Saurabh Farma Companies Prasnna

Company Name: Dr.
Reddy's Laboratories
Head Office: Hyderabad, Telangana,India
Industry Type: Pharmaceuticals, Drugs & Healthcare
Founded: 1984
Founder: Anji Reddy
Key people: G. V. Prasad (CEO) Kallam Satish Reddy(Chairman)
Products: Omez, Nise, Stamlo, Stamlo, Beta, Enam, Atocor
Company: Dr Reddys
Laboratories
Particular
Face Value
Current Market Price
2014
5
3547.7
2013
2012
2011
2010 CA
Net Sales
PAT
13,359.1
0 11,895.60
1,963.20 1,526.80
9,814.50
1,300.90
7,496.90
998.9
Equity
Reserves & Surplues
Net Worth/ Sh.Funds
Debt
RoE/RoNW= PAT/NW
85.1
7,780.10
7,865.20
4,136.20
24.96%
84.9
6,284.20
6,369.10
3,164.50
23.97%
84.8
4,904.20
4,989.00
3,230.70
26.08%
Debt:Equity
0.525886
0.496852 0.647565
84.6
84.4
3,947.30 3,692.40
4,031.90 3,776.80
2,369.10 1,484.00
24.77%
9.31%
0.58758
9 0.392925
Market Capitalisation
63,825.3
3
6,988.60 17
351.5 53
Fundamental Analysis
Company Name: Aurobindo Pharma

Head Office: Hyderabad, Telangana,India
Industry Type: Pharmaceuticals, Drugs & Healthcare
Founded: 1986
Founder: Mr. P. V. Ramaprasad Reddy and Mr.K. Nityananda
Reddy
Key people: Dr. M. Sivakumaran, Mr. Madanmohan Reddy, Mr.

Govind, Mr. Arvind Vasudeva,
Products: Formulation, Active Pharmaceutical Ingredient, Organic

Intermediates
Company:Aurobindo Pharma
Particular
Face Value
2014
1
1415.35
2013
2012
2011
2010 CAGR
Net Sales
PAT
8,099.79
1,169.07
5,855.32
291.4
4,627.40
-124.14
4,384.80
563.06
Equity
Reserves & Surplues
Net Worth/ Sh.Funds
Debt
RoE/RoNW= PAT/NW
Debt:Equity
29.15
29.12
29.11
29.11
27.86
3,721.00 2,576.64 2,310.54 2,415.72 1,801.22
3,750.15 2,605.76 2,339.65 2,444.83 1,829.08
3,633.92 3,384.38 2,572.84 2,414.35 2,154.56
31.17% 11.18%
-5.31% 23.03% 30.78%
0.969007 1.298807 1.099669 0.987533 1.177947
42,413.35
3,604.27 22.44%
563.08 20.04%
About the Company
Aurobindo Pharma Limited (Aurobindo Pharma or the Company) was set up in the year 1986 and
is a leading manufacturer of Active Pharmaceutical Ingredients (APIs) and finished dosage
formulations. The Company has presence in key therapeutic segments such as neurosciences,
cardiovascular, anti-retrovirals, anti-diabetics, gastroenterology and cephalosporins.
The Company has robust product portfolio spread over major product areas encompassing antiretroviral, antibiotics, gastroenterologicals, anti-diabetics and anti-allergics. Its range of formulations
include sterile injectables, orally disintegrating tablets, combination generics, immediate release
generics, liquids/dry syrups and lyophilized sterile injectables.
Aurobindo Pharma features among the top 10 companies in India in terms of consolidated revenues.
APLs formulations and APIs are exported to over 125 countries across the globe with more than 70 %
of its revenues derived from international operations.
* The Equity Research Report presented below is based on a Fundamental Analysis of

Aurobindo Pharma.
Latest Shareholding Pattern

Key Financial Figures
Annually
Quarterly
(Rs. Cr)
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
Total Income from Operations
3,077.29
3,576.43
4,381.48
Expenses
2,810.86
2,646.98
3,374.18
266.43
929.45
1,007.30
127.60
148.35
171.50
Finance Costs
83.86
67.79
62.47
Other income
17.65
38.94
25.19
PBT
72.62
752.25
798.52
Tax
21.36
191.36
225.12
Earnings Before Other Income,

Interest, Tax and Depreciation
(Operating Profit)
Depreciation
Exceptional items
Extraordinary items
PAT (before Minority Interest and
share of Associates)
Profit/ (loss) attributable to Minority
Interest
Consolidated Profit / (Loss) for the
year
(48.95)
(2.19)
10.34
100.21
563.08
563.06
(0.05)
(0.32)
(0.39)
100.26
563.40
563.45
Profitability Analysis
Annually
Quarterly
(%)
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
Operating Profit Margin Ratio
8.66
25.99
22.99
Net Profit Margin Ratio
3.26
15.75
12.86
Operating profit margin is a measurement of the proportion of a companys revenue that is left over
after paying for production costs such as raw materials, salaries and administrative costs. Net profit
margin is arrived at by deducting non operating expenses such as depreciation, finance costs and
taxes out of operating profit and shows what is left for the shareholders as a percentage of net sales.
Together these ratios help in understanding the cost and profit structure of the firm and analysing
business inefficiencies.
Profitability Ratios
Key Balance Sheet Figures

(Rs. Cr)
Sources of Funds / Liabilities
Particulars
Share Capital
Reserves & Surplus
Net worth (shareholders funds)
Minority Interest
Long term borrowings
Current liabilities
Other long term liabilities and provisions
Deferred Tax Liabilities
Total Liabilities
FY 2009
FY 2010
FY 20
26.88
27.86
29.
1,214.38
1,801.22
2,415.
1,241.26
1,829.08
2,444.
3.15
4.33
9.
2,332.97
2,154.56
523.
570.05
707.99
2,768.
3.
79.04
95.35
123.
4,226.47
4,791.31
5,872.
FY 2009
FY 2010
FY 20
1,935.07
2,280.93
2,396.
0.26
0.28
38.
2,288.97
2,505.93
3,321.
112.
2.17
4.17
4.
4,226.47
4,791.31
5,872.
FY 2009
FY 2010
FY 20
(Rs. Cr)
Application of Funds / Assets

Particulars
Fixed Assets
Noncurrent Investments
Current assets
Long term advances and other
noncurrent assets
Deferred Tax Assets
Total assets
Efficiency Analysis
(%)
Particulars
ROCE
7.45
23.31
33.
ROE / RONW
8.08
30.80
23.
Return on Capital Employed (ROCE) measures a companys profitability from its overall operations by
calculating the return generated on the total capital invested in the business (i.e. equity + debt).
Return on Equity (ROE) or Return on Net worth (RONW) measures the amount of profit which the
company generates on money invested by the equity shareholders. In short, ROE draws attention to
the return generated by the shareholders on their investment in the business. Together these ratios
can be used in comparing the profitability of the company with other companies in the same industry.
Efficiency Ratios
Valuation Analysis
Annually
Quarterly
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
3,077.29
3,576.43
4,381.48
Growth (%)
16.22 %
22.51 %
PAT (Rs. Cr.)
100.26
563.40
563.45
Growth (%)
461.94 %
0.01 %
Earnings Per Share Basic (Rs. )
3.73
20.81
19.57
Earning Per Share - Diluted (Rs. )
3.10
17.82
17.61
54.72
17.54
24.08
Total Income from Operations (Rs. Cr.)
Price to Earnings
Price Earnings Ratio
Dividend History
Rate of dividend (of face value)
Rs.
FY 2008
65 %
0.65
FY 2009
90 %
0.95
FY 2010
100 %
1.00
FY 2011
200 %
2.00
FY 2012
100 %
1.00
FY 2013
150 %
1.50
FY 2014
300 %
3.00
Year
* Closing Price as on the date of declaration of final (or last) dividend for the Financial Year.
The Company has maintained an average dividend yield of 0.84 % over the last 5 financial years.
Liquidity and Credit Analysis
Current Ratio
Higher current ratio implies healthier short term liquidity comfort level. A current ratio below 1 indicates
that the company may not be able to meet its obligations in the short run. However, it is not always a
matter of worry if this ratio temporarily falls below 1 as many times companies squeeze out short term
cash sources to achieve a capital intensive plan with a longer term outlook. APLs average current
ratio over the last 5 financial years has been 1.24 times which indicates that the Company has been
maintaining sufficient cash to meet its short term obligations.
Long Term Debt to Equity Ratio
Companies operating with high debt to equity on their balance sheets are vulnerable to economic
cycles. In times of slowdown in economy, companies with high levels of debt find it increasingly
difficult to service the interest on their borrowings as profit margins decline. We believe that long term
debt to equity ratio higher than 0.6 - 0.8 could affect the business of a company and its results of
operations.
APLs average long term debt to equity ratio over the last 5 financial years has been 0.33 which
indicates that the Company is operating with a low level of debt.
Interest Coverage ratio
Interest coverage ratio indicates the comfort with which the company may be able to service the
interest expense (i.e. finance charges) on its outstanding debt. Higher interest coverage ratio
indicates that the company can easily meet the interest expense pertaining to its debt obligations. In
our view, interest coverage ratio of below 1.5 should raise doubts about the companys ability to meet
the expenses on its borrowings. Interest coverage ratio below 1 indicates that the company is just not
generating enough to service its debt obligations.
APLs average interest coverage ratio over the last 5 financial years has been 10.27 times which
indicates that the Company has been generating enough for the shareholders after servicing its debt
obligations.
Liquidity & Credit Ratios
Ownership pattern
(%)
Shareholding
March 2010
March 2011
March 2012
Promoter
56.88
54.36
54.76
FIIs
23.86
21.18
12.42
DIIs
10.24
11.04
16.97
9.02
13.42
15.85
Others
In its latest stock exchange filing dated 31 March 2015, Aurobindo Pharma reported a promoter
holding of 53.97 %. Large promoter holding indicates conviction and sincerity of the promoters. We
believe that a greater than 35 % promoter holding offers safety to the retail investors.
At the same time, institutional holding in the Company stood at 35.82 % (FII+DII). Large institutional
holding indicates the confidence of seasoned investors. At the same time, it can also lead to high
volatility in the stock price as institutions buy and sell larger stakes than retail participants.
Company Name: Ipca Laboratories

Head Office: Mumbai, India
Industry Type: Pharmaceuticals
Founded: 19 October 1949
Founder: K.B. Mehla
Dr. N.S. Tibrawala
Key people: Prem Chand Godha, MD,

Mr. AK Jain, JMD
Products:Pharmaceuticals, drugs, Atenolol(antihypertensive)

Chloroquine Phosphate (anti-malarial), Furosemide (diuretic),
Hydroxychloroquine Sulphate (NSAID)
Company: Ipca Laboratories
Particular
Face Value
Current Market
Price
Net Sales
2014
2
2013
2012
2011
2010 CAG
698.65
3,281.77 2,813.12 2,370.09 1,975.34
1,621.9
3
19.
23.
PAT
478.2
324.6
276.2
262.31
203.54
Equity
Reserves &
Surplues
Net Worth/
Sh.Funds
Debt
RoE/RoNW=
PAT/NW
25.24
25.24
25.23
25.14
25.04
1,934.42 1,528.54 1,228.78 1,026.45
839.84
1,959.66 1,553.78 1,254.01 1,051.59

437.94
523.35
531.54
530.32
864.88
454.01
Debt:Equity
24.40%
0.22347
8
Market
Capitalisation
8,664.20
20.89%
0.33682
4
22.03%
0.42387
2
24.94% 23.53%
0.50430
3 0.52494
About the Company

Incorporated in 1949, Ipca Laboratories Limited (IPCA or the Company) is a fully-integrated Indian
pharmaceutical company manufacturing over 350 formulations and 80 Active Pharmaceutical
Ingredients (APIs) for various therapeutic segments. The Company offers branded and generic
formulations in various dosage forms, including oral solids and liquids, dry powders for suspension,
and liquid and dry injectables.
For more than 60 years, IPCA has been partnering with healthcare companies in over 110 countries in
Africa, Asia, Australia, Europe and the USA. IPCA's international clients include global pharmaceutical
giants like AstraZeneca, GlaxoSmithKline, Merck, Roche and Sanofi Aventis. The Company's exports
accounts for 61 % of its income.
The Company is a leader in India for anti-malarials with a market-share of over 34% with a fast
expanding presence in the international market as well. Some of the brands
include: Zerodol, Lariago, Tenoric, Rapither, Perinorm and Folitrax.
* The Equity Research Report presented below is based on a Fundamental Analysis of IPCA
Laboratories.

* IPCA splits its equity shares in the ratio of 10:2 on 22 March 2010. EPS and P/E figures are
adjusted to give effect to the bonus issue.
Annually
Quarterly
(Rs. Cr)
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
1,292.64
1,566.58
1,898.86
Expenses
1,103.50
1,229.74
1,479.29
189.14
336.84
419.57
39.66
46.74
55.79

(Operating Profit)
Depreciation
Finance Costs
31.80
26.38
31.40
Other income
0.64
2.54
8.31
118.32
266.26
340.69
23.25
62.72
78.38
95.07
203.54
262.31
(0.38)
(0.20)
(0.08)
(5.35)
(1.62)
(0.43)
100.80
205.36
262.82
Exceptional items
PBT
Tax
Extraordinary items
Interest
Share of profit / (loss) of Associates
year
Annually
Quarterly
(%)
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
14.63
21.50
22.10
7.80
13.11
13.84

(Rs. Cr)

Particulars
FY 2009
FY 2010
FY 20
24.99
25.04
25.
0.03
0.01
606.30
839.84
1,026.
631.32
864.89
1,051.
(0.38)
(0.58)
(0.6
459.36
454.52
194.
Current liabilities
216.18
209.70
578.
7.
65.11
79.30
80.
1,371.59
1,607.83
1,911.
FY 2009
FY 2010
FY 20
591.20
676.13
793.
41.17
32.54
40.
Share Capital
Share application money pending
allotment
Reserves & Surplus
Minority Interest

Total Liabilities
(Rs. Cr)

Particulars
Fixed Assets
739.22
899.16
1,036.

noncurrent assets
40.
Goodwill on consolidation (net)
1,371.59
1,607.83
1,911.
FY 2009
FY 2010
FY 20
ROCE
17.35
25.54
33.
ROE / RONW
15.97
23.74
24.
Current assets
Total assets
Efficiency Analysis
(%)
Particulars
Return on Equity (ROE) or Return on Net Worth (RONW) measures the amount of profit which the
Efficiency Ratios
Valuation Analysis
Annually
Quarterly
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
1,292.64
1,566.58
1,898.86
Growth (%)
21.19 %
21.21 %
PAT (Rs. Cr.)
100.80
205.36
262.82
103.73 %
27.98 %
7.89
16.44
20.96
7.8
16.41
20.95
8.33
16.41
14.39
Growth (%)
Price to Earnings
Dividend History
Rs.
FY 2008
80 %
1.60
FY 2009
110 %
2.20
FY 2010
150 %
3.00
FY 2011
160 %
3.20
FY 2012
160 %
3.20
FY 2013
200 %
4.00
FY 2014
250 %
5.00
Year
Current Ratio
cash sources to achieve a capital intensive plan with a longer term outlook. IPCAs average current
ratio over the last 5 financial years has been 1.94 times which indicates that the Company has been
maintaining sufficient cash to meet its short term obligations.
operations.
IPCAs average long term debt to equity ratio over the last 5 financial years has been 0.21 times
which indicates that the Company operates with low level of debt and is placed well to withstand
economic slowdowns.
our view, interest coverage ratio of below 1.5 should raise doubts about the company's ability to meet
IPCAs average interest coverage ratio over the last 5 financial years has been 17.26 times which
indicates that the Company has been generating enough for the shareholders after servicing its debt
obligations.
Company Name: Divis Laboratories
Head Office: Hyderabad

Founded: 1990
Founder: Dr. Murali K Divi
Key people: Mr N. V. Ramana, Executive Director, Mr Madhusudana

Rao Divi, Director, Mr. Kiran S Divi, Director (Business
Development)
Products: Active Pharmaceutical Ingredients (APIs) & Intermediates

for Generics
Company: Divis Laboratories
Particular
Face Value
2014
2
1854.25
2013
2012
2011
2010 CAGR
Net Sales
PAT
2,532.14
773.34
2,144.84
602.01
1,864.03
533.26
1,311.38
429.27
943.96
340.34
Equity
Reserves & Surplues
Net Worth/ Sh.Funds
Debt
RoE/RoNW=
PAT/NW
Debt:Equity
26.55
2,936.80
2,963.35
17.87
26.55
2,474.05
2,500.60
32.61
26.55
2,104.98
2,131.53
52.76
26.52
1,770.96
1,797.48
23.04
26.43
1,491.38
1,517.81
32.85
26.10%
0.0060303
24.07%
0.013041
25.02%
0.024752
23.88%
0.012818
22.42%
0.021643
2,16,915.0
0
About the Company

Divi's Laboratories Limited (Divi's Laboratories or the Company) develops new processes for the
production of Active Pharma Ingredients (APIs) & Intermediates. Divis Laboratories was set up in the
year 1990 and established its first manufacturing facility in the year 1995 in Hyderabad and a second
manufacturing facility at Visakhapatnam in the year 2002.
The Hyderabad plant comprises of 13 multi-purpose production blocks While the Visakhapatnam site
has 14 multipurpose production blocks. The Company's product portfolio comprises of two broad
segments i) Generic APIs (Active Pharma Ingredients) and Nutraceuticals and ii) Custom Synthesis of
APIs, intermediates and specialty ingredients for innovator pharma giants.
27.98%
22.78%
The Company operates predominantly in export markets and has a broad product portfolio under
generics and custom synthesis. Exports constituted around 90% of gross sales in FY 2013 r as
against 89% in the previous year. Exports to advanced markets comprising Europe and America
accounted for 77% of business.
* The Equity Research Report presented below is based on a Fundamental Analysis of Divis
Laboratories.

Annually
Quarterly
(Rs. Cr)
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
1,193.14
963.93
1,318.08
699.15
536.36
815.63
493.99
427.57
502.45
47.85
51.48
53.40
Finance Costs
7.25
2.78
2.20
Other income
9.34
12.02
25.52
448.23
385.33
472.37
31.59
44.99
43.10
416.64
340.34
429.27

Expenses
(Operating Profit)
Depreciation
PBT
Tax
416.64
340.34
429.27
Interest
year
Annually
Quarterly
(%)
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
41.40
44.36
38.12
34.92
35.31
32.57

(Rs. Cr)

Particulars
FY 2009
FY 2010
FY 20
12.95
26.43
26.
1,228.43
1,491.38
1,770.
1,241.38
1,517.80
1,797.
52.64
32.85
4.
211.01
260.79
409.
12.
43.22
47.41
50.
1,548.25
1,858.85
2,274.
FY 2009
FY 2010
FY 20
Fixed Assets
609.37
613.59
694.
171.80
441.28
Current assets
767.08
803.99
1,540.
39.
1,548.25
1,858.85
2,274.
FY 2009
FY 2010
FY 20
ROCE
38.17
27.57
27.
ROE / RONW
33.56
22.42
23.
Share Capital
Reserves & Surplus
Current liabilities
Total Liabilities
(Rs. Cr)

Particulars

noncurrent assets
Total assets
Efficiency Analysis
(%)
Particulars
Efficiency Ratios
Valuation Analysis
Annually
Quarterly
Consolidated
Particulars
FY 2009
FY 2010
FY 2011
1,193.14
963.93
1,318.08
Growth (%)
(19.21 %)
36.74 %
PAT (Rs. Cr.)
416.64
340.34
429.27
Growth (%)
(18.31 %)
26.13 %
32.19
26.12
32.42
31.87
26.06
32.41
Price to Earnings
14.96
26.06
20.85
Dividend History
Rs.
FY 2008
200 %
4.00
FY 2009
300 %
6.00
FY 2010
300 %
6.00
FY 2011
500 %
10.00
Year
FY 2012
650 %
13.00
FY 2013
750 %
15.00
FY 2014
1,000 %
20.00
Current Ratio
cash sources to achieve a capital intensive plan with a longer term outlook. DIVISLABs average
current ratio over the last 5 financial years has been 3.50 times which indicates that the Company is
comfortably placed to pay for its short term obligations.
operations.
DIVISLABs average long term debt to equity ratio over the last 5 financial years has been 0.001 times
which indicates that the Company operates with negligible level of debt and is placed well to withstand
economic slowdowns.
our view, interest coverage ratio of below 1.5 should raise doubts about the company's ability to meet
DIVISLABs average interest coverage ratio over the last 5 financial years has been 397.98 times
which indicates that the Company can meet its debt obligations without any difficulty.
Company Name: Alembic Pharmaceuticals

Head Office: Vadodara , Gujarat ,INDIA
Founded: 1907
Founder: Mr.Chirayu R. Amin
Key people: Pranav Amin, shaunak amin
Products: Pharmaceutical substances and Intermediates
Company:Alembic Pharmaceuticals
Particular
Face Value
2014
2
679
2013
2012
2011
Net Sales
PAT
2,056.12 1,863.22
282.72
235.51
1,520.35
165.25
1,466.39
130.13
Equity
Reserves & Surplues
Net Worth/ Sh.Funds
Debt
RoE/RoNW= PAT/NW
Debt:Equity
37.7
846.94
884.64
238.5
31.96%
0.269601
About the Company
14,347.95
2010 CAGR
1,192.35
85.39
37.7
37.7
37.7
37.7
637.87
465.24
357.3
259.03
675.57
502.94
395
296.73
77.65
140.64
234.32
327.9
34.86% 32.86% 32.94% 28.78%
0.11494 0.279636 0.593215 1.105045
Established in 1907, Alembic Pharmaceuticals Limited ("Alembic" or the "Company") is one of the
leading pharmaceutical company in India. The Company develops, manufactures and markets
pharmaceutical products, pharmaceutical substances and Intermediates. Alembic is the market leader
in the segment of anti-infective drugs in India.
The Company's manufacturing facilities are located in Vadodara and Baddi in Himachal Pradesh. The
plant at Vadodara has the largest fermentation capacity in India. The Panelav facility houses the API
and formulation manufacturing (both US FDA approved) plants. The plant at Baddi, Himachal Pradesh
manufactures formulations for the domestic and non-regulated export market.
* The Equity Research Report presented below is based on a Fundamental Analysis of Alembic
Pharmaceuticals Limited.
14.59%
34.89%
Annually
Quarterly
(Rs. Cr)
Consolidated
Particulars
FY 2011
FY 2012
FY 2013
1,202.04
1,466.39
1,519.34
Expenses
1,041.79
1,245.98
1,267.38
160.25
220.41
251.96
Depreciation
29.59
33.65
34.97
Finance Costs
23.89
26.21
14.57
Other income
0.08
0.44
3.93
106.85
160.99
206.35
21.46
30.85
41.10
85.39
130.14
165.25
85.39
130.14
165.25

(Operating Profit)
PBT
Tax
year
(%)
Annually
Quarterly
Consolidated
Particulars
FY 2011
FY 2012
FY 2013
13.33
15.03
16.58
7.10
8.87
10.88

(Rs. Cr)
Particulars
FY 2011
FY 2012
37.70
37.70
37.
257.58
351.83
458.
295.28
389.53
496.
128.48
94.86
70.
Current liabilities
396.11
534.84
441.
18.39
23.15
25.
5.37
9.53
13.
843.65
1,051.90
1,047.
Share Capital
Reserves & Surplus

Total Liabilities
FY 201
(Rs. Cr)

Particulars
FY 2011
FY 2012
FY 20
298.50
326.06
376.
3.26
3.30
3.
535.35
687.55
632.
6.54
34.99
35.
843.65
1,051.90
1,047.
FY 2011
FY 2012
FY 20
ROCE
37.82
45.50
44.
ROE / RONW
28.92
33.41
33.
Fixed Assets
Current assets
noncurrent assets
Total assets
Efficiency Analysis
(%)
Particulars
Efficiency Ratios
Valuation Analysis
Annually
Quarterly
Consolidated
Particulars
FY 2011
FY 2012
FY 2013
1,202.04
1,466.39
1,519.34
Growth (%)
21.99 %
3.61 %
PAT (Rs. Cr.)
85.39
130.14
165.25
Growth (%)
52.00 %
26.98 %
4.53
6.90
8.77
4.53
6.90
8.77
10.13
7.09
11.88
(Rs. Cr.)
Price to Earnings
Dividend History
Rs.
FY 2012
70 %
2.00
FY 2013
125 %
2.00
FY 2014
150 %
2.00
Year
Current Ratio
cash sources to achieve a capital intensive plan with a longer term outlook.
Alembic's average current ratio over the last 5 financial years has been 1.41 times which indicates
that the Company is comfortably placed to pay for its short term obligations.
Long term Debt to Equity Ratio
Companies operating with high long term debt to equity on their balance sheets are vulnerable to
economic cycles. In times of slowdown in economy, companies with high levels of debt find it
increasingly difficult to service the interest on their borrowings as profit margins decline. We believe
that long term debt to equity ratio higher than 0.6 - 0.8 could affect the business of a company and its
results of operations.
Alembic's average long term debt to equity ratio over the last 5 financial years has been 0.18 times
which indicates that the Company operates with close to zero debt and is placed well to withstand
economic slowdowns.
Interest Coverage Ratio
our view, interest coverage ratio of below 1.5 should raise doubts about the companys ability to meet
Alembic's average interest coverage ratio over the last 5 financial years has been 59.05 times which
indicates that the Company can meet its debt obligations without any difficulty.

Saurabh Farma Companies Prasnna

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