DCF Valuation Sheet For Cipla

VALUATION OF THE COMPANY CIPLA
SUBMITTED BY
-------------------------ENROLLMENT NUMBER - -------------------
Email - -----------------------Phone ------------------------
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Contents
Click Below to go to Sheet
Assumptions
WACC
DCF Valuation
Cash Flow
Balance Sheet
Profit and Loss Account
Quarterly Data
Projections Sales
Ratio Calculations
Cost Structure
Financial Ratios
Final Report Requirements
UBS Growth Formula
Relative Valuation
Operating Metrics
Assumptions!A1
WACC (daily)'!A1
DCF Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
Projections sales'!A1
RATIO.CAL!A1
Cost Structure'!A1
Finacial Ratios'!A1
Final Report requirements'!A1
UBS Growth Formula'!A1
Relative Valuation
Operating Metrics
ANY CIPLA
elow to go to Sheet
ssumptions!A1
ACC (daily)'!A1
F Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ections sales'!A1
ATIO.CAL!A1
st Structure'!A1
acial Ratios'!A1
port requirements'!A1
Growth Formula'!A1
ative Valuation
erating Metrics
Assumptions
click to go back
Industry Assumption:
1. Indian pharmaceuticals industry is growing at the CAGR of 17%.

2.Improvement in average disposable income.
3.Custom duty on drug intermeduates and bulk drug cuts to 7.7% from 12.8%,.formulation 10
4. Indian pharma company has major number of USFDA approval
5. Indian pharma company has strong genric fundamentals.
6.Cost competitivness
Company assumptions:
1
2
3
4
5
The company plans to invest Rs 4 billion for setting up a pharmaceutical SEZ in G

The Aids Healthcare Foundation, an American NGO, alleged that Cipla is exportin
Ciplas paediatric version of triple-combination AIDS drug Triomune can now be
8 to 10 ANDA in each of the next three years
Working with strategic patners to file 172 dosage form registration in Europe.
6. company has started commercial production in sikkim unit for tablet segment
o 7.7% from 12.8%,.formulation 10.3% from 12.8%.
etting up a pharmaceutical SEZ in Goa. Further, it will invest Rs 3.5 billion for a bulk drug and formulation facility at Indore and Rs 1.5 billion o
n NGO, alleged that Cipla is exporting its HIV/AIDS drug Viraday to African countries at just Rs 21,200 a patient a year while the same for Indi
n AIDS drug Triomune can now be purchased by the US$ 15billion PEPFAR global-initiative to treat the illness.
ge form registration in Europe.

n in sikkim unit for tablet segment
ndore and Rs 1.5 billion on developing formulation manufacturing facilities at Sikkim

ar while the same for Indian patients costs over Rs 54,000.
Date
2-Jan-07
1/3/2007
1/4/2007
1/5/2007
1/8/2007
1/9/2007
1/10/2007
1/11/2007
1/12/2007
1/15/2007
1/16/2007
1/17/2007
1/18/2007
1/19/2007
1/22/2007
1/23/2007
1/24/2007
1/25/2007
1/29/2007
1/31/2007
2/1/2007
2/2/2007
2/5/2007
2/6/2007
2/7/2007
2/8/2007
2/9/2007
2/12/2007
2/13/2007
2/14/2007
2/15/2007
2/19/2007
2/20/2007
2/21/2007
2/22/2007
2/23/2007
2/26/2007
2/27/2007
2/28/2007
3/1/2007
3/2/2007
3/5/2007
3/6/2007
Cipla
251.5
257.85
255.15
253.6
247.55
244.1
242.8
246.7
255.2
258
258.85
261.05
259.6
252.55
254.9
254.75
246.8
243.9
248.6
246.3
247
249.85
248.45
250.15
257.5
257.1
252.5
248.35
243.55
244
256.65
255.5
254.65
254.4
247.7
241.9
245
239.65
231.95
229.7
225.2
217.2
221.85
Sensex
13942.24
14014.92
13871.71
13860.52
13652.15
13566.33
13362.16
13630.71
14056.53
14129.64
14114.73
14131.34
14217.75
14182.71
14209.24
14041.24
14110.46
14282.72
14211.96
14090.92
14267.18
14403.77
14515.9
14478.19
14643.13
14652.09
14538.9
14190.7
14090.98
14009.9
14355.55
14402.9
14253.38
14188.49
14021.31
13632.53
13649.52
13478.83
12938.09
13159.55
12886.13
12415.04
12697.09
Ri
Ri-Avg(Ri)
Rm
RM-Avg(RM))
2.52
-1.05
-0.61
-2.39
-1.39
-0.53
1.61
3.45
1.10
0.33
0.85
-0.56
-2.72
0.93
-0.06
-3.12
-1.18
1.93
-0.93
0.28
1.15
-0.56
0.68
2.94
-0.16
-1.79
-1.64
-1.93
0.18
5.18
-0.45
-0.33
-0.10
-2.63
-2.34
1.28
-2.18
-3.21
-0.97
-1.96
-3.55
2.14
2.57
-1.01
-0.57
-2.34
-1.35
-0.49
1.65
3.49
1.14
0.37
0.89
-0.51
-2.67
0.97
-0.02
-3.08
-1.13
1.97
-0.88
0.33
1.20
-0.52
0.73
2.98
-0.11
-1.75
-1.60
-1.89
0.23
5.23
-0.41
-0.29
-0.06
-2.59
-2.30
1.32
-2.14
-3.17
-0.93
-1.92
-3.51
2.18
0.52
-1.02
-0.08
-1.50
-0.63
-1.50
2.01
3.12
0.52
-0.11
0.12
0.61
-0.25
0.19
-1.18
0.49
1.22
-0.50
-0.85
1.25
0.96
0.78
-0.26
1.14
0.06
-0.77
-2.39
-0.70
-0.58
2.47
0.33
-1.04
-0.46
-1.18
-2.77
0.12
-1.25
-4.01
1.71
-2.08
-3.66
2.27
0.35
-1.19
-0.25
-1.67
-0.80
-1.67
1.84
2.95
0.35
-0.27
-0.05
0.44
-0.42
0.02
-1.35
0.32
1.05
-0.66
-1.02
1.08
0.79
0.61
-0.43
0.97
-0.11
-0.94
-2.56
-0.87
-0.74
2.30
0.16
-1.21
-0.62
-1.35
-2.94
-0.04
-1.42
-4.18
1.54
-2.25
-3.82
2.10
3/7/2007
3/8/2007
3/9/2007
3/12/2007
3/13/2007
3/14/2007
3/15/2007
3/16/2007
3/19/2007
3/20/2007
3/21/2007
3/22/2007
3/23/2007
3/26/2007
3/28/2007
3/29/2007
3/30/2007
4/2/2007
4/3/2007
4/4/2007
4/5/2007
4/9/2007
4/10/2007
4/11/2007
4/12/2007
4/13/2007
4/16/2007
4/17/2007
4/18/2007
4/19/2007
4/20/2007
4/23/2007
4/24/2007
4/25/2007
4/26/2007
4/27/2007
4/30/2007
5/3/2007
5/4/2007
5/7/2007
5/8/2007
5/9/2007
5/10/2007
5/11/2007
5/14/2007
5/15/2007
5/16/2007
5/17/2007
5/18/2007
231.55
236.55
229.15
232.35
236.55
230.6
227.6
222.95
224.85
230.5
232.5
235.3
240.95
237.3
234.2
236.4
236.8
225.6
224.15
229.5
232.55
235.3
234.7
236.1
232.4
232.4
235.4
229.55
233.4
234.3
235.45
234.15
238.8
252.45
253.4
217.1
210.95
211.2
217.35
214.85
211.5
207.9
208.1
204.8
211.45
211
210.1
208.5
209.2
12579.75
13049.35
12884.99
12902.63
12982.98
12529.62
12543.85
12430.4
12644.99
12705.94
12945.88
13308.03
13285.93
13124.32
12884.34
12979.66
13072.1
12455.37
12624.58
12786.77
12856.08
13177.74
13189.54
13183.24
13113.81
13384.08
13695.58
13607.04
13672.19
13619.7
13897.41
13928.33
14136.72
14217.77
14228.88
13908.58
13872.37
14078.21
13934.27
13879.25
13765.46
13781.51
13771.23
13796.16
13965.86
13929.33
14127.31
14299.71
14303.41
4.37
2.16
-3.13
1.40
1.81
-2.52
-1.30
-2.04
0.85
2.51
0.87
1.20
2.40
-1.51
-1.31
0.94
0.17
-4.73
-0.64
2.39
1.33
1.18
-0.25
0.60
-1.57
0.00
1.29
-2.49
1.68
0.39
0.49
-0.55
1.99
5.72
0.38
-14.33
-2.83
0.12
2.91
-1.15
-1.56
-1.70
0.10
-1.59
3.25
-0.21
-0.43
-0.76
0.34
4.41
2.20
-3.09
1.44
1.85
-2.47
-1.26
-2.00
0.89
2.55
0.91
1.25
2.44
-1.47
-1.26
0.98
0.21
-4.69
-0.60
2.43
1.37
1.22
-0.21
0.64
-1.53
0.04
1.33
-2.44
1.72
0.43
0.53
-0.51
2.03
5.76
0.42
-14.28
-2.79
0.16
2.95
-1.11
-1.52
-1.66
0.14
-1.54
3.29
-0.17
-0.39
-0.72
0.38
-0.92
3.73
-1.26
0.14
0.62
-3.49
0.11
-0.90
1.73
0.48
1.89
2.80
-0.17
-1.22
-1.83
0.74
0.71
-4.72
1.36
1.28
0.54
2.50
0.09
-0.05
-0.53
2.06
2.33
-0.65
0.48
-0.38
2.04
0.22
1.50
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
-1.09
3.56
-1.43
-0.03
0.45
-3.66
-0.06
-1.07
1.56
0.31
1.72
2.63
-0.34
-1.39
-2.00
0.57
0.54
-4.89
1.19
1.12
0.37
2.33
-0.08
-0.22
-0.70
1.89
2.16
-0.82
0.31
-0.55
1.87
0.05
1.33
0.40
-0.09
-2.42
-0.43
1.31
-1.19
-0.56
-0.99
-0.05
-0.24
0.01
1.06
-0.43
1.25
1.05
-0.14
5/21/2007
5/22/2007
5/23/2007
5/24/2007
5/25/2007
5/28/2007
5/29/2007
5/30/2007
5/31/2007
6/1/2007
6/4/2007
6/5/2007
6/6/2007
6/7/2007
6/8/2007
6/11/2007
6/12/2007
6/13/2007
6/14/2007
6/15/2007
6/18/2007
6/19/2007
6/20/2007
6/21/2007
6/22/2007
6/25/2007
6/26/2007
6/27/2007
6/28/2007
6/29/2007
7/2/2007
7/3/2007
7/4/2007
7/5/2007
7/6/2007
7/9/2007
7/10/2007
7/11/2007
7/12/2007
7/13/2007
7/16/2007
7/17/2007
7/18/2007
7/19/2007
7/20/2007
7/23/2007
7/24/2007
7/25/2007
7/26/2007
207.85
208.05
208.1
206.8
205.05
208.5
218.5
214.8
217.45
223.75
217.4
215.85
213.45
212.2
210.9
210.95
208
208.4
209.35
209.85
207.7
207.35
210.15
210
209.85
204.3
206.6
205
202.55
208.15
210.05
213.75
218.2
216.35
212.25
211.4
212.2
211.8
213.3
211.85
208.55
206.45
205.85
205.75
200.95
191.55
188.3
186.1
194.3
14418.6
14453.72
14363.26
14218.11
14338.45
14397.89
14508.21
14411.38
14544.46
14570.75
14495.77
14535.01
14255.93
14186.18
14063.81
14083.41
14130.95
14003.03
14203.72
14162.71
14080.14
14295.5
14411.95
14499.24
14467.36
14487.72
14501.08
14431.06
14504.57
14650.51
14664.26
14806.51
14880.24
14861.89
14964.12
15045.73
15009.88
14910.62
15092.04
15272.72
15311.22
15289.82
15301.17
15550.13
15565.55
15732.2
15794.92
15699.33
15776.31
-0.65
0.10
0.02
-0.62
-0.85
1.68
4.80
-1.69
1.23
2.90
-2.84
-0.71
-1.11
-0.59
-0.61
0.02
-1.40
0.19
0.46
0.24
-1.02
-0.17
1.35
-0.07
-0.07
-2.64
1.13
-0.77
-1.20
2.76
0.91
1.76
2.08
-0.85
-1.90
-0.40
0.38
-0.19
0.71
-0.68
-1.56
-1.01
-0.29
-0.05
-2.33
-4.68
-1.70
-1.17
4.41
-0.60
0.14
0.07
-0.58
-0.80
1.72
4.84
-1.65
1.28
2.94
-2.80
-0.67
-1.07
-0.54
-0.57
0.07
-1.36
0.23
0.50
0.28
-0.98
-0.13
1.39
-0.03
-0.03
-2.60
1.17
-0.73
-1.15
2.81
0.95
1.80
2.12
-0.81
-1.85
-0.36
0.42
-0.15
0.75
-0.64
-1.52
-0.97
-0.25
-0.01
-2.29
-4.64
-1.66
-1.13
4.45
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
-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
0.64
0.07
-0.80
-1.18
0.68
0.25
0.60
-0.84
0.75
0.01
-0.68
0.10
-2.09
-0.66
-1.03
-0.03
0.17
-1.07
1.26
-0.46
-0.75
1.36
0.65
0.44
-0.39
-0.03
-0.08
-0.65
0.34
0.84
-0.08
0.80
0.33
-0.29
0.52
0.38
-0.41
-0.83
1.05
1.03
0.08
-0.31
-0.09
1.46
-0.07
0.90
0.23
-0.77
0.32
7/27/2007
7/30/2007
7/31/2007
8/1/2007
8/2/2007
8/3/2007
8/6/2007
8/7/2007
8/8/2007
8/9/2007
8/10/2007
8/13/2007
8/14/2007
8/16/2007
8/17/2007
8/20/2007
8/21/2007
8/22/2007
8/23/2007
8/24/2007
8/27/2007
8/28/2007
8/29/2007
8/30/2007
8/31/2007
9/3/2007
9/4/2007
9/5/2007
9/6/2007
9/7/2007
9/10/2007
9/11/2007
9/12/2007
9/13/2007
9/14/2007
9/17/2007
9/18/2007
9/19/2007
9/20/2007
9/21/2007
9/24/2007
9/25/2007
9/26/2007
9/27/2007
9/28/2007
10/1/2007
10/3/2007
10/4/2007
10/5/2007
188.2
188.9
191.05
185.45
185.85
187.15
184.1
187.15
185.9
187.8
184.05
190.75
191.05
182.8
184
184.85
177.65
175.7
167.35
170.1
170.35
170.65
169.65
165.25
166.7
172
179.95
182.9
185.05
180.6
179.05
177.4
174.95
175.1
172.1
172
168.7
169.4
169.25
167.45
167.4
169.4
170.7
176
182.3
188.65
185.25
190.3
189.15
15234.57
15260.91
15550.99
14935.77
14985.7
15138.4
14903.03
14932.77
15307.98
15100.15
14868.25
15017.21
15000.91
14358.21
14141.52
14427.55
13989.11
14248.66
14163.98
14424.87
14842.38
14919.19
14993.04
15121.74
15318.6
15422.05
15465.4
15446.15
15616.31
15590.42
15596.83
15542.77
15505.36
15614.44
15603.8
15504.43
15669.12
16322.75
16347.95
16564.23
16845.83
16899.54
16921.39
17150.56
17291.1
17328.62
17847.04
17777.14
17773.36
-3.14
0.37
1.14
-2.93
0.22
0.70
-1.63
1.66
-0.67
1.02
-2.00
3.64
0.16
-4.32
0.66
0.46
-3.90
-1.10
-4.75
1.64
0.15
0.18
-0.59
-2.59
0.88
3.18
4.62
1.64
1.18
-2.40
-0.86
-0.92
-1.38
0.09
-1.71
-0.06
-1.92
0.41
-0.09
-1.06
-0.03
1.19
0.77
3.10
3.58
3.48
-1.80
2.73
-0.60
-3.10
0.41
1.18
-2.89
0.26
0.74
-1.59
1.70
-0.63
1.06
-1.96
3.68
0.20
-4.28
0.70
0.50
-3.85
-1.06
-4.71
1.68
0.19
0.22
-0.54
-2.55
0.92
3.22
4.66
1.68
1.22
-2.36
-0.82
-0.88
-1.34
0.13
-1.67
-0.02
-1.88
0.46
-0.05
-1.02
0.01
1.24
0.81
3.15
3.62
3.52
-1.76
2.77
-0.56
-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
-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
-3.60
0.00
1.73
-4.13
0.17
0.85
-1.72
0.03
2.34
-1.53
-1.70
0.83
-0.28
-4.45
-1.68
1.85
-3.21
1.69
-0.76
1.67
2.73
0.35
0.33
0.69
1.13
0.51
0.11
-0.29
0.93
-0.33
-0.13
-0.52
-0.41
0.53
-0.24
-0.81
0.89
4.00
-0.01
1.15
1.53
0.15
-0.04
1.19
0.65
0.05
2.82
-0.56
-0.19
10/8/2007
10/9/2007
10/10/2007
10/11/2007
10/12/2007
10/15/2007
10/16/2007
10/17/2007
10/18/2007
10/19/2007
10/22/2007
10/23/2007
10/24/2007
10/25/2007
10/26/2007
10/29/2007
10/30/2007
10/31/2007
11/1/2007
11/2/2007
11/5/2007
11/6/2007
11/7/2007
11/8/2007
11/9/2007
11/12/2007
11/13/2007
11/14/2007
11/15/2007
11/16/2007
11/19/2007
11/20/2007
11/21/2007
11/22/2007
11/23/2007
11/26/2007
11/27/2007
11/28/2007
11/29/2007
11/30/2007
12/3/2007
12/4/2007
12/5/2007
12/6/2007
12/7/2007
12/10/2007
12/11/2007
12/12/2007
12/13/2007
187.8
188.1
193.1
191.4
185.05
187.75
185.2
180.15
182.8
178.6
180.65
193.25
196.8
186.6
185
184.55
181.3
178.8
176.15
173.75
176.8
177.65
179.7
177.4
177.4
182.4
180.9
182.7
180.45
180.55
187.45
187.25
181.4
183.45
182.4
183.4
183.6
182.85
182
183.1
185.25
185.2
190.35
198.4
197.5
192.9
195.75
199.8
203.8
17491.39
18280.24
18658.25
18814.07
18419.04
19058.67
19051.86
18715.82
17998.39
17559.98
17613.99
18492.84
18512.91
18770.89
19243.17
19977.67
19783.51
19837.99
19724.35
19976.23
19590.78
19400.67
19289.83
19058.93
18907.6
18737.27
19035.48
19929.06
19784.89
19698.36
19633.36
19280.8
18602.62
18526.32
18852.87
19247.54
19127.73
18938.87
19003.26
19363.19
19603.41
19529.5
19738.07
19795.87
19966
19930.68
20290.89
20375.87
20104.39
-0.71
0.16
2.66
-0.88
-3.32
1.46
-1.36
-2.73
1.47
-2.30
1.15
6.97
1.84
-5.18
-0.86
-0.24
-1.76
-1.38
-1.48
-1.36
1.76
0.48
1.15
-1.28
0.00
2.82
-0.82
1.00
-1.23
0.06
3.82
-0.11
-3.12
1.13
-0.57
0.55
0.11
-0.41
-0.46
0.60
1.17
-0.03
2.78
4.23
-0.45
-2.33
1.48
2.07
2.00
-0.67
0.20
2.70
-0.84
-3.28
1.50
-1.32
-2.69
1.51
-2.26
1.19
7.02
1.88
-5.14
-0.82
-0.20
-1.72
-1.34
-1.44
-1.32
1.80
0.52
1.20
-1.24
0.04
2.86
-0.78
1.04
-1.19
0.10
3.86
-0.07
-3.08
1.17
-0.53
0.59
0.15
-0.37
-0.42
0.65
1.22
0.01
2.82
4.27
-0.41
-2.29
1.52
2.11
2.04
-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
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
-1.76
4.34
1.90
0.67
-2.27
3.30
-0.20
-1.93
-4.00
-2.60
0.14
4.82
-0.06
1.22
2.35
3.65
-1.14
0.11
-0.74
1.11
-2.10
-1.14
-0.74
-1.37
-0.96
-1.07
1.42
4.53
-0.89
-0.61
-0.50
-1.96
-3.69
-0.58
1.59
1.92
-0.79
-1.16
0.17
1.72
1.07
-0.55
0.90
0.12
0.69
-0.35
1.64
0.25
-1.50
12/14/2007
12/17/2007
12/18/2007
12/19/2007
12/20/2007
12/24/2007
12/26/2007
12/27/2007
12/28/2007
12/31/2007
1/2/2008
1/3/2008
1/4/2008
1/7/2008
1/8/2008
1/9/2008
1/10/2008
1/11/2008
1/14/2008
1/15/2008
1/16/2008
1/17/2008
1/18/2008
1/21/2008
1/22/2008
1/23/2008
1/24/2008
1/25/2008
1/28/2008
1/29/2008
1/30/2008
1/31/2008
2/1/2008
2/4/2008
2/5/2008
2/6/2008
2/7/2008
2/8/2008
2/11/2008
2/12/2008
2/13/2008
2/14/2008
2/15/2008
2/19/2008
2/20/2008
2/21/2008
2/22/2008
2/25/2008
2/26/2008
209.3
208.45
215.7
215.4
211.05
213.9
216.75
214.85
214.6
212.65
218.85
216.35
213.65
212.65
209.9
209.45
202.8
205.45
205.25
204.95
205.95
209.9
202.6
190.1
176.85
182.15
172.4
183.35
184.65
191.75
189.2
189.25
196.4
199.4
203.5
202.2
194.65
194.65
185.8
186.55
179.4
180.15
184.15
188.35
185.35
188.75
198.8
202.35
201.6
20030.83
19261.35
19079.64
19091.96
19162.57
19854.12
20192.52
20216.72
20206.95
20286.99
20465.3
20345.2
20686.89
20812.65
20873.33
20869.78
20582.08
20827.45
20728.05
20251.09
19868.11
19700.82
19013.7
17605.35
16729.94
17594.07
17221.74
18361.66
18152.78
18091.94
17758.64
17648.71
18242.58
18660.32
18663.16
18139.49
17526.93
17464.89
16630.91
16608.01
16949.14
17766.63
18115.25
18075.66
17617.6
17734.68
17349.07
17650.57
17806.19
2.70
-0.41
3.48
-0.14
-2.02
1.35
1.33
-0.88
-0.12
-0.91
2.92
-1.14
-1.25
-0.47
-1.29
-0.21
-3.17
1.31
-0.10
-0.15
0.49
1.92
-3.48
-6.17
-6.97
3.00
-5.35
6.35
0.71
3.85
-1.33
0.03
3.78
1.53
2.06
-0.64
-3.73
0.00
-4.55
0.40
-3.83
0.42
2.22
2.28
-1.59
1.83
5.32
1.79
-0.37
2.74
-0.36
3.52
-0.10
-1.98
1.39
1.37
-0.84
-0.07
-0.87
2.96
-1.10
-1.21
-0.43
-1.25
-0.17
-3.13
1.35
-0.06
-0.10
0.53
1.96
-3.44
-6.13
-6.93
3.04
-5.31
6.39
0.75
3.89
-1.29
0.07
3.82
1.57
2.10
-0.60
-3.69
0.04
-4.51
0.45
-3.79
0.46
2.26
2.32
-1.55
1.88
5.37
1.83
-0.33
-0.37
-3.84
-0.94
0.06
0.37
3.61
1.70
0.12
-0.05
0.40
0.88
-0.59
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
-0.22
-2.53
0.66
-2.17
1.74
0.88
-0.54
-4.01
-1.11
-0.10
0.20
3.44
1.54
-0.05
-0.22
0.23
0.71
-0.76
1.51
0.44
0.12
-0.19
-1.55
1.02
-0.65
-2.47
-2.06
-1.01
-3.66
-7.58
-5.14
5.00
-2.29
6.45
-1.31
-0.50
-2.01
-0.79
3.20
2.12
-0.15
-2.98
-3.55
-0.52
-4.94
-0.31
1.88
4.65
1.79
-0.39
-2.70
0.50
-2.34
1.57
0.71
2/27/2008
2/28/2008
2/29/2008
3/3/2008
3/4/2008
3/5/2008
3/7/2008
3/10/2008
3/11/2008
3/12/2008
3/13/2008
3/14/2008
3/17/2008
3/18/2008
3/19/2008
3/24/2008
3/25/2008
3/26/2008
3/27/2008
3/28/2008
3/31/2008
4/1/2008
4/2/2008
4/3/2008
4/4/2008
4/7/2008
4/8/2008
4/9/2008
4/10/2008
4/11/2008
4/15/2008
4/16/2008
4/17/2008
4/21/2008
4/22/2008
4/23/2008
4/24/2008
4/25/2008
4/28/2008
4/29/2008
4/30/2008
5/2/2008
5/5/2008
5/6/2008
5/7/2008
5/8/2008
5/9/2008
5/12/2008
5/13/2008
202.2
206.8
207.1
211.65
200.25
205.6
200.95
200.55
195.6
204.9
201
205.6
200.45
204.55
206.3
206.3
209.6
205.5
212.75
217.65
220
220.3
219
220
213.05
215
212.5
217.6
214
213.95
218.95
219.15
222.1
225.8
231.45
230.15
226.6
224.2
214.55
214.7
213
212.95
216.4
216.35
215.2
211.7
205.95
207.8
208.25
17825.99
17824.48
17578.72
16677.88
16339.89
16542.08
15975.52
15923.72
16123.15
16127.98
15357.35
15760.52
14809.49
14833.46
14994.83
15289.4
16217.49
16086.83
16015.56
16371.29
15644.44
15626.62
15750.4
15832.55
15343.12
15757.08
15587.62
15790.51
15695.1
15807.64
16153.66
16244.19
16481.2
16739.33
16783.87
16698.04
16721.08
17125.98
17015.96
17378.46
17287.31
17600.12
17490.9
17373.01
17339.31
17080.65
16737.07
16860.9
16752.86
0.30
2.27
0.15
2.20
-5.39
2.67
-2.26
-0.20
-2.47
4.75
-1.90
2.29
-2.50
2.05
0.86
0.00
1.60
-1.96
3.53
2.30
1.08
0.14
-0.59
0.46
-3.16
0.92
-1.16
2.40
-1.65
-0.02
2.34
0.09
1.35
1.67
2.50
-0.56
-1.54
-1.06
-4.30
0.07
-0.79
-0.02
1.62
-0.02
-0.53
-1.63
-2.72
0.90
0.22
0.34
2.32
0.19
2.24
-5.34
2.71
-2.22
-0.16
-2.43
4.80
-1.86
2.33
-2.46
2.09
0.90
0.04
1.64
-1.91
3.57
2.34
1.12
0.18
-0.55
0.50
-3.12
0.96
-1.12
2.44
-1.61
0.02
2.38
0.13
1.39
1.71
2.54
-0.52
-1.50
-1.02
-4.26
0.11
-0.75
0.02
1.66
0.02
-0.49
-1.58
-2.67
0.94
0.26
0.11
-0.01
-1.38
-5.12
-2.03
1.24
-3.42
-0.32
1.25
0.03
-4.78
2.63
-6.03
0.16
1.09
1.96
6.07
-0.81
-0.44
2.22
-4.44
-0.11
0.79
0.52
-3.09
2.70
-1.08
1.30
-0.60
0.72
2.19
0.56
1.46
1.57
0.27
-0.51
0.14
2.42
-0.64
2.13
-0.52
1.81
-0.62
-0.67
-0.19
-1.49
-2.01
0.74
-0.64
-0.06
-0.18
-1.55
-5.29
-2.20
1.07
-3.59
-0.49
1.08
-0.14
-4.95
2.46
-6.20
-0.01
0.92
1.80
5.90
-0.97
-0.61
2.05
-4.61
-0.28
0.62
0.35
-3.26
2.53
-1.24
1.13
-0.77
0.55
2.02
0.39
1.29
1.40
0.10
-0.68
-0.03
2.25
-0.81
1.96
-0.69
1.64
-0.79
-0.84
-0.36
-1.66
-2.18
0.57
-0.81
5/14/2008
5/15/2008
5/16/2008
5/20/2008
5/21/2008
5/22/2008
5/23/2008
5/26/2008
5/27/2008
5/28/2008
5/29/2008
5/30/2008
6/2/2008
6/3/2008
6/4/2008
6/5/2008
6/6/2008
6/9/2008
6/10/2008
6/11/2008
6/12/2008
6/13/2008
6/16/2008
6/17/2008
6/18/2008
6/19/2008
6/20/2008
6/23/2008
6/24/2008
6/25/2008
6/26/2008
6/27/2008
6/30/2008
7/1/2008
7/2/2008
7/3/2008
7/4/2008
7/7/2008
7/8/2008
7/9/2008
7/10/2008
7/11/2008
7/14/2008
7/15/2008
7/16/2008
7/17/2008
7/18/2008
7/21/2008
7/22/2008
209.8
213.8
213.15
208
204.15
203.25
203.9
199.2
205.15
207.15
213.75
212.1
208.85
211.2
207.6
210.6
207.85
206.45
210.7
218.3
217.2
210.9
217.5
218.9
217.35
217.85
212.1
212.35
212.55
207.4
216.25
210.75
211.05
206.35
215
211.35
208.1
208.4
207.1
209.95
211.5
210.5
215.15
207.75
208.75
212.2
215.1
227.15
237.8
16978.35
17353.54
17434.94
17230.18
17243.16
16907.11
16649.64
16348.5
16275.59
16525.37
16316.26
16415.57
16063.18
15962.56
15514.79
15769.72
15572.18
15066.1
14889.25
15185.32
15250.2
15189.62
15395.82
15696.9
15422.31
15087.99
14571.29
14293.32
14106.58
14220.07
14421.82
13802.22
13461.6
12961.68
13664.62
13094.11
13454
13525.99
13349.65
13964.26
13926.24
13469.85
13330.51
12676.19
12575.8
13111.85
13635.4
13850.04
14104.2
0.74
1.91
-0.30
-2.42
-1.85
-0.44
0.32
-2.31
2.99
0.97
3.19
-0.77
-1.53
1.13
-1.70
1.45
-1.31
-0.67
2.06
3.61
-0.50
-2.90
3.13
0.64
-0.71
0.23
-2.64
0.12
0.09
-2.42
4.27
-2.54
0.14
-2.23
4.19
-1.70
-1.54
0.14
-0.62
1.38
0.74
-0.47
2.21
-3.44
0.48
1.65
1.37
5.60
4.69
0.79
1.95
-0.26
-2.37
-1.81
-0.40
0.36
-2.26
3.03
1.02
3.23
-0.73
-1.49
1.17
-1.66
1.49
-1.26
-0.63
2.10
3.65
-0.46
-2.86
3.17
0.69
-0.67
0.27
-2.60
0.16
0.14
-2.38
4.31
-2.50
0.18
-2.19
4.23
-1.66
-1.50
0.19
-0.58
1.42
0.78
-0.43
2.25
-3.40
0.52
1.69
1.41
5.64
4.73
1.35
2.21
0.47
-1.17
0.08
-1.95
-1.52
-1.81
-0.45
1.53
-1.27
0.61
-2.15
-0.63
-2.81
1.64
-1.25
-3.25
-1.17
1.99
0.43
-0.40
1.36
1.96
-1.75
-2.17
-3.42
-1.91
-1.31
0.80
1.42
-4.30
-2.47
-3.71
5.42
-4.18
2.75
0.54
-1.30
4.60
-0.27
-3.28
-1.03
-4.91
-0.79
4.26
3.99
1.57
1.84
1.18
2.04
0.30
-1.34
-0.09
-2.12
-1.69
-1.98
-0.62
1.37
-1.43
0.44
-2.32
-0.80
-2.97
1.47
-1.42
-3.42
-1.34
1.82
0.26
-0.57
1.19
1.79
-1.92
-2.34
-3.59
-2.08
-1.48
0.64
1.25
-4.47
-2.64
-3.88
5.25
-4.34
2.58
0.37
-1.47
4.43
-0.44
-3.45
-1.20
-5.08
-0.96
4.09
3.82
1.40
1.67
7/23/2008
7/24/2008
7/25/2008
7/28/2008
7/29/2008
7/30/2008
7/31/2008
232.65
231.7
225.95
223.15
218.95
220.1
218.9
14942.28
14777.01
14274.94
14349.11
13791.54
14287.21
14355.75
Average
-2.17
-0.41
-2.48
-1.24
-1.88
0.53
-0.55
-0.04
-2.12
-0.37
-2.44
-1.20
-1.84
0.57
-0.50
5.94
-1.11
-3.40
0.52
-3.89
3.59
0.48
5.77
-1.28
-3.57
0.35
-4.05
3.42
0.31
0.17
Source: 2017 GS
as on 20th Jan Source - RBI
Beta
Rf
Rm(daily avg)
Rm
Ke
Ke
NW
Debt
capital employed
Tax Rate
kd
WACC
17.44%
41,793.57
6,371.00
48,164.57
17.2%
2.81%
15.44%
Debt
FY08E
FY09E
FY10E
FY11E
0.59157
7.94%
0.17%
52.58%
34.35%
7296.80
6371.00
7246.65
7936.44
0.59157
7.94% 10 year govt. bond
2.50% LAA+ corporate bond - ICRA
7.00% Risk premium
17.44%
30 trading day period

NW
37,558
41,794
50,702
60,134
Total
44855.00
48164.57
57949.05
68070.74
Interest
115.90
178.71
241.25
325.69
Market Variance
68.31
199.63
256.98
359.04
377.06
594.05
kd
1.59%
2.81%
3.33%
4.10%
click to go back
7
Col. 6 ^2
Covariance
Col. 4 X
Col. 6
0.12
1.42
0.06
2.80
0.64
2.80
3.39
8.73
0.12
0.08
0.00
0.20
0.17
0.00
1.83
0.10
1.11
0.44
1.04
1.17
0.62
0.37
0.18
0.94
0.01
0.89
6.57
0.76
0.55
5.28
0.03
1.46
0.39
1.82
8.66
0.00
2.02
17.48
2.38
5.05
14.63
4.42
0.90
1.20
0.14
3.92
1.08
0.82
3.03
10.30
0.40
-0.10
-0.05
-0.23
1.11
0.02
0.02
-1.00
-1.19
-1.31
0.90
0.35
0.94
-0.32
-0.31
2.89
0.01
1.65
4.11
1.65
-0.17
12.01
-0.07
0.35
0.04
3.49
6.77
-0.06
3.04
13.26
-1.43
4.31
13.43
4.59
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
#REF!
#REF!
#REF!
1.20
12.70
2.04
0.00
0.21
13.40
0.00
1.15
2.42
0.10
2.96
6.91
0.11
1.92
3.99
0.33
0.29
23.88
1.41
1.24
0.14
5.44
0.01
0.05
0.48
3.58
4.66
0.67
0.10
0.31
3.50
0.00
1.76
0.16
0.01
5.86
0.18
1.73
1.42
0.32
0.98
0.00
0.06
0.00
1.13
0.19
1.57
1.10
0.02
-4.83
7.84
4.41
-0.05
0.84
9.06
0.07
2.15
1.39
0.80
1.56
3.27
-0.82
2.04
2.53
0.56
0.11
22.91
-0.72
2.71
0.51
2.86
0.02
-0.14
1.06
0.08
2.88
1.99
0.53
-0.24
1.00
-0.03
2.69
2.33
-0.04
34.57
1.20
0.21
-3.52
0.63
1.50
0.09
-0.03
-0.02
3.49
0.07
-0.48
-0.76
-0.05
0.40
0.01
0.63
1.39
0.46
0.06
0.36
0.70
0.57
0.00
0.47
0.01
4.36
0.43
1.06
0.00
0.03
1.15
1.60
0.21
0.57
1.85
0.42
0.19
0.15
0.00
0.01
0.43
0.12
0.70
0.01
0.64
0.11
0.09
0.27
0.14
0.17
0.69
1.10
1.06
0.01
0.10
0.01
2.13
0.00
0.81
0.05
0.60
0.10
-0.38
0.01
-0.05
0.69
-0.55
0.42
2.89
1.38
0.96
0.03
1.91
-0.07
2.24
0.36
0.59
0.00
-0.23
-0.25
0.63
-0.13
0.74
-0.17
0.90
-0.01
0.01
0.07
-0.09
0.48
-0.39
2.35
-0.07
1.44
0.70
0.24
-0.96
-0.14
-0.17
0.12
0.79
-0.66
-0.13
0.30
0.02
-0.01
0.16
-4.18
-0.38
0.87
1.43
12.98
0.00
3.00
17.02
0.03
0.72
2.97
0.00
5.49
2.33
2.91
0.69
0.08
19.83
2.82
3.44
10.29
2.84
0.58
2.80
7.43
0.12
0.11
0.48
1.28
0.26
0.01
0.09
0.87
0.11
0.02
0.27
0.17
0.29
0.06
0.65
0.80
16.02
0.00
1.33
2.34
0.02
0.00
1.40
0.42
0.00
7.97
0.31
0.04
11.16
0.00
2.04
11.92
0.04
0.63
2.74
0.05
-1.47
-1.62
3.33
3.07
-0.06
19.05
-1.17
0.93
12.36
-1.78
3.60
2.82
0.51
0.08
-0.18
-1.76
1.04
1.63
0.52
-0.49
1.13
0.79
0.10
0.45
0.55
0.07
0.40
0.01
-1.68
1.83
0.00
-1.18
0.02
0.19
-0.03
3.73
2.35
0.17
-4.97
-1.55
0.11
3.08
18.84
3.61
0.44
5.15
10.91
0.04
3.74
16.02
6.79
0.02
23.24
0.00
1.50
5.51
13.31
1.30
0.01
0.55
1.23
4.40
1.30
0.55
1.87
0.93
1.14
2.02
20.48
0.80
0.37
0.25
3.86
13.59
0.34
2.54
3.70
0.63
1.34
0.03
2.98
1.15
0.30
0.81
0.02
0.48
0.12
2.68
0.06
2.25
1.18
0.87
5.13
-0.56
7.43
4.96
0.27
5.19
-6.05
5.88
0.16
33.82
-0.11
-6.29
-1.92
-0.74
1.96
-0.14
1.07
-1.46
-3.77
-0.60
-0.89
1.69
-0.04
-3.06
-1.11
4.69
1.06
-0.06
-1.93
0.13
11.36
-0.68
-0.85
1.13
-0.12
0.42
-0.07
1.11
1.30
-0.01
2.54
0.53
-0.28
0.79
2.49
0.53
-3.07
0.29
16.09
1.24
0.01
0.04
11.83
2.36
0.00
0.05
0.05
0.50
0.57
2.28
0.19
0.01
0.03
2.40
1.05
0.42
6.10
4.24
1.02
13.37
57.40
26.44
24.96
5.22
41.60
1.71
0.25
4.05
0.62
10.21
4.50
0.02
8.85
12.57
0.27
24.45
0.09
3.55
21.66
3.22
0.15
7.31
0.25
5.49
2.46
0.51
-1.47
1.46
-3.92
0.01
-0.40
4.79
2.11
0.04
0.02
-0.20
2.10
0.83
-1.82
-0.19
-0.15
0.03
4.85
1.38
0.04
0.26
-1.09
-1.98
12.57
46.43
35.62
15.18
12.14
41.23
-0.98
-1.96
2.59
-0.05
12.21
3.33
-0.32
1.78
13.09
-0.02
22.28
-0.14
-7.15
2.14
4.06
-0.90
4.19
0.93
-12.58
2.87
-0.23
0.00
0.03
2.40
28.02
4.82
1.14
12.92
0.24
1.17
0.02
24.48
6.03
38.48
0.00
0.84
3.22
34.82
0.95
0.37
4.21
21.24
0.08
0.39
0.12
10.63
6.40
1.55
1.28
0.60
0.30
4.08
0.15
1.66
1.95
0.01
0.46
0.00
5.07
0.66
3.85
0.48
2.69
0.62
0.71
0.13
2.76
4.76
0.33
0.66
-0.02
-0.41
-0.29
-11.85
11.74
2.90
7.98
0.08
-2.63
-0.67
9.21
5.72
15.28
-0.02
0.82
0.07
9.68
1.87
-2.19
4.81
-5.17
-0.05
-0.34
0.18
10.16
2.42
1.40
2.76
1.25
0.01
4.80
0.05
1.79
2.39
0.25
0.35
0.05
-2.29
3.46
0.22
0.52
0.03
-1.31
-0.02
0.18
2.63
5.83
0.54
-0.21
1.38
4.16
0.09
1.81
0.01
4.49
2.86
3.91
0.38
1.86
2.06
0.19
5.36
0.63
8.85
2.17
2.02
11.69
1.80
3.31
0.07
0.32
1.41
3.19
3.68
5.46
12.91
4.31
2.18
0.40
1.56
19.94
6.95
15.08
27.61
18.87
6.65
0.13
2.17
19.67
0.19
11.88
1.45
25.78
0.92
16.76
14.62
1.97
2.78
0.92
3.98
-0.08
3.19
0.17
0.85
-0.61
4.48
-1.86
1.39
-4.63
-0.32
3.45
-0.93
4.95
2.19
1.80
2.16
-2.82
6.64
-0.12
1.62
3.77
1.22
1.28
-0.63
9.34
-0.33
-0.20
-1.51
5.38
11.17
-0.48
8.49
22.24
7.20
-3.86
0.07
0.86
6.29
-0.34
1.49
-2.71
17.25
-0.50
6.93
5.38
7.93
7.88
33.33
1.63
12.72
0.12
16.44
11.73
0.10
-12.26
0.47
8.70
-0.42
7.46
1.94
-0.16
594.05
351.42
Beta
0.59
0 year govt. bond

AA+ corporate bond - ICRA Limited August 2007
isk premium
Market Variance
68.31
199.63
256.98
359.04
377.06
594.05
Covariance
20.70
65.41
70.79
137.04
147.26
351.42
WACC
14.78%
15.39%
15.56%
15.56%
Beta
0.30
0.33
0.28
0.38
0.39
0.59
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 - CIPLA

Assumptions
FY07
Revenue Growth (%)

FCF Margin (%)
Tax Rate (%)
Capex/Sales
18.9%
37.9%
12.6%
12.5%
FY08E
22.9%
26.7%
14.9%
12.2%
FY09
16.0%
30.8%
17.6%
13.3%
FY10E
17.0%
16.2%
18.3%
3.3%
DCF VALUATION
(as on August 31, 2007)
Revenue
EBIT
% of Revenues
Depreciation
FY06
28913.60
6170.70
21.34
801.80
FY07
34382.40
5505.60
16.01
1033.70
% of Revenues
EBITDA
% of Revenues
Less: Cash Tax
NOPLAT
Capex
Changes in WC
Post Tax Non-operating cash flows
Free Cash Flows
2.77
6972.50
24.11
780.00
6192.50
-3610.50
6730.20
1640.34
10952.54
3.01
6539.30
19.02
820.00
5719.30
-4192.20
5754.40
1888.72
9170.22
PV of Estimated FC Flows
Horizontal Value
PV of Estimated Perpetuity Flows
Total Present Value (EV)
215303.4
Book Value of Debt
FY08
42268.10
5056.80
11.96
1326.30
FY09(E)
49031.20
6651.34
13.57
1647.34
3.14
3.36
6383.10
8298.68
15.10
16.93
890.00
1217.50
5493.10
7081.18
-5620.10
-1632.10
12157.50
1352.47
989.07
1159.64
13019.57
7961.19
It is assumed Free Cash flow beyond FY12 grows at 8%
4443.28
32362.7
Fundamental Value of Equity
182940.7
No of Outstanding Shares
777.29
Fundamental Value per share (Rs)
235.36
Sensitivity Analysis
Continuing Rate
WACC
10.00%
11%
Total Present Value

Fundamental Value per share
Continuing Rate
WACC
10.00%
11.5%
Total Present Value

1010234
1258.1
Continuing Rate
WACC
Total Present Value
Continuing Rate
Total Present Value

608686
741.5
Total Present Value

Continuing Rate
Total Present Value

282865
322.3
WACC
10.00%
14.0%
Total Present Value

382679
450.7
WACC
Total Present Value
Continuing Rate
12836.43
7008.22
12829.29
6973.19
12822.18
6938.49
12787.98
6773.71
12808.06
6870.06
12794.09
6802.89
508262
612.3
10.00%
15.44%
Continuing Rate
7043.59
10.00%
13.0%
WACC
Continuing Rate
12843.61
759286
935.2
WACC
WACC
7079.29
10.00%
12.0%
10.00%
12.5%
Continuing Rate
12850.83
1512048
1903.6
10.00%
15.0%
307280
353.7
8.00%
1903.6
1258.1
11
546.80
637.30
763.91
953.87
1903.65
11.5
474.10
541.30
630.89
756.32
1258.05
935.2
Continuing Growth (%)
Table 1: DCF Sensitivity
7.5
8
8.5
9
10
Weighted Average Cost of Capi

12
417.50
469.30
535.84
624.59
935.20
PLA
click to go back
FY11E
15.0%
11.9%
15.9%
17.8%
FY12E
15.0%
24.0%
16.7%
5.2%
(as on August 31, 2007)

Rs in m
FY10(E)
FY11(E)
57366.27
65971.21
8621.23
8556.30
15.03
12.97
2047.97
2496.71
3.57
3.78
10669.20
11053.01
18.60
16.75
1367.30
1425.87
9301.89
9627.13
-10194.91
-3406.60
6071.27
7350.48
1664.84
2294.67
6843.10
15865.68
e Cash flow beyond FY12 grows at 8%
6097.68
15571.77
FY12(E)
75866.89
9213.53
12.14
3043.20
4.01
12256.73
16.16
1576.18
10680.55
-7454.45
12064.96
3139.81
18430.87
Change in WC - for FY11E and FY12E

Actuals
Average of 3PY
18377.31
267539.08
170813.37
nalysis
PV of Horizon Value
5482.03
11450.50
11983.63
1463201.47
PV of Horizon Value
5429.92
11290.80
11763.51
5378.54
11134.03
11548.39
5327.87
10980.12
11338.13
5277.90
10829.01
11132.61
5043.64
10129.63
10193.50
961863.00
PV of Horizon Value
711380.77
PV of Horizon Value
561237.65
PV of Horizon Value
461261.33
PV of Horizon Value
237936.67
PV of Horizon Value
5180.00
10534.92
10735.28
5084.75
10251.28
10355.41
336550.92
PV of Horizon Value
261991.79
741.5
612.3
322.3
450.7
353.7
Rs.
Weighted Average Cost of Capital (%)
12.5
13
15.44
372.20
335.20
221.10
413.30
368.40
235.90
464.53
409.05
252.84
530.47
459.85
272.39
741.45
612.25
322.28
14
278.10
301.20
328.31
360.94
450.69
15
236.20
253.00
272.37
294.96
353.69
FY06
FY07
FY08(E) FY09(E) FY10(E)

FY11(E)
FY12(E)
16.00%
17.00%
15.00%
15.00%
13.57%
15.03%
12.97%
12.14%
Capex assumed to grow at 15% and 16% for FY11E and FY12E
Change in WC - for FY11E and FY12E the average of the 3 previous years is considered
FY06
FY07
FY08(E) FY09(E) FY10(E)
FY11(E)
FY12(E)
23.28%
16.74%
28.76%
2.76%
10.58%
11.14%
15.90%
16.09%
8.16%
8.0% 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
6170.70
780.00
120.00
12.64%
1.94%
FY05
5505.60
820.00
230.00
14.89%
4.18%
FY06
5056.80
890.00
90.00
17.60%
1.78%
FY07
6651.34
1217.50
147.00
18.30%
2.21%
FY08(E)
8621.23
1367.3
0.00
15.86%
0.00%
15.86%
FY09(E)
8556.30
1425.87
0.00
16.66%
0.00%
16.66%
FY10(E)
9213.53
1576.18
0.00
17.11%
0.00%
17.11%
Cash Flow Statement - CIPLA
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
Cash Generated From Operations
Less: Direct Taxes Paid

Others (provision for deferred tax)
Net Cash Generated From Operations
FY05
FY06
FY07
FY08
6917.20
6342.10
4891.40
623.00
1015.80
1287.90
114.20
69.50
115.90
0.00
0.00
0.00
1022.00
1399.50
1301.80
8676.40
8826.90
7597.00
(5099.70)
1297.70
(3802.00)
(4553.80)
330.50
(4223.30)
(9615.10)
3064.50
(6550.60)
4874.40
4603.60
1046.40
1022.00
0.00
3852.40
1399.50
0.00
3204.10
1301.80
0.00
-255.40
(3610.50)
(41.30)
0.00
(3651.80)
(4192.20)
(953.70)
0.00
(5145.90)
(5620.10)
230.50
0.00
(5389.60)
2867.20
0.00
(1772.60)
(114.20)
(848.20)
132.20
(3306.50)
954.90
(1818.80)
(69.50)
7051.80
2811.90
4934.70
0.00
(1560.00)
(115.90)
1864.10
5122.90
332.80
870.10
(522.10)
Cash Flow from Investing Activities

Capital Expenditure (CAPEX)
Investments
Others
Net Cash Used In Investing Activities
Cash Flow from Financing Activities
Change in Debt
Change in Equity
Dividends Paid
Interest Paid
Others (Securities premium on FCCB) (see note)
Net Cash used in Financing Activities
Net Increase in Cash and Cash Equivalents
Cash and cash equivalents At the beginning
112
444.8
1314.9
Net Increase in Cash and Cash Equivalents

Cash and cash equivalents At the end
cash balance as per balance sheet
difference
332.80
444.80
870.10
1314.90
-522.10
792.80
444.8
0.00
1314.9
0.00
792.8
0.00
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Rs in million
FY09(E)
FY10(E)
FY11(E) FY12(E)
6515.95
8908.83 9431.90 10851.64
1647.34
2047.97 2496.71 3043.20
178.71
241.25
325.69
439.69
0.00
0.00
0.00
0.00
1358.01
1397.07 1444.91 1494.40
9700.01
12595.12 13699.21 15828.93
(1983.61)
(800.00)
(2783.61)
(3596.06) (6359.64) (5083.86)

2723.61 (810.89) 2618.46
(872.45) (7170.53) (2465.40)
6916.40
11722.67
6528.68 13363.53
1358.01
0.00
5558.39
1397.07
0.00
10325.60
1444.91 1494.40
0.00
0.00
5083.77 11869.13
(1632.10)
(372.34)
0.00
(2004.44)
(925.80)
0.00
(2280.58)
(178.71)
0.00
(3385.09)
168.86
792.8
(10194.91) (3406.60) (7454.45)

(1013.49) (239.54) (625.64)
0.00
0.00
0.00
(11208.40) (3646.14) (8080.09)
875.65
0.00
0.00
(241.25)
(0.00)
634.40
689.79 1013.30
0.00
0.00
0.00
0.00
(325.69) (439.69)
0.00
0.00
364.10
573.61
(248.40) 1801.73
961.66
713.26
4362.65
2514.99
168.86
961.66
-248.40
713.26
1801.73
2514.99
4362.65
6877.64
961.7
0.00
713.3
0.00
2515.0
0.00
6877.6
0.01
Balance Sheet - CIPLA

Particulars
Gross Asset
Accumulated Depriciation
Capital WIP
Net Fixed Asset
Investments & Deposits
Current Asset
FY05
FY06
FY07
13666.70
17997.10
9,866.70
3100.60
4116.40
2,477.60
870.10
731.90
1,059.60
8,448.70
11,436.20
14,612.60
224.30
1178.00
183.00
17,490.40
22,922.90
28,346.80
Cash
Other Current Assets
Inventories
Trade Debtors
Loans and Advances
112.00
135.10
7,456.80
5,873.20
3,913.30
444.80
133.50
9570.00
8759.60
4015.00
1314.90
248.30
9786.00
10287.80
6709.80
Current Liabilities & Provisions

Net Current Asset Excluding Cash
Miscellaneous Items
Deffered Tax (Net)
Capital Deployed
7,784.40
9,594.00
9082.10
9412.60
13,396.00
17,619.30
18,337.70
25,501.30
34,724.80
Total Assets
26,122.10
34,583.40
44,137.40
Non-Current Liabilities
Secured Debt
Non-secured debt & Trade deposit
Deferred Tax Liabilities
Deferred Paymaent Credit
Total Liabilities
Contingent Liabilities
Share Capital
Reserve and Surplus
Total Stock Holder's Equuity
412.40
1,499.60
889.40
0.00
2,801.40
512.70
4176.40
979.50
0.00
72.50
1163.10
1126.50
0.00
5,668.60
2,362.10
599.70
14,936.60
15,536.30
18,337.70
599.70
19233.00
Capital Employed
18,337.70
19,832.70
25,501.30
25,501.30
1554.60
30808.10
32,362.70
34,724.80
DIFF
0.00
0.00
0.00
current ratio
2.25
2.52
3.01
34,724.80
D\E
cash from cash flow statement

difference between the two cash balance
Closing Cash Balance from Cash Flow Stmt
0.18
#REF!
#REF!
#REF!
0.29
0.07
444.80
0.00
444.80
1314.90
0.00
1314.90
LA
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Rs in million
FY08
FY09(E)
FY10(E)
FY11(E)
FY12(E)
22,017.90
25,981.20 36,176.11 39,582.71 47,037.16
5,404.30
7,051.64
9,099.61
11596.32
14639.52
2,331.20
0.00
0.00
0.00
0.00
18,944.80
18,929.56 27,076.50 27,986.39 32,397.64
947.50
1,319.84
2,333.33
2,572.87
3,198.51
37,439.80
39,592.27
42,939.93
51,101.30
60,547.80
792.80
344.90
961.66
458.71
713.26
610.09
2,514.99
811.23
6,877.63
1,079.34
11,204.90
13,939.10
11,158.10
11,619.90
14,276.00
12,276.00
12,820.90
15,168.23
13,627.45
13,350.24
16,684.60
17,740.24
14,651.66
18,353.60
19,585.57
12,477.10
24,169.90
11,677.10
26,953.51
14,400.71
27,825.96
13,589.82
34,996.49
16,208.28
37,461.89
44,855.00
48,164.57
57,949.05
68,070.74
79,935.67
57,332.10
59,841.67
72,349.76
81,660.56
96,143.95
169.80
5,635.50
1,491.50
0.00
7,296.80
95.98
6,275.02
0.00
0.00
6,371.00
54.75
7,191.90
0.00
0.00
7,246.65
102.22
7,834.22
0.00
0.00
7,936.44
123.44
8,826.30
0.00
0.00
8,949.74
1,554.60
36,003.60
37,558.20
44,855.00
1,554.60
40,238.97
41,793.57
1,554.60
49,147.80
50,702.40
1,554.60
58,579.70
60,134.30
1,554.60
69,431.33
70,985.93
44,855.00
48,164.57
57,949.05
68,070.74
79,935.67
0.00
0.00
0.00
0.00
0.00
3.00
3.39
2.98
3.76
3.74
0.19
0.15
0.14
0.13
0.13
792.80
0.00
792.80
961.66
0.00
961.66
713.26
0.00
713.26
2514.99
0.00
2514.99
6877.64
-0.01
6877.64
FY05
FY08
FY09(E)
0.45
0.47
0.52
0.52
0.53
Growth rate of assets
1.33
1.39
1.32
1.22
1.18
As a %age of sales
0.39
0.40
0.43
0.45
0.39
Invst as a %age of gross assets
0.02
0.02
0.07
0.04
0.05
879.85
1053.85
877.23
Average cash
#REF!
278.40
Average inventory
#REF!
8513.40
9678.00 10495.45 11412.40
Average debors
#REF!
7316.40
9523.70 12113.45 14107.55
Average Loans and advances
#REF!
3964.15
5362.40
Average current liabilities
#REF!
8433.25
9247.35 10944.85 12077.10
8933.95 11717.05
21206.35 25363.10 31648.00 38325.25 45649.65
Cash turnover ratio
#REF!
91.10
35.97
36.37
52.04
Inventory turnover ratio
#REF!
2.98
3.27
3.65
4.00
Debtors turnover ratio
#REF!
3.47
3.32
3.16
3.24
Loans and advances turnover ratio #REF!
6.40
5.90
4.29
3.90
Current liabilites turnover ratio
3.01
3.42
3.50
3.78
0.15
0.09
0.03
0.02
0.02
76.33
114.20
69.50
115.90
178.71
241.25
2.72%
2.01%
2.94%
1.59%
2.81%
3.33%
As %age of total liabilities
Interest cost
FY07
Assets as a percentage of sales
Average Net sales
Interest
FY06
102.40
#REF!
#REF!
FY10(E)
FY11(E)
FY12(E)
0.63
0.60
0.62
1.39
1.09
1.19
0.47
0.42
0.43
0.06
0.06
0.07
837.46
1614.13
4696.31
12220.40
13085.57
14000.95
14722.12
15926.42
17519.10
12951.73
15683.85
18662.91
13038.91
13995.27
14899.05
53198.74
61668.74
70919.05
63.52
38.21
15.10
4.35
4.71
5.07
3.61
3.87
4.05
4.11
3.93
3.80
4.08
4.41
4.76
0.01
0.01
0.01
Profit And Loss Statement - CIPLA

Particulars
Net Sales
% Growth
Total Revenue
% Growth
EXPENDITURES
Staff Costs
% of Net Sales
Other Manufacturing/Operating costs
% of Net Sales
Miscellaneous Expenses
% of Net Sales
Total Expenditures
% of Net Sales
EBITDA
EBITDA Margin %
Growth %
Depreciation & Amortisation
EBIT
Financial Charges
Other Income
PBT
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 %
Dividend paid
Dividend pay out ratio
Net profit transferred to Reserves Acccount
DPS
FY04
20600.10
0%
20945.20
0%
FY05
21812.60
5.89%
23364.98
11.55%
FY06
28913.60
32.55%
30796.30
31.81%
FY07
34382.40
18.91%
36687.90
19.13%
939.40
5%
1226.80
6%
5648.10
27%
7814.30
38%
12785.80
62%
1169.30
5.36%
466.00
2.14%
5447.24
24.97%
7082.54
32.47%
14730.06
67.53%
15.21%
550.47
14179.59
76.33
1552.38
15655.64
71.77%
1050.00
6.71%
14605.64
66.96%
24.16%
0
14605.64
1199.40
12.18
-37.92%
1050
0.07
13555.64
1498.60
5.18%
14870.80
51.43%
5571.70
19.27%
21941.10
75.89%
6972.50
24.11%
-52.66%
801.80
6170.70
114.20
1882.70
7939.20
27.46%
1022.00
12.87%
6917.20
23.92%
-52.64%
0.00
6917.20
1199.40
5.77
-52.64%
1772.60
1773
0.26
5144.60
1845.90
5.37%
19327.20
56.21%
6670.00
19.40%
27843.10
80.98%
6539.30
19.02%
-6.21%
1033.70
5505.60
69.50
2305.50
7741.60
22.52%
1399.50
18.08%
6342.10
18.45%
-8.31%
0.00
6342.10
1554.60
4.08
-29.26%
1818.80
1819
0.29
4523.30
365.00
12420.80
102.40
345.10
12663.50
61.47%
900.00
7%
11763.50
57%
0%
0
11763.50
599.70
19.62
0%
900
0.08
PLA
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FY08(E)
42268.10
22.94%
43520.40
18.62%
2543.10
6.02%
22929.60
54.25%
10412.30
24.63%
35885.00
84.90%
6383.10
15.10%
-2.39%
1326.30
5056.80
115.90
1252.30
6193.20
14.65%
1301.80
21.02%
4891.40
11.57%
-22.87%
0.00
4891.40
1554.60
3.15
-22.87%
1560.00
1560
0.32
3331.40
Rs in million
FY09(E)
FY10(E)
49031.20
57366.27
16.00%
17.00%
50432.53
59292.19
15.88%
17.57%
3279.64
6.69%
25407.76
51.82%
12045.12
24.57%
40732.52
83.07%
8298.68
16.93%
30.01%
1647.34
6651.34
178.71
1401.33
7873.96
16.06%
1358.01
17.25%
6515.95
13.29%
33.21%
0.00
6515.95
1554.60
4.19
33.21%
2281
0.35
4235.37
FY11(E)
65971.21
15.00%
68617.41
15.73%
FY12(E)
75866.89
15.00%
79439.09
15.77%
3947.83
6.88%
28508.72
49.70%
14240.52
24.82%
46697.07
81.40%
10669.20
18.60%
28.57%
2047.97
8621.23
241.25
1925.92
10305.90
17.97%
1397.07
13.56%
8908.83
15.53%
36.72%
0.00
8908.83
1554.60
5.73
36.72%
4667.20
7.07%
33316.19
50.50%
16934.81
25.67%
54918.20
83.25%
11053.01
16.75%
3.60%
2496.71
8556.30
325.69
2646.20
10876.81
16.49%
1444.91
13.28%
9431.90
14.30%
5.87%
0.00
9431.90
1554.60
6.07
5.87%
5416.80
7.14%
38467.97
50.70%
19725.39
26.00%
63610.16
83.84%
12256.73
16.16%
10.89%
3043.20
9213.53
439.69
3572.20
12346.04
16.27%
1494.40
12.10%
10851.64
14.30%
15.05%
0.00
10851.64
1554.60
6.98
15.05%
8908.83
9431.90
10851.64
Company - CIPLA
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(UN)AUDITED FINANCIAL RESULTS FOR

QUARTER ENDED 31st Jun/Sep/Dec/Mar
(Rs. in millions, except per share data)
Sr.
Particulars
No.
1 Turnover
Stand alone
2003-04
2004-05
Annual(Apr-Mar)
AMJ
0.00
0.00
0.00
0.00
2 Net Turnover
20600.10
5682.40
3 Other Income
345.10
118.90
16440.10
4615.00
9565.20
2859.20
939.40
301.70
0.00
0.00
287.40
0.00
-153.00
0.00
5648.10
1607.10
4160.00
1067.40
365.00
130.00
4140.10
1056.30
102.40
13.70
4037.70
1042.60
8 Provision for Current Tax (incl. FBT)
780.00
225.00
9 Provision for deferred Tax
120.00
25.00
0.00
0.00
3137.70
792.60
0.00
0.00
3137.70
792.60
599.70
599.70
14 Reserves and surplus incl. revaluation reserve
0.00
0.00
15 Earning per share (each of Rs 10)
0.00
0.00
a) Basic
52.33
2.64
b) Diluted
52.33
2.64
Less Excise Duty
4 Total Operational Expenditure

a) Consumption of Raw Materials
b) Staff Cost
c)
Purchase of Trade Goods
d) (Increase) / Decrease In Stock In Trade & WIP

e) Manufacturing Expenses
f) Foreign Exchange (Gain) / Loss (Net)
g)
h)
g) Other expenditure
5 Operating Profit (PBDIT)
Depreciation
6 PBIT
Interest & Financial Charges
7 Profit before Tax
Others
10 Profit After Tax (Reported PAT)
11
0 Extra Ordinary Items
12 Net Profit (Adjusted PAT)

13 Paid up equity share Capital (Equity share of Rs 10 each)
16 Number of Outsanding Shares (of par value Rs 10)

a
Basic
59.96
299.84
Diluted (Incl. of bonus & convertible debentures)
59.96
299.84
0.00
0.00
0.00
900.00
0.00
17 Share price (Current price)

Market Capitalization
18 Dividend (Annual Data only)
Dividend %
19 Retained earnings (Annual Data only)
20 Capital Employed (Annual Data only)
a Total asset
b Current Liability
As a percentage of Turnover
Consumption of Raw Materials
Staff Cost
(Increase) / Decrease In Stock In Trade & WIP
Manufacturing Expenses
Foreign Exchange (Gain) / Loss (Net)
Other expenditure
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
0.29
0.00
0.00
0.00
0.00
0.00
0.00
2003-04
Annual(Apr-Mar)
46.43%
4.56%
0.00%
1.40%
0.00%
0.00%
0.00%
0.00%
27.42%
1.77%
0.50%
3.79%
0.58%
1.68%
900.00
21.74%
18.84%
2.90%
2004-05
AMJ
50.32%
5.31%
0.00%
-2.69%
0.00%
0.00%
0.00%
0.00%
28.28%
2.29%
0.24%
3.96%
0.44%
2.09%
250.00
21.30%
% of subsidaries income
Subsidaires income
Actual Total Sales
-73.98%
-9897.32
13379.00
2004-05
2004-05
2004-05
2004-05
2004-05
2004-05
2005-06
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
6211.70
6211.70
6413.80
12625.50
5695.40
23276.32
398.00
398.00
452.40
850.40
345.60
1463.72
5813.70
11496.10
5961.40
17457.50
5349.80
21812.60
74.20
193.10
411.80
604.90
154.50
1552.38
4494.70
9109.70
4756.60
13866.30
3980.90
17592.04
3001.60
5860.80
3082.20
8943.00
2735.80
11678.80
262.10
563.80
284.60
848.40
320.90
1169.30
0.00
0.00
0.00
0.00
0.00
0.00
-64.10
0.00
-217.10
0.00
31.00
0.00
-186.10
0.00
-517.20
0.00
-703.30
0.00
1295.10
2902.20
1358.80
4261.00
1441.40
5447.24
1319.00
2386.40
1204.80
3591.20
1368.90
4220.56
125.00
255.00
127.50
382.50
147.50
550.47
1268.20
2324.50
1489.10
3813.60
1375.90
5222.47
39.50
53.20
12.40
65.60
10.10
76.33
1228.70
2271.30
1476.70
3748.00
1365.80
5146.14
205.00
430.00
147.50
577.50
242.50
820.00
65.00
90.00
72.50
162.50
67.50
230.00
0.00
0.00
0.00
0.00
0.00
0.00
958.70
1751.30
1256.70
3008.00
1055.80
4096.14
0.00
0.00
0.00
0.00
0.00
0.00
958.70
1751.30
1256.70
3008.00
1055.80
4096.14
599.70
0.00
599.70
0.00
599.70
599.70
-117.40
0.00
0.00
0.00
0.00
1587.20
1499.10
135.00
1364.10
13.70
1434.00
267.50
47.50
5.00
1114.00
0.00
1114.00
599.70
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
3.20
#DIV/0!
4.19
#DIV/0!
3.52
13.66
3.20
#DIV/0!
4.19
#DIV/0!
3.52
13.66
0.00
0.00
6628.10
83.60
5129.00
3267.00
392.20
0.00
3.72
3.72
299.84
0.00
299.84
0.00
299.84
299.84
299.84
299.84
0.00
299.84
0.00
299.84
299.84
299.84
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
1050.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2004-05
2004-05
JAS
6-m (Apr-Sep)
51.63%
50.98%
4.51%
4.90%
0.00%
0.00%
-1.10%
-1.89%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
22.28%
25.25%
2.15%
2.22%
0.68%
0.46%
3.53%
3.74%
1.12%
0.78%
1.28%
1.68%
270.00
520.00
16.16%
18.50%
0.00
0.00
0.00
0.00
0.00
0.00
2004-05
2004-05
OND
9-m (Apr-Dec)
51.70%
51.23%
4.77%
4.86%
0.00%
0.00%
0.52%
-1.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
22.79%
24.41%
2.14%
2.19%
0.21%
0.38%
2.47%
3.31%
1.22%
0.93%
6.91%
3.46%
220.00
740.00
9.91%
15.14%
0.00
0.00
0.00
0.00
0.00
2004-05
2004-05
JFM
Annual(Apr-Mar)
51.14%
53.54%
6.00%
5.36%
0.00%
0.00%
-9.67%
-3.22%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.94%
24.97%
2.76%
2.52%
0.19%
0.35%
4.53%
3.76%
1.26%
1.05%
2.89%
7.12%
310.00
1050.00
20.11%
17.62%
15.70%
4.40%
0.00
0.00
0.00
0.00
0.00
2005-06
AMJ
49.29%
5.92%
0.00%
-1.77%
0.00%
0.00%
0.00%
0.00%
23.95%
2.04%
0.21%
4.04%
0.72%
1.26%
315.00
19.61%
Subsidaires income
Actual Total Sales
100.00%
18748.30
18748.30
2005-06
2005-06
2005-06
2005-06
2005-06
2005-06
2006-07
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
0.00
0.00
6717.00
15.30
4944.40
2825.60
303.40
0.00
0.00
0.00
13345.10
98.90
10073.40
6092.60
695.60
0.00
0.00
0.00
7806.20
744.50
6216.90
4537.70
351.70
0.00
0.00
0.00
21151.30
843.40
16290.30
10630.30
1047.30
0.00
0.00
0.00
8705.90
467.60
6902.90
4454.10
425.70
0.00
0.00
0.00
28913.60
1882.70
21941.10
14115.70
1498.60
0.00
0.00
0.00
8635.80
219.50
6347.10
3537.70
513.10
0.00
85.30
0.00
0.00
0.00
0.00
1730.10
1772.60
215.00
1557.60
16.90
1556.00
266.00
50.00
14.00
1226.00
0.00
1226.00
599.70
-32.10
0.00
0.00
0.00
0.00
3317.30
3271.70
350.00
2921.70
30.60
2990.00
533.50
97.50
19.00
2340.00
0.00
2340.00
599.70
0.00
-667.10
0.00
0.00
0.00
0.00
1994.60
1589.30
230.00
1359.30
50.70
2053.10
287.00
0.00
13.00
1753.10
0.00
1753.10
599.70
-699.20
0.00
0.00
0.00
0.00
5311.90
4861.00
580.00
4281.00
81.30
5043.10
820.50
97.50
32.00
4093.10
0.00
4093.10
599.70
0.00
-141.60
0.00
0.00
0.00
0.00
2164.70
1803.00
250.00
1553.00
32.90
1987.70
70.00
0.00
10.00
1907.70
0.00
1907.70
599.70
-840.80
1595.90
0.00
0.00
0.00
5571.70
6972.50
801.80
6170.70
114.20
7939.20
890.00
90.00
42.00
6917.20
0.00
6917.20
1199.40
0.00
327.60
0.00
0.00
0.00
0.00
1968.70
2288.70
260.00
2028.70
27.90
2220.30
516.00
0.00
0.00
1704.30
0.00
1704.30
1554.60
0.00
4.09
4.09
7.80
7.80
0.00
5.85
5.85
13.65
13.65
0.00
6.36
6.36
23.07
23.07
0.00
5.68
5.68
299.85
299.85
299.85
299.85
299.86
299.86
299.86
299.85
299.85
299.85
299.85
299.86
299.86
299.86
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
1772.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2005-06
2005-06
JAS
6-m (Apr-Sep)
42.07%
45.65%
4.52%
5.21%
0.00%
0.00%
1.27%
-0.24%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.76%
24.86%
3.20%
2.62%
0.25%
0.23%
3.96%
4.00%
0.74%
0.73%
0.23%
0.74%
316.00
631.00
17.08%
18.26%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2005-06
2005-06
OND
9-m (Apr-Dec)
58.13%
50.26%
4.51%
4.95%
0.00%
0.00%
-8.55%
-3.31%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.55%
25.11%
2.95%
2.74%
0.65%
0.38%
3.68%
3.88%
0.00%
0.46%
9.54%
3.99%
287.00
918.00
21.11%
19.17%
0.00
0.00
0.00
0.00
0.00
2005-06
2005-06
JFM
Annual(Apr-Mar)
51.16%
48.82%
4.89%
5.18%
0.00%
0.00%
-1.63%
-2.91%
0.00%
5.52%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.86%
19.27%
2.87%
2.77%
0.38%
0.39%
0.80%
3.08%
0.00%
0.31%
5.37%
6.51%
70.00
980.00
15.88%
4.51%
14.42%
1.46%
0.00
0.00
0.00
0.00
0.00
2006-07
AMJ
40.97%
5.94%
0.00%
3.79%
0.00%
0.00%
0.00%
0.00%
22.80%
3.01%
0.32%
5.98%
0.00%
2.54%
516.00
25.44%
Subsidaires income
Actual Total Sales
2006-07
2006-07
2006-07
2006-07
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
0.00
0.00
17596.90
409.40
13032.20
7605.00
951.60
0.00
0.00
0.00
8805.40
261.30
6612.70
4646.60
457.90
0.00
0.00
0.00
26402.30
670.70
19644.90
12251.60
1409.50
0.00
38.9
0.00
0.00
0.00
0.00
2140.40
2276.00
245.00
2031.00
15.60
2205.30
402.50
0.00
0.00
1802.80
0.00
1802.80
1554.60
366.50
0.00
0.00
0.00
0.00
4109.10
4564.70
505.00
4059.70
43.50
4425.60
918.50
0.00
0.00
3507.10
0.00
3507.10
1554.60
0.00
-312.9
0.00
0.00
0.00
0.00
1821.10
2192.70
275.00
1917.70
13.20
2165.80
322.00
0.00
0.00
1843.80
0.00
1843.80
1554.60
53.60
0.00
0.00
0.00
0.00
5930.20
6757.40
780.00
5977.40
56.70
6591.40
1240.50
0.00
0.00
5350.90
0.00
5350.90
1554.60
0.00
2.32
2.32
4.52
4.52
0.00
2.37
2.37
2006-07
JFM
Annual(Apr-Mar)
0.00
0.00
0.00
0.00
9384.70
34382.40
220.60
2305.50
7914.80
27843.10
4690.10
17255.80
433.40
1845.90
0.00
0.00
2006-07
0.00
0.00
8961.10
189.90
6685.10
4067.30
438.50
0.00
0.00
100.00%
26011.30
26011.30
6.89
6.89
284.6
0.00
0.00
0.00
0.00
2506.70
1469.90
260.80
1209.10
12.90
1416.80
159.50
0.00
0.00
1257.30
0.00
1257.30
1554.60
0.00
1.62
1.62
338.20
1733.20
0.00
0.00
0.00
6670.00
6539.30
1033.70
5505.60
69.50
7741.60
1217.50
147.00
35.00
6342.10
0.00
6342.10
1554.60
0.00
8.16
8.16
776.40
776.40
776.40
776.40
777.24
777.24
776.40
776.40
776.40
776.40
777.24
777.24
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
1818.80
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
2006-07
JAS
45.39%
4.89%
0.00%
0.43%
0.00%
0.00%
0.00%
0.00%
23.89%
2.73%
0.17%
4.49%
0.00%
2.12%
402.50
2006-07
6-m (Apr-Sep)
43.22%
5.41%
0.00%
2.08%
0.00%
0.00%
0.00%
0.00%
23.35%
2.87%
0.25%
5.22%
0.00%
2.33%
918.50
2006-07
OND
52.77%
5.20%
0.00%
-3.55%
0.00%
0.00%
0.00%
0.00%
20.68%
3.12%
0.15%
3.66%
0.00%
2.97%
322.00
2006-07
9-m (Apr-Dec)
46.40%
5.34%
0.00%
0.20%
0.00%
0.00%
0.00%
0.00%
22.46%
2.95%
0.21%
4.70%
0.00%
2.54%
1240.50
19.82%
22.62%
16.79%
20.75%
0.00
0.00
0.00
0.00
0.00
0.00
2006-07
2006-07
JFM
Annual(Apr-Mar)
49.98%
50.19%
4.62%
5.37%
0.00%
0.00%
3.03%
0.98%
0.00%
5.04%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.71%
19.40%
2.78%
3.01%
0.14%
0.20%
1.70%
3.54%
0.00%
0.43%
2.35%
6.71%
159.50
1364.50
24.78%
13.19%
22.11%
2.67%
2007-08
AMJ
0.00
0.00
9018.30
185.40
7411.40
4694.40
645.70
2007-08
2007-08
JAS
6-m (Apr-Sep)
0.00
0.00
0.00
0.00
10983.90
20002.20
418.20
603.60
8743.70
16155.10
4309.50
9003.90
529.00
1174.70
1293.10
1293.10
-202.2
0.00
0.00
0.00
0.00
2273.50
1606.90
302.50
1304.40
8.20
1481.60
284.00
0.00
0.00
1197.60
0.00
1197.60
1554.60
-123.10
0.00
0.00
0.00
0.00
2735.20
2240.20
327.50
1912.70
23.70
2307.20
401.00
0.00
0.00
1906.20
0.00
1906.20
1554.60
0.00
0.00
1.54
1.54
2.45
2.45
-325.30
0.00
0.00
0.00
0.00
5008.70
3847.10
630.00
3217.10
31.90
3788.80
685.00
0.00
0.00
3103.80
0.00
3103.80
1554.60
0.00
3.99
3.99
2007-08
2007-08
OND
9-m (Apr-Dec)
0.00
0.00
0.00
0.00
11044.90
31047.10
242.00
845.60
8422.40
24577.50
4129.80
13133.70
638.10
1812.80
1019.40
2312.50
-4.9
0.00
0.00
0.00
0.00
2640.00
2622.50
329.60
2292.90
38.40
2496.50
390.00
0.00
0.00
2106.50
0.00
2106.50
1554.60
0.00
2.71
2.71
-330.20
0.00
0.00
0.00
0.00
7648.70
6469.60
959.60
5510.00
70.30
6285.30
1075.00
0.00
0.00
5210.30
0.00
5210.30
1554.60
0.00
6.70
6.70
2007-08
JFM
0.00
0.00
11221.00
406.70
9194.10
4553.20
730.30
1149.80
-2.80
0.00
0.00
0.00
0.00
2763.60
2026.90
366.70
1660.20
45.60
2021.30
226.80
0.00
0.00
1794.50
0.00
1794.50
1554.60
0.00
2.31
2.31
777.24
777.35
777.35
777.35
777.35
777.35
777.24
777.35
777.35
777.35
777.35
777.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2007-08E
AMJ
52.05%
7.16%
0.00%
-2.24%
0.00%
0.00%
0.00%
0.00%
25.21%
3.35%
0.09%
3.15%
0.00%
2.06%
2007-08E
JAS
39.23%
4.82%
11.77%
-1.12%
0.00%
0.00%
0.00%
0.00%
24.90%
2.98%
0.22%
3.65%
0.00%
3.81%
2007-08E
6-m (Apr-Sep)
45.01%
5.87%
6.46%
-1.63%
0.00%
0.00%
0.00%
0.00%
25.04%
3.15%
0.16%
3.42%
0.00%
3.02%
2007-08E
OND
37.39%
5.78%
9.23%
-0.04%
0.00%
0.00%
0.00%
0.00%
23.90%
2.98%
0.35%
3.53%
0.00%
2.19%
2007-08E
9-m (Apr-Dec)
42.30%
5.84%
7.45%
-1.06%
0.00%
0.00%
0.00%
0.00%
24.64%
3.09%
0.23%
3.46%
0.00%
2.72%
2007-08E
JFM
40.58%
6.51%
10.25%
-0.02%
0.00%
0.00%
0.00%
0.00%
24.63%
3.27%
0.41%
2.02%
0.00%
3.62%
21.77%
20.97%
21.29%
17.01%
19.51%
13.66%
2007-08
2008-09
2008-09E
2008-09E
2008-09E
2008-09E
Annual(Apr-Mar)
AMJ
JAS
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
0.00
0.00
42268.10
1252.30
35885.00
17686.90
2543.10
3462.30
12071.20
0.00
12071.20
170.20
10598.10
4503.70
845.00
1612.90
11767.44
0.00
11767.44
409.92
8983.79
5199.50
819.01
23838.64
0.00
23838.64
580.12
19581.89
9703.20
1664.01
1612.90
12748.06
0.00
12748.06
-333.00
2113.40
0.00
0.00
0.00
10412.30
6383.10
1326.30
5056.80
115.90
6193.20
1301.80
0.00
0.00
4891.40
0.00
4891.40
1554.60
0.00
0.00
0.00
746.60
0.00
0.00
2889.90
1473.10
382.30
1090.80
36.60
1224.40
305.00
0.00
0.00
919.40
0.00
919.40
1554.60
0.00
0.00
0.00
0.00
746.60
0.00
0.00
5855.18
4256.75
744.73
3512.02
73.20
4018.94
722.08
0.00
0.00
3296.86
0.00
3296.86
0.00
1.18
1.18
6.29
6.29
777.35
777.35
0.00
0.00
1560.00
777.35
777.35
0.00
0.00
2965.28
2783.65
362.43
2421.22
36.60
2794.54
417.08
2377.46
2377.46
1554.60
0.00
3.06
3.06
4.24
4.24
777.35
777.35
0.00
0.00
363.31
6605.50
800.61
3086.29
12748.06
392.64
12355.42
36.60
12682.13
403.06
0.00
0.00
12279.07
0.00
12279.07
1554.60
0.00
15.80
15.80
36586.70
0.00
36586.70
943.43
30074.29
16308.70
2464.62
1612.90
0.00
0.00
746.60
0.00
0.00
8941.47
6512.41
1137.37
5375.04
109.80
6208.67
1125.14
0.00
0.00
5083.53
0.00
5083.53
0.00
6.54
6.54
777.35
777.35
777.35
777.35
777.35
777.35
0.00
0.00
0.00
0.00
0.00
2007-08E
Annual(Apr-Mar)
41.84%
6.02%
8.19%
-0.79%
5.00%
0.00%
0.00%
0.00%
24.63%
3.14%
0.27%
3.08%
0.00%
2.96%
1301.80
25.74%
25.74%
0.00%
2008-09E
AMJ
37.31%
7.00%
13.36%
0.00%
0.00%
6.18%
0.00%
0.00%
23.94%
3.17%
0.30%
2.53%
0.00%
1.41%
2008-09E
JAS
44.19%
6.96%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.20%
3.08%
0.31%
3.54%
0.00%
3.48%
2008-09E
6-m (Apr-Sep)
40.70%
6.98%
6.77%
0.00%
0.00%
3.13%
0.00%
0.00%
24.56%
3.12%
0.31%
3.03%
0.00%
2.43%
2008-09E
OND
51.82%
6.28%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.21%
3.08%
0.29%
3.16%
0.00%
2.85%
2008-09E
9-m (Apr-Dec)
44.58%
6.74%
4.41%
0.00%
0.00%
2.04%
0.00%
0.00%
24.44%
3.11%
0.30%
3.08%
0.00%
2.58%
27.96%
17.23%
20.56%
3.26%
20.93%
2008-09E
2008-09E
2009-10E
2009-10E
2009-10E
2009-10E
JFM
Annual(Apr-Mar)
AMJ
JAS
6-m (Apr-Sep)
OND
12444.50
0.00
12444.50
457.90
5475.88
815.02
0.00
3103.65
12444.50
509.97
11934.53
68.91
12323.52
232.87
0.00
0.00
12090.65
0.00
12090.65
1554.60
0.00
15.55
15.55
49031.20 13194.24
0.00
0.00
49031.20 13194.24
1401.33
329.85
41479.12
10093.56
21784.58
6056.13
3279.64
835.19
1612.90
-441.27
2451.55
746.60
0.00
0.00
12045.12
7552.08
1647.34
5904.74
178.71
7127.36
1358.01
0.00
0.00
5769.35
0.00
5769.35
1554.60
0.00
3.37
3.37
7.42
7.42
777.35
777.35
777.35
777.35
0.00
0.00
0.00
3202.24
3100.68
439.15
2661.53
60.32
2931.06
308.59
0.00
0.00
2622.47
0.00
2622.47
1554.60
0.00
0.00
2019.27
777.35
777.35
0.00
0.00
13767.9
26962.14
14530.88
0.00
13767.90
514.91
10614.66
6025.60
1078.26
0.00
0.00
26962.14 14530.88
844.76
305.13
20708.22
10914.02
12081.73 6393.50
1913.45 1002.62
3510.80
3153.24
449.49
2703.75
60.31
3158.35
433.80
0.00
0.00
2724.55
0.00
2724.55
1554.60
0.00
6713.04
6253.92
888.64
5365.28
120.63
6089.41
742.39
0.00
0.00
5347.02
0.00
5347.02
3109.20
0.00
3.50
3.50
777.35
777.35
0.00
6.88
6.88
3517.90
3616.86
474.40
3142.46
60.31
3387.28
416.58
0.00
0.00
2970.70
0.00
2970.70
4663.80
0.00
3.82
3.82
777.35
777.35
777.35
777.35
0.00
0.00
0.00
0.00
0.35
2008-09E
2008-09E
JFM
Annual(Apr-Mar)
44.00%
44.43%
6.55%
6.69%
0.00%
3.29%
0.00%
-0.90%
0.00%
5.00%
0.00%
1.52%
0.00%
0.00%
0.00%
0.00%
24.94%
24.57%
4.10%
3.36%
0.55%
0.36%
1.87%
2.77%
0.00%
0.00%
3.68%
2.86%
1358.01
23.00%
1.95%
23.00%
0.00%
2009-10E
AMJ
45.90%
6.33%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.27%
3.33%
0.46%
2.34%
0.00%
2.50%
2009-10E
JAS
43.77%
7.83%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.50%
3.26%
0.44%
3.15%
0.00%
3.74%
2009-10E
6-m (Apr-Sep)
44.81%
7.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.90%
3.30%
0.45%
2.75%
0.00%
3.13%
2009-10E
OND
44.00%
6.90%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.21%
3.26%
0.42%
2.87%
0.00%
2.10%
11.59%
16.04%
13.84%
13.26%
2009-10E
2009-10E
2009-10E
2010-11E
2011-12E
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
Annual(Apr-Mar)
Annual(Apr-Mar)
41493.02
15873.25
57366.27
65971.21
75866.89
0.00
0.00
41493.02 15873.25
1149.89
776.03
31622.24
18475.23 7563.72
2916.07 1031.76
0.00
57366.27
1925.92
46697.07
26038.95
3947.83
0.00
65971.21
2646.20
54918.20
30346.75
4667.20
0.00
75866.89
3572.20
63610.16
34898.76
5416.80
-552.44
3022.21
-679.77
3649.21
-836.81
4406.02
14240.52
10669.20
2047.97
8621.23
241.25
10305.90
1397.07
0.00
0.00
8908.83
0.00
8908.83
4663.80
0.00
0.00
0.00
16934.81
11053.01
2496.71
8556.30
325.69
10876.81
1444.91
0.00
0.00
9431.90
0.00
9431.90
1554.60
0.00
0.00
0.00
19725.39
12256.73
3043.20
9213.53
439.69
12346.04
1494.40
0.00
0.00
10851.64
0.00
10851.64
1554.60
0.00
10230.94 4009.58
9870.78
15873.25
1363.04
684.93
8507.74
15188.32
180.94
60.31
9476.69
15904.04
1158.97
238.10
0.00
0.00
0.00
0.00
8317.72 15665.94
0.00
0.00
8317.72 15665.94
4663.80
0.00
0.00
10.70
10.70
20.15
20.15
777.35
777.35
777.35
777.35
777.35
777.35
0.00
0.00
12.13
12.13
11.46
11.46
777.35
777.35
0.00
0.00
0.00
0.00
0.00
3118.09
13.96
13.96
777.35
777.35
0.00
0.00
0.35
2009-10E
9-m (Apr-Dec)
44.53%
7.03%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.66%
3.28%
0.44%
2.79%
0.00%
2.77%
2009-10E
JFM
47.65%
6.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.26%
4.31%
0.38%
1.50%
0.00%
4.89%
13.62%
1.57%
2009-10E
Annual(Apr-Mar)
45.39%
6.88%
0.00%
-0.96%
5.27%
0.00%
0.00%
0.00%
24.82%
3.57%
0.42%
2.44%
0.00%
3.36%
1397.07
16.20%
16.20%
0.00%
Actuals
Projected
Company - CIPLA
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 2007-08E
FY 2006-07
Growth%
FY 2008-09E
FY 2007-08E
Growth%
(Operating revenue excluding other income)

Q1 AMJ
Q2 JAS
6 months
Q3 OND
5682.40
6628.10
-14.27%
6628.10
5682.40
16.64%
8635.80
6628.10
30.29%
9899.95
8635.80
14.64%
12030.80
9899.95
21.52%
6211.70
6717.00
-7.52%
6717.00
6211.70
8.13%
8961.10
6717.00
33.41%
10313.37
8961.10
15.09%
12363.47
10313.37
19.88%
11894.10
13345.10
-10.87%
13345.10
6211.70
114.84%
17596.90
13345.10
31.86%
20213.31
17596.90
14.87%
24394.27
20213.31
20.68%
6413.80
7806.20
-17.84%
0.00
6413.80
-100.00%
8805.40
7806.20
12.80%
6163.451071
8805.40
-30.00%
4064.22
6163.45
-34.06%
9 months
18307.90
21151.30
-13.44%
13345.10
12625.50
5.70%
26402.30
21151.30
24.83%
26376.76
26402.30
-0.10%
28458.49
26376.76
7.89%
Segments
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 2008-09
FY 2007-08
Growth%

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
#DIV/0!
#DIV/0!
#DIV/0!
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0
0.00
#DIV/0!
0
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
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0.00
0.00
#DIV/0!
0
0.00
#DIV/0!
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 2008-09
FY 2007-08
Growth%
Other Sales
Net sales
FY 2004-05
FY 2003-04
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Segments
Hoteliering
Net sales
FY 2004-05
FY 2003-04

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
Air Catering
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 2008-09
FY 2007-08
Growth%
Other Sales
Net sales
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
#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
0.00
#DIV/0!
0
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
0
0.00
#DIV/0!

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
#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!

Q1 AMJ
Q2 JAS
6 months
Q3 OND
9 months
#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!
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
click to go back
Q4 JFM
5695.40
8705.90
-34.58%
0.00
5349.80
-100.00%
9384.70
8705.90
7.80%
6263.26
9384.70
-33.26%
3706.51
6263.26
-40.82%
Q4 JFM
12 months
24003.30
29857.20
-19.61%
13345.10
17975.30
-25.76%
35787.00
29857.20
19.86%
32640.02
34382.40
-5.07%
32165.01
32640.02
-1.46%
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
0
0.00
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
0
0.00
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Q4 JFM
12 months
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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 2007-08EQ1 AMJ
FY 2007-08EQ2 JAS
FY 2007-08EQ3 OND
FY 2007-08EQ4 JFM
FY 2008-09EQ1 AMJ
FY 2008-09EQ2 JAS
FY 2008-09EQ3 OND
FY 2008-09EQ4 JFM
2005-06
2006-07
-14.27%
-7.52%
-17.84%
-34.58%
16.64%
8.13%
-100.00%
-100.00%
30.29%
33.41%
24.83%
7.80%
14.64%
15.09%
-30.00%
-33.26%
21.52%
19.88%
-34.06%
-40.82%
3 Yr Average Increase in growth from average

2004-05Q1 AMJ
2005-06Q1 AMJ
2006-07Q1 AMJ
FY 2007-08EQ1 AMJ
FY 2008-09EQ1 AMJ
-14.27%
16.64%
30.29%
14.64%
21.52%
10.89%
20.52%
3.75%
1.00%

2004-05Q2 JAS
2005-06Q2 JAS
2006-07Q2 JAS
FY 2007-08EQ2 JAS
-7.52%
8.13%
33.41%
15.09%
11.34%
18.88%
3.75%
1.00%
FY 2008-09EQ2 JAS
19.88%

2004-05Q3 OND
2005-06Q3 OND
2006-07Q3 OND
FY 2007-08EQ3 OND
FY 2008-09EQ3 OND
-17.84%
-100.00%
24.83%
-30.00%
-34.06%
2004-05Q4 JFM
2005-06Q4 JFM
2006-07Q4 JFM
FY 2007-08EQ4 JFM
FY 2008-09EQ4 JFM
-34.58%
-100.00%
7.80%
-33.26%
-40.82%
-31.00%
-35.06%
1.00%
1.00%
-42.26%
-41.82%
9.00%
1.00%
this is only quarter every year that

there is an increase in the tourist
arrivals compared to the other
quarters. the graph is clear on this
asspect a kink in the december each
year (scroll down for the graph)
FOREIGN TOURIST ARRIVAL (Nos.)

MONTHS
April
May
2004
2005
223884
185502
248416
225394
10.96%
21.50%
June
223122
632508
272456
253301
226773
752530
307447
385238
417527
1110212
337345
331697
293185
962227
July
August
September
October
November
December
January
February
March
Year
2001
2002
2003
2006
Domestic Tourists
236.47
269.60
309.04
420.00
246970
720780
307870
273856
257184
838910
347757
423837
479411
1251005
385977
369844
352094
1107915
10.69%
13.96%
13.00%
8.11%
13.41%
11.48%
13.11%
10.02%
14.82%
12.68%
14.42%
11.50%
20.09%
15.14%
183.53
0.78
0.16
Tourists arrival cycle Jan 200

1.2
1
0.8
0.6
0.4
0.2
0
60.00%
40.00%
20.00%
0.00%
1
10 11 12
-20.00%
Series1
-40.00%
Linear (Series1)
-60.00%
-80.00%
-100.00%
-100.00%
-120.00%
-120.00%
40.00%
30.00%
20.00%
Series1
10.00%
Linear
(Series1)
0.00%
1
-10.00%
-20.00%
40.00%
30.00%
20.00%
Series1
10.00%
0.00%
-10.00%
Linear
(Series1)
-10.00%
(Series1)
-20.00%
50.00%
0.00%
1
Series1
-50.00%
Linear
(Series1)
-100.00%
-150.00%
50.00%
0.00%
-50.00%
Series1
Linear
(Series1)
-100.00%
-150.00%
RRIVAL (Nos.)
2006
309208
255008
2007
24.47%
13.14%
333945
267758
8.00%
5.00%
Avg grw
278370
842586
337332
304387
297891
939610
391399
442413
547488
1381300
459489
439090
391009
1289588
12.71%
16.90%
9.57%
11.15%
15.83%
12.00%
12.55%
4.38%
14.20%
10.42%
19.05%
18.72%
11.05%
16.40%
310104
911807
377474
360089
325893
1063456
440715
510987
#REF!
#REF!
532088
498806
444186
1475080
val cycle Jan 2004 to Nov 2007
11.40%
8.22%
11.90%
18.30%
9.40%
13.18%
12.60%
15.50%
#REF!
15.80%
13.60%
13.60%
14.38%
13.02%
12.22%
11.55%
15.31%
operating matrices
foreign currency
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
-80.00%
-100.00%
-120.00%
1 2 3 4 5 6 7 8 9 1011121314151617181920
Series1
Linear (Series1)
COMPANY -CIPLA
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
Year
FY 07 (Mar 31)
FY 08
FY 09E
FY 10E
CURRENT SHARE PRICE

235.7
219.8
219.8
219.8
EPS
4.1
3.1
4.2
5.7
PAT
6342.1
4891.4
6515.9
8908.8
Shareholders Equity(NW)
32362.7
37558.2
41793.6
50702.4
EBIT
5505.6
5056.8
6651.3
8621.2
Total Asset-CL
25312.20
32377.90
36487.47
43548.34
PAT
6342.1
4891.4
6515.9
8908.8
EPS
4.1
3.1
4.2
5.7
click to go back
P/ E
57.8
69.8
52.4
38.3
ROE
19.60%
13.02%
15.59%
17.57%
ROCE
21.75%
15.62%
18.23%
19.80%
NO.of Outstanding
Shares (Incl. CD)
1554.60
1554.60
1554.60
1554.60
COMPANY - CIPLA
click to go back
2003-04
2004-05
2005-06
Annual(Apr-Mar) Annual(Apr-Mar) Annual(Apr-Mar)
46.43%
53.54%
48.82%
4.56%
5.36%
5.18%
Staff Cost
0.00%
0.00%
0.00%
1.40%
-3.22%
-2.91%
0.00%
0.00%
5.52%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
27.42%
24.97%
19.27%
Other expenditure
1.77%
2.52%
2.77%
0.50%
0.35%
0.39%
3.79%
3.76%
3.08%
0.58%
1.05%
0.31%
Other income% of revenue
1.68%
7.12%
6.51%
Staff Cost
Other expenditure
Depreciation
Other income% of revenue
2004-05
AMJ
50.32%
5.31%
0.00%
-2.69%
0.00%
0.00%
0.00%
0.00%
28.28%
2.29%
0.24%
3.96%
0.44%
2.09%
2005-06
AMJ
49.29%
5.92%
0.00%
-1.77%
0.00%
0.00%
0.00%
0.00%
23.95%
2.04%
0.21%
4.04%
0.72%
1.26%
2006-07
2007-08
2009
Annual(Apr-Mar) Annual(Apr-Mar)
50.19%
41.84%
44.77%
5.37%
6.02%
6.44%
0.00%
8.19%
8.76%
0.98%
-0.79%
-0.84%
5.04%
5.00%
5.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
19.40%
24.63%
26.36%
3.01%
3.14%
3.36%
0.20%
0.27%
0.29%
3.54%
3.08%
3.30%
0.43%
0.00%
0.00%
6.71%
2.96%
3.17%
2006-07
AMJ
40.97%
5.94%
0.00%
3.79%
0.00%
0.00%
0.00%
0.00%
22.80%
3.01%
0.32%
5.98%
0.00%
2.54%
2007-08
AMJ
52.05%
7.16%
0.00%
-2.24%
0.00%
0.00%
0.00%
0.00%
25.21%
3.35%
0.09%
3.15%
0.00%
2.06%
2009
55.70%
7.16%
0.00%
-2.26%
0.00%
0.00%
0.00%
0.00%
25.71%
3.35%
0.09%
3.15%
0.00%
2.06%
2004-05
2005-06
2006-07
6-m (Apr-Sep) 6-m (Apr-Sep) 6-m (Apr-Sep)
50.98%
45.65%
43.22%
4.90%
5.21%
5.41%
0.00%
0.00%
0.00%
-1.89%
-0.24%
2.08%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.25%
24.86%
23.35%
2.22%
2.62%
2.87%
0.46%
0.23%
0.25%
3.74%
4.00%
5.22%
0.78%
0.73%
0.00%
1.68%
0.74%
2.33%
2004-05
JAS
51.63%
4.51%
0.00%
-1.10%
0.00%
0.00%
0.00%
0.00%
22.28%
2.15%
0.68%
3.53%
1.12%
1.28%
2005-06
JAS
42.07%
4.52%
0.00%
1.27%
0.00%
0.00%
0.00%
0.00%
25.76%
3.20%
0.25%
3.96%
0.74%
0.23%
2006-07
JAS
45.39%
4.89%
0.00%
0.43%
0.00%
0.00%
0.00%
0.00%
23.89%
2.73%
0.17%
4.49%
0.00%
2.12%
2007-08
6-m (Apr-Sep)
45.01%
5.87%
6.46%
-1.63%
0.00%
0.00%
0.00%
0.00%
25.04%
3.15%
0.16%
3.42%
0.00%
3.02%
2009
Considered
2007-08
2009
JAS
39.23% 39.63%
4.82%
4.82%
11.77% 12.48%
-1.12% -1.14%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.90% 25.40%
2.98%
2.98%
0.22%
0.22%
3.65%
3.65%
0.00%
0.00%
3.81%
3.81%
2004-05
2005-06
2006-07
2007-08
9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec)
51.23%
50.26%
46.40%
42.30%
4.86%
4.95%
5.34%
5.84%
0.00%
0.00%
0.00%
7.45%
-1.07%
-3.31%
0.20%
-1.06%
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%
24.41%
25.11%
22.46%
24.64%
2.19%
2.74%
2.95%
3.09%
0.38%
0.38%
0.21%
0.23%
3.31%
3.88%
4.70%
3.46%
0.93%
0.46%
0.00%
0.00%
3.46%
3.99%
2.54%
2.72%
2004-05
OND
51.70%
4.77%
0.00%
0.52%
0.00%
0.00%
0.00%
0.00%
22.79%
2.14%
0.21%
2.47%
1.22%
6.91%
2005-06
OND
58.13%
4.51%
0.00%
-8.55%
0.00%
0.00%
0.00%
0.00%
25.55%
2.95%
0.65%
3.68%
0.00%
9.54%
2006-07
OND
52.77%
5.20%
0.00%
-3.55%
0.00%
0.00%
0.00%
0.00%
20.68%
3.12%
0.15%
3.66%
0.00%
2.97%
2007-08
2009
OND
37.39% 39.26%
5.78%
5.78%
9.23%
9.88%
-0.04% -0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
23.90% 24.38%
2.98%
2.98%
0.35%
0.35%
3.53%
3.53%
0.00%
0.00%
2.19%
2.19%
2004-05 2005-06 2006-07

JFM
JFM
JFM
51.14% 51.16% 49.98%
6.00%
4.89%
4.62%
0.00%
0.00%
0.00%
-9.67% -1.63%
3.03%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.94% 24.86% 26.71%
2.76%
2.87%
2.78%
0.19%
0.38%
0.14%
4.53%
0.80%
1.70%
1.26%
0.00%
0.00%
2.89% 5.37% 2.35%
2007-08
JFM
40.58%
6.51%
10.25%
-0.02%
0.00%
0.00%
0.00%
0.00%
24.63%
3.27%
0.41%
2.02%
0.00%
3.62%
2009
42.61%
6.51%
10.96%
-0.03%
0.00%
0.00%
0.00%
0.00%
25.12%
3.27%
0.41%
2.02%
0.00%
3.62%
Financial Ratios
FY04
FY05
FY06
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
FY08
FY09(E)
55.91%
94.01%
77.32%
20.00%
34.88%
24.20%
14.37%
19.60%
15.85%
8.53%
13.02%
11.27%
10.89%
15.59%
13.81%
0.93
1.02
0.60
#REF!
#REF!
#REF!
0.93
1.10
0.65
0.84
1.68
94.01
0.87
1.29
0.21
0.84
1.74
34.88
0.82
1.41
0.16
0.78
1.36
19.60
0.79
1.22
0.12
0.74
1.53
13.02
0.83
1.18
0.14
0.82
1.43
15.59
Liquidity Ratios
Current Ratio
Acid Test Ratio
Debt-Equity Ratio
#REF!
#REF!
#REF!
2.25
1.29
0.18
2.52
1.47
0.29
3.01
1.97
0.07
3.00
2.10
0.19
3.39
2.40
0.15
Efficiency Ratios
Assets Turnover Ratio
Working Capital Turnover Ratio
F.A. Turnover Ratio
C.A. Turnover Ratio
Debtors Velocity
#REF!
#REF!
#REF!
#REF!
#REF!
0.84
2.25
2.58
1.25
98.28
0.84
2.09
2.53
1.26
110.58
0.78
1.82
2.35
1.21
109.21
0.74
1.69
2.23
1.13
120.37
0.82
1.76
2.59
1.24
106.27
Margin Ratios (%)

EBITDA Margin
Pre-Tax Margin
Net Profit Margin
62.07%
61.47%
57.10%
67.53%
71.77%
66.96%
24.11%
27.46%
23.92%
19.02%
22.52%
18.45%
15.10%
14.65%
11.57%
16.93%
16.06%
13.29%
0.00%
0.00%
0.00%
0.00%
5.89%
15.21%
24.16%
-37.92%
32.55%
-52.66%
-52.64%
-52.64%
18.91%
-6.21%
-8.31%
-29.26%
22.94%
-2.39%
-22.87%
-22.87%
16.00%
30.01%
33.21%
33.21%
124.78
98.28
9594.00
120.81
110.58
13396.00
103.89
109.21
17619.30
96.76
120.37
24169.90
86.50
106.27
26953.51
2.73%
9.92%
23.71%
29.78%
20.22%
17.80%
19.62
12.18
5.77
4.08
3.15
4.19
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
#REF!
#REF!
#REF!
FY07
#REF!
#REF!
#REF!
CEPS
DPS
BVPS
Cash Per Share
20.22
1.50
#REF!
#REF!
12.64
0.88
12.95
0.09
6.44
1.48
16.54
0.37
0.47
0.12
2.08
0.85
0.40
0.10
2.42
0.51
0.53
0.15
2.69
0.62
FY10(E)
12.31%
17.57%
14.88%
0.86
1.20
0.15
0.79
1.43
17.57
2.98
2.09
0.14
0.79
2.01
2.12
1.34
96.51
18.60%
17.97%
15.53%
17.00%
28.57%
36.72%
36.72%
81.57
96.51
27825.96
18.69%
5.73
0.70
0.00
3.26
0.46
CIPLA
Key Financials *
FY 06
FY 07
FY08
Rs. in bln
FY09E
Net sales
%Growth
EBITDA
EBITDA Margin %
Adjusted PAT
%Growth
Net profit margin %
EPS (based on Adj.Pat)*
Book value per share *
28.91
34.38
42.27
32.55%
18.91%
22.94%
6.97
6.54
6.38
24.11%
19.02%
15.10%
6.92
6.34
4.89
-52.64%
-8.31%
-22.87%
23.92%
18.45%
11.57%
5.77
0.41
0.31
16.54
2.08
2.42
Return on equity
34.88%
19.60%
13.02%
(*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
FY 06
661.95
114.78
40.03
114.62
27.64
FY 07
235.70
577.76
113.22
560.49
106.60
FY08
219.75
698.42
90.96
575.06
86.84
49.03
16.00%
8.30
16.93%
6.52
33.21%
13.29%
0.42
2.69
15.59%
FY09E
219.75
524.29
81.74
442.19
74.84
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
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
Share split
FY04
380.00
599.70
227886.00
#REF!
#REF!
#REF!
12785.80
20600.10
#REF!
#REF!
FY05
629.70
1199.40
755262.18
2801.40
112.00
757951.58
14730.06
21812.60
51.46
34.75
FY06
661.95
1199.40
793942.83
5668.60
444.80
799166.63
6972.50
28913.60
114.62
27.64
FY07
235.70
15546.00
3664192.20
2362.10
1314.90
3665239.40
6539.30
34382.40
560.49
106.60
FY08
235.70
15546.00
3664192.20
7296.80
792.80
3670696.20
6383.10
42268.10
575.06
86.84
Rs. In million
FY09(E)
235.70
15546.00
3664192.20
6371.00
961.66
3669601.54
8298.68
49031.20
442.19
74.84
Share split to Re.1 per share from Rs.10
FY10(E)
235.70
15546.00
3664192.20
7246.65
713.26
3670725.59
10669.20
57366.27
344.05
63.99
PAT
Shareholders Equity (Networth)
FY04
11763.50
#REF!
Return of Equity (ROE)
#REF!
Price/Book Value
Price
Book Value
Cost of Equity (COE or Ke)
Beta of the stock
Rf (2017 GS Bonds)
Rm
Risk Premium
Growth (g) =
FY05
14605.64
15,536.30
FY06
6917.20
19,832.70
FY07
6342.10
32,362.70
FY08
4891.40
37,558.20
FY09(E)
6515.95
41,793.57
94.01%
34.88%
19.60%
13.02%
15.59%
105.52
235.70
2.23
17.44%
0.5916
7.94%
2.50%
7.00%
17.42%
click to go back
FY10(E)
8908.83
50,702.40
17.57%
Home
Relative Valuation
Home
Operating Metrics
key
FY06
FY07
FY08
FY09
FY10
Net sales
28.91
34.38
42.27
49.03
57.37
%Growth
32.55%
18.91%
22.94%
16.00%
17.00%
EBITDA
6.97
6.54
6.38
8.3
10.67
EBITDA Margin
24.11%
%
19.02%
15.10%
16.93%
18.60%
Adjusted PAT
6.92
6.34
4.89
6.52
8.91
%Growth
-52.64%
-8.31%
-22.87%
33.21%
36.72%
Net profit margin
23.92%
%
18.45%
11.57%
13.29%
15.53%
EPS (based on Adj.Pat)*
5.77
4.08
3.15
4.19
5.73
Book value per share
16.54*
2.08
2.42
2.69
3.26
Return on equity
34.88%
19.60%
13.02%
15.59%
17.57%

DCF Valuation Sheet For Cipla

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DCF Valuation Sheet For Cipla

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VALUATION OF THE COMPANY CIPLA

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1. Indian pharmaceuticals industry is growing at the CAGR of 17%.

The company plans to invest Rs 4 billion for setting up a pharmaceutical SEZ in G

o 7.7% from 12.8%,.formulation 10.3% from 12.8%.

ge form registration in Europe.

ndore and Rs 1.5 billion on developing formulation manufacturing facilities at Sikkim

30 trading day period

Coefficients Standard Error

0 year govt. bond

DCF VALUATION - CIPLA

Revenue Growth (%)

(as on August 31, 2007)

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 Capi

(as on August 31, 2007)

Change in WC - for FY11E and FY12E

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

Assumed to grow in long term at

Cash Flow Statement - CIPLA

Less: Direct Taxes Paid

Cash Flow from Investing Activities

Net Increase in Cash and Cash Equivalents

(3596.06) (6359.64) (5083.86)

(10194.91) (3406.60) (7454.45)

Balance Sheet - CIPLA

Current Liabilities & Provisions

cash from cash flow statement

Growth rate of assets

Invst as a %age of gross assets

9678.00 10495.45 11412.40

9523.70 12113.45 14107.55

Average Loans and advances

Average current liabilities

9247.35 10944.85 12077.10

21206.35 25363.10 31648.00 38325.25 45649.65

Cash turnover ratio

Inventory turnover ratio

Debtors turnover ratio

Loans and advances turnover ratio #REF!

Current liabilites turnover ratio

As %age of total liabilities

Assets as a percentage of sales

Average Net sales

Profit And Loss Statement - CIPLA

(UN)AUDITED FINANCIAL RESULTS FOR

8 Provision for Current Tax (incl. FBT)

9 Provision for deferred Tax

14 Reserves and surplus incl. revaluation reserve

15 Earning per share (each of Rs 10)

Less Excise Duty

4 Total Operational Expenditure