Ajanta Pharma Ltd.

Liquidity, Working Cycle & Turnover Ratios : Mar 2010 -

Mar 2019 : Non-Annualised : Rs. Crore

Mar-10 Mar-11 Mar-12 Mar-13

12 mths 12 mths 12 mths 12 mths
IGAAP IGAAP IGAAP IGAAP
-
Liquidity
Cash to current liabilities (times) 0.016 0.008 0.007 0.096
Cash to avg cost of sales (times) 5.347 3.16 2.658 8.321
Quick ratio (times) 0.762 0.435 0.535 0.734
Current ratio (times) 1.676 0.994 1.222 1.42

Total outside liabilities / tangible net worth 1.648 1.231 1.342 0.922
Total term liabilities / tangible net worth 1.156 0.377 0.4 0.208
Debt to equity ratio (times) 1.156 0.734 0.7 0.347
Long term Borrowings to PBDITA (net of P&E&OI&FI) 0 0.653 0.566 0.344
Borrowings to PBDITA (net of P&E&OI&FI) 2.775 1.749 1.429 0.587
Interest cover (times) 2.761 4.209 6.687 9.846
Interest incidence (%) 8.6 8.77 6.87 8.53

Structure of current assets (% of total)

Short term investments 0 0 0 0
Inventories 0 49.1 52.51 44.05
Trade receivables & Bills receivables 0 38.7 40.56 41.49
Other short term receivables 0 1.13 1 1.13
Cash & bank balance 4.76 1.64 7.71
Loans & advances by finance cos (short term) 0 0 0 0
Short term loans & advances 0 6.31 4.29 5.63
Asset held for sale or transfer 0 0 0 0
Unamortised expenses (short term) 0 0 0 0

Working capital & turnover ratios

Net working capital 77.77 -1.04 54.48 91.51
Net working capital (cost of sales method) 169.64 125.09 168.28 118.04

Working cycle (days)

Raw material cycle 130.43 126.54 96.77 77.02
WIP cycle 9.97 9.61 13.3 11.88
Finished goods cycle 83.63 55.21 47.78 51.83
Debtors cycle 86.48 63.65 59.96 56.27
Gross working capital cycle 310.51 255.01 217.81 197
Creditors cycle 123.67 139.64 105.53 135.86
Net working capital cycle 186.84 115.38 112.27 61.14

Turnover ratios (times)

Raw material turnover 2.798 2.884 3.772 4.739
WIP turnover 36.609 37.966 27.435 30.722
Finished goods turnover 4.364 6.611 7.64 7.042
Debtors turnover 4.221 5.735 6.088 6.487
Creditors turnover 2.951 2.614 3.459 2.687

Asset utilisation ratios (times)

Total income / total assets 0.836 0.98 1.116 1.317
Total income / compensation to employees 8.67 7.835 7.038 7.388

Sales / GFA excl reval 1.957 1.806 1.909 2.22

Sales / NFA excl reval 2.646 2.52 2.766 3.386
Sales net of repairs / NFA excl reval 2.646 2.52 2.766 3.386
 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
IGAAP IGAAP INDAS INDAS INDAS INDAS

0.319 0.509 0.429 0.948 0.73 0.313

14.412 27.635 23.565 7.649 7.64 9.097
1.02 1.541 1.886 2.56 2.297 1.83
1.613 2.214 2.652 3.425 3.382 3.214

0.642 0.385 0.265 0.175 0.201 0.195

0.128 0.068 0.03 0 0 0
0.24 0.09 0.07 0.004 0.001 0.009
0.197 0.112 0.063 0 0 0
0.372 0.149 0.15 0.008 0.004 0.037
39.629 91.196 136.59 520.79 2,344.54 1,252.90
5.16 3.69 3.32 2.91 6.11 3.98

12.12 3.4 10.81 23.28 16.57 6.14

32.79 26.71 26.73 22.99 28.83 39.27
39.04 42.03 49.36 43.71 39.79 40.61
0.59 2.06 0.1 0.16 2.94 3.5
6.41 18.44 4.65 2.93 3.51 3.4
0 0 0 0 0 0
9.04 7.36 8.34 6.94 8.36 7.08
0 0 0 0 0 0
0 0 0 0 0 0

161.77 297.3 418.12 514.66 715.02 679.31

121.89 210.88 275.56 274.81 475.4 757.07

59.3 69.26 68.04 69.55 101.95 155.01

9.15 7.43 5.53 5.66 4.85 8.84
46.77 34.96 40.24 41 45.17 61.75
51 55.76 68.58 69.22 77.66 89.2
166.21 167.41 182.4 185.43 229.63 314.79
114.31 91.83 94.18 107.75 106.36 122.5
51.91 75.57 88.22 77.69 123.27 192.29

6.155 5.27 5.364 5.248 3.58 2.355

39.88 49.126 65.969 64.477 75.196 41.305
7.805 10.442 9.07 8.902 8.08 5.911
7.157 6.546 5.322 5.273 4.7 4.092
3.193 3.975 3.875 3.387 3.432 2.98

1.46 1.428 1.321 1.182 0.934 0.769

7.79 7.521 8.131 8.465 6.599 5.619

2.6 2.848 2.644 2.369 1.635 1.201

4.265 5.135 4.47 3.625 2.274 1.612
4.265 5.135 4.47 3.625 2.274 1.612
Liquidity, Working Cycle & Turnover Ratios : Mar 2017 - Mar 2019 : Non-
Annualised : Rs. Crore
Mar-17 Mar-18 Mar-19
12 mths 12 mths 12 mths
INDAS INDAS INDAS
-
Liquidity
Cash to current liabilities (times) 0.948 0.73 0.313
Cash to avg cost of sales (times) 7.649 7.64 9.097
Quick ratio (times) 2.56 2.297 1.83
Current ratio (times) 3.425 3.382 3.214

Total outside liabilities / tangible net worth 0.175 0.201 0.195

Total term liabilities / tangible net worth 0 0 0
Debt to equity ratio (times) 0.004 0.001 0.009
Long term Borrowings to PBDITA (net of P&E&OI&FI) 0 0 0
Borrowings to PBDITA (net of P&E&OI&FI) 0.008 0.004 0.037
Interest cover (times) 520.79 2,344.54 1,252.90
Interest incidence (%) 2.91 6.11 3.98

Structure of current assets (% of total)

Short term investments 23.28 16.57 6.14
Inventories 22.99 28.83 39.27
Trade receivables & Bills receivables 43.71 39.79 40.61
Other short term receivables 0.16 2.94 3.5
Cash & bank balance 2.93 3.51 3.4
Loans & advances by finance cos (short term) 0 0 0
Short term loans & advances 6.94 8.36 7.08
Asset held for sale or transfer 0 0 0
Unamortised expenses (short term) 0 0 0

Working capital & turnover ratios

Net working capital 514.66 715.02 679.31
Net working capital (cost of sales method) 274.81 475.4 757.07

Working cycle (days)

Raw material cycle 69.55 101.95 155.01
WIP cycle 5.66 4.85 8.84
Finished goods cycle 41 45.17 61.75
Debtors cycle 69.22 77.66 89.2
Gross working capital cycle 185.43 229.63 314.79
Creditors cycle 107.75 106.36 122.5
Net working capital cycle 77.69 123.27 192.29
Turnover ratios (times)
Raw material turnover 5.248 3.58 2.355
WIP turnover 64.477 75.196 41.305
Finished goods turnover 8.902 8.08 5.911
Debtors turnover 5.273 4.7 4.092
Creditors turnover 3.387 3.432 2.98

Asset utilisation ratios (times)

Total income / total assets 1.182 0.934 0.769
Total income / compensation to employees 8.465 6.599 5.619

Sales / GFA excl reval 2.369 1.635 1.201

Sales / NFA excl reval 3.625 2.274 1.612
Sales net of repairs / NFA excl reval 3.625 2.274 1.612