q2 JAS
6 months
Q3 OND
2698.30
4402.40
-38.71%
4402.40
2698.30
63.15%
5408.70
4402.40
22.86%
5088.10
5408.70
-5.93%
7423.12
5088.10
45.89%
2666.40
4366.50
-38.94%
4366.50
2666.40
63.76%
4059.90
4366.50
-7.02%
5412.80
4059.90
33.32%
7312.36
5412.80
35.09%
5364.70
4366.50
22.86%
4366.50
5364.70
-18.61%
9468.60
4366.50
116.85%
10500.90
9468.60
10.90%
14735.48
10500.90
40.33%
2925.80
4282.70
-31.68%
4282.70
2925.80
46.38%
4179.10
4282.70
-2.42%
7339.10
4179.10
75.61%
11445.81
7339.10
55.96%

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
8290.50
8649.20
-4.15%
8649.20
8290.50
4.33%
13647.70
8649.20
57.79%
17840.00
13647.70
30.72%
26181.29
17840.00
46.76%
9 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
3562.34
#DIV/0!
3475.06
#DIV/0!
7034.87
#DIV/0!
3702.92
#DIV/0!
10738.52
#REF!
#DIV/0!
4489.11
4967.45
3562.34
3475.06
26.02%
42.95%
6549.244197 6710.71985
#DIV/0!
9456.44
7034.87
34.42%
13259.96
#DIV/0!
6903.22
3702.92
86.43%
10766.02375
#DIV/0!
16335.27
10738.52
52.12%
24025.99
FY 2007-08
Growth%
bulk
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09E
FY 2007-08
Growth%
Other
Other Sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09E
FY 2007-08
Growth%
4489.11
45.89%
4967.45
35.09%
9456.44
40.22%
6903.22
55.96%

Q1 AMJ
Q2 JAS
6 months
Q3 OND
#DIV/0!
624.35
#DIV/0!
#DIV/0!
#DIV/0!
645.60
753.91
624.35
3.40% #DIV/0!
750.39
592.90
645.60
753.91
16.23%
-21.36%
1094.757614 800.971485
750.39
592.90
45.89%
35.09%
16335.27
47.08%
9 months
#DIV/0!
#DIV/0!
595.96
#DIV/0!
#DIV/0!
1402.08
#DIV/0!
595.95
595.96
0.00%
578.87
595.95
-2.87%
902.7856812
578.87
55.96%
#DIV/0!
1997.29
#DIV/0!
1343.40
1402.08
-4.19%
1895.73
1343.40
41.11%
#DIV/0!
1946.48
1997.29
-2.54%
2798.51
1946.48
43.77%
#DIV/0!
7.31
#DIV/0!
#DIV/0!
#DIV/0!
7.57
5.63
7.31
3.56% #DIV/0!
6.80
6.25
7.57
5.63
-10.17%
11.01%
9.920643633 8.44336613
6.80
6.25
45.89%
35.09%
#DIV/0!
#DIV/0!
10.13
#DIV/0!
#DIV/0!
13.15
#DIV/0!
10.13
10.13
0.00%
6.31
10.13
-37.71%
9.840858307
6.31
55.96%
#DIV/0!
23.30
#DIV/0!
13.05
13.15
-0.76%
18.36
13.05
40.72%
#DIV/0!
19.55
23.30
-16.09%
28.20
19.55
44.27%
click to go back
Q4 JFM
12 months
3047.90
4186.30
-27.19%
4186.30
3047.90
37.35%
4306.40
4186.30
2.87%
5816.40
4306.40
35.06%
7413.02
5816.40
27.45%
Q4 JFM
9956.20
12916.40
-22.92%
12916.40
9956.20
29.73%
16625.60
12916.40
28.72%
23656.40
16625.60
42.29%
33594.30
23656.40
42.01%
12 months
#DIV/0!
#DIV/0!
#DIV/0!
3966.11
#DIV/0!
14701.93
#DIV/0!
5532.97
3966.11
39.51%
7051.783208
#DIV/0!
21815.54
14701.93
48.39%
31077.77
5532.97
27.45%
Q4 JFM
21815.54
42.46%
12 months
#DIV/0!
#DIV/0!
#DIV/0!
481.13
#DIV/0!
2481.19
#DIV/0!
430.69
481.13
-10.48%
548.9154125
430.69
27.45%
#DIV/0!
2428.79
2481.19
-2.11%
3347.43
2428.79
37.82%
#DIV/0!
#DIV/0!
#DIV/0!
14.96
#DIV/0!
38.18
#DIV/0!
8.54
14.96
-42.91%
10.88424998
8.54
27.45%
#DIV/0!
29.17
38.18
-23.60%
39.09
29.17
34.00%
2004-05
Q1 AMJ
Q2 JAS
Q3 OND
Q4 JFM
2004-05Q1 AMJ
2004-05Q2 JAS
2004-05Q3 OND
2004-05Q4 JFM
2005-06Q1 AMJ
2005-06Q2 JAS
2005-06Q3 OND
2005-06Q4 JFM
2006-07Q1 AMJ
2006-07Q2 JAS
2006-07Q3 OND
2006-07Q4 JFM
FY 2007-08Q1 AMJ
FY 2007-08Q2 JAS
FY 2007-08Q3 OND
FY 2007-08Q4 JFM
FY 2008-09EEQ1 AMJ
FY 2008-09EEQ2 JAS
FY 2008-09EEQ3 OND
FY 2008-09EEQ4 JFM
2005-06
2006-07
-38.71%
-38.94%
-31.68%
-27.19%
63.15%
63.76%
46.38%
37.35%
22.86%
-7.02%
57.79%
2.87%
28.72%
31.00%
35.72%
28.41%
45.89%
35.09%
55.96%
27.45%
3 Yr Average Increase in growth from average

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

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

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

2004-05Q4 JFM
2005-06Q4 JFM
2006-07Q4 JFM
FY 2007-08Q4 JFM
FY 2008-09EEQ4 JFM
18.00%
37.35%
2.87%
28.41%
27.45%
19.41%
22.88%
9.00%
4.58%
0.25
0.2
0.15
0.1
0.05
Series1
0
1
10
11
12
-0.05
Linear (Series1)
-0.05
-0.1
-0.15
-0.15
-0.2
0.152
0.15
0.148
0.146
0.144
Series1
0.142
Linear
(Series1)
0.14
0.138
0.136
0.134
0.132
1
0.25
0.2
0.15
0.1
0.05
0
Series1
Linear
(Series1)
(Series1)
0
1
0.2
0.15
0.1
Series1
0.05
Linear
(Series1)
0
1
0.3
0.2
0.1
Series1
0
-0.1
-0.2
Linear
(Series1)
operating matrices
foreign currency
0.25
0.2
0.15
0.1
0.05
Series1
0
-0.05
-0.1
-0.15
-0.2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Linear (Series1)
COMPANY - Sun Pharma

Year
FY 06 (Mar 31)
FY 07
FY 08
FY 09E
FY 10E
Year
FY 06 (Mar 31)
FY 07
FY 08
FY 09E
FY 10E
Year
FY 06 (Mar 31)
FY 07
FY 08
FY 09E
FY 10E
Year
FY 06 (Mar 31)
FY 07
FY 08
FY 09E
FY 10E
CURRENT SHARE PRICE

866.4
1054.0
1231.4
EPS
24.8
32.5
52.4
62.5
58.2
PAT
4612.9
6289.3
10140.4
12936.5
12063.8
Shareholders Equity(NW)
14649.4
24494.9
42076.2
50484.7
58325.6
EBIT
-266.3
-1009.2
1410.0
1585.0
-2685.7
Total Asset-CL
30266.80
33877.90
48362.37
53037.54
57339.75
PAT
4612.9
6289.3
10140.4
12936.5
12063.8
EPS
24.8
32.5
52.4
62.5
58.2
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
185.69
193.43
193.43
207.11
207.11
COMPANY - Sun Pharma
click to go back
2003-04
2004-05
2005-06
Annual(Apr-Mar) Annual(Apr-Mar) Annual(Apr-Mar)
Materials
47.08%
55.89%
64.41%
0.00%
0.00%
0.00%
-1.77%
0.48%
-4.32%
0.00%
1.21%
0.90%
0.00%
1.44%
1.98%
0.00%
0.00%
0.00%
5.12%
7.45%
8.78%
Staff Cost
6.03%
6.56%
6.35%
22.40%
16.43%
20.81%
Depreciation
2.48%
2.89%
3.15%
0.00%
0.00%
0.00%
0.91%
0.66%
0.57%
0.64%
1.13%
1.48%
Other income% of revenue
12.89%
25.23%
39.90%
Materials
Staff Cost
Depreciation
Other income% of revenue
2004-05
AMJ
55.98%
0.00%
1.13%
0.00%
0.00%
0.00%
5.48%
5.98%
19.64%
2.42%
0.00%
0.83%
0.56%
19.82%
2005-06
AMJ
50.10%
0.00%
-3.43%
0.00%
0.00%
0.00%
4.39%
4.90%
17.54%
1.90%
0.00%
0.66%
0.00%
4.62%
2006-07
2007-08
2009E
Annual(Apr-Mar)Annual(Apr-Mar)
69.65%
65.29%
69.86%
0.00%
0.00%
0.00%
-2.49%
-0.74%
-0.79%
0.78%
0.00%
0.00%
1.87%
0.00%
0.00%
0.00%
0.00%
0.00%
9.24%
0.00%
0.00%
5.95%
6.07%
6.49%
18.29%
21.04%
22.52%
2.78%
2.37%
2.54%
0.00%
0.00%
0.00%
0.34%
1.61%
1.73%
0.29%
0.00%
0.00%
44.60%
46.83%
50.11%
2006-07
AMJ
51.04%
0.00%
0.76%
0.00%
0.00%
0.00%
0.00%
5.82%
16.93%
2.18%
0.00%
0.55%
0.00%
4.64%
2007-08
2009E
AMJ
72.78%
77.88%
0.00%
0.00%
-0.97%
-1.03%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.13%
7.63%
19.27%
19.65%
2.66%
2.66%
0.00%
0.00%
1.77%
1.77%
0.00%
0.00%
46.93%
46.93%
2004-05
2005-06
2006-07
6-m (Apr-Sep) 6-m (Apr-Sep) 6-m (Apr-Sep)
54.95%
102.19%
59.45%
0.00%
0.00%
0.00%
1.68%
-3.53%
0.32%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.18%
4.43%
0.00%
6.09%
10.87%
6.60%
19.59%
0.00%
0.00%
2.54%
4.21%
2.48%
0.00%
0.00%
0.00%
0.75%
1.27%
0.65%
0.52%
0.00%
0.00%
21.06%
9.28%
22.26%
2004-05
JAS
53.92%
0.00%
2.24%
0.00%
0.00%
0.00%
6.88%
6.20%
19.54%
2.66%
0.00%
0.66%
0.49%
22.31%
2005-06
JAS
51.68%
0.00%
-0.07%
0.00%
0.00%
0.00%
0.00%
5.93%
18.16%
2.29%
0.00%
0.61%
0.00%
4.62%
2006-07
JAS
70.65%
0.00%
-0.25%
0.00%
0.00%
0.00%
0.00%
7.63%
24.58%
2.88%
0.00%
0.79%
0.00%
45.73%
2007-08
2009E
6-m (Apr-Sep)
71.71%
0.00%
-1.02%
0.00%
0.00%
0.00%
0.00%
6.77%
23.68%
2.59%
0.00%
-4.99%
0.00%
0.00%
2007-08
JAS
70.70%
0.00%
-1.07%
0.00%
0.00%
0.00%
0.00%
6.43%
104.96%
2.53%
0.00%
-11.35%
0.00%
43.01%
2009E
71.41%
0.00%
-1.14%
0.00%
0.00%
0.00%
0.00%
6.56%
#######
2.53%
0.00%
-11.35%
0.00%
43.01%
2004-05
2005-06
2006-07
2007-08
9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec)
54.09%
78.32%
63.37%
64.39%
0.00%
0.00%
0.00%
0.00%
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%
6.26%
2.24%
0.00%
0.00%
5.98%
8.45%
6.88%
5.98%
19.22%
0.00%
0.00%
22.56%
2.50%
3.38%
2.64%
2.31%
0.35%
0.00%
0.00%
0.00%
0.61%
1.67%
0.73%
-1.88%
0.75%
0.00%
0.00%
0.00%
20.88%
6.92%
29.71%
39.13%
2004-05
OND
52.51%
0.00%
-0.60%
0.00%
0.00%
0.00%
6.43%
5.79%
18.53%
2.43%
0.98%
0.35%
1.16%
20.54%
2005-06
OND
53.98%
0.00%
-5.94%
0.00%
0.00%
0.00%
0.00%
5.97%
20.60%
2.54%
0.00%
2.07%
0.00%
4.51%
2006-07
OND
72.27%
0.00%
-2.98%
0.00%
0.00%
0.00%
0.00%
7.51%
26.39%
3.00%
0.00%
0.91%
0.00%
46.61%
2007-08
OND
53.91%
0.00%
-0.49%
0.00%
0.00%
0.00%
0.00%
4.86%
20.95%
1.91%
0.00%
2.57%
0.00%
30.85%
2009E
56.60%
0.00%
-0.53%
0.00%
0.00%
0.00%
0.00%
5.10%
21.37%
1.91%
0.00%
2.57%
0.00%
30.85%
2004-05
JFM
41.43%
0.00%
-0.82%
0.00%
0.00%
0.00%
7.94%
4.92%
19.12%
2.64%
0.00%
0.98%
0.77%
7.23%
2005-06
JFM
50.09%
0.00%
-3.57%
0.00%
0.00%
0.00%
0.00%
5.64%
23.10%
2.51%
0.00%
3.10%
0.00%
8.55%
2006-07
JFM
77.79%
0.00%
-7.44%
0.00%
0.00%
0.00%
0.00%
7.11%
30.79%
2.37%
0.00%
0.38%
0.00%
47.16%
2006-07
2009E
JFM
68.07% 71.47%
0.00%
0.00%
-0.52%
-0.56%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.33%
6.64%
22.44% 22.89%
2.55%
2.55%
0.00%
0.00%
1.21%
1.21%
0.00%
0.00%
42.69% 42.69%
FY04
Profitability Ratios
Return on Assets (ROA)
Return on Equity (ROE)
Return on Capital Employed (ROCE)
Dupont Analysis-ROE Decomposition
PAT/PBT (Tax Efficiency)
PBT/EBIT (Interest Burden)
EBIT/Sales (OPM)
Sales/Total Assets (Asset Turnover)
TA/NW (Financial Leverage)
ROE
Financial Ratios
FY05
FY06
FY07
FY08
#DIV/0!
#DIV/0!
#DIV/0!
9.60%
28.02%
2.54%
12.80%
31.49%
-0.80%
16.27%
25.68%
-2.78%
18.88%
24.10%
2.76%
0.95
1.69
0.19
#DIV/0!
#DIV/0!
#DIV/0!
0.95
4.29
0.08
0.31
2.92
28.02
0.94
-18.35
-0.02
0.36
2.46
31.49
0.98
-6.35
-0.06
0.43
1.58
25.68
0.96
7.46
0.06
0.44
1.28
24.10
Liquidity Ratios
Current Ratio
Acid Test Ratio
Debt-Equity Ratio
#DIV/0!
#DIV/0!
#DIV/0!
7.92
7.08
1.72
7.82
6.91
1.26
9.15
7.75
0.48
12.11
10.58
0.21
Efficiency Ratios
Assets Turnover Ratio
Working Capital Turnover Ratio
F.A. Turnover Ratio
C.A. Turnover Ratio
Debtors Velocity
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.31
0.65
2.04
0.57
86.14
0.36
0.66
2.28
0.57
72.47
0.43
0.85
2.68
0.76
68.06
0.44
0.80
2.74
0.73
52.80
21.14%
31.55%
30.00%
10.56%
32.90%
31.11%
1.09%
37.83%
35.71%
-3.29%
38.53%
37.83%
8.33%
44.48%
42.87%
0.00%
0.00%
0.00%
0.00%
6.51%
-46.81%
10.47%
13.18%
29.73%
-86.59%
48.91%
48.77%
28.72%
-487.59%
36.34%
30.89%
42.29%
-460.68%
61.23%
61.23%
#DIV/0!
#DIV/0!
0.00
68.42
86.14
6430.40
74.44
72.47
7377.70
73.19
68.06
7455.90
62.94
52.80
7964.97
40.86%
76.69%
105.45%
115.76%
86.60%
14.75
16.70
24.84
32.52
52.43
Margin Ratios (%)

EBITDA Margin
Pre-Tax Margin
Net Profit Margin
Growth Ratios YoY (%)
Net Sales
EBITDA
Adj.PAT
Adj.EPS
Working Ratios (Days)
Inventory
Debtors
Net Working Capital Excluding Cash
Other Ratios (%)
Other Income/PBT
Per Share (Rs.)
Adj.EPS
CEPS
DPS
BVPS
Cash Per Share
15.97
0.00
0.00
0.00
18.25
0.00
59.59
47.98
27.04
0.00
78.89
66.29
3.49
0.00
12.66
62.18
5.53
1.83
21.75
112.42
FY09(E)
FY10(E)
22.09%
25.62%
2.84%
19.25%
20.68%
-4.48%
0.97
8.45
0.05
0.57
1.16
25.62
0.96
-4.70
-0.06
0.76
1.07
20.68
11.10
9.36
0.11
11.10
9.01
0.03
0.57
1.20
2.85
1.10
41.25
0.76
1.78
3.45
1.62
31.92
6.96%
39.89%
38.51%
-3.51%
26.47%
25.29%
42.01%
18.61%
27.57%
19.14%
42.01%
-171.65%
-6.75%
-6.75%
52.29
41.25
8368.72
42.44
31.92
8962.22
88.17%
121.27%
62.46
58.25
6.61
2.19
24.38
94.37
6.31
2.04
28.16
86.34
Sun Pharma
Rs. in bln
Key Financials *
FY 05
FY 06
Net sales
%Growth
EBITDA
EBITDA Margin %
Adjusted PAT
%Growth
Net profit margin %
EPS (based on Adj.Pat)*
Book value per share *
9.96
12.92
#REF!
29.73%
1.05
0.14
10.56%
1.09%
3.10
4.61
#REF!
48.91%
31.11%
35.71%
16.70
24.84
59.59
78.89
Return on equity
28.02%
31.49%
(*share split in the year FY07 from Rs.10 per share to Re.1 per share)
Key ratios (%)

Market Price
P/E
P/BV
EV/EBITDA
EV/Sales
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
FY 05
471.40
28.23
7.91
92.80
9.80
FY 06
866.40
34.88
10.98
1184.94
12.94
FY 07
16.63
28.72%
-0.55
-3.29%
6.29
36.34%
37.83%
32.52
12.66
25.68%
FY 07
1054.00
32.42
83.23
-3730.01
122.61
FY08
23.66
42.29%
1.97
8.33%
10.14
61.23%
42.87%
52.43
21.75
24.10%
FY08
1231.40
23.49
56.61
1027.81
85.64
click to go back
Rs. in bln
FY09E
33.59
42.01%
2.34
6.96%
12.94
27.57%
38.51%
62.46
24.38
25.62%
FY09E
0.00
0.00
0.00
927.59
64.56
1
207.11
268.84
1550
524715
sunpharma
Valuation Inputs
Price as on March 31 (Rs)
No of Outstanding Shares
Market Capitalisation
Debt
Cash & Equivalents
Enterprise Value
EBITDA
Sales
EV/EBITDA
EV/Sales
FY04
FY05
FY06
FY07
#REF!
471.40
866.40
1054.00
190.07
185.51
185.69
1934.26
#REF!
87449.41 160881.82 2038704.84
0.00 18999.50
18504.20
11774.70
0.00
8900.30
12309.80
12026.80
#REF!
97548.61 167076.22 2038452.74
1976.30
1051.20
141.00
-546.50
9347.40
9956.20
12916.40
16625.60
#REF!
92.80
1184.94
-3730.01
#REF!
9.80
12.94
122.61
Share split to Re.1 per share from Rs.10

FY08
1054.00
1934.26
2038704.84
8960.97
21744.01
2025921.79
1971.10
23656.40
1027.81
85.64
Rs. In million
FY09(E)
FY10(E)
1054.00
1054.00
2071.10
2071.10
2182939.40 2182939.40
5316.22
1671.47
19545.53
17882.70
2168710.09 2166728.17
2338.00
-1675.22
33594.30
47707.27
927.59
-1293.40
64.56
45.42
Sun Pharma
PAT
Shareholders Equity (Networth)
Return of Equity (ROE)
FY04
2804.20
0.00
#DIV/0!
FY05
3097.70
11,054.50
FY06
4612.90
14,649.40
FY07
6289.30
24,494.90
FY08
10140.40
42,076.20
FY09(E)
12936.48
50,484.68
28.02%
31.49%
25.68%
24.10%
25.62%
Price/Book Value
Price
Book Value
56.21
1054.00
18.75
Cost of Equity (COE or Ke)
15.95%
Beta of the stock

Rf (2017 GS Bonds)
Rm
Risk Premium
0.4169
9.45%
0.00%
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
P/E
P/BV
EV/EBITDA
SUN PHARMA
dr reddy
26.50
4.69
19.36
24.50
2.90
17.48
267.65
365.8
29th august
price
FY07
Name of the company
SUN PHARMA
dr reddy
CIPLA
SUN PHARMA
dr reddy
CIPLA
Market Capitalization ( Rs mn )
Book Value
Debt / Equity
P/E (Trailing) *
Dividend Yield %
EPS
Net Sales (Rs m)
PAT (Rs m)
23656.4
33306.6
42184.5
10140.40
4752.20
7014.30
12 months average share price

Shares Outstanding (Millions)
1170.5
1035.60
635.1
168.29
197.2
778.29
Peer set analysis (as on August 31, 2007)

sun pharma
ranbaxy
55,810.38
10,414.30
1.09
32.20
5.59
47,433.28
13,148.32
0.42
27.00
12.38
Return on Net Worth

Current Ratio
Quick Ratio
11.11
10.76
* 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
3.57
14.4
24.97
3.72
17.08
132.45
EPS (Rs)
ROE (%)
49.00
27.10
9.00
book value
14.58%
10.76%
8.77%
42076.2
48118.1
37468.50
Market Capitalisation (m)
Enterprise Value (m) Earnings(Adj PAT)

BV per share
268558.70
10140.40
40.63
111793.3
102599.60
4752.20
285.92
167303.1
166433.00
7014.30
48.14
268841.8
EV= MARKET CAP-DEBT + CASH

2006-07
P/E
27.0
33.3
42.0
P/BV
0.0300
0.0400
0.0500
expected eps
62.5
62.5
62.5
expected book value
50484.7
50484.7
50484.7
Expected price
1686.4
2081.8
2623.3
1514.5
2019.4
2524.2
Expected
EV (m)
EV/EBIDTA
17.0
26.0
34.0
268558.7
268558.7
268558.7
cipla
33,940.31
9,040.80
40.7
1.43
948.1
948.1
is valuation exercise
8.77
EBIDTA CASH
EPS
P/E
11083.10
283.1
49.00
7,562.80
9193.7
27.10
9,807.30
870.1
9.00
P/BV
26.5
24.5
23.9
0.03
0.01
0.01
EV/EBIDTA
24.23
13.57
16.97

SunPharma Analysis

Uploaded by

Document Information

Original Title

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

SunPharma Analysis

Uploaded by

Copyright:

Available Formats

VALUATION OF THE COMPANY Sun Pharma

9 HUGE RESERVES , NO DEBT TAKEN , SO NO INTEREST PAYMENT

ion 10.3% from 12.8%.

% deduction on R&D outsourcing expenditure

al Oxcarbuzepine Tablets.And company get 180 day marketing exclusivity right.

opiramate and generic tessalon

30 trading day period

150 trading day period

Coefficients Standard Error

0 year govt. bond

DCF VALUATION - Sun Pharma

Revenue Growth (%)

Book Value of Debt

Fundamental Value of Equity

Fundamental Value per share (Rs)

Total Present Value

Total Present Value

Total Present Value

Total Present Value

Total Present Value

Total Present Value

Continuing Growth (%)

Table 1: DCF Sensitivity

Weighted Average Cost of Capital

book value= paid up capital+ reserves and surplus

Capex assumed to grow at 15% and 1

8.0% Sustainable Growth Rate

Average Cost of Capital (%)

FY08(E) FY09(E) FY10(E)

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

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

Assumed to grow in long term at

Cash Flow Statement - Sun Pharma

Net Increase in Cash and Cash Equivalents

Cash and cash equivalents At the beginning

Cash Generated From Operations

Cash and cash equivalents At the end

Balance Sheet - Sun Pharma

current asser exclyuding cash

cash from cash flow statement

Assets as a percentage of sales

As %age of total liabilities

FY08(E) FY09(E) FY10(E)

4450.15 10605.05 12168.30 16885.41 20644.77 18714.12

9651.80 11436.30 14771.00 20141.00 28625.35 40650.79

Profit And Loss Statement - Sun Pharma

0.0237187 0.0224145 0.0211818

Company - Sun Pharma

(UN)AUDITED FINANCIAL RESULTS FOR

Less Excise Duty

4 Total Operational Expenditure

b) Purchase of Traded Goods

i) Other expenditure(Administrative, Selling & Other Expenses)

Interest & Financial Charges

8 Provision for Current Tax (incl. FBT)

9 Provision for deferred Tax

11 0 Extra Ordinary Items

13 Paid up equity share Capital (Equity share of Rs 10 each)

14 Reserves and surplus incl. revaluation reserve

15 Earning per share (each of Rs 10)

16 Number of Outsanding Shares (of par value Rs 10)

Diluted (Incl. of bonus & convertible debentures)

17 Share price (Current price)