17172874 SunPharma Analysis

VALUATION OF THE COMPANY Sun Pharma

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Contents Click Below to go t1 Assumptions2 WACC 3 DCF Valuation4 Cash Flow5 Balance Sheet6Profit and Loss Account7 Quarterly Data8 Projections Sales9 Ratio Calculations

### Cost Structure### Financial Ratios###Final Report Requirements### UBS Growth Formula### Rough

Assumptions!A1WACC (daily)'!A1DCF Valuation'!A1

Cash Flow'!A1BS '!A1PL!A1

Qtrly data'!A1Projections sales'!A1

RATIO.CAL!A1Cost Structure'!A1Finacial Ratios'!A1

Final Report requirements'!A1UBS Growth Formula'!A1

Rough!A1

VALUATION OF THE COMPANY Sun Pharma

Click Below to go tAssumptions!A1WACC (daily)'!A1DCF Valuation'!A1

Cash Flow'!A1BS '!A1PL!A1

Qtrly data'!A1Projections sales'!A1

RATIO.CAL!A1Cost Structure'!A1Finacial Ratios'!A1

Final Report requirements'!A1UBS Growth Formula'!A1

Rough!A1

Assumptions

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 approval5 Indian pharma company has strong genric fundamentals.6 Cost competitivness

7 Cut in excise duty to 8%, cut in custom duty to 5% on selected drugs and 125% deduction on R&D outsourcing expenditure 8 IN 2008, US$ 20 billion of the drugs will be off patent.

Company assumptions:

1 Sun pharmaceutical get the USFDA to market its generic version of Novartis Trileptal Oxcarbuzepine Tablets.And company get 180 day marketing exclusivity right.2 Sun pharmaceutical receipt of a covenant Not to Sue from Wyeth over Sunpharma's Abbreviated New Drug Application (ANDA) for generic venlafaxine extended release tablets.3 Sun pharma recevied USFDA approval to market generic Protonix and also get a 180 days marketing exclusivity right. These generic have annual sale of US$ 2.3billion in US.4 company get the USFDA approval for generic Razadyne,galantamine tablets. These generic have annual sale of US$ 120million in US.5 company get the USFDA approval for generic Sinement CR Tablets.These generic have annual sale of US$ 66million in US.6 company is growing at the rate of 18-20%.

7

8 Depreciating INR against US dollars can fuel up the ,MORE REALIZATION AS 55% IS EXPORTED9 HUGE RESERVES , NO DEBT TAKEN , SO NO INTEREST PAYMENT

click to go back

Drugs approved by USFDA are cerebyx, generic ethyol, Metaprolol Tartrate,

Custom duty on drug intermeduates and bulk drug cuts to 7.7% from 12.8%,.formulation 10.3% from 12.8%.

Cut in excise duty to 8%, cut in custom duty to 5% on selected drugs and 125% deduction on R&D outsourcing expenditure

Sun pharmaceutical get the USFDA to market its generic version of Novartis Trileptal Oxcarbuzepine Tablets.And company get 180 day marketing exclusivity right.Sun pharmaceutical receipt of a covenant Not to Sue from Wyeth over Sunpharma's Abbreviated New Drug Application (ANDA) for generic venlafaxine extended release tablets.Sun pharma recevied USFDA approval to market generic Protonix and also get a 180 days marketing exclusivity right. These generic have annual sale of US$ 2.3billion in US.company get the USFDA approval for generic Razadyne,galantamine tablets. These generic have annual sale of US$ 120million in US.company get the USFDA approval for generic Sinement CR Tablets.These generic have annual sale of US$ 66million in US.

,MORE REALIZATION AS 55% IS EXPORTEDDrugs approved by USFDA are cerebyx, generic ethyol, Metaprolol Tartrate, Topiramate and generic tessalon

1 2 3 4 5 6

Date Sun Pharma Sensex

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Ri Ri-Avg(Ri) Rm RM-Avg(RM))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

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1,062.40 14,136.72 #DIV/0! #DIV/0! #DIV/0! #DIV/0!1,061.85 14,217.77 -0.05 -0.10 0.57 0.441,070.65 14,228.88 0.83 0.78 0.08 -0.061,035.90 13,908.58 -3.25 -3.29 -2.25 -2.391,026.95 13,872.37 -0.86 -0.91 -0.26 -0.401,022.75 14,078.21 -0.41 -0.45 1.48 1.351,002.05 13,934.27 -2.02 -2.07 -1.02 -1.161,012.55 13,879.25 1.05 1.00 -0.39 -0.531,005.35 13,765.46 -0.71 -0.76 -0.82 -0.961,009.80 13,781.51 0.44 0.40 0.12 -0.02

995.4 13,771.23 -1.43 -1.47 -0.07 -0.21977.3 13,796.16 -1.82 -1.86 0.18 0.04

989.15 13,965.86 1.21 1.17 1.23 1.091,004.65 13,929.33 1.57 1.52 -0.26 -0.401,009.95 14,127.31 0.53 0.48 1.42 1.291,012.45 14,299.71 0.25 0.20 1.22 1.081,013.20 14,303.41 0.07 0.03 0.03 -0.111,064.15 14,418.60 5.03 4.98 0.81 0.671,089.70 14,453.72 2.40 2.36 0.24 0.111,089.15 14,363.26 -0.05 -0.09 -0.63 -0.761,063.20 14,218.11 -2.38 -2.43 -1.01 -1.151,069.75 14,338.45 0.62 0.57 0.85 0.711,070.20 14,397.89 0.04 0.00 0.41 0.281,106.40 14,508.21 3.38 3.34 0.77 0.631,109.20 14,411.38 0.25 0.21 -0.67 -0.801,108.30 14,544.46 -0.08 -0.13 0.92 0.791,092.00 14,570.75 -1.47 -1.52 0.18 0.041,075.05 14,495.77 -1.55 -1.60 -0.51 -0.651,092.70 14,535.01 1.64 1.60 0.27 0.13

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 200725April 200726April 200727April 200730April 2007

3May 20074May 20077May 20078May 20079May 2007

10May 200711May 200714May 200715May 200716May 200717May 200718May 200721May 200722May 200723May 200724May 200725May 200728May 200729May 200730May 200731May 20071June 20074June 20075June 2007

1,075.00 14,255.93 -1.62 -1.66 -1.92 -2.061,059.95 14,186.18 -1.40 -1.44 -0.49 -0.631,059.90 14,063.81 0.00 -0.05 -0.86 -1.001,057.30 14,083.41 -0.25 -0.29 0.14 0.001,054.70 14,130.95 -0.25 -0.29 0.34 0.201,052.80 14,003.03 -0.18 -0.22 -0.91 -1.041,062.35 14,203.72 0.91 0.86 1.43 1.301,056.90 14,162.71 -0.51 -0.56 -0.29 -0.421,047.80 14,080.14 -0.86 -0.91 -0.58 -0.721,045.65 14,295.50 -0.21 -0.25 1.53 1.391,050.20 14,411.95 0.44 0.39 0.81 0.681,032.45 14,499.24 -1.69 -1.73 0.61 0.471,063.00 14,467.36 2.96 2.91 -0.22 -0.361,040.95 14,487.72 -2.07 -2.12 0.14 0.001,037.05 14,501.08 -0.37 -0.42 0.09 -0.041,014.95 14,431.06 -2.13 -2.18 -0.48 -0.621,015.55 14,504.57 0.06 0.01 0.51 0.371,022.10 14,650.51 0.64 0.60 1.01 0.871,036.50 14,664.26 1.41 1.36 0.09 -0.041,027.00 14,806.51 -0.92 -0.96 0.97 0.831,021.65 14,880.24 -0.52 -0.57 0.50 0.361,008.35 14,861.89 -1.30 -1.35 -0.12 -0.261,012.10 14,964.12 0.37 0.33 0.69 0.551,010.50 15,045.73 -0.16 -0.20 0.55 0.41

995.15 15,009.88 -1.52 -1.56 -0.24 -0.37986.65 14,910.62 -0.85 -0.90 -0.66 -0.80997.05 15,092.04 1.05 1.01 1.22 1.08

1,015.50 15,272.72 1.85 1.81 1.20 1.06999.9 15,311.22 -1.54 -1.58 0.25 0.12

1,002.35 15,289.82 0.25 0.20 -0.14 -0.28997.2 15,301.17 -0.51 -0.56 0.07 -0.06

981.05 15,550.13 -1.62 -1.66 1.63 1.49980.2 15,565.55 -0.09 -0.13 0.10 -0.04986.9 15,732.20 0.68 0.64 1.07 0.93971.1 15,794.92 -1.60 -1.65 0.40 0.26964.5 15,699.33 -0.68 -0.72 -0.61 -0.74

960.85 15,776.31 -0.38 -0.42 0.49 0.35933.4 15,234.57 -2.86 -2.90 -3.43 -3.57

926.75 15,260.91 -0.71 -0.76 0.17 0.04930.5 15,550.99 0.40 0.36 1.90 1.76

902.75 14,935.77 -2.98 -3.03 -3.96 -4.09905.5 14,985.70 0.30 0.26 0.33 0.20

922.85 15,138.40 1.92 1.87 1.02 0.88912.75 14,903.03 -1.09 -1.14 -1.55 -1.69914.95 14,932.77 0.24 0.20 0.20 0.06

940.3 15,307.98 2.77 2.73 2.51 2.38935.95 15,100.15 -0.46 -0.51 -1.36 -1.49

915 14,868.25 -2.24 -2.28 -1.54 -1.67

6June 20077June 20078June 2007

11June 200712June 200713June 200714June 200715June 200718June 200719June 200720June 200721June 200722June 200725June 200726June 200727June 200728June 200729June 2007

2July 20073July 20074July 20075July 20076July 20079July 2007

10July 200711July 200712July 200713July 200716July 200717July 200718July 200719July 200720July 200723July 200724July 200725July 200726July 200727July 200730July 200731July 2007

1August 20072August 20073August 20076August 20077August 20078August 20079August 2007

10August 2007

924.75 15,017.21 1.07 1.02 1.00 0.87923.55 15,000.91 -0.13 -0.17 -0.11 -0.24913.95 14,358.21 -1.04 -1.08 -4.28 -4.42934.05 14,141.52 2.20 2.15 -1.51 -1.65959.65 14,427.55 2.74 2.70 2.02 1.89

946.7 13,989.11 -1.35 -1.39 -3.04 -3.18922.4 14,248.66 -2.57 -2.61 1.86 1.72

901.35 14,163.98 -2.28 -2.33 -0.59 -0.73897.2 14,424.87 -0.46 -0.50 1.84 1.71904.8 14,842.38 0.85 0.80 2.89 2.76

908 14,919.19 0.35 0.31 0.52 0.38900.5 14,993.04 -0.83 -0.87 0.50 0.36921.5 15,121.74 2.33 2.29 0.86 0.72

931.05 15,318.60 1.04 0.99 1.30 1.17944.65 15,422.05 1.46 1.42 0.68 0.54944.15 15,465.40 -0.05 -0.10 0.28 0.14982.55 15,446.15 4.07 4.02 -0.12 -0.26980.85 15,616.31 -0.17 -0.22 1.10 0.97

1,011.75 15,590.42 3.15 3.11 -0.17 -0.301,003.10 15,596.83 -0.85 -0.90 0.04 -0.101,010.00 15,542.77 0.69 0.64 -0.35 -0.481,002.60 15,505.36 -0.73 -0.78 -0.24 -0.381,007.60 15,614.44 0.50 0.45 0.70 0.57

994.35 15,603.80 -1.32 -1.36 -0.07 -0.20993.4 15,504.43 -0.10 -0.14 -0.64 -0.77994.7 15,669.12 0.13 0.09 1.06 0.93

1,011.45 16,322.75 1.68 1.64 4.17 4.04994.1 16,347.95 -1.72 -1.76 0.15 0.02

979.35 16,564.23 -1.48 -1.53 1.32 1.19949.55 16,845.83 -3.04 -3.09 1.70 1.56

947.4 16,899.54 -0.23 -0.27 0.32 0.18945.6 16,921.39 -0.19 -0.23 0.13 -0.01

948.45 17,150.56 0.30 0.26 1.35 1.22965.5 17,291.10 1.80 1.75 0.82 0.68

1October2007 964.75 17,328.62 -0.08 -0.12 0.22 0.083October2007 960.8 17,847.04 -0.41 -0.45 2.99 2.864October2007 947.1 17,777.14 -1.43 -1.47 -0.39 -0.535October2007 957.05 17,773.36 1.05 1.01 -0.02 -0.168October2007 946.5 17,491.39 -1.10 -1.15 -1.59 -1.729October2007 923.4 18,280.24 -2.44 -2.48 4.51 4.37

10October2007 920.2 18,658.25 -0.35 -0.39 2.07 1.9311October2007 969.45 18,814.07 5.35 5.31 0.84 0.7012October2007 969.25 18,419.04 -0.02 -0.07 -2.10 -2.2415October2007 990.45 19,058.67 2.19 2.14 3.47 3.3416October2007 971.85 19,051.86 -1.88 -1.92 -0.04 -0.1717October2007 964.3 18,715.82 -0.78 -0.82 -1.76 -1.9018October2007 997.3 17,998.39 3.42 3.38 -3.83 -3.9719October2007 983.2 17,559.98 -1.41 -1.46 -2.44 -2.57

13August 200714August 200716August 200717August 200720August 200721August 200722August 200723August 200724August 200727August 200728August 200729August 200730August 200731August 2007

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22October2007 979.7 17,613.99 -0.36 -0.40 0.31 0.1723October2007 1,007.50 18,492.84 2.84 2.79 4.99 4.8524October2007 996.7 18,512.91 -1.07 -1.12 0.11 -0.0325October2007 1,002.00 18,770.89 0.53 0.49 1.39 1.2626October2007 1,041.85 19,243.17 3.98 3.93 2.52 2.3829October2007 1,054.85 19,977.67 1.25 1.20 3.82 3.6830October2007 1,068.40 19,783.51 1.28 1.24 -0.97 -1.1131October2007 1,054.20 19,837.99 -1.33 -1.37 0.28 0.14

1,068.80 19,724.35 1.38 1.34 -0.57 -0.711,072.25 19,976.23 0.32 0.28 1.28 1.141,052.85 19,590.78 -1.81 -1.85 -1.93 -2.071,052.05 19,400.67 -0.08 -0.12 -0.97 -1.111,054.15 19,289.83 0.20 0.16 -0.57 -0.711,054.45 19,058.93 0.03 -0.02 -1.20 -1.331,043.70 18,907.60 -1.02 -1.06 -0.79 -0.931,051.85 18,737.27 0.78 0.74 -0.90 -1.041,078.70 19,035.48 2.55 2.51 1.59 1.461,135.10 19,929.06 5.23 5.18 4.69 4.561,123.05 19,784.89 -1.06 -1.11 -0.72 -0.861,100.65 19,698.36 -1.99 -2.04 -0.44 -0.571,144.05 19,633.36 3.94 3.90 -0.33 -0.471,112.60 19,280.80 -2.75 -2.79 -1.80 -1.931,076.45 18,602.62 -3.25 -3.29 -3.52 -3.651,099.60 18,526.32 2.15 2.11 -0.41 -0.551,094.35 18,852.87 -0.48 -0.52 1.76 1.631,115.60 19,247.54 1.94 1.90 2.09 1.961,112.25 19,127.73 -0.30 -0.34 -0.62 -0.761,099.45 18,938.87 -1.15 -1.20 -0.99 -1.121,098.75 19,003.26 -0.06 -0.11 0.34 0.201,102.50 19,363.19 0.34 0.30 1.89 1.761,098.25 19,603.41 -0.39 -0.43 1.24 1.101,083.45 19,529.50 -1.35 -1.39 -0.38 -0.511,107.75 19,738.07 2.24 2.20 1.07 0.931,082.90 19,795.87 -2.24 -2.29 0.29 0.161,110.90 19,966.00 2.59 2.54 0.86 0.721,112.00 19,930.68 0.10 0.05 -0.18 -0.311,133.20 20,290.89 1.91 1.86 1.81 1.671,165.85 20,375.87 2.88 2.84 0.42 0.281,124.05 20,104.39 -3.59 -3.63 -1.33 -1.471,137.10 20,030.83 1.16 1.12 -0.37 -0.501,093.85 19,261.35 -3.80 -3.85 -3.84 -3.981,137.95 19,079.64 4.03 3.99 -0.94 -1.081,148.60 19,091.96 0.94 0.89 0.06 -0.071,174.20 19,162.57 2.23 2.18 0.37 0.231,235.30 19,854.12 5.20 5.16 3.61 3.471,207.15 20,192.52 -2.28 -2.32 1.70 1.571,183.30 20,216.72 -1.98 -2.02 0.12 -0.021,207.25 20,206.95 2.02 1.98 -0.05 -0.18

7777777

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77777

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1,222.05 20,286.99 1.23 1.18 0.40 0.261January2008 1,198.55 20,300.71 -1.92 -1.97 0.07 -0.072January2008 1,184.15 20,465.30 -1.20 -1.25 0.81 0.673January2008 1,134.45 20,345.20 -4.20 -4.24 -0.59 -0.724January2008 1,108.30 20,686.89 -2.31 -2.35 1.68 1.547January2008 1,115.45 20,812.65 0.65 0.60 0.61 0.478January2008 1,112.80 20,873.33 -0.24 -0.28 0.29 0.169January2008 1,098.85 20,869.78 -1.25 -1.30 -0.02 -0.15

10January2008 1,093.55 20,582.08 -0.48 -0.53 -1.38 -1.5111January2008 1,146.55 20,827.45 4.85 4.80 1.19 1.0614January2008 1,105.75 20,728.05 -3.56 -3.60 -0.48 -0.6115January2008 1,102.00 20,251.09 -0.34 -0.38 -2.30 -2.4416January2008 1,091.55 19,868.11 -0.95 -0.99 -1.89 -2.0317January2008 1,087.90 19,700.82 -0.33 -0.38 -0.84 -0.9818January2008 1,088.20 19,013.70 0.03 -0.02 -3.49 -3.6221January2008 1,062.95 17,605.35 -2.32 -2.36 -7.41 -7.5422January2008 963.5 16,729.94 -9.36 -9.40 -4.97 -5.1123January2008 972.35 17,594.07 0.92 0.87 5.17 5.0324January2008 941.05 17,221.74 -3.22 -3.26 -2.12 -2.2525January2008 976.7 18,361.66 3.79 3.74 6.62 6.4828January2008 983.7 18,152.78 0.72 0.67 -1.14 -1.2729January2008 1,059.10 18,091.94 7.66 7.62 -0.34 -0.4730January2008 1,154.50 17,758.64 9.01 8.96 -1.84 -1.9831January2008 1,138.45 17,648.71 -1.39 -1.43 -0.62 -0.761February2008 1,118.20 18,242.58 -1.78 -1.82 3.36 3.234February2008 1,108.15 18,660.32 -0.90 -0.94 2.29 2.155February2008 1,123.60 18,663.16 1.39 1.35 0.02 -0.126February2008 1,097.60 18,139.49 -2.31 -2.36 -2.81 -2.947February2008 1,089.75 17,526.93 -0.72 -0.76 -3.38 -3.518February2008 1,115.10 17,464.89 2.33 2.28 -0.35 -0.49

1,125.50 16,630.91 0.93 0.89 -4.78 -4.911,119.95 16,608.01 -0.49 -0.54 -0.14 -0.271,090.00 16,949.14 -2.67 -2.72 2.05 1.921,109.25 17,766.63 1.77 1.72 4.82 4.691,112.60 18,115.25 0.30 0.26 1.96 1.83

Average 0.04 0.14

Beta 0.41689 0.41689Rf 9.45% 9.45% 10 year govt. bondRm(daily avg) 0.14% LAA+ corporate bond - ICRA Limited August 2007Rm 64.36% 6.50% Risk premiumKe 32.34% 12.16%

07

88888

Source: 2017 GS as on 20th Jan - Source - RBISource: 2017 GS as on 20th Jan - Source - RBI

12.16% Market VarianceNW 24,494.90 30 trading day period 279.41Debt 11,774.70 60 trading day period 334.46capital employed 36,269.60 90 trading day period 475.49Tax Rate 1.8% 120 trading day period 537.52

0.00% 150 trading day period 639.26WACC 8.21% 251 trading day period 676.55

Debt NW Total Interest

FY08E 8960.97 42,076 51037.17 0.00 0.00%

FY09E 5316.22 50,485 55800.89 0.00 0.00%

FY10E 1671.47 58,326 59997.09 0.00 0.00%

FY11E

Ke

kd

kd

7 8

Col. 6 ^2

#DIV/0! #DIV/0! SUMMARY OUTPUT#DIV/0! #DIV/0!#DIV/0! #DIV/0! Regression Statistics#DIV/0! #DIV/0! Multiple R 0.197183181#DIV/0! #DIV/0! R Square 0.038881207#DIV/0! #DIV/0! Adjusted R Square 0.035036732#DIV/0! #DIV/0! Standard Error 8.669271184#DIV/0! #DIV/0! Observations 252#DIV/0! #DIV/0!#DIV/0! #DIV/0! ANOVA#DIV/0! #DIV/0! df SS#DIV/0! #DIV/0! Regression 1 760.09496131#DIV/0! #DIV/0! Residual 250 18789.065713#DIV/0! #DIV/0! Total 251 19549.160675#DIV/0! #DIV/0!#DIV/0! #DIV/0! Coefficients Standard Error#DIV/0! #DIV/0! Intercept 129.1127568 3.580042294#DIV/0! #DIV/0! X Variable 1 0.000695523 0.0002187058#DIV/0! #DIV/0!#DIV/0! #DIV/0!#DIV/0! #DIV/0! variance 5214886.6838#DIV/0! #DIV/0! Covariance 91918.8127#DIV/0! #DIV/0! Beta 0.01762623#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!

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CovarianceCol. 4

XCol. 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!

0.19 -0.040.00 -0.055.70 7.850.16 0.361.82 -0.611.34 2.400.28 -0.530.91 0.720.00 -0.010.04 0.310.00 -0.081.20 1.280.16 -0.611.65 0.621.18 0.220.01 0.000.45 3.330.01 0.250.58 0.071.32 2.780.50 0.410.08 0.000.40 2.100.65 -0.170.62 -0.100.00 -0.070.42 1.040.02 0.21

4.23 3.420.39 0.901.00 0.050.00 0.000.04 -0.061.08 0.231.68 1.120.18 0.240.52 0.651.94 -0.350.46 0.270.22 -0.810.13 -1.040.00 -0.010.00 0.020.38 1.350.14 0.010.76 0.520.00 -0.060.70 -0.800.13 -0.200.07 0.350.30 0.180.17 -0.080.14 0.590.64 0.721.17 1.091.13 1.920.01 -0.180.08 -0.060.00 0.032.22 -2.480.00 0.000.87 0.600.07 -0.430.55 0.540.13 -0.15

12.75 10.360.00 -0.033.11 0.64

16.75 12.390.04 0.050.78 1.652.86 1.930.00 0.015.65 6.482.23 0.762.80 3.82

0.75 0.880.06 0.04

19.54 4.792.71 -3.553.56 5.09

10.08 4.432.96 -4.490.53 1.702.91 -0.867.61 2.210.15 0.120.13 -0.310.52 1.651.36 1.160.29 0.760.02 -0.010.07 -1.050.93 -0.210.09 -0.940.01 0.090.23 -0.310.14 0.290.32 0.260.04 0.280.60 0.110.86 0.08

16.28 6.620.00 -0.031.41 -1.812.45 -4.830.03 -0.050.00 0.001.48 0.310.47 1.200.01 -0.018.15 -1.300.28 0.780.02 -0.162.97 1.98

19.13 -10.873.73 -0.760.49 3.715.00 0.15

11.13 7.150.03 0.333.61 1.56

15.76 -13.416.62 3.75

0.03 -0.0723.55 13.56

0.00 0.031.58 0.615.66 9.36

13.55 4.431.23 -1.370.02 -0.190.50 -0.951.30 0.324.27 3.831.22 0.130.50 -0.111.78 0.020.87 0.991.08 -0.762.12 3.65

20.78 23.630.74 0.950.33 1.170.22 -1.823.73 5.40

13.35 12.030.30 -1.152.65 -0.853.83 3.710.58 0.261.26 1.340.04 -0.023.09 0.521.22 -0.470.26 0.710.87 2.050.02 -0.360.52 1.840.10 -0.022.79 3.110.08 0.802.16 5.330.25 -0.56

15.82 15.311.17 -4.300.01 -0.060.05 0.51

12.06 17.922.46 -3.640.00 0.030.03 -0.37

0.07 0.310.00 0.130.45 -0.840.52 3.072.38 -3.630.22 0.280.02 -0.040.02 0.202.29 0.801.11 5.070.38 2.215.94 0.934.11 2.010.96 0.37

13.13 0.0656.90 17.8426.10 48.0225.29 4.40

5.07 7.3542.03 24.27

1.62 -0.860.22 -3.593.91 -17.730.57 1.08

10.42 -5.894.64 -2.030.01 -0.168.66 6.94

12.34 2.670.24 -1.12

24.12 -4.360.08 0.153.68 -5.21

21.97 8.073.33 0.47

676.55 282.04

Beta 0.42

10 year govt. bondLAA+ corporate bond - ICRA Limited August 2007Risk premium

Market Variance Covariance Beta279.41 92.19 0.33334.46 132.88 0.40475.49 210.95 0.44537.52 203.86 0.38

639.26 250.33 0.39676.55 282.04 0.42

WACC

10.02%

11.00%

11.82%

11.82%

MS F Significance F760.094961308 10.1135279 0.001657669475.1562628532

t Stat P-value Lower 95% Upper 95% Lower 95.0%Upper 95.0%36.0645898127 4.6612E-101 122.0618695 136.163644193 122.0618695 136.1636

3.180177338 0.001657669 0.0002647825 0.00112626369 0.000264782 0.001126

DCF VALUATION - Sun Pharma

Assumptions FY07 FY08E FY09E FY10E FY11E

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

FCF Margin (%) 35.6% 35.6% -8.8% 35.0% 23.4%

Tax Rate (%) -27.7% -5.6% -27.7% -5.6% 6.4%

Capex/Sales 8.9% 5.7% 12.6% 11.6% 6.4%

DCF VALUATION

FY06 FY07 FY08 FY09(E) FY10(E)Revenue 12916.40 16625.60 23656.40 33594.30 47707.27EBIT -266.30 -1009.20 1410.00 1585.00 -2685.75% of Revenues -2.06 -6.07 5.96 4.72 -5.63Depreciation 407.30 462.70 561.10 753.00 1010.53

% of Revenues 3.15 2.78 2.37 2.24 2.12

EBITDA 141.00 -546.50 1971.10 2338.00 -1675.22

% of Revenues 1.09 -3.29 8.33 6.96 -3.51

Less: Cash Tax 73.80 56.30 -390.75 -88.42 -171.24

NOPLAT 67.20 -602.80 2361.85 2426.42 -1503.98

Capex -1150.70 -955.50 -2987.41 -3885.19 -3052.83Changes in WC -4356.80 204.80 -10226.28 1794.73 1069.33

Post Tax Non-operating cash flo 4864.27 7280.21 8781.54 11406.29 14629.87

Free Cash Flows -576.03 5926.71 -2070.30 11742.24 11142.38

it is assumed that beyond FY 12 cash flow will grow @8%

PV of Estimated FC Flows 11742.24 11142.38

Horizontal Value

PV of Estimated Perpetuity Flows

Total Present Value (EV) ###

Book Value of Debt 24494.9

Fundamental Value of Equity ###

No of Outstanding Shares 1934.26

Fundamental Value per share (R 4780.09

Sensitivity Analysis

Continuing Rate 5.00%WACC 11%

-2043.46 10441.50 8926.20Total Present Value 353515

Fundamental Value per share 170.1

Continuing Rate 5.00%WACC 11.5%





















Continuing Rate 5.00%

170.1 155.6 143.1 132.3

Con

tin

uin

g G

row

th (

%) Weighted Average Cost of Capital (%)

11 11.5 12 12.5

7.5 291.97 251.70 220.35 195.26

8 342.01 288.87 248.99 217.95

8.5 412.05 338.42 285.80 246.32

9 517.12 407.80 334.89 282.78

10 1042.45 685.31 506.69 399.48

Table 1: DCF Sensitivity Rs.

DCF VALUATION - Sun Pharma

FY12E

20.0%

35.0%

-7.4%

6.4% book value= paid up capital+ reserves and surplus

DCF VALUATION Rs in m

FY11(E) FY12(E) FY06 FY0757248.73 68698.47

3223.10 3867.725.63 5.63

1230.85 1477.02

2.15 2.15

2289.95 2747.94 Capex assumed to grow at 15% and 16% for FY11E and FY12E

4.00 4.00

-239.33 -441.69 Change in WC - for FY11E and FY12E the average of the 3 previous years is considered

4693.28 5786.43 FY06 FY07

-3663.92 -4396.70 Actuals -33.73% 1.23%1282.37 1538.85 Average of 3PY

17747.11 21296.53

20058.83 24225.10 26163.1052 8.0% Sustainable Growth Rate

it is assumed that beyond FY 12 cash flow will grow @8%

20058.83 24225.10

###

###

11742.243

Sensitivity Analysis

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Assumed to grow in long term at GDP growth rate. RBI's Third

Quarter Review keeps the growth of GDP at 8.5%



PV of Horizon Value

14476.76 15751.00 305963.25

PV of Horizon Value

14274.86 15461.68 278488.66

PV of Horizon Value

14076.65 15178.93 255006.04

PV of Horizon Value

13882.06 14902.58 234715.59

PV of Horizon Value

13691.01 14632.45 217017.48

PV of Horizon Value

15674.47 17493.49 618789.43

PV of Horizon Value

13319.20 14110.20 187665.60

PV of Horizon Value

12960.59 13610.90 164351.65

122.9 333.8 107.1 94.5

Weighted Average Cost of Capital (%)13 8.21 14 15

174.71 169.22 143.06 119.81

193.10 186.55 155.79 129.09

215.58 207.60 170.83 139.80

243.68 233.72 188.88 152.30

327.97 310.85 238.52 184.78

Table 1: DCF Sensitivity Rs.

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%

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

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





Cash Tax FY04 FY05 FY06 FY07 FY08(E)

EBIT 1744.20 763.50 -266.30 -1009.20 1410.00

Current Tax (Cash Tax) (qtrly data) 85.30 65.30 73.80 56.30 89.90

Deferred Tax (Non-cash Tax) (qd) 60.00 112.40 191.40 48.80 0.00

Current tax as % of EBIT 4.89% 8.55% -27.71% -5.58% 6.38%Deferrent tax as % of EBIT 3.44% 14.72% -71.87% -4.84% 0.00%

Average (last 4 immediate PY's) -4.96%

FY09(E) FY10(E)

1585.00 -2685.75

-614.38 -524.48

0.00 0.00

-38.76% 19.53%0.00% 0.00%

-7.43% -11.42%

Cash Flow Statement - Sun PharmaRs in million

Cash Flow from Operating ActivitiesFY05FY06 FY07 FY08

PAT ### 4612.90 6289.30 10140.40

Add: Depreciation ### 351.70 413.40 561.10

Add: Interest Expense ### 0.00 0.00 0.00

Add: Other Non-Cash Charges ### 0.00 0.00 0.00

Add: Direct taxes paid ### 273.90 116.10 381.60

Operating Profit Before WC Changes### 5238.50 6818.80 11083.10

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

Changes in Current Liabilities ### 672.20 (495.10) 283.10

Changes In WC ### (947.30) (78.20) (509.07)

Cash Generated From Operations ### 4291.20 6740.60 10574.03

Less: Direct Taxes Paid ### 273.90 116.10 381.60

Others ### 0.00 0.00 0.00Net Cash Generated From Operations### 4017.30 6624.50 ###

Cash Flow from Investing Activities

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

Investments ### 2056.20 (2778.70) (2114.98)Net Cash Used In Investing Activities### 905.50 ### ###

Cash Flow from Financing Activities

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

Change in Equity ### 1.00 38.00 54.90

Dividends Paid ### 0.00 0.00 (3549.00)

Interest Paid ### 0.00 0.00 0.00

Others ### (1019.00) 3518.20 10935.00 Net Cash used in Financing Activities### ### ### 4627.17

Net Increase in Cash and Cash Equivalen### 3409.50 (283.00) 9717.21

Cash and cash equivalents At the beginn### 8900.3 12309.8 12026.8

Net Increase in Cash and Cash Equivalen### 3409.50 -283.00 9717.21

Cash and cash equivalents At the end### ### ### ###

cash balance as per balance sheet ### 12309.8 12026.8 21744.0

difference ### 0.00 0.00 0.00

Cash Flow Statement - Sun PharmaRs in million

Cash Flow from Operating ActivitiesFY09(E) FY10(E)

12936.48 12063.76

753.00 1010.53

0.00 0.00

0.00 0.00

463.33 562.48

14152.81 13636.77

(492.30) (487.50)

88.55 (106.00)

(403.75) (593.50)

13749.06 13043.27

463.33 562.48 -0.2946

0.00 0.00### ### -0.12628 -0.11565 -0.06399

Cash Flow from Investing Activities

(3885.19) (3052.83)

(3426.27) (3223.23)### ###

Cash Flow from Financing Activities

(3644.75) (3644.75)

0.00 0.00

(4528.00) (4222.00)

0.00 0.00

0.00 (0.81)### ###

### ###

21744 19545.5

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-2198.48 -1662.83

### ###

19545.5 17882.7

0.00 0.00

Balance Sheet - Sun PharmaRs in million

Particulars FY04 FY05 FY06 FY07

Gross Asset 6,120.50 7442.60 8387.00

Accumulated Depriciation 1,729.00 2080.70 2494.10

Capital WIP 479.40 308.00 319.10

Net Fixed Asset 0.00 4,870.90 5,669.90 6,212.00

Investments 9,852.40 7796.20 10574.90

gross asset turnover ratio 162.67% 173.55% 198.23%Current Asset 0.00 ### 22,574.30 21,874.40

total asset ### 36,040.40 38,661.30

Cash 8,900.30 12309.80 12026.80

Other Current Assets 45.00 304.60 327.00

Inventories 1,866.20 2634.10 3333.80

Trade Debtors 2,349.70 2564.70 3100.00

Loans and Advances 4,384.10 4761.10 3086.80

total asset turnover ratio 0.31 0.36 0.43

Current Liabilities & Provisions 2,214.60 2886.80 2391.70

Net Current Asset Excluding Cash 0.00 6,430.40 7,377.70 7,455.90

Miscellaneous Items

Deffered Tax (Net)Capital Deployed 0.00 ### ### ###

current asset turnover ratio 0.567457 0.5721728 0.7600483

Non-Current Liabilities

Secured Debt 139.2 183.90 203.90

Non-secured debt & Trade deposit ### 17275.90 10477.60

Deferred Tax Liabilities 853.00 1044.40 1093.20

Total Liabilities 0.00 ### 18,504.20 11,774.70

Contingent Liabilities

Share Capital 941.70 942.70 980.70

Reserve and Surplus 10112.8 13706.70 23514.20

Total Stock Holder's Equity 0.00 ### 14,649.40 24,494.90

0.00 ### 33,153.60 36,269.60

Capital Employed 0.00 ### 33,153.60 36,269.60current asser exclyuding cash 8,645.00 10,264.50 9,847.60

DIFF 0.00 0.00 0.00 0.00

current ratio #DIV/0! 7.92 7.82 9.15

D\E #DIV/0! 1.72

current asset excluding cash to total asset turnover 0.267908 0.2848054 0.2547147

cash from cash flow statement #REF! 12309.80 12026.80

difference between the two cash balance #REF! 0.00 0.00

Closing Cash Balance from Cash Flow Stmt #REF! 12309.80 12026.80

0.21587 0.2566223 0.33853934 0.39

0.133922 0.1136115 0.14171817 0.19

7.92256 7.819835 9.1459631

Balance Sheet - Sun PharmaRs in million

FY08 FY09(E) FY10(E)

11,264.95 15,132.57 18,159.08 Assets as a percentage of sales

3,055.20 3,808.20 4,818.73 Growth rate of assets

428.56 446.13 472.45

8,638.31 11,770.50 13,812.80 As a %age of sales

12,689.88 16,116.15 19339.38 0.256756756756757

210.00% 222.00% 262.72%32,383.78 30,677.60 29,502.27 Average cash

46,385.10 58,937.38 70,724.85 Average inventory

21,744.01 19,545.53 17,882.70 Average debors

359.00 391.00 418.20

4,078.97 4812.77 5,546.57 Average Loans and advances

3,421.77 3796.92 4172.07 Average current liabilities

2,780.03 2131.38 1,482.73 Average Net sales

0.51 0.57 0.67 Cash turnover ratio

2,674.80 2763.35 2657.35 Inventory turnover ratio

7,964.97 8,368.72 8,962.22 Debtors turnover ratio

Loans and advances turnover ratio

### ### 59,997.10

0.7305016 1.0950762 1.61707141 0.22352 0.0380436664166286 -0.76514692373

0.10

0 0.00 0.00 As %age of total liabilities

7,723.90 3959.05 194.20

1,237.07 1357.17 1477.27

8,960.97 5,316.22 1,671.47 current-total= 0.543726718854

12667.196

1,035.60 1,035.60 1,035.60 6350.06060606061

41,040.60 49,449.08 57290.03 0.64884 191687225.148684

42,076.20 50,484.68 58,325.63 4681.15151515152

51,037.17 55,800.89 59,997.09 0.305324680959199 0.216318353847

51,037.17 55,800.89 59,997.09 Interest10,639.77 11,132.07 11,619.57 0.108754758020663 Interest cost

0.00 0.00 0.00

12.11 11.10 11.10 0.26790750141004 0.284805385068

0.00

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0.26791 0.284805385067868 0.254714662983

21744.01 19545.53 17882.70 12523.977

0.00 0.00 0.00 4884.3522

21744.01 19545.53 17882.70 2379.55563

current ra 0

4,078.97

FY04 FY05 FY06 FY07 FY08(E)FY09(E)FY10(E)

0.00 0.61 0.58 0.50 0.48 0.45 0.38

#DIV/0! 1.22 1.13 1.34 1.34 1.20

0.00 0.49 0.44 0.37 0.37 0.35 0.29

4450.15 ### ### ### ### ###

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 ### ### ### ### ###

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

0.10755 0.3 6042.3 ### 5300.26 6090.5

#DIV/0! 0.01 0.01 0.02 0.00 0.00 0.00

4.84 4161.36

0.62636 0.5658 1.36 14810

0.27353

0.00 0.00 0.00 0.00 0.00 0.00 0.00#DIV/0! 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.25471

Profit And Loss Statement - Sun PharmaRs in million

Particulars FY04 FY05 FY06 FY07 FY08Net Sales 9347.40 9956.20 12916.40 16625.60 23656.40% Growth 0% 6.51% 29.73% 28.72% 42.29%Total Revenue 10552.70 12468.10 18069.50 24040.20 32768.40% Growth 0% 18.15% 44.93% 33.04% 36.31%EXPENDITURESStaff Costs 563.90 653.10 820.10 988.70 1435.60% of Net Sales 6% 6.56% 6.35% 5.95% 6.07%Other Manufacturing/Operating 4713.20 6616.30 9266.90 13142.80 15271.60% of Net Sales 50% 66.45% 71.75% 79.05% 64.56%Miscellaneous Expenses 2094.00 1635.60 2688.40 3040.60 4978.10% of Net Sales 22% 16.43% 20.81% 18.29% 21.04%Total Expenditures 7371.10 8905.00 12775.40 17172.10 21685.30% of Net Sales 79% 89.44% 98.91% 103.29% 91.67%EBITDA 1976.30 1051.20 141.00 -546.50 1971.10EBITDA Margin % 21% 10.56% 1.09% -3.29% 8.33%Growth % -46.81% -86.59% -487.59% -460.68%Depreciation & Amortisation 232.10 287.70 407.30 462.70 561.10EBIT 1744.20 763.50 -266.30 -1009.20 1410.00Financial Charges 0.00 0.00 0.00 0.00 0.00Other Income 1205.30 2511.90 5153.10 7414.60 9112.00

PBT 2949.50 3275.40 4886.80 6405.40 10522.00Pre-tax Margin % 31.55% 32.90% 37.83% 38.53% 44.48%Tax 145.30 177.70 273.90 116.10 381.60Effective Tax Rate % 5% 5.43% 5.60% 1.81% 3.63%Adjusted PAT 2804.20 3097.70 4612.90 6289.30 10140.40Net Profit Margin % 30% 31.11% 35.71% 37.83% 42.87%Growth in Adjusted PAT % 0% 10.47% 48.91% 36.34% 61.23%Extrodinary Income 0.00 0.00 0.00 0.00 0.00Reported PAT 2804.20 3097.70 4612.90 6289.30 10140.40Shares In Issue 190.07 185.51 185.69 193.43 193.43Adjusted EPS 14.75 16.70 24.84 32.52 52.43Growth % 0% 13.18% 48.77% 30.89% 61.23%

Dividend paid 0 0 0 0 3549Dividend pay out ratio 0.00 0.00 0.00 0.00 0.35Net profit transferred to Rese 2804.20 3097.70 4612.90 6289.30 6591.40

DPS 0.00 0.00 0.00 0.00

Profit And Loss Statement - Sun PharmaRs in million

FY09(E) FY10(E)33594.30 47707.27

42.01% 42.01%45409.12 62927.95

38.58% 38.58%

2049.25 2174.266.10% 6.10%

24041.89 41248.6771.57% 71.57%

5165.17 5959.5715.38% 15.38%

31256.31 49382.5093.04% 103.51% 0.02372 0.02241 0.02118

2338.00 -1675.226.96% -3.51% 191.90

18.61% -171.65% 0.342006772753.00 1010.53 7840.95

1585.00 -2685.75 1.3420.00 0.00

11814.81 15312.00 0.21043354 0.15375 0.12492 #DIV/0!

13399.81 12626.25 0.2966239.89% 26.47% 1.296463.33 562.483.46% 4.45% 0.21418

12936.48 12063.76 1.21438.51% 25.29% 0.365727.57% -6.75%

0.00 0.0012936.48 12063.76

207.11 207.1162.46 58.25

19.14% -6.75%

4528 42220.35 0.35

8408.48 7841.76

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Company - Sun Pharma(UN)AUDITED FINANCIAL RESULTS FOR QUARTER ENDED 31st Jun/Sep/Dec/Mar

(Rs. in millions, except per share data) Stand alone

Particulars 2003-04

Annual(Apr-Mar)

1 Turnover 9347.40

Less Excise Duty 0.00

2 Net Turnover 9347.40

3 Other Income 1205.30

4 Total Operational Expenditure 7371.10 a) Materials 4400.60

b) Purchase of Traded Goods

c) (Increase)/Decrease in Stock in Trade & WIP -165.90

d) Manufacturing Expenses*

e) Cost of Power & Fuel

f) Freight Forwarding charges etc.

g) Research & Development Exp. 478.50

h) Staff Cost 563.90

i) Other expenditure(Administrative, Selling & Other Expens 2094.00

5 Operating Profit (PBDIT) 1976.30

Depreciation 232.10

6 PBIT 1744.20

Interest & Financial Charges 0.00

7 Profit before Tax 2949.50

8 Provision for Current Tax (incl. FBT) 85.30

9 Provision for deferred Tax 60.00

Others 0.00

10 Profit After Tax (Reported PAT) 2804.20

11 0 Extra Ordinary Items 0.00

12 Net Profit (Adjusted PAT) 2804.20

13 463.80

14 Reserves and surplus incl. revaluation reserve 8432.40

15 Earning per share (each of Rs 10)

a) Basic 30.23b) Diluted 30.23

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

a Basic 92.77

b Diluted (Incl. of bonus & convertible debentures) 92.77

17 Share price (Current price) 0

Market Capitalization

click to go back

Sr.No.

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

18 Dividend (Annual Data only)Dividend %

Preference DividendDividend %

19 Retained earnings (Annual Data only)20 Capital Employed (Annual Data only)

a Total assetb Current Liability

2003-04

As a percentage of Turnover Annual(Apr-Mar)

Materials 47.08%

Purchase of Traded Goods 0.00%

(Increase)/Decrease in Stock in Trade & WIP -1.77%

Manufacturing Expenses 0.00%

Cost of Power & Fuel 0.00%

Freight Forwarding charges etc. 0.00%

Research & Development Exp. 5.12%

Staff Cost 6.03%

Other expenditure(Administrative, Selling & Other Expens 22.40%

Depreciation 2.48%

Interest & Financial Charges 0.00%

Provision for Current Tax (incl. FBT) 0.91%

Provision for deferred Tax 0.64%Other income as a % of revenue 12.89%Total Tax 145.30Tax as a %age of EBIT 8.33%Current tax as a %age of EBIT 4.89%Deferred Tax as a %age of EBIT 3.44%

Bharat Forge Ltd.Segment revenueSteel ForgingGen. Engg., Trading etc Inter Segment RevenueTotal

EBITSteel ForgingGen. Engg., Trading etc Inter Segment Profit/ Un allocable IncomeTotal

Capital EmployedSteel ForgingGen. Engg., Trading etc UnallocableTotal Capital employed

% of subsidaries income 21.94%

Subsidaires income 2935.50

Actual Total Sales 13379.00

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

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)

2698.30 2666.40 5364.70 2925.80 8290.50 3047.90 10443.50

0.00 0.00 0.00 0.00 0.00 0.00 487.30

2698.30 2666.40 5364.70 2925.80 8290.50 3047.90 9956.20

534.90 594.90 1129.80 601.10 1730.90 220.40 2511.90

2379.90 2367.10 4747.00 2417.90 7164.90 2212.80 8905.001510.40 1437.70 2948.10 1536.20 4484.30 1262.80 5564.40

0.00 0.00 0.00

30.40 59.70 90.10 -17.70 72.40 (25.00) 47.40

0.00 0.00 120.10

0.00 0.00 143.00

0.00 0.00 0.00

147.80 183.50 331.30 188.00 519.30 242.10 741.40

161.30 165.20 326.50 169.30 495.80 150.00 653.10

530.00 521.00 1051.00 542.10 1593.10 582.90 1635.60

318.40 299.30 617.70 507.90 1125.60 835.10 1051.20

65.20 70.80 136.00 71.20 207.20 80.50 287.70

253.20 228.50 481.70 436.70 918.40 754.60 763.50

0.00 0.00 0.00 28.70 28.70 0.00 0.00

788.10 823.40 1611.50 1009.10 2620.60 975.00 3275.40

22.50 17.50 40.00 10.30 50.30 30.00 65.30

15.00 13.00 28.00 34.00 62.00 23.50 112.40

0.00 0.00 0.00 0.00 0.00 0.00 0.00

750.60 792.90 1543.50 964.80 2508.30 921.50 3097.70

0 0 0.00 -157.6 -157.60 0 0.00

750.60 792.90 1543.50 807.20 2350.70 921.50 3097.70

927.60 927.60 0.00 927.60 0.00 927.60 927.60

0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.05 4.27 #DIV/0! 4.35 #DIV/0! 4.97 16.704.05 4.27 #DIV/0! 4.35 #DIV/0! 4.97 16.70

185.51 185.51 0.00 185.51 0.00 185.51 185.51

185.51 185.51 0.00 185.51 0.00 185.51 185.51

0 0.00 0.00 0.00 0.00 0.00 0.00

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

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)

55.98% 53.92% 54.95% 52.51% 54.09% 41.43% 55.89%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

1.13% 2.24% 1.68% -0.60% 0.87% -0.82% 0.48%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.21%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.44%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

5.48% 6.88% 6.18% 6.43% 6.26% 7.94% 7.45%

5.98% 6.20% 6.09% 5.79% 5.98% 4.92% 6.56%

19.64% 19.54% 19.59% 18.53% 19.22% 19.12% 16.43%

2.42% 2.66% 2.54% 2.43% 2.50% 2.64% 2.89%

0.00% 0.00% 0.00% 0.98% 0.35% 0.00% 0.00%

0.83% 0.66% 0.75% 0.35% 0.61% 0.98% 0.66%

0.56% 0.49% 0.52% 1.16% 0.75% 0.77% 1.13%19.82% 22.31% 21.06% 20.54% 20.88% 7.23% 25.23%

37.50 30.50 68.00 44.30 112.30 53.50 177.7023.27%

8.89% 7.66% 8.30% 2.36% 5.48% 3.98% 8.55%14.72%

OTHER INCOME

2004-05 Q2 J 22.31%2005-06 Q2 J 4.62%

2006-07 Q2 J 45.73% 0.24222007-08 Q2 J 40.01% 0.3012 0.391562008-09 Q2 E 0.39156

materials Q3 3 YR MOVINGincrease ingrowth rate above avg2004-05 Q2 J 20.54%2005-06 Q2 J 4.51%2006-07 Q2 J 46.61% 0.238866672007-08 Q2 J 30.85% 0.27323333 0.3552033332008-09 Q2 E0.355203333

materialsQ4 3 YR MOVINGincrease ingrowth rate above avg2004-05 Q2 J 7.23%2005-06 Q2 J 8.55%2006-07 Q2 J 47.16% 0.20982007-08 Q2 J 42.69% 0.328 0.42642008-09 Q2 E 0.4264

8905 % of subsidaries income

0.00 Subsidaires income

Actual Total Sales

2005-06 2005-06 2005-06 2005-06 2005-06 2005-06

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM

4402.40 4540.30 4540.30 4432.40 8972.70 4332.40 0.00 173.80 173.80 149.70 323.50 146.10

4402.40 4366.50 4366.50 4282.70 8649.20 4186.30

203.60 201.60 405.20 193.30 598.50 358.00 3235.80 3305.40 4976.10 3195.50 7289.20 3150.502205.50 2256.60 4462.10 2311.70 6773.80 2097.00

0.00 0.00

-151.20 -3.00 -154.20 -254.30 -408.50 (149.60)

0.00 0.00

0.00 0.00

0.00 0.00

193.40 0.00 193.40 0.00 193.40 0.00 215.90 258.90 474.80 255.70 730.50 236.20 772.20 792.90 882.40 966.90

1166.60 1061.10 -609.60 1087.20 1360.00 1035.80

83.60 100.20 183.80 108.90 292.70 105.10 1083.00 960.90 -793.40 978.30 1067.30 930.70

0.00 0.00 0.00 0.00 0.00 0.00 1286.60 1162.50 -388.20 1171.60 1665.80 1288.70

28.90 26.70 55.60 88.50 144.10 129.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1257.70 1135.80 -443.80 1083.10 1521.70 1158.90

0 0 0.00 0 0.00 01257.70 1135.80 -443.80 1083.10 1521.70 1158.90

927.60 927.60 0.00 927.60 0.00 928.70 0.00 0.00 0.00 0.00 0.00 0.00

6.78 6.12 #DIV/0! 5.84 #DIV/0! 6.246.78 6.12 #DIV/0! 5.84 #DIV/0! 6.24

185.53 185.54 0.00 185.52 0.00 185.69

185.53 185.54 0.00 185.52 0.00 185.69

0 0.00 0.00 0.00 0.00 0.00

2005-06 2005-06 2005-06 2005-06 2005-06 2005-06

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM

50.10% 51.68% 102.19% 53.98% 78.32% 50.09%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-3.43% -0.07% -3.53% -5.94% -4.72% -3.57%

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%

4.39% 0.00% 4.43% 0.00% 2.24% 0.00%

4.90% 5.93% 10.87% 5.97% 8.45% 5.64%

17.54% 18.16% 0.00% 20.60% 0.00% 23.10%

1.90% 2.29% 4.21% 2.54% 3.38% 2.51%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.66% 0.61% 1.27% 2.07% 1.67% 3.10%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%4.62% 4.62% 9.28% 4.51% 6.92% 8.55%28.90 26.70 55.60 88.50 144.10 129.802.67% 2.78% -7.01% 9.05% 13.50% 13.95%2.67% 2.78% -7.01% 9.05% 13.50% 13.95%

materials 3 YR MOVINGincrease ingrowth rate above avg2004-05 Q1 AM 55.98%2005-06 Q1 AM 50.10%2006-07 Q1 AM 51.04% 0.523733332007-08 Q1 AM 72.78% 0.57973333 0.695682008-09 Q1 E 0.69568

3 YR MOVINGincrease ingrowth rate above avg2004-05 Q1 AM 5.98%2005-06 Q1 AM 4.90%2006-07 Q1 AM 5.82% 0.055667952007-08 Q1 AM 7.13% 0.0595097 0.071411642008-09 Q1 E 0.071411642004-05 Q1 AM 0.83%2005-06 Q1 AM 0.66%2006-07 Q1 AM 0.55% 0.00682007-08 Q1 AM 1.77% 0.00993333 0.0109266672008-09 Q1 E 0.010926667

27.83% % of subsidaries income

5218.20 Subsidaires income

18748.30 Actual Total Sales

2005-06 2006-07 2006-07 2006-07 2006-07 2006-07

Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)

13530.10 5544.00 4234.60 9778.60 4309.00 14087.60

613.70 135.30 174.70 310.00 129.90 439.90

12916.40 5408.70 4059.90 9468.60 4179.10 13647.70

5153.10 250.90 1856.60 2107.50 1947.90 4055.40

12775.40 4031.80 4166.10 6284.00 4312.40 9493.608319.00 2760.40 2868.40 5628.80 3020.10 8648.90

0.00 0.00 0.00

-558.10 40.90 -10.20 30.70 -124.50 -93.80

116.10 0.00 0.00

255.50 0.00 0.00

0.00 0.00 0.00

1134.40 0.00 0.00 0.00 0.00 0.00

820.10 314.70 309.80 624.50 314.00 938.50

2688.40 915.80 998.10 1102.80141.00 1376.90 -106.20 3184.60 -133.30 4154.10

407.30 118.10 117.10 235.20 125.40 360.60

-266.30 1258.80 -223.30 2949.40 -258.70 3793.50

0.00 0.00 0.00 0.00 0.00 0.00

4886.80 1509.70 1633.30 5056.90 1689.20 7848.90

73.80 29.50 32.20 61.70 37.90 99.60

191.40 0.00 0.00 0.00 0.00 0.00

8.70 0.00 0.00 0.00 0.00 0.00

4612.90 1480.20 1601.10 4995.20 1651.30 7749.30

0.00 0 0 0.00 0 0.00

4612.90 1480.20 1601.10 4995.20 1651.30 7749.30

928.70 930.30 933.30 0.00 950.30 0.00

13706.70 0.00 0.00 0.00 0.00 0.00

24.84 7.95 8.58 #DIV/0! 8.69 #DIV/0!24.84 7.95 8.58 #DIV/0! 8.69 #DIV/0!

185.69 186.08 186.69 0.00 190.07 0.00

185.69 186.08 186.69 0.00 190.07 0.00

0.00 0 0.00 0.00 0.00 0.00

2005-06 2006-07 2006-07 2006-07 2006-07 2006-07

Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)

64.41% 51.04% 70.65% 59.45% 72.27% 63.37%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-4.32% 0.76% -0.25% 0.32% -2.98% -0.69%

0.90% 0.00% 0.00% 0.00% 0.00% 0.00%

1.98% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

8.78% 0.00% 0.00% 0.00% 0.00% 0.00%

6.35% 5.82% 7.63% 6.60% 7.51% 6.88%

20.81% 16.93% 24.58% 0.00% 26.39% 0.00%

3.15% 2.18% 2.88% 2.48% 3.00% 2.64%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.57% 0.55% 0.79% 0.65% 0.91% 0.73%

1.48% 0.00% 0.00% 0.00% 0.00% 0.00%39.90% 4.64% 45.73% 22.26% 46.61% 29.71%265.20 29.50 32.20 61.70 37.90 99.60

-99.59% 2.34% -14.42% 2.09% -14.65% 2.63%-27.71% 2.34% -14.42% 2.09% -14.65% 2.63%-71.87%

increase ingrowth rate above avg 3 YR MOVING AV increase ingrowth rate above avg2004-05 Q1 AMJ 17.54%2005-06 Q1 AMJ 16.93%2006-07 Q1 AMJ 19.64% 0.180366666672007-08 Q1 AMJ 19.27% 0.18613333333 0.195442008-09 Q1 E AM 0.19544

increase ingrowth rate above avg 2004-05 Q1 AMJ 2.42%2005-06 Q1 AMJ 1.90%2006-07 Q1 AMJ 2.18% 0.021666666672007-08 Q1 AMJ 2.66% 0.02246666667 0.026962008-09 Q1 E AM 0.02696

2004-05 Q1 AMJ 19.82%2005-06 Q1 AMJ 4.64%2006-07 Q1 AMJ 4.62% 0.096933333332007-08 Q1 AMJ 46.93% 0.1873 0.243492008-09 Q1 E AM 0.24349

2004-05 Q1 AMJ 1.13%2005-06 Q1 AMJ -3.43%2006-07 Q1 AMJ 0.76% -0.005133333332007-08 Q1 AMJ -0.97% -0.01213333333 -0.012742008-09 Q1 E AM -0.01274


Subsidaires income 8790.00


2006-07 2006-07 2007-08 2007-08 2007-08 2007-08JFM Annual(Apr-Ma AMJ JAS 6-m (Apr-Sep) OND4462.20 17221.30 5246.30 5412.80 10659.10 7339.10

155.80 595.70 158.20 158.20

4306.40 16625.60 5088.10 5412.80 10500.90 7339.10

2031.00 7414.60 2387.90 2328.10 4716.00 2264.204662.10 17172.10 4996.80 9798.20 10620.00 5814.803350.10 11579.80 3703.20 3826.90 7530.10 3956.30

0.00 0.00

(320.30) -414.10 -49.50 -58.10 -107.60 -36.10

129.50 0.00

311.40 0.00

0.00 0.00

0.00 1536.20 0.00 0.00 0.00 0.00306.40 988.70 362.80 348.10 710.90 356.801325.90 3040.60 980.30 5681.30 2486.60 1537.80

-355.70 -546.50 91.30 -4385.40 -119.10 1524.30

102.10 462.70 135.20 136.90 272.10 140.50-457.80 -1009.20 -43.90 -4522.30 -391.20 1383.80

0.00 0.00 0.00 0.00 0.00 0.001573.20 6405.40 2344.00 -2194.20 4324.80 3648.00

16.50 56.30 89.90 -614.38 -524.48 188.700.00 48.80 0.00 0.00 0.00 0.000.00 11.00 0.00 0.00 0.00 0.00

1556.70 6289.30 2254.10 -1579.82 4849.28 3459.30

0 0.00 0 0 0.00 01556.70 6289.30 2254.10 -1579.82 4849.28 3459.30

967.00 967.00 985.50 995.90 178.50 1007.200.00 23514.20 0.00 0.00 0.00 0.00

8.05 32.52 11.44 -7.93 24.60 17.178.05 32.51 11.44 -7.93 24.60 17.17

193.43 193.43 197.12 199.20 197.12 201.45193.43 193.43 197.12 199.20 197.12 201.45

0.00 0.00 1022.1 965.50 0.00 965.50

9504.40

2006-07 2006-07 2007-08 2007-08 2007-08 2007-08

JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND

77.79% 69.65% 72.78% 70.70% 71.71% 53.91%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-7.44% -2.49% -0.97% -1.07% -1.02% -0.49%

0.00% 0.78% 0.00% 0.00% 0.00% 0.00%

0.00% 1.87% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 9.24% 0.00% 0.00% 0.00% 0.00%

7.11% 5.95% 7.13% 6.43% 6.77% 4.86%

30.79% 18.29% 19.27% 104.96% 23.68% 20.95%

2.37% 2.78% 2.66% 2.53% 2.59% 1.91%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.38% 0.34% 1.77% -11.35% -4.99% 2.57%

0.00% 0.29% 0.00% 0.00% 0.00% 0.00%47.16% 44.60% 46.93% 43.01% 44.91% 30.85%

16.50 105.10 89.90 -614.38 -524.48 188.70-3.60% -10.41% -204.78% 13.59% 134.07% 13.64%-3.60% -5.58%

-4.84%

materialsQ2 3 YR MOVINGincrease ingrowth rate above OTHER EXPEMSEQ22004-05 Q2 JA 53.92% 2004-05 Q2 JAS2005-06 Q2 JA 51.68% 2005-06 Q2 JA2006-07 Q2 JA 70.65% 0.5875 2006-07 Q2 JA2007-08 Q2 JA 70.65% 0.64326667 0.77192 2007-08 Q2 JA2008-09 Q2 E J 0.77192 2008-09 Q2 E J

materials Q3 3 YR MOVINGincrease ingrowth rate above materials Q32004-05 Q2 JA 52.51% 2004-05 Q2 JAS2005-06 Q2 JA 53.58% 2005-06 Q2 JA2006-07 Q2 JA 72.27% 0.59453333 2006-07 Q2 JA2007-08 Q2 JA 53.91% 0.5992 0.71904 2007-08 Q2 JA2008-09 Q2 E J 0.71904 2008-09 Q2 E J

materialsQ4 3 YR MOVINGincrease ingrowth rate above materialsQ42004-05 Q2 JA 41.43% 2004-05 Q2 JAS2005-06 Q2 JA 50.09% 2005-06 Q2 JA2006-07 Q2 JA 77.79% 0.56436667 2006-07 Q2 JA2007-08 Q2 JA 68.07% 0.65316667 0.7838 2007-08 Q2 JA2008-09 Q2 E J 0.7838 2008-09 Q2 E J


Subsidaires income 2354.90 4978.1


2007-08 2007-08 2007-08 2008-09E 2008-09E

9-m (Apr-Dec) JFM Annual(Apr-Mar) AMJ JAS

17998.20 5816.40 23656.40 7423.12 7312.36

158.20

17840.00 5816.40 23656.40 7084.83 7312.36

6980.20 2483.10 9112.00 1725.09 2863.23

16434.80 5601.80 21685.30 6977.44 9829.9811486.40 3959.10 15445.50 5164.12 5644.56

0.00 0.00

-143.70 -30.20 -173.90 -90.26 -40.75

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00 0.00

1067.70 367.90 1435.60 452.81 446.05

4024.40 1305.00 4978.10 1450.77 3780.12

1405.20 214.60 1971.10 107.39 -2517.62

412.60 148.30 561.10 200.13 206.67

992.60 66.30 1410.00 -92.74 -2724.290.00 0.00 0.00

7972.80 2549.40 10522.00 1632.35 138.93

-335.78 70.50 381.60 77.41 -266.67

0.00 0.00 0.00

0.00 0.00 0.00

8308.58 2478.90 10140.40 1554.93 405.60

0.00 0 0.00

8308.58 2478.90 10140.40 1554.93 405.60

178.50 1035.60 1035.60

0.00 41040.60

42.15 11.97 51.44 #DIV/0! #DIV/0!42.15 11.97 51.44 #DIV/0! #DIV/0!

197.12 207.09 197.12 0.00

197.12 207.09 197.12 0.00

0.00 0.00 0.00 0

0.5237679391

2007-08 2007-08 2007-08 2008-09E 2008-09E

9-m (Apr-Dec) JFM Annual(Apr-Mar) AMJ JAS

64.39% 68.07% 65.29% 72.89% 77.19%

0.00% 0.00% 0.00% 0.00% 0.00%

-0.81% -0.52% -0.74% -1.27% -0.56%

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

5.98% 6.33% 6.07% 6.39% 6.10%

22.56% 22.44% 21.04% 20.48% 51.70%

2.31% 2.55% 2.37% 2.82% 2.83%

0.00% 0.00% 0.00% 0.00% 0.00%

-1.88% 1.21% 1.61% 1.09% -3.65%

0.00% 0.00% 0.00% 0.00% 0.00%39.13% 42.69% 38.52% 24.35% 39.16%-335.78 70.50 381.60 77.41 -266.67-33.83% 106.33% 27.06% -83.47% 9.79%

OTHER EXPEMSEQ2 3 YR MOVING A increase ingrowth rate above avgSTAFFQ22004-05 Q2 JAS 2004-05 Q2 JAS

18.16% 2005-06 Q2 JAS24.58% 0.1424666667 2006-07 Q2 JAS

104.96% 0.4923333333 0.51695 2007-08 Q2 JAS0.51695 2008-09 Q2 E JAS

3 YR MOVING A increase ingrowth rate above avgmaterials Q32004-05 Q2 JAS 2004-05 Q2 JAS

20.60% 2005-06 Q2 JAS26.39% 0.1566333333 2006-07 Q2 JAS20.95% 0.2264666667 0.23779 2007-08 Q2 JAS

0.23779 2008-09 Q2 E JAS

3 YR MOVING A increase ingrowth rate above avgmaterialsQ42004-05 Q2 JAS 2004-05 Q2 JAS

23.10% 2005-06 Q2 JAS30.79% 0.1796333333 2006-07 Q2 JAS22.44% 0.2544333333 0.267155 2007-08 Q2 JAS

0.267155 2008-09 Q2 E JAS

wipQ22004-05 Q2 JAS2005-06 Q2 JAS2006-07 Q2 JAS2007-08 Q2 JAS2008-09 Q2 E JAS

materials Q32004-05 Q2 JAS2005-06 Q2 JAS2006-07 Q2 JAS2007-08 Q2 JAS2008-09 Q2 E JAS

materialsQ42004-05 Q2 JAS2005-06 Q2 JAS2006-07 Q2 JAS2007-08 Q2 JAS2008-09 Q2 E JAS

% of subsidaries income -29.15%

Subsidaires income -7583.00


2008-09E 2008-09E 2008-09E 2008-09E 2008-09E

6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)

14735.48 11445.81 26181.29 7413.02 33594.30

0.00 0.00 0.00

14735.48 11445.81 26181.29 7413.02 33594.30

4588.31 4065.59 8653.90 3160.91 11814.81 ###

16807.42 11272.96 28080.39 7943.77 31256.3110808.67 8229.99 19038.67 5810.32 24848.99

0.00 0.00 0.00

-131.01 -376.92 -507.94 -299.17 -807.10 ###

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

898.86 698.19 1597.06 452.19 2049.25

5230.90 2721.70 7952.60 1980.42 5165.17 9933.02

-2071.94 172.84 -1899.10 -530.76 2338.00

406.80 211.46 618.26 201.99 753.00

-2478.74 -38.62 -2517.36 -732.74 1585.00

0.00 0.00 0.00

2109.57 4026.97 6136.54 2428.17 13399.81

-189.25 232.69 43.44 127.64 463.33

0.00 0.00 0.00

0.00 0.00 0.00

2298.82 3794.28 6093.10 2300.53 12936.48

0.00 0.00 0.00

2298.82 3794.28 6093.10 2300.53 12936.48

0.00 0.00 0.00

0.00 0.00 0.00

#DIV/0! #DIV/0! #DIV/0! #DIV/0! 62.46#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

207.11

2008-09E 2008-09E 2008-09E 2008-09E 2008-09E

6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)

73.35% 71.90% 72.72% 78.38% 73.97% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #REF!

-0.89% -3.29% -1.94% -4.04% -2.40% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #DIV/0!

6.10% 6.10% 6.10% 6.10% 6.10% #DIV/0!

35.50% 23.78% 30.38% 26.72% 15.38% #DIV/0!

2.76% 1.85% 2.36% 2.72% 2.24% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #DIV/0!

-1.28% 2.03% 0.17% 1.72% 1.38% #DIV/0!

0.00% 0.00% 0.00% 0.00% 0.00% #DIV/0!31.14% 35.52% 33.05% 42.64% 35.17% #DIV/0!-189.25 232.69 43.44 127.64 463.33

7.64% -602.55% -1.73% -17.42% 29.23%

3 YR MOVINGincrease ingrowth rate above depriQ22004-05 Q2 JAS

5.93% 2005-06 Q2 JAS 2.29%7.63% 0.04519988 2006-07 Q2 JAS 2.88%6.43% 0.06663672 0.07996406433 2007-08 Q2 JAS 2.53%

0.079964064326 2008-09 Q2 E JAS 0.02826

3 YR MOVINGincrease ingrowth rate above materials Q32004-05 Q2 JAS

5.97% 2005-06 Q2 JAS 2.54%7.51% 0.04494704 2006-07 Q2 JAS 3.00%4.86% 0.06115248 0.07338297449 2007-08 Q2 JAS 1.91%

0.073382974488 2008-09 Q2 E JAS 0.02735

3 YR MOVINGincrease ingrowth rate above materialsQ42004-05 Q2 JAS

5.64% 2005-06 Q2 JAS 2.51%7.11% 0.04252402 2006-07 Q2 JAS 2.37%6.33% 0.06362402 0.07634882211 2007-08 Q2 JAS 2.55%

0.076348822114 2008-09 Q2 E JAS 0.02725

3 YR MOVINGincrease ingrowth rate above taxQ22004-05 Q2 JAS

-0.07% 2005-06 Q2 JAS 0.61%-0.25% -0.0010665 2006-07 Q2 JAS 0.79%-1.07% -0.0046444 -0.005573297 2007-08 Q2 JAS -11.35%

-0.00557329697 2008-09 Q2 E JAS -0.03647

3 YR MOVINGincrease ingrowth rate above materials Q32004-05 Q2 JAS

-5.94% 2005-06 Q2 JAS 2.07%-2.98% -0.0297232 2006-07 Q2 JAS 0.91%-0.49% -0.0313628 -0.0329309372 2007-08 Q2 JAS 2.57%

-0.03293093724 2008-09 Q2 E JAS 0.02033

3 YR MOVINGincrease ingrowth rate above materialsQ42004-05 Q2 JAS

-3.57% 2005-06 Q2 JAS 3.10%-7.44% -0.0367044 2006-07 Q2 JAS 0.38%-0.52% -0.0384352 -0.0403569248 2007-08 Q2 JAS 1.21%

-0.04035692477 2008-09 Q2 E JAS 0.01722

5165.17

3 YR MOV increase ingrowth rate above avg

0.017260.02569 0.02826


0.018480.02486 0.02735


0.016270.02477 0.02725


0.00468-0.03315 -0.03647


0.009910.01848 0.02033


0.011610.01565 0.01722

ActualsProjected

Company - Sun Pharma

Net sales (Operating revenue excluding other income)

Q1 AMJ Q2 JAS 6 months Q3 OND 9 months

FY 2004-05 2698.30 2666.40 5364.70 2925.80 8290.50FY 2003-04 4402.40 4366.50 4366.50 4282.70 8649.20

YOY Growth% -38.71% -38.94% 22.86% -31.68% -4.15%FY 2005-06 4402.40 4366.50 4366.50 4282.70 8649.20FY 2004-05 2698.30 2666.40 5364.70 2925.80 8290.50

YOY Growth% 63.15% 63.76% -18.61% 46.38% 4.33%FY 2006-07 5408.70 4059.90 9468.60 4179.10 13647.70FY 2005-06 4402.40 4366.50 4366.50 4282.70 8649.20

YOY Growth% 22.86% -7.02% 116.85% -2.42% 57.79%

FY 2007-08 5088.10 5412.80 10500.90 7339.10 17840.00FY 2006-07 5408.70 4059.90 9468.60 4179.10 13647.70

YOY Growth% -5.93% 33.32% 10.90% 75.61% 30.72%

FY 2008-09EE 7423.12 7312.36 14735.48 11445.81 26181.29

FY 2007-08 5088.10 5412.80 10500.90 7339.10 17840.00

YOY Growth% 45.89% 35.09% 40.33% 55.96% 46.76%

Segmentsformulations



FY 2004-05FY 2003-04

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2005-06FY 2004-05

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2006-07 3562.34 3475.06 7034.87 3702.92 10738.52FY 2005-06

Growth% #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2007-08 4489.11 4967.45 9456.44 6903.22 16335.27FY 2006-07 3562.34 3475.06 7034.87 3702.92 10738.52

Growth% 26.02% 42.95% 34.42% 86.43% 52.12%

FY 2008-09E 6549.2442 6710.72 13259.96 10766.02375 24025.99FY 2007-08 4489.11 4967.45 9456.44 6903.22 16335.27

Growth% 45.89% 35.09% 40.22% 55.96% 47.08%

bulk



FY 2004-05FY 2003-04

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2005-06 624.35 595.96FY 2004-05

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2006-07 645.60 753.91 1402.08 595.95 1997.29FY 2005-06 624.35 595.96

Growth% 3.40% #DIV/0! #DIV/0! 0.00% #DIV/0!FY 2007-08 750.39 592.90 1343.40 578.87 1946.48FY 2006-07 645.60 753.91 1402.08 595.95 1997.29

Growth% 16.23% -21.36% -4.19% -2.87% -2.54%

FY 2008-09E 1094.7576 800.9715 1895.73 902.7856812 2798.51FY 2007-08 750.39 592.90 1343.40 578.87 1946.48

Growth% 45.89% 35.09% 41.11% 55.96% 43.77%

Other

Other Sales (Operating revenue excluding other income)

FY 2004-05FY 2003-04

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2005-06 7.31 10.13FY 2004-05

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2006-07 7.57 5.63 13.15 10.13 23.30FY 2005-06 7.31 10.13

Growth% 3.56% #DIV/0! #DIV/0! 0.00% #DIV/0!FY 2007-08 6.80 6.25 13.05 6.31 19.55FY 2006-07 7.57 5.63 13.15 10.13 23.30

Growth% -10.17% 11.01% -0.76% -37.71% -16.09%FY 2008-09E 9.9206436 8.443366 18.36 9.840858307 28.20

FY 2007-08 6.80 6.25 13.05 6.31 19.55

Growth% 45.89% 35.09% 40.72% 55.96% 44.27%

Q4 JFM 12 months

3047.90 9956.204186.30 12916.40

-27.19% -22.92%4186.30 12916.403047.90 9956.20

37.35% 29.73%4306.40 16625.604186.30 12916.40

2.87% 28.72%

5816.40 23656.404306.40 16625.60

35.06% 42.29%

7413.02 33594.30

5816.40 23656.40

27.45% 42.01%

Q4 JFM 12 months

#DIV/0! #DIV/0!

#DIV/0! #DIV/0!3966.11 14701.93

#DIV/0! #DIV/0!5532.97 21815.543966.11 14701.93

39.51% 48.39%

click to go back

7051.783208 31077.775532.97 21815.54

27.45% 42.46%

Q4 JFM 12 months

#DIV/0! #DIV/0!

#DIV/0! #DIV/0!481.13 2481.19

#DIV/0! #DIV/0!430.69 2428.79481.13 2481.19

-10.48% -2.11%

548.9154125 3347.43430.69 2428.79

27.45% 37.82%

#DIV/0! #DIV/0!

#DIV/0! #DIV/0!14.96 38.18

#DIV/0! #DIV/0!8.54 29.17

14.96 38.18

-42.91% -23.60%10.88424998 39.09

8.54 29.17

27.45% 34.00%

2004-05 2005-06 2006-07

Q1 AMJ 2004-05Q1 AMJ -38.71%

Q2 JAS 2004-05Q2 JAS -38.94%

Q3 OND 2004-05Q3 OND -31.68%

Q4 JFM 2004-05Q4 JFM -27.19%2005-06Q1 AMJ 63.15%2005-06Q2 JAS 63.76%

2005-06Q3 OND 46.38%2005-06Q4 JFM 37.35%2006-07Q1 AMJ 22.86%

2006-07Q2 JAS -7.02%2006-07Q3 OND 57.79%2006-07Q4 JFM 2.87%

FY 2007-08Q1 AMJ 28.72%

FY 2007-08Q2 JAS 31.00%FY 2007-08Q3 OND 35.72%

FY 2007-08Q4 JFM 28.41%

FY 2008-09EEQ1 AMJ 45.89%

FY 2008-09EEQ2 JAS 35.09%

FY 2008-09EEQ3 ON 55.96%FY 2008-09EEQ4 JFM 27.45%

3 Yr AverageIncrease in growth from average2004-05Q1 AMJ 20.00%2005-06Q1 AMJ 63.15% 41.58%2006-07Q1 AMJ 22.86% 35.34% 3.75%

FY 2007-08Q1 AMJ 28.72% 38.24% 7.65%

FY 2008-09EEQ1 AMJ 45.89%

3 Yr AverageIncrease in growth from average2004-05Q2 JAS 25.00%2005-06Q2 JAS 63.76%

2006-07Q2 JAS -7.02% 27.25% 3.75%

FY 2007-08Q2 JAS 31.00% 29.24% 5.85%FY 2008-09EEQ2 JAS 35.09%

3 Yr AverageIncrease in growth from average2004-05Q3 OND 0.00%

2005-06Q3 OND 46.38%

2006-07Q3 OND 57.79% 34.72% 1.00%FY 2007-08Q3 OND 35.72% 46.63% 9.33%FY 2008-09EEQ3 ON 55.96%

3 Yr AverageIncrease in growth from average2004-05Q4 JFM 18.00%2005-06Q4 JFM 37.35%

2006-07Q4 JFM 2.87% 19.41% 9.00%

FY 2007-08Q4 JFM 28.41% 22.88% 4.58%FY 2008-09EEQ4 JFM 27.45%

Increase in growth from average


1 2 3 4 5 6 7 8 9 10 11 12

-0.2

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

0.25

Column SLinear (Column S)

1 2 30.134

0.136

0.138

0.14

0.142

0.144

0.146

0.148

0.15

0.152

Column S

Linear (Column S)

1 2 30

0.050.1

0.150.2

0.25

Column S

Linear (Column S)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

-0.2

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

0.25




1 2 30

0.050.1

0.150.2

0.25

Column S

Linear (Column S)

1 2 30

0.05

0.1

0.15

0.2

Column S

Linear (Column S)

1 2 3

-0.2

-0.1

0

0.1

0.2

0.3

Column S

Linear (Column S)

operating matrices

foreign currency

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

-0.2

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

0.25


COMPANY - Sun Pharma

Year CURRENT SHARE PRICE EPS

866.4 24.8

FY 07 1054.0 32.5

FY 08 1231.4 52.4

FY 09E 62.5

FY 10E 58.2

Year PAT Shareholders Equity(NW)

4612.9 14649.4

FY 07 6289.3 24494.9

FY 08 10140.4 42076.2

FY 09E 12936.5 50484.7

FY 10E 12063.8 58325.6

Year EBIT Total Asset-CL

-266.3 30266.80

FY 07 -1009.2 33877.90

FY 08 1410.0 48362.37

FY 09E 1585.0 53037.54

FY 10E -2685.7 57339.75

Year PAT EPS4612.9 24.8

FY 07 6289.3 32.5

FY 08 10140.4 52.4

FY 09E 12936.5 62.5

FY 10E 12063.8 58.2

FY 06 (Mar 31)

FY 06 (Mar 31)

FY 06 (Mar 31)

FY 06 (Mar 31)


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%

185.69

193.43

193.43

207.11

207.11

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NO.of Outstanding Shares (Incl. CD)


2003-04 2004-05 2005-06

As a percentage of Turnover Annual(Apr-Mar)Annual(Apr-Mar)Annual(Apr-Mar)

Materials 47.08% 55.89% 64.41%

Purchase of Traded Goods 0.00% 0.00% 0.00%

(Increase)/Decrease in Stock in T -1.77% 0.48% -4.32%

Manufacturing Expenses 0.00% 1.21% 0.90%

Cost of Power & Fuel 0.00% 1.44% 1.98%

Freight Forwarding charges etc. 0.00% 0.00% 0.00%

Research & Development Exp. 5.12% 7.45% 8.78%

Staff Cost 6.03% 6.56% 6.35%

Other expenditure(Administrative 22.40% 16.43% 20.81%

Depreciation 2.48% 2.89% 3.15%

Interest & Financial Charges 0.00% 0.00% 0.00%

Provision for Current Tax (incl. FB 0.91% 0.66% 0.57%

Provision for deferred Tax 0.64% 1.13% 1.48%

Other income% of revenue 12.89% 25.23% 39.90%

2004-05 2005-06

As a percentage of Turnover AMJ AMJ

Materials 55.98% 50.10%

Purchase of Traded Goods 0.00% 0.00%

(Increase)/Decrease in Stock in Trade & WIP 1.13% -3.43%

Manufacturing Expenses 0.00% 0.00%

Cost of Power & Fuel 0.00% 0.00%

Freight Forwarding charges etc. 0.00% 0.00%

Research & Development Exp. 5.48% 4.39%

Staff Cost 5.98% 4.90%

Other expenditure(Administrative, Selling & Othe 19.64% 17.54%

Depreciation 2.42% 1.90%

Interest & Financial Charges 0.00% 0.00%

Provision for Current Tax (incl. FBT) 0.83% 0.66%

Provision for deferred Tax 0.56% 0.00%

Other income% of revenue 19.82% 4.62%

click to go back

2006-07 2007-08 2009E 2004-05 2005-06 2006-07

Annual(Apr-Mar)Annual(Apr-Mar) 6-m (Apr-Sep)6-m (Apr-Sep)6-m (Apr-Sep)

69.65% 65.29% 69.86% 54.95% 102.19% 59.45%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-2.49% -0.74% -0.79% 1.68% -3.53% 0.32%

0.78% 0.00% 0.00% 0.00% 0.00% 0.00%

1.87% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

9.24% 0.00% 0.00% 6.18% 4.43% 0.00%

5.95% 6.07% 6.49% 6.09% 10.87% 6.60%

18.29% 21.04% 22.52% 19.59% 0.00% 0.00%

2.78% 2.37% 2.54% 2.54% 4.21% 2.48%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.34% 1.61% 1.73% 0.75% 1.27% 0.65%

0.29% 0.00% 0.00% 0.52% 0.00% 0.00%

44.60% 46.83% 50.11% 21.06% 9.28% 22.26%

2006-07 2007-08 2009E 2004-05 2005-06 2006-07

AMJ AMJ JAS JAS JAS

51.04% 72.78% 77.88% 53.92% 51.68% 70.65%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.76% -0.97% -1.03% 2.24% -0.07% -0.25%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 6.88% 0.00% 0.00%

5.82% 7.13% 7.63% 6.20% 5.93% 7.63%

16.93% 19.27% 19.65% 19.54% 18.16% 24.58%

2.18% 2.66% 2.66% 2.66% 2.29% 2.88%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.55% 1.77% 1.77% 0.66% 0.61% 0.79%

0.00% 0.00% 0.00% 0.49% 0.00% 0.00%

4.64% 46.93% 46.93% 22.31% 4.62% 45.73%

2007-08 2009E 2004-05 2005-06 2006-07 2007-08

6-m (Apr-Sep) 9-m (Apr-Dec)9-m (Apr-Dec)9-m (Apr-Dec)9-m (Apr-Dec)

71.71% 54.09% 78.32% 63.37% 64.39%

0.00% 0.00% 0.00% 0.00% 0.00%

-1.02% 0.87% -4.72% -0.69% -0.81%

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 6.26% 2.24% 0.00% 0.00%

6.77% 5.98% 8.45% 6.88% 5.98%

23.68% 19.22% 0.00% 0.00% 22.56%

2.59% 2.50% 3.38% 2.64% 2.31%

0.00% 0.35% 0.00% 0.00% 0.00%

-4.99% 0.61% 1.67% 0.73% -1.88%

0.00% 0.75% 0.00% 0.00% 0.00%

0.00% 20.88% 6.92% 29.71% 39.13%

2007-08 2009E 2004-05 2005-06 2006-07 2007-08

JAS OND OND OND OND

70.70% 71.41% 52.51% 53.98% 72.27% 53.91%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-1.07% -1.14% -0.60% -5.94% -2.98% -0.49%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 6.43% 0.00% 0.00% 0.00%

6.43% 6.56% 5.79% 5.97% 7.51% 4.86%

104.96% ### 18.53% 20.60% 26.39% 20.95%

2.53% 2.53% 2.43% 2.54% 3.00% 1.91%

0.00% 0.00% 0.98% 0.00% 0.00% 0.00%

-11.35% -11.35% 0.35% 2.07% 0.91% 2.57%

0.00% 0.00% 1.16% 0.00% 0.00% 0.00%

43.01% 43.01% 20.54% 4.51% 46.61% 30.85%

9-m (Apr-Dec)

2009E 2004-05 2005-06 2006-07 2006-07 2009E

JFM JFM JFM JFM

56.60% 41.43% 50.09% 77.79% 68.07% 71.47%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-0.53% -0.82% -3.57% -7.44% -0.52% -0.56%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 7.94% 0.00% 0.00% 0.00% 0.00%

5.10% 4.92% 5.64% 7.11% 6.33% 6.64%

21.37% 19.12% 23.10% 30.79% 22.44% 22.89%

1.91% 2.64% 2.51% 2.37% 2.55% 2.55%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

2.57% 0.98% 3.10% 0.38% 1.21% 1.21%

0.00% 0.77% 0.00% 0.00% 0.00% 0.00%

30.85% 7.23% 8.55% 47.16% 42.69% 42.69%

Financial Ratios

FY04 FY05 FY06 FY07 FY08

Profitability RatiosReturn on Assets (ROA) #DIV/0! 9.60% 12.80% 16.27% 18.88%Return on Equity (ROE) #DIV/0! 28.02% 31.49% 25.68% 24.10%Return on Capital Employed (ROCE) #DIV/0! 2.54% -0.80% -2.78% 2.76%

Dupont Analysis-ROE DecompositionPAT/PBT (Tax Efficiency) 0.95 0.95 0.94 0.98 0.96PBT/EBIT (Interest Burden) 1.69 4.29 -18.35 -6.35 7.46EBIT/Sales (OPM) 0.19 0.08 -0.02 -0.06 0.06Sales/Total Assets (Asset Turnover) #DIV/0! 0.31 0.36 0.43 0.44TA/NW (Financial Leverage) #DIV/0! 2.92 2.46 1.58 1.28

ROE #DIV/0! 28.02 31.49 25.68 24.10

Liquidity RatiosCurrent Ratio #DIV/0! 7.92 7.82 9.15 12.11Acid Test Ratio #DIV/0! 7.08 6.91 7.75 10.58Debt-Equity Ratio #DIV/0! 1.72 1.26 0.48 0.21

Efficiency RatiosAssets Turnover Ratio #DIV/0! 0.31 0.36 0.43 0.44Working Capital Turnover Ratio #DIV/0! 0.65 0.66 0.85 0.80F.A. Turnover Ratio #DIV/0! 2.04 2.28 2.68 2.74C.A. Turnover Ratio #DIV/0! 0.57 0.57 0.76 0.73Debtors Velocity #DIV/0! 86.14 72.47 68.06 52.80

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

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

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

Other Ratios (%)Other Income/PBT 40.86% 76.69% 105.45% 115.76% 86.60%

Per Share (Rs.)Adj.EPS 14.75 16.70 24.84 32.52 52.43CEPS 15.97 18.25 27.04 3.49 5.53DPS 0.00 0.00 0.00 0.00 1.83BVPS 0.00 59.59 78.89 12.66 21.75Cash Per Share 0.00 47.98 66.29 62.18 112.42

Financial Ratios

FY09(E) FY10(E)

22.09% 19.25%25.62% 20.68%

2.84% -4.48%

0.97 0.968.45 -4.700.05 -0.060.57 0.761.16 1.07

25.62 20.68

11.10 11.109.36 9.010.11 0.03

0.57 0.761.20 1.782.85 3.451.10 1.62

41.25 31.92

6.96% -3.51%39.89% 26.47%38.51% 25.29%

42.01% 42.01%18.61% -171.65%27.57% -6.75%19.14% -6.75%

52.29 42.4441.25 31.92

8368.72 8962.22

88.17% 121.27%

62.46 58.256.61 6.312.19 2.04

24.38 28.1694.37 86.34

Sun Pharma

Rs. in bln

Key Financials * FY 05 FY 06 FY 07 FY08

Net sales 9.96 12.92 16.63 23.66%Growth #REF! 29.73% 28.72% 42.29%EBITDA 1.05 0.14 -0.55 1.97EBITDA Margin % 10.56% 1.09% -3.29% 8.33%Adjusted PAT 3.10 4.61 6.29 10.14%Growth #REF! 48.91% 36.34% 61.23%Net profit margin % 31.11% 35.71% 37.83% 42.87%EPS (based on Adj.Pat)* 16.70 24.84 32.52 52.43

59.59 78.89 12.66 21.75Return on equity 28.02% 31.49% 25.68% 24.10%

(*share split in the year FY07 from Rs.10 per share to Re.1 per share)

Key ratios (%) FY 05 FY 06 FY 07 FY08

Market Price 471.40 866.40 1054.00 1231.40P/E 28.23 34.88 32.42 23.49P/BV 7.91 10.98 83.23 56.61EV/EBITDA 92.80 1184.94 -3730.01 1027.81EV/Sales 9.80 12.94 122.61 85.64

Key dataFace value (Rs.)Shares outstanding (mn)Market cap (Rs. In bln)52 week high/low (Rs.)BSE CodeNSE CodeBloomberg CodeReuters Code

Book value per share *

Rs. in bln

FY09E Valuation Inputs FY04 FY05 FY06 FY07Price as on March 31 (Rs) #REF! 471.40 866.40 1054.00

33.59 No of Outstanding Shares 190.07 185.51 185.69 1934.2642.01% Market Capitalisation #REF! ### ### ###

2.34 Debt 0.00 ### 18504.20 11774.706.96% Cash & Equivalents 0.00 8900.30 12309.80 12026.8012.94 Enterprise Value #REF! ### ### ###

27.57% EBITDA 1976.30 1051.20 141.00 -546.5038.51% Sales 9347.40 9956.20 12916.40 16625.60

62.46 EV/EBITDA #REF! 92.80 1184.94 -3730.01

24.38 EV/Sales #REF! 9.80 12.94 122.6125.62%

FY09E

0.000.000.00

927.5964.56

1207.11268.84

1550524715

sunpharma

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Share split to Re.1 per share from Rs.10Share split to Re.1 per share from Rs.10

Rs. In million

FY08 FY09(E) FY10(E)1054.00 1054.00 1054.001934.26 2071.10 2071.10

### 2182939.40 ###8960.97 5316.22 1671.47

21744.01 19545.53 17882.70### 2168710.09 ###

1971.10 2338.00 -1675.2223656.40 33594.30 47707.27

1027.81 927.59 -1293.40

85.64 64.56 45.42

Share split to Re.1 per share from Rs.10Share split to Re.1 per share from Rs.10

Sun Pharma

FY04 FY05 FY06 FY07 FY08 FY09(E)PAT 2804.20 3097.70 4612.90 6289.30 ### ###Shareholders Equity (Networth 0.00 ### ### ### ### ###

Return of Equity (ROE) #DIV/0! 28.02% 31.49% 25.68% 24.10% 25.62%

Price/Book Value 56.21

Price 1054.00

Book Value 18.75

Cost of Equity (COE or Ke) 15.95%

Beta of the stock 0.4169Rf (2017 GS Bonds) 9.45%Rm 0.00%Risk Premium 6.50%

Growth (g) = 15.77%

Sun Pharma

FY10(E)######

20.68%

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for the year ended march 2008

Parameters SUN PHARMA dr reddyP/E 26.50 24.50P/BV 4.69 2.90EV/EBITDA 19.36 17.48

29th augustprice 267.65 365.8

FY07Name of the company Net Sales (Rs m) PAT (Rs m)

SUN PHARMA 23656.4 10140.40dr reddy 33306.6 4752.20CIPLA 42184.5 7014.30

12 months average share price Shares Outstanding (Millions) SUN PHARMA 1170.5 1035.60dr reddy 635.1 168.29CIPLA 197.2 778.29

Peer set analysis (as on August 31, 2007) sun pharma ranbaxy

55,810.38 47,433.28Book Value 10,414.30 13,148.32Debt / Equity 1.09 0.42P/E (Trailing) * 32.20 27.00Dividend Yield %

Market Capitalization ( Rs mn )

EPS 5.59 12.38Return on Net Worth 11.11 10.76Current RatioQuick Ratio

* LNT was trading at a trailing P/E of 24.4 on August 31 the base date of this valuation exercise

CIPLA Average23.9 24.973.57 3.7214.4 17.08

132.45

EPS (Rs) ROE (%) book value

49.00 14.58% 42076.227.10 10.76% 48118.1

9.00 8.77% 37468.50

Market Capitalisation (m) Enterprise Value (m) Earnings(Adj PAT) BV per share268841.8 268558.70 10140.40 40.63111793.3 102599.60 4752.20 285.92167303.1 166433.00 7014.30 48.14

EV= MARKET CAP-DEBT + CASH

2006-07 P/E expected eps Expected price27.0 62.5 1686.433.3 62.5 2081.842.0 62.5 2623.3P/BV expected book value

0.0300 50484.7 1514.50.0400 50484.7 2019.40.0500 50484.7 2524.2

EV/EBIDTA17.0 268558.726.0 268558.7 948.134.0 268558.7 948.1

Peer set analysis (as on August 31, 2007)cipla

33,940.319,040.80

40.7

Expected EV (m)

1.438.77

* LNT was trading at a trailing P/E of 24.4 on August 31 the base date of this valuation exercise

EBIDTA CASH EPS P/E P/BV EV/EBIDTA11083.10 283.1 49.00 26.5 0.03 24.23

7,562.80 9193.7 27.10 24.5 0.01 13.579,807.30 870.1 9.00 23.9 0.01 16.97

Documents

17172874 SunPharma Analysis