Income Statement Line Item 2007-08A 2008-09A 2009-10A

Gross Revenue 12024126035 13585146515 15033834326

Value Added Tax 1470365187 1758927727 2062917585

VAT as a % of Gross Revenue 12.23% 12.95% 13.72%

Net Revenues 10553760848 11826218788 12970916741

COGS 6545727748 7012826452 7352497818

Gross Profit 4008033100 4813392336 5618418923

Operating Expenses: (Net) 1759344087 1884364484 2292516965

Administrative expenses 490332648 475467629 532625259
Selling expenses 1269011439 1408896855 1759891706

Operating Profit 2248689013 2929027852 3325901958

Other income 345500963 409051677 257724880

Profit Before Int & Tax 2594189976 3338079529 3583626838

Financial expense 443152833 454691855 320320168

Net Profit before WPPF 2151037143 2883387674 3263306670

Contribution to WPPF 104154014 137835606 157737316

Net Profit Before Tax 2046883129 2745552068 3105569354

Total Tax 506262520 629985492 737197452
Current Tax 429152250 601423429 688499602
Deferred Tax 77110270 28562063 48697850
Deferred Tax Assets 0 0 0

Net Profit after tax 1540620609 2115566576 2368371902

Profit/(Loss) from Associate Undertakings -12359754 -54772057 130475099
PROFIT FOR THE YEAR 1528260855 2060794519 2498847001

Other Comphrehensive Income: 0 0 0

Gain on Marketable Securities (Unrealized)

TOTAL COMPREHENSIVE INCOME FOR THE Year 1528260855 2060794519 2498847001

Non Controlling Interest 2638995 2408467 1726058

Balance transferred to the Statement of Changes in Equity 1528260855 2060794519 2498847001

Profit Attributable to: Owners of the Company 1525621860 2058386052 2497120943

EPS 170.605414654 170.505726526 165.47854867

Dividend Paid 670680000 784695600 980869500

Stock 312984000 301806000 452709000
Cash 357696000 482889600 528160500

Payout Ratio 23.22% 22.83% 22.30%

EBIT 2144534999 2791192246 3168164642

EBITDA 2883492206 3618596645 4051825770

Balance Sheet

ASSETS
Non-Current Assets 9552044849 10773806085 11400824643
Property Plant & Equipment 6364824546 6662947875 7315630085
Deferred Tax Assets
Investment- Long Term 145157800 145157800 185157800
Investment in Marketable Securities
Investment - Associate Undertakings 3039213986 3958738620 3900036758
Pre-operating/Preliminary Expenses 2848517 6961790

Current Assets 5506143431 4130759561 5004928113

Inventories 2524072437 2272542160 2408205461
Spares & Supplies 105484833 132988909 166523457
Trade Debtors 890994987 477562002 511977702
Advances,Deposits and Prepayments 329974673 303720667 370650819
Marketable Securities 32578000 20250000 221269226
Margin agains BTB Letter of Credit 0 0 0
Short Term Loan 1397064958 609307247 1056493647
Cash & Cash Equivalents 225973543 314388576 269807801

Total Assets 15058188280 14904565646 16405752756

EQUITY & LIABILITIES

Shareholders' Equity 9506932637 10925978216 12940209559
Issued Capital 894240000 1207224000 1509030000
Share Premium 2035465000 2035465000 2035465000
General Reserve 105878200 105878200 105878200
Gain on Marketable Securities (Unrealized) 0 0 0
Tax Holiday Reserve 1425702780 1248026732 1440910734
Retained Earnings 5045646657 6329384284 7848925625

Minority Interest/Non Controlling Interest 15564500 2298602 4024660

Non-Current Liabilities 1003107633 997553246 1368376052

Long Term Loans - Secured 778380807 786334186 1142633110
Deferred Tax Liability 224726826 211219060 225742942

Current Liabilities & Provisions 4532583510 2978735582 2093142485

Short Term Bank Loans 3173542556 1712213040 879742205
Short Term Loans
Long Term Loans- Current Portion 446143808 430698517 502090211
Liabilities for Expenses 236247055 93613902 61271985
Liabilities for Other Finance 443244441 614659193 546609214
Trade Creditors 233405650 127550930 103428870

Total Equity & Liabilities 15058188280 14904565646 16405752756

BVPS 12.8926600361 14.8170738217 17.5486383474

Check 0 0 0

Cash Flow Statement

Cash flow from operating activities 1592872778 2758257898 2783289592

Receipts 10690161950 11929149855 13076448570

Collection from Sales 10440947790 11677966424 12906933353
Exchange Fluctuation Gain
Others 249214160 251183431 169515217

Payments 9097289172 9170891957 10293158978

Purchase of Raw and Packing Materials 5984048537 5595458591 5921892997
Manufacturing and Operating Expenses 2138977726 2541251019 3080105963
Value Added Tax 0
Finance Cost 443152833 454691855 320320168
Income Tax 467509044 505424834 881207178
Workers Profit Participation Fund 61373060 70930941 86103540
Others 2227972 3134717 3529132

Net Income
Change in Net Working Capital
Non Cash Expenses

Cash flow from investing activities -2132301187 -1846262312 -1493014150

Purchase of Fixed Assets -1118700600 -897466307 -900700309
Disposal of Fixed Assets 8985055 8806250 12475331
Pre-operating Cost -2569667 -4113273
Investment
Short Term Loan
Investment in Square Textiles Ltd. 36197168
Investment in Square Hospitals Ltd -500000000 -500000000 0
Investment in National Housing Finance & Investment Ltd -3157800 0 0
Investment in Square Knit Fabrics Ltd 0 0 92000000
Investment in Square Fashions Ltd. 0 0 48000000
Investment in Lanka Bangla Finance Limited 0
Investment in Orascom Telecom Bangladesh Ltd. 0 0 -40000000
Investment in Central Depository Bangladesh Ltd. 0 0 0
Issuance of Share Capital
Investment in Marketable Securities 0 0 -213679839
Loan to Sister Concerns 0 0 0
Capital Work-in-Progress -647234451 -644064111 -634347093
Gain on Sale of Marketable Securities 0 95143362 15671905
Interest Received 89672801 65652466 69421514
Dividend Received 4506307 42978091 58144341
Others -13198790

Cash flow from financing activities 608078328 -823580553 -1334856217

Long Term Loan Received 614288000 442162607 1150897800

Long Term Loan Repaid -332204916 -449654520 -723207182
Short Term Bank Loan Repaid
Short Term Bank Loan Increase/(Decrease) 883665153 -1246150351 -832470835
Short Term Loan Increase/(Decrease) -259589909 787757711 -447186400
Dividend Paid -298080000 -357696000 -482889600

Net Cash 68649919 88415033 -44580775

Beginning Cash & Cash Equivalent 157323624 225973543 314388576
Ending Cash & Cash Equivalent 225973543 314388576 269807801
2010-11A 2011-12A 2012-13A 2013-14A 2014-15A 2015-16A 2016-17A 2017-18A

19365861089 22655115339 23360199256 26945687557 30833571248 38325600166 42284675530 45886959303

2391152306 2857033247 3158193334 3677274340 4148998132 5251839594 5741535424 6233127665

12.35% 12.61% 13.52% 13.65% 13.46% 13.70% 13.58% 13.58%

16974708783 19798082092 20202005922 23268413217 26684573116 33073760572 36543140106 39653831638

10283786212 11907772974 11404574196 12960738683 14942870155 17082336657 18274858914 20089819913

6690922571 7890309118 8797431726 10307674534 11741702961 15991423915 18268281192 19564011725

2873712696 3274772351 3708228145 4162889868 4533477076 5194855238 5972062210 6782975527

643480785 721989831 742308234 730951152 775638213 845013243 915210284 1031567251
2230231911 2552782520 2965919911 3431938716 3757838863 4349841995 5056851926 5751408276

12296.22 12781.04
3817209875 4615536767 5089203581 6144784666 7208225885 10796568677 12296218982 12781036198
453850083 419629753 377846808 245133874 293730506 657143316 1093575634 1768094011

4271059958 5035166520 5467050389 6389918540 7501956391 11453711993 13389794616 14549130209

309788920 464614541 357151743 177131396 158614307 5299871 154389 93599

3961271038 4570551979 5109898646 6212787144 7343342084 11448412122 13389640227 14549036610

191129833 220479798 246729864 300438842 379795062 545162482 646577651 701097850

3770141205 4350072181 4863168782 5912348302 6963547022 10903249640 12743062576 13847938760

939279123 1225052189 1309703852 1661767439 1777110153 2616706085 3023886371 3357047478
862156561 1102730091 1237851545 1518801391 1679877193 2389605742 2949150787 3255148172
77122562 122322098 71852307 142966048 172400209 227100343 74735584 101899306
0 0 0 0 75167249 0 0 0

2830862082 3125019992 3553464930 4250580863 5186436869 8286543555 9719176205 10490891282

428446440 495041624 575807315 695624299 795199468 916314929 928615539 1115299919
3259308522 3620061616 4129272245 4946205162 5981636337 9202858484 10647791744 11606191201

127227650 126257792 -107174041 135723333 -183922744 -3169514 329775134 -404289461

127227650 126257792 -107174041 135723333 -183922744 -3169514 329775134 -404289461

3386536172 3746319408 4022098204 5081928495 5797713593 9199688970 10977566878 11201901740

1824473 1490641 1484129 1650252 2169864 3881391 10575846 12226919

 3386536172 3746319408 4022098204 5081928495 5797713593 9199688970 10977566878 11201901740

3257484049 3618570975 4127788116 4944554910 5979466473 9198977093 10637215898 11593964282

166.050838006 13.663504651 11.1330555055 10.258428362 10.7874357221 14.7517247638 15.5073844062 15.7229514151

1275130350 1721425940 2039227652 2168996683.5 2355771396 3117932730 2915267100 3170781687

686608650 1059339040 1112305992 722998894.5 692873940 623586546 514458900 516173763
588521700 662086900 926921660 1445997789 1662897456 2494346184 2400808200 2654607924

20.79% 21.19% 26.09% 34.02% 32.06% 30.10% 24.70% 25.30%

3626080042 4395056969 4842473717 5844345824 6828430823 10251406195 11649641331 12079938348

4714257188 5629235307 6070598608 7025575078 8536896217 12262287529 13619034798 14077874000

11649.64 12079.94

14066327661 16128144622 20310355617 23546701250 25458986164 27240402799 29355222227 32831465294

8947046491 10446182029 14520099517 17190491640 18216830371 18848282139 19323568164 20545437633
75167249
229324380 167694430 157694430 147694430 251599097 555873893 588808565 940754391
616321955 804638100 686985768 844360472 879249484 1071735442 1938209078 2891208537
4273562289 4709080125 4914958933 5364154708 6036139963 6764511325 7504636420 8454064733
72546 549938 30616969

8454124714 8248571022 6946361767 7499373281 9732170099 17063366651 23175830022 28441536241

2956395789 2927352812 2849368701 2599900242 3078674382 3473885110 3320381383 3897825609
222563449 251319802 241895011 137185537 231412286 220825978 410426860 535109509
1421567342 819002633 812741029 766634978 894543303 1335829914 2204014900 1615544248
597979121 694844720 952411276 671749541 750169066 1131340560 1450936735 2280668747

321469720 1091148736 0 0 0 0 0 0
2504841900 1717273322 1108757914 1161185776 885185428 2378929958 21386290 3131975363
429307393 747628997 981187836 2162717207 3892185634 8522555131 15768683854 16980412765

22520452375 24376715644 27256717384 31046074531 35191156263 44303769450 52531052249 61273001535

15963712784 19120019851 22370264441 26739581929 31093302284 40555055362 49027700210 57816566831

1961739000 2648347600 3707686640 4819992630 5542991520 6235865460 6859452000 7373910900
2035465000 2035465000 2035465000 2035465000 2035465000 2035465000 2035465000 2035465000
105878200 105878200 105878200 105878200 105878200 105878200 105878200 105878200
294179676 420437468 313532224 449255557 265332813 266786579 596561713 192272252
 1532954925 449870449 406231702 406231702 0 324011067 852508043 1949557722
10033495983 13460021134 15801470675 18922758840 23143634751 31587049056 38577835254 46159482757

5849133 7339774 7678418 9369803 -1669864 2098295 12674141 24901060

1028511238 933965662 1603367092 1902585673 1550505777 1054498262 1129233846 1231133152

725645734 508778060 1106327183 1183627923 659147818 0 0 0
302865504 425187602 497039909 718957750 891357959 1054498262 1129233846 1231133152

5522379220 4315390357 3275407433 2394537126 2549018066 2692117531 2361444052 2200400492

2914113426 2237495956 1302048378 131104817 0 0 0 0
0 0 0 2693932 0 0
518199933 477141480 540421336 461433822 257154669 0 0 0
90485689 114515510 173261777 20518598 43002246 42871218 27576542 89665092
791477175 954941984 1252641218 1563624134 1994088121 1952569683 1489930233 1586059264
1208102997 531295427 7034724 217855755 254773030 693982698 843937277 524676136

22520452375 24376715644 27256717384 31046074531 35191156263 44303769450 52531052249 61273001535

21.648909243 25.9292797408 30.3370419637 36.2624152795 42.1666368168 54.998027386 66.4880561684 78.4069235648

0 0 0 0 0 0 0 0

3007887903 3473101838 5299636210 6416139939 6473278361 9615280977 9545179874 10007012109

16154949107 23449836292 23357453209 27073653067 30722397162 38043324639 41656629503 46420785922

16005510721 23284757748 23297552825 27027953588 30648924570 37930633639 41454805384 46195703039
83957932
149438386 165078544 59900384 45699479 73472592 112691000 201824119 141124951

13147061204 19976734454 18057816999 20657513128 24249118801 28428043662 32111449629 36413773813

7982113885 10770195743 7955128138 9484660368 11025935136 12055106675 12448372527 14895596440
3924847676 4716923029 5297511145 5622808076 7028539183 8466672238 9708309353 11222587267
0 2857033247 3158193334 3677274340 4148998132 5251839594 5741535424 6233127665
309788920 464614541 357151743 177131396 158614307 5299871 154389 93599
824832364 951133375 1050658124 1439747461 1532252791 2047639860 3596322058 3480574440
94797200 216834519 225797488 255891487 353093924 510064512 616755878 526322070
10681159 0 13377027 0 1685328 91420912 55472332

-3953721378 -1631714937 -4129371869 -3135058573 -2437948070 -3641242414 195295033 -6394474998

-2476083845 -2949747382 -1786775567 -2234360509 -2680026455 -2657669483 -2576915168 -3167173807
17536162 615505590 125009718 90969701 36389291 66788805 46769925 49109965
-72546 -477392 -30067031 0
-80310552 -569633173 -1709234747
-1281324584 2354849736 -3110589073

0 0 -1500000 0
0 0 0 0
0 0 150000000 0
0 0 150000000 150000000
-123904667
-10000000 10000000 10000000 10000000 20000000
-34166580 28472150 0 0
100000
-109290273 -38900553 4247563 -21651371 -218811753
-1448348253 787568578 608515408 -52427862 276000348
-253237104 -386806375 -3632649184 -1363637040 -71299346
125126871 0 0 6598771 6863121 10983571 57295584 291936032
154278638 211354562 176943100 151443710 158179691 253117331 587461554 955580148
80535552 91315885 96904124 128006027 158561700 47172498 295466575 295896484

1105333067 -1523065297 -936705502 -2099551995 -2305861864 -1975006338 -2494346184 -2400808200

114435352 419919621 1178037703 575554227

-515313006 -677845748 -517208727 -577241001 -728759258 -309810998
0 0
2034371221 -676617470 -935447578 -1170943561 -131104817 -2297884
0 0 0 0 0
-528160500 -588521700 -662086900 -926921660 -1445997789 -1662897456 -2494346184 -2400808200

159499592 318321604 233558839 1181529371 1729468427 3999032225 7246128723 1211728911

269807801 429307393 747628997 981187836 2162717207 4523522906 8522555131 15768683854
429307393 747628997 981187836 2162717207 3892185634 8522555131 15768683854 16980412765
 2018-19E 2019-20E 2020-21E 2021-22E 2022-23E

52405288730.55 59993617732.1433 68854362261.8078 79232535868.7262 91425315074.3543

7860793309.5825 8999042659.8215 10328154339.2712 11884880380.3089 13713797261.1531

15.00% 15.00% 15.00% 15.00% 15.00%

44544495420.9675 50994575072.3218 58526207922.5366 67347655488.4172 77711517813.2011

24867837019.836 28895515574.3363 34771237629.4439 41349933083.3454 49066904345.4431

19676658401.1315 22099059497.9856 23754970293.0927 25997722405.0719 28644613467.7581

9397996605.8799 10811574015.3136 12513951465.6284 14501003791.5133 16976499073.4523

1908413208.0759 2221011595.04818 2621618911.12495 3086113553.06981 3728768865.91395
7489583397.804 8590562420.26547 9892332554.50341 11414890238.4435 13247730207.5384

10278.66 11287.49 11241.02 11496.72 11668.11

10278661795.2516 11287485482.6719 11241018827.4644 11496718613.5586 11668114394.3057
2358237992.87475 2699712797.94645 3442718113.09039 3961626793.43631 4571265753.71771

12636899788.1263 13987198280.6184 14683736940.5547 15458345406.9949 16239380148.0234

12559412.6955698 24561909.7266683 18578531.1521881 12597646.6127288 6619665.66382686

12624340375.4307 13962636370.8917 14665158409.4026 15445747760.3822 16232760482.3596

631217018.771537 698131818.544585 733257920.470128 772287388.019108 811638024.117981

11993123356.6592 13264504552.3471 13931900488.9324 14673460372.363 15421122458.2416

3156085093.85768 3490659092.72292 3666289602.35064 3861436940.09554 4058190120.58991
3156085093.85768 3490659092.72292 3666289602.35064 3861436940.09554 4058190120.58991
0 0 0 0 0
0 0 0 0 0

8837038262.80151 9773845459.62419 10265610886.5818 10812023432.2675 11362932337.6517

1271441907.66 1449443774.7324 1652365903.19494 1883697129.64223 2147414727.79214
10108480170.4615 11223289234.3566 11917976789.7767 12695720561.9097 13510347065.4439

0 0 0 0 0

10108480170.4615 11223289234.3566 11917976789.7767 12695720561.9097 13510347065.4439

14135541.0559 16962649.26708 21203311.58385 26504139.4798125 33130174.3497656

10108480170.4615 11223289234.3566 11917976789.7767 12695720561.9097 13510347065.4439

10094344629.4056 11206326585.0895 11896773478.1929 12669216422.4299 13477216891.0941

13.6892685121 15.1972633479 16.1336007982 17.1811357558 18.2768914269

2734246161.72 2816273546.5716 2900761752.96875 2987784605.55781 3077418143.72455

0 0 0 0 0
2734246161.72 2816273546.5716 2900761752.96875 2987784605.55781 3077418143.72455

30.94% 28.81% 28.26% 27.63% 27.08%

9647444776.48002 10589353664.1273 10507760906.9942 10724431225.5395 10856476370.1878

12704304287.02 14418472419.4353 15562197664.0008 17171135561.976 19820198312.7634

9647.44 10589.35 10507.76 10724.43 10856.48

26865667792.46 29831510001.152 32083215354.1454 34042318745.7089 34749026837.1332

22983703907.46 25899546026.152 28176248053.1454 30160353317.7089 30892062416.1332

990754391 1040754391 1015754391 990754391 965754391

2891209494 2891209584 2891212910 2891211037 2891210030
9553093148.29 10794995257.5677 12198344641.0515 13784129444.3882 15576066272.1587

38302588015.1284 43627599065.2835 50432646541.2207 58515678877.1909 68456969726.2225

5240528873.055 5999361773.21433 6885436226.18078 8081718658.61007 9325382137.58414
786079330.95825 899904265.98215 1032815433.92712 1267720573.89962 1462805041.18967
2749705499.69196 2999680886.60717 3442718113.09039 3961626793.43631 4571265753.71771
2882290880.18025 2999680886.60717 3442718113.09039 3961626793.43631 4571265753.71771

0 0 0 0 0
3132081958 3131980451 3132005678 3132437082 3132253082
23511901473.2429 27596990801.8727 32496952976.932 38110548975.8086 45393997958.0133

65168255807.5884 73459109066.4355 82515861895.3661 92557997623 103205996563

61533265684.8015 68572864982.7057 76022202322.7159 83933464002.0146 92308611734

7373910900 7373910900 7373910900 7373910900 7373910900
2035465000 2035465000 2035465000 2035465000 2035465000
105878200 105878200 105878200 105878200 105878200
192272252 192272252 192272252 192272252 192272252
 0 0 0 0 0
51825739332.8015 58865338630.7057 66314675970.7159 74225937650.0147 82601085382.1086

14135541.0559 16962649.26708 21203311.58385 26504139.4798125 33130174.3497656

1281133152 1306133152 1281133152 1256133152 1231133152

50,000,000 75,000,000 50,000,000 25,000,000 0
1231133152 1231133152 1231133152 1231133152 1231133152

2339721430.1852 3563148282.328 5191323109.42189 7341896329.00826 9633121502.96012

0 0 0 0 0
4661772.46308167 4682581.05556919 4821092.93490084 4980388.43940673 5163880.5318905
0 25000000 25000000 25000000 25000000
83848461.96888 299968088.660716 550834898 814847999 1051391123
1632828788.73275 2159770238.35716 2891883214.99593 3723929185.83013 4985979211.17334
618382407.02049 1073727374.25455 1718783903.3966 2773138755.40542 3565587287.89982

65168255808.0426 73459109066 82515861896 92557997623 103205996563

83.4472595605 92.9938887419 103.0961769862 113.8248958257 125.1827056035

0 0 0 0 0

15088695078.5049 13644581399.9072 15597071402.2516 17577318777.7158 20693638465.195

0 0

0 0

8837038262.80151 9773845459.62419 10265610886.5818 10812023432.2675 11362932337.6517

3194797305.16335 41617184.9750404 277023758.663292 318591009.011776 366984184.967545
3056859510.54 3829118755.308 5054436757.00656 6446704336.43655 8963721942.57569

-5907260218.725 -6825266718.15 -7880974192.5 -9063120321.375 -10422588369.525

 -5907260218.725 -6825266718.15 -7880974192.5 -9063120321.375 -10422588369.525
0 0

0 0
0 0

-2649946151.5369 -2734225353.1275 -2816135034.6923 -2900602457.46424 -2987601113.46533

0 0
4661772.46308167 20808.5924875205 138511.879331646 159295.504505888 183492.092483773
-2654607924 -2734246161.72 -2816273546.5716 -2900761752.96875 -2987784605.55781

6531488708.24294 4085089328.62971 4899962175.05937 5613595998.87659 7283448982.20464

16980412765 23511901473.2429 27596990801.8727 32496952976.932 38110548975.8086
23511901473.2429 27596990801.8727 32496952976.932 38110548975.8086 45393997958.0133
 2007-08A 2008-09A 2009-10A
EBIT 2,144,534,999 2,791,192,246 3,168,164,642
After Tax EBIT 1608401249.25 2093394184.5 2376123481.5
Depreciation 738,957,207 827,404,399 883,661,128
CNWC 0 -586640071 395057657
Capex 1,118,700,600 897,466,307 900,700,309

FCFF 1,228,657,856 2,609,972,348 1,964,026,644

Terminal Value
Total Value

Time Line
PV of FCFF

Cost of Equity
Cost of Debt
WACC 4.3%
Terminal Growth Rate 3%
PV of the Firm 523875698885.2
Int. Bearing Debt 54661772.4630817
Non Controlling Interest 14135541.0559
Cash & Cash Equivalents 23511901473.2429
PV of Equity 547318803044.9
Total No. of Shares 789,008,466.0
Per Value of Stocks 693.68

Company Summary (DSE: BXPHARMA)

Business Segment
52-week Price Range (BDT)
Total No. of Shares (mn)
Free Float (%)
Free Float Number of Shares (Mn)
Shareholding Structure (%)
Institute
Public
Sponsor/Director
Foreign
Particulars (BDT Mn)
Revenue
Gross Profit
Operating Profit
NPAT
Total Asset
Total Equity
Profitability (%)
Gross Margin
Operating Margin
NPAT Margin
Growth (%)
Revenue
Gross Profit
Operating Profit
NPAT
Per Share (BDT)
Diluted EPS
BVPS
Valuation
PE
P/BV
Ratio Analysis
ROE (%)
ROA (%)

Return Calculation
Current Price
Target Price (BDT)
Capital Gain
Dividend Yield (Y-1)
Return (%)

Table: Target Price

Valuation Methods
DCF
Relative Valuation
Valuation Based on Earning based on value per share

Target Price
 2010-11A 2011-12A 2012-13A 2013-14A 2014-15A 2015-16A
3,626,080,042 4,395,056,969 4,842,473,717 5,844,345,824 6,828,430,823 10,251,406,195
2719560031.5 3296292726.75 3631855287.75 4383259368 5121323117.25 7688554646.25
1,088,177,146 1,234,178,338 1,228,124,891 1,181,229,254 1,708,465,394 2,010,881,334
362392470 -16672794 331711252 -1050006487 289463829 809522323
2,476,083,845 2,949,747,382 1,786,775,567 2,234,360,509 2,680,026,455 2,657,669,483

969,260,863 1,597,396,477 2,741,493,360 4,380,134,600 3,860,298,227 6,232,244,174

Pharmaceuticals
247.10-335
789,008,466.0
65.6%
517,589,553.7

10.1%
35.6%
34.4%
19.9%
 2014-15A 2015-16A 2016-17A 2017-18A
26,684,573,116 33,073,760,572 36,543,140,106 39,653,831,638
11,741,702,961 15,991,423,915 18,268,281,192 19,564,011,725
7,208,225,885 10,796,568,677 12,296,218,982 12,781,036,198
5,186,436,869 8,286,543,555 9,719,176,205 10,490,891,282
35,191,156,263 44,303,769,450 52,531,052,249 61,273,001,535
31,093,302,284 40,555,055,362 49,027,700,210 57,816,566,831
2015-16A 2016-17A 2017-18A
48% 50% 49%
33% 34% 32%
25% 27% 26%
2015-16A 2016-17A 2017-18A
24% 10% 9%
36% 14% 7%
50% 14% 4%
60% 17% 8%
2015-16A 2016-17A 2017-18A
14.8 15.5 15.7
55.0 66.5 78.4
2015-16A 2016-17A 2017-18A
18.2x 17.3x 17.0x
4.9x 4.0x 3.4x

20% 20% 18%

19% 19% 17%

267.8
389.9
45.6%
1.3%
46.9%

Weight Value Weighted Value

40.0% 693.7 277.5
40.0% 281.0 112.4
20.0% 216.3 43.3
100.0% 389.9
 2016-17A 2017-18A 2018-19E 2019-20E 2020-21E

11,649,641,331 12,079,938,348 9,647,444,776 10,589,353,664 10,507,760,907

8737230998.25 9059953761 7235583582.36 7942015248.0955 7880820680.24567
1,969,393,467 1,997,935,652 3,056,859,511 3,829,118,755 5,054,436,757
1551857863 1104431795 3194797305.163 41617184.9750404 277023758.663292
2,576,915,168 3,167,173,807 5,907,260,219 6,825,266,718 7,880,974,193

6,577,851,434 6,786,283,811 1,190,385,569 4,904,250,100 4,777,259,486

1,190,385,569 4,904,250,100 4,777,259,486

0.08 1.08 2.08

1186222156.1 4904250100.3
1186222156.1 4904250100.27846 4777259486.08894
 2018-19E 2019-20E
44,544,495,421 50,994,575,072
19,676,658,401 22,099,059,498
10,278,661,795 11,287,485,483
8,837,038,263 9,773,845,460
65,168,255,808 73,459,109,066
61,533,265,685 68,572,864,983
2018-19E 2019-20E
44% 43%
23% 22%
20% 19%
2018-19E 2019-20E
12% 14%
1% 12%
-20% 10%
-16% 11%
2018-19E 2019-20E
13.7 15.2
83.4 93.0
2018-19E 2019-20E
19.6x 17.6x
3.2x 2.9x

14% 14%
14% 13%
 2021-22E 2022-23E
10,724,431,226 10,856,476,370
8043323419.1546 8142357277.64081
6,446,704,336 8,963,721,943
318591009.011776 366984184.967545
9,063,120,321 10,422,588,370

5,108,316,425 6,316,506,666
502769366208
5,108,316,425 509,085,872,874

3.08 4.08

5108316425.20437 509085872873.60
 2007-08A 2008-09A 2009-10A 2010-11A

Incremental Revenue 1561020480 1448687811 4332026763

Total Revenue 12024126035 13585146515 15033834326 19365861089

Holding 9,565,715,902 11,366,597,928 13,279,141,757 15,576,487,536
Subsidiary 2,458,410,133 2,218,548,587 1,754,692,569 3,789,373,553

Revenue Mix (%)

Holding 79.55% 83.67% 88.33% 80.43%
Subsidiary 20.45% 16.33% 11.67% 19.57%

Revenue Growth (%) 12.98% 10.66% 28.82%

Holding 18.83% 16.83% 17.30%
Subsidiary -9.76% -20.91% 115.96%

Cost of Goods Sold 6,545,727,748 7,012,826,452 7,352,497,818 10,283,786,212

Work in Progress (Opening) 136,717,825 171,959,825 174,715,973 170,572,382

Adjustment for Merger 5,421,222 -20,145,760
Raw Materials Consumed 4,038,167,692 3,878,398,231 3,950,008,408 5,992,967,096
Opening Stock 904,300,138 1,029,480,730 1,062,601,926 858,471,389
Adjustment for Merger 236,993,789 -41,966,383
Purchase 4,163,348,284 3,911,519,427 3,982,871,660 6,197,554,080
Closing Stock 1,029,480,730 1,062,601,926 858,471,389 1,105,024,756
Packaging Materials Consumed 1,266,054,810 1,464,827,284 1,626,970,803 2,051,455,889
Opening Stock 194,309,616 225,021,621 242,488,694 259,270,600
Adjustment for Merger 4,142,079 -587,820
Purchase 1,296,766,815 1,482,294,357 1,647,894,788 2,117,834,701
Closing Stock 225,021,621 242,488,694 259,270,600 326,237,232
Factory Overhead 706,772,232 805,250,704 905,551,810 1,163,551,708
Depreciation-COGS 517,546,384 628,920,304 699,248,946 882,401,985
Work in Progress (Closing) 171,959,825 174,715,973 170,572,382 244,818,460
Cost of Goods Manufactured 6,493,299,118 6,774,640,375 7,180,502,336 10,036,276,360
Finished Goods (Opening) 211,761,614 675,635,204 655,585,406 675,123,128
Purchase of Finished Goods 516,302,220 218,136,279 226,814,860 377,709,844
Finished Goods Available 7,221,362,952 7,668,411,858 8,062,902,602 11,089,109,332
Finished Goods (Closing) 675,635,204 655,585,406 675,123,128 744,995,014
Adjustment for Merger 1,382,590
Cost of Physician Sample 33,899,066 60,328,106
As a % of Total Revenue
Check- COGS 54.44% 51.62% 48.91% 53.10%
Raw Materials Purchase 34.62% 28.79% 26.49% 32.00%
Raw Materials Closing Stock 8.56% 7.82% 5.71% 5.71%
Packaging Materials Purchase 10.78% 10.91% 10.96% 10.94%
Packaging Materials Closing Stock 1.87% 1.78% 1.72% 1.68%
Factory Overhead 5.88% 5.93% 6.02% 6.01%
Work in Progress (Closing) 1.43% 1.29% 1.13% 1.26%
Finished Goods (Purchase) 4.29% 1.61% 1.51% 1.95%
Finished Goods (Closing) 5.62% 4.83% 4.49% 3.85%
Cost of Physician Sample 0.00% 0.00% 0.23% 0.31%

COGS without Dep 6,028,181,364 6,383,906,148 6,653,248,872 9,401,384,227

Admin Exp without Dep 318,744,459 334,318,462 414,654,002 518,920,624

Depreciation-Administrative 171,588,189 141,149,167 117,971,257 124,560,161
Administrative expenses 490,332,648 475,467,629 532,625,259 643,480,785

Selling Exp without Dep 1,219,188,805 1,351,561,927 1,693,450,781 2,149,016,911

Depreciation-Selling 49,822,634 57,334,928 66,440,925 81,215,000
Selling expenses 1,269,011,439 1,408,896,855 1,759,891,706 2,230,231,911

Admin Exp without Dep as a % of Revenue 2.65% 2.46% 2.76% 2.68%

Selling Exp without Dep as a % of Revenue 10.14% 9.95% 11.26% 11.10%

Other Income 345,500,963 409,051,677 257,724,880 453,850,083

Finance Cost 443,152,833 454,691,855 320,320,168 309,788,920

Int. on Cash Credit 32,462,066 21,820,760 14,350,850 14,024,412
Int. on Bank Overdraft 49,482,731 43,740,633 20,832,090 29,961,616
Interest on LATR 135,238,829 145,419,971 109,569,777 114,575,825
Interest on Short Term Loan 127,883,501 120,192,539 42,154,456 22,813,735
Interest on Lease 39,519,065 43,122,332 33,298,290 6,394,300
Interest on Long Term Loan 58,566,641 80,395,620 100,114,705 122,019,032
Interest on Loan from Sister Concern

other income as a% of revenue 1.71% 2.34%

Interest on cash credit as a % of Int. Bearing Liab 0.69% 13.84% 10.12% 7.10%
Interest on Bank Overdraft as a % of Int. Bearing 1.05% 1.33% 0.66% 0.69%
Interest on LATR as a % of Int. Bearing Liabiliti 2.86% 4.43% 3.46% 2.62%
Interest on Short Term Loan as a % of Int. Bearin 2.70% 3.66% 1.33% 0.52%
Interest on Lease as a % of Int. Bearing Liabiliti 0.84% 1.31% 1.05% 0.15%
Interest on Long Term Loan as a % of Int. Bearin 1.24% 2.45% 3.16% 2.80%
Finance Cost as a % of interest bearing liabilities 13.84% 10.12% 7.10%
Contribution to WPPF 104,154,014 137,835,606 157,737,316 191,129,833
WPPF as a % of Profit Before Tax 5% 5% 5% 5%

Total Tax 506,262,520 629,985,492 737,197,452 939,279,123

Current Tax 429,152,250 601,423,429 688,499,602 862,156,561
Deferred Tax 77,110,270 28,562,063 48,697,850 77,122,562
Deferred Tax Assets

Effective Tax Rate 24.73% 22.95% 23.74% 24.91%

Net Income 1,540,620,609 2,115,566,576 2,368,371,902 2,830,862,082

Dividend (%) 75% 65% 65% 65%

Stock 35% 25% 30% 35%
Cash 40% 40% 35% 30%

Cash Dividend Growth Rate 0% -13% -14%

Dividend Amount
Stock 312,984,000 301,806,000 452,709,000 686,608,650
Cash 357696000 482889600 528160500 588521700

Net Working Capital 2,937,629,784 2,350,989,713 2,746,047,370 3,108,439,840

CNWC -586,640,071 395,057,657 362,392,470

Current Asset (without Cash & STI) 3,850,526,930 3,186,813,738 3,457,357,439 5,198,505,701
Inventories 2,524,072,437 2,272,542,160 2,408,205,461 2,956,395,789
Spares & Accessories 105,484,833 132,988,909 166,523,457 222,563,449
Trade Debtors 890,994,987 477,562,002 511,977,702 1,421,567,342
Advances,Deposits and Prepayments 329,974,673 303,720,667 370,650,819 597,979,121

Current Liabilitiy (without STD & Cur. Maturit 912,897,146 835,824,025 711,310,069 2,090,065,861
Trade Creditors 233,405,650 127,550,930 103,428,870 1,208,102,997
Liabilities for Expense 236,247,055 93,613,902 61,271,985 90,485,689
Liabilities for other Finance 443,244,441 614,659,193 546,609,214 791,477,175

As a % of Revenue
Current Asset (without Cash & STI) 32.02% 23.46% 23.00% 26.84%
Inventories 20.99% 16.73% 16.02% 15.27%
Spares & Supplies 0.88% 0.98% 1.11% 1.15%
Trade Debtors 7.41% 3.52% 3.41% 7.34%
 Advances,Deposits and Prepayments 2.74% 2.24% 2.47% 3.09%

Current Liabilitiy (without STD & Cur. Maturit 7.59% 6.15% 4.73% 10.79%
Trade Creditors 1.94% 0.94% 0.69% 6.24%
Liabilities for Expense 1.96% 0.69% 0.41% 0.47%
Liabilities for other Finance 3.69% 4.52% 3.64% 4.09%

Margin agains BTB Letter of Credit 321,469,720

Cash 225,973,543 314,388,576 269,807,801 429,307,393
Marketable Securities 32,578,000 20,250,000 221,269,226 616,321,955
Short Term Loan 1,397,064,958 609,307,247 1,056,493,647 2,504,841,900
Short Term Investment as a % of Cash 632.66% 200.25% 473.58% 583.46%

Non-Operating Assets 4,614,014,744 4,733,453,667 5,362,957,431 7,624,050,524

Investment - Long Term 145,157,800 145,157,800 185,157,800 229,324,380
Investment- Short Term Loan 1,397,064,958 609,307,247 1,056,493,647 2,504,841,900
Investment - Associate Undertakings 3,039,213,986 3,958,738,620 3,900,036,758 4,273,562,289
Marketable Securities 32,578,000 20,250,000 221,269,226 616,321,955

Interest Bearing Liabilities 4,730,304,170 3,284,881,412 3,165,008,425 4,365,404,894

Short Term Bank Loans 3,173,542,556 1,712,213,040 879,742,205 2,914,113,426
Short Term Loans 0 0 0 0
Long Term Loans- Currnet Portion 446,143,808 430,698,517 502,090,211 518,199,933
Long Term Loan Secured 778,380,807 786,334,186 1,142,633,110 725,645,734
Long Term Loans- Net of Current Portion 332,236,999 355,635,669 640,542,899 207,445,801

Short Term Bank Loans as a % of Working Capi 108.03% 72.83% 32.04% 93.75%
Short Term Loans as a % of Working Capital 0.00% 0.00% 0.00% 0.00%
Current Portion as a % of LTB 125.23% 100.80% 122.22%

Non-Interest Bearing Liabilities 224726826 211219060 225742942 302865504

Deferred Tax Liability 224,726,826 211,219,060 225,742,942 302,865,504

Shareholders' Equity 9,506,932,637 10,925,978,216 12,940,209,559 15,963,712,784

Issued Capital 894,240,000 1,207,224,000 1,509,030,000 1,961,739,000
Share Premium 2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000
General Reserve 105,878,200 105,878,200 105,878,200 105,878,200
Gain on Marketable Securities (Unrealized) 0 0 0 294,179,676
 Tax Holiday Reserve 1,425,702,780 1,248,026,732 1,440,910,734 1,532,954,925
Retained Earnings 5,045,646,657 6,329,384,284 7,848,925,625 10,033,495,983

Property, Plant & Equipment

Cost
Beginning Cost 7,569,779,815 8,667,315,528 9,324,737,035 11,373,590,553
Adjustment due to Merger -812,269,240
Addition 1,097,535,713 1,469,690,747 2,048,853,518 2,440,592,268
Disposal
Sales/Transfer during the Year
Ending Cost 8,667,315,528 9,324,737,035 11,373,590,553 13,814,182,821

Depreciation
Beginning Value
Adjustment due to Merger
Addition: Charged During the Year
Disposal
Sales/Transfer during the Year

Accumulated Depreciation (Ending Value) 3,450,349,788 3,862,597,428 4,692,307,561 5,754,720,527

Incremental Accumulated Depreciation 412247640 829710133 1062412966
Growth Rate 11.95% 21.48% 22.64%

Net PPE 5216965740.00 5462139607.00 6681282992.00 8059462294.00

Capiatl Work in Progress 1147858806 1200808268 634347093 887584197

Land & Land Development 0 0 8,400,000 48,396,918
Building/Civil Work 215,159,420 264,421,525 360,251,540 729,264,056
Plant & Machinery 894,555,655 883,755,028 257,121,390 95,059,717
Other Assets 4,713,222 7,876,006 8,574,163 14,863,506
Interest during Construction Period 29,168,646 44,755,709 0 0
Unallocated Expenditure 4,261,863 0 0 0

Capex Cash Flow 1,118,700,600 897,466,307 900,700,309 2,476,083,845

Total 6364824546.00 6662947875.00 7315630085.00 8947046491.00

Depreciation 738,957,207 827,404,399 883,661,128 1,088,177,146

Depreciation-COGS 517,546,384 628,920,304 699,248,946 882,401,985
Depreciation-Administrative 49,822,634 57,334,928 66,440,925 81,215,000
 Depreciation-Selling 171,588,189 141,149,167 117,971,257 124,560,161

Depreciation (%) 100.00% 100.00% 100.00% 100.00%

Depreciation-COGS 70.04% 76.01% 79.13% 81.09%
Depreciation-Administrative 6.74% 6.93% 7.52% 7.46%
Depreciation-Selling 23.22% 17.06% 13.35% 11.45%

Capex as a % of Net PPE 21.44% 16.81% 14.83% 33.60%

Depreciation as a% of Net PPE 21.42% 22.63% 20.66% 20.83%
Depreciation as a% of Total PPE 14.16% 15.50% 14.55% 14.76%
Incremental Revenue as a % of CF Capex 154.85% 161.13% 256.58%

Intangible Assets
Net Intangible Asset
Amortization

Total Non Cash Expenses 738,957,207 827,404,399 883,661,128 1,088,177,146

 2011-12A 2012-13A 2013-14A 2014-15A 2015-16A 2016A-17 2017A-18

3289254250 705083917 3585488301 3887883691 7492028918 3959075364 3602283773

22655115339 23360199256 26945687557 30833571248 38325600166 42284675530 45886959303

18,592,856,236 20,742,746,372 24,193,356,807 30,281,713,746 33,611,741,181 33,299,672,121 34,573,390,809
4,062,259,103 2,617,452,884 2,752,330,750 551,857,502 4,713,858,985 8,985,003,409 11,313,568,494

82.07% 88.80% 89.79% 98.21% 87.70% 78.75% 75.34%

17.93% 11.20% 10.21% 1.79% 12.30% 21.25% 24.66%

16.98% 3.11% 15.35% 14.43% 24.30% 10.33% 8.52%

19.36% 11.56% 16.64% 25.17% 11.00% -0.93% 3.83%
7.20% -35.57% 5.15% -79.95% 754.18% 90.61% 25.92%

11,907,772,974 11,404,574,196 12,960,738,683 14,942,870,155 17,082,336,657 18,274,858,914 20,089,819,913

244,818,460 212,584,428 206,051,069 198,479,065 230,351,431 227,836,703 229,724,895

6,626,023,956 5,758,762,842 6,656,643,521 7,395,368,418 7,853,500,018 8,375,490,692 9,025,405,434

1,105,024,756 1,039,402,668 1,073,672,663 1,005,505,468 1,432,496,912 1,370,045,188 1,302,801,676
-29,306,449
6,560,401,868 5,793,032,837 6,588,476,326 7,619,632,755 7,791,048,294 8,308,247,180 9,112,091,572
1,039,402,668 1,073,672,663 1,005,505,468 1,259,076,254 1,370,045,188 1,302,801,676 1,389,487,814
2,301,943,597 2,663,319,391 2,959,709,226 3,293,371,053 3,451,287,946 4,122,027,655 4,109,048,221
326,237,232 366,378,404 403,605,492 379,781,319 488,420,526 498,273,058 480,770,796
-2,115,803
2,342,084,769 2,700,546,479 2,935,885,053 3,352,117,392 3,461,140,478 4,104,525,393 4,177,001,280
366,378,404 403,605,492 379,781,319 440,643,461 498,273,058 480,770,796 548,723,855
1,501,190,958 1,756,446,046 2,020,636,473 2,823,750,552 3,222,392,238 3,770,169,765 4,362,839,893
1,036,248,978 1,041,016,046 1,004,925,376 1,517,887,733 1,801,815,484 1,739,580,714 1,733,096,800
212,584,428 206,051,069 198,479,065 214,584,570 227,836,703 229,724,895 258,840,704
11,497,641,521 11,226,077,684 12,649,486,600 15,014,272,251 16,331,510,414 18,005,380,634 19,201,274,539
744,995,014 801,028,542 865,358,754 808,172,894 1,129,623,101 985,672,758 1,117,324,819
541,262,791 322,163,508 343,626,777 273,235,806 727,930,642 537,882,258 1,114,476,247
12,783,899,326 12,349,269,734 13,858,472,131 16095680951 18,189,064,157 19,528,935,650 21433075605
801,028,542 865,358,754 808,172,894 1,054,144,797 985,672,758 1,117,324,819 1,195,194,484

75,097,810 79,336,784 89,560,554 98,665,999 121,054,742 136,751,917 148,061,208

 52.56% 48.82% 48.10% 48.46% 44.57% 43.22% 43.78%
28.96% 24.80% 24.45% 24.71% 20.33% 19.65% 19.86%
4.59% 4.60% 3.73% 4.08% 3.57% 3.08% 3.03%
10.34% 11.56% 10.90% 10.87% 9.03% 9.71% 9.10%
1.62% 1.73% 1.41% 1.43% 1.30% 1.14% 1.20%
6.63% 7.52% 7.50% 9.16% 8.41% 8.92% 9.51%
0.94% 0.88% 0.74% 0.70% 0.59% 0.54% 0.56%
2.39% 1.38% 1.28% 0.89% 1.90% 1.27% 2.43%
3.54% 3.70% 3.00% 3.42% 2.57% 2.64% 2.60%
0.33% 0.34% 0.33% 0.32% 0.32% 0.32% 0.32%

10,871,523,996 10,363,558,150 11,955,813,307 13424982422 15280521173 16535278200 18356723113

623,137,968 664,604,854 668,069,591 715,807,332 778,933,420 839,326,971 931,497,381

98,851,863 77,703,380 62,881,561 59,830,881 66,079,823 75,883,313 100,069,870
721,989,831 742,308,234 730,951,152 775,638,213 845,013,243 915,210,284 1,031,567,251

2,453,705,023 2,856,514,446 3,318,516,399 3,627,092,083 4,318,089,133 4,902,922,486 5,586,639,294

99,077,497 109,405,465 113,422,317 130,746,780 31,752,862 153,929,440 164,768,982
2,552,782,520 2,965,919,911 3,431,938,716 3,757,838,863 4,349,841,995 5,056,851,926 5,751,408,276

2.75% 2.85% 2.48% 2.32% 2.03% 1.98% 2.03%

10.83% 12.23% 12.32% 11.76% 11.27% 11.60% 12.17%

419,629,753 377,846,808 245,133,874 293,730,506 657,143,316 1,093,575,634 1,768,094,011

464,614,541 357,151,743 177,131,396 158,614,307 5,299,871 154,389 93,599

9,475,649 8,753,582 32,662 20,828 68,035 58 58,546
27,023,414 25,884,589 3,210,605 637,751 466,321 154,331 35,053
190,552,267 249,051,489 81,763,328 318,268 0 0 0
57,361,169 18,108,664 14,446,543 4,729,077 0 0 0
5,001,716 2,932,897 1,894,257 0 0 0 0
175,200,326 52,420,522 61,603,051 151,224,609 4,765,515 0 0
14,180,950 1,683,774

1.85% 1.62% 0.91% 0.95% 1.71% 2.59% 3.85%

14.41% 12.11% 9.97% 12.03% 196.73% N/A N/A
0.84% 0.88% 0.18% 0.05% 17.31% N/A N/A
5.91% 8.45% 4.60% 0.02% 0.00% N/A N/A
1.78% 0.61% 0.81% 0.36% 0.00% N/A N/A
0.16% 0.10% 0.11% 0.00% 0.00% N/A N/A
5.44% 1.78% 3.47% 11.47% 176.90% N/A N/A
14.41% 12.11% 9.97% 12.03%
 220,479,798 246,729,864 300,438,842 379,795,062 545,162,482 646,577,651 701,097,850
5% 5% 5% 5% 5% 5% 5%

1,225,052,189 1,309,703,852 1,661,767,439 1,777,110,153 2,616,706,085 3,023,886,371 3,357,047,478

1,102,730,091 1,237,851,545 1,518,801,391 1,679,877,193 2,389,605,742 2,949,150,787 3,255,148,172
122,322,098 71,852,307 142,966,048 172,400,209 227,100,343 74,735,584 101,899,306
75,167,249

28.16% 26.93% 28.11% 25.52% 24.00% 23.73% 24.24%

3,125,019,992 3,553,464,930 4,250,580,863 5,186,436,869 8286543555 9,719,176,205 10490891282

65% 55% 45% 43% 50% 43% 43%

40% 30.00% 15% 12.50% 10% 7.50% 7.00%
25% 25.00% 30% 30% 40% 35.00% 36.00%

-17% 0% 20% 0% 33% -13% 3%

1,059,339,040 1,112,305,992 722,998,895 692,873,940 623,586,546 514,458,900 516,173,763

662086900 926921660 1445997789 1662897456 2494346184 2400808200 2654607924

3,091,767,046 3,423,478,298 2,373,471,811 2,662,935,640 3,472,457,963 5,024,315,826 6,128,747,621

-16,672,794 331,711,252 -1,050,006,487 289,463,829 809522323 1,551,857,863 1104431795

4,692,519,967 4,856,416,017 4,175,470,298 4,954,799,037 6,161,881,562 7,385,759,878 8,329,148,113

2,927,352,812 2,849,368,701 2,599,900,242 3,078,674,382 3,473,885,110 3,320,381,383 3,897,825,609
251,319,802 241,895,011 137,185,537 231,412,286 220,825,978 410,426,860 535,109,509
819,002,633 812,741,029 766,634,978 894,543,303 1,335,829,914 2,204,014,900 1,615,544,248
694,844,720 952,411,276 671,749,541 750,169,066 1,131,340,560 1,450,936,735 2,280,668,747

1,600,752,921 1,432,937,719 1,801,998,487 2,291,863,397 2,689,423,599 2,361,444,052 2,200,400,492

531,295,427 7,034,724 217,855,755 254,773,030 693,982,698 843,937,277 524,676,136
114,515,510 173,261,777 20,518,598 43,002,246 42,871,218 27,576,542 89,665,092
954,941,984 1,252,641,218 1,563,624,134 1,994,088,121 1,952,569,683 1,489,930,233 1,586,059,264

20.71% 20.79% 15.50% 16.07% 16.08% 17.47% 18.15%

12.92% 12.20% 9.65% 9.98% 9.06% 7.85% 8.49%
1.11% 1.04% 0.51% 0.75% 0.58% 0.97% 1.17%
3.62% 3.48% 2.85% 2.90% 3.49% 5.21% 3.52%
 3.07% 4.08% 2.49% 2.43% 2.95% 3.43% 4.97%

7.07% 6.13% 6.69% 7.43% 7.02% 5.58% 4.80%

2.35% 0.03% 0.81% 0.83% 1.81% 2.00% 1.14%
0.51% 0.74% 0.08% 0.14% 0.11% 0.07% 0.20%
4.22% 5.36% 5.80% 6.47% 5.09% 3.52% 3.46%

1,091,148,736
747,628,997 981,187,836 2,162,717,207 3,892,185,634 8,522,555,131 15,768,683,854 16,980,412,765
804,638,100 686,985,768 844,360,472 879,249,484 1,071,735,442 1,938,209,078 2,480,068,125
1,717,273,322 1,108,757,914 1,161,185,776 885,185,428 2,378,929,958 21,386,290 3,131,975,363
229.70% 113.00% 53.69% 22.74% 27.91% 0.14% 18.44%

7,398,685,977 6,868,397,045 7,517,395,386 8,052,173,972 4,006,539,293 2,548,403,933 6963938291

167,694,430 157,694,430 147,694,430 251,599,097 555,873,893 588,808,565 940,754,391
1,717,273,322 1,108,757,914 1,161,185,776 885,185,428 2,378,929,958 21,386,290 3,131,975,363
4,709,080,125 4,914,958,933 5,364,154,708 6,036,139,963
804,638,100 686,985,768 844,360,472 879,249,484 1,071,735,442 1,938,209,078 2,891,208,537

3,223,415,496 2,948,796,897 1,776,166,562 1,318,295,636 2,693,932 0 0

2,237,495,956 1,302,048,378 131,104,817 0 0 0 0
0 0 0 0 2,693,932 0 0
477,141,480 540,421,336 461,433,822 257,154,669 0 0 0
508,778,060 1,106,327,183 1,183,627,923 659,147,818 0 0 0
31,636,580 565,905,847 722,194,101 401,993,149 0 0 0

72.37% 38.03% 5.52% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.08% 0.00% 0.00%
399.14% 180.88% 71.65% 45.75% 0.00%

425187602 497039909 718957750 891357959 1054498262 1129233846 1231133152

425,187,602 497,039,909 718,957,750 891,357,959 1,054,498,262 1,129,233,846 1,231,133,152

19,120,019,851 22,370,264,441 26,739,581,929 31093302284 40555055362 49027700210 57816566831

2,648,347,600 3,707,686,640 4,819,992,630 5,542,991,520 6,235,865,460 6,859,452,000 7,373,910,900
2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000
105,878,200 105,878,200 105,878,200 105,878,200 105,878,200 105,878,200 105,878,200
420,437,468 313,532,224 449,255,557 265,332,813 266,786,579 596,561,713 192,272,252
 449,870,449 406,231,702 406,231,702 0 324,011,067 852,508,043 1,949,557,722
13,460,021,134 15,801,470,675 18,922,758,840 23,143,634,751 31,587,049,056 38,577,835,254 46,159,482,757

13,814,182,821 15,769,001,064 17,151,798,127 22,132,686,589 28,378,010,122 31,085,332,766 33,470,077,571

2,526,356,222 1,382,797,063 4,980,888,462 6,042,733,014 4,333,798,734 2,470,906,763 4,863,597,930

-571,537,979
-311,820,884 -1,626,476,090 -86,161,958 -1,699,503,602
15,769,001,064 17,151,798,127 22,132,686,589 27,863,598,719 31,085,332,766 33,470,077,571 36,634,171,899

5,754,720,527 6,597,209,607 8,198,997,120 10,323,970,475 12,237,050,627 14,146,509,407

910,767,573 941,528,759 1,708,465,394 2,010,881,334 1,969,393,467 1,997,935,652

-68,278,493
-53,064,302 -97,801,182 -59,934,687 -55,710,793

6,597,209,607 7,538,738,366 8,198,997,120 9,854,398,212 12,237,050,627 14,146,509,407 16,088,734,266

842489080 941528759 660258754 1655401092 2382652415 1909458780 1942224859
14.64% 14.27% 8.76% 20.19% 24.18% 15.60% 13.73%

9171791457.00 9613059761.00 13933689469.00 18009200507 18848282139 19323568164 20545437633

1274390572 4907039756 3256802171 207629864 0 0 0

57,772,626 63,412,626 11,846,753 0
1,202,177,527 2,731,137,338 1,121,940,246 119,985,162
14,440,419 2,105,214,422 2,028,111,764 74,230,781
0 7,275,370 94,903,408 13,413,921
0 0 0 0
0 0 0 0

2,949,747,382 1,786,775,567 2,234,360,509 2,680,026,455 2,657,669,483 2,576,915,168 3,167,173,807

10446182029 14520099517 17190491640.00 18216830371 18848282139 19323568164 20545437633

1,234,178,338 1,228,124,891 1,181,229,254 1,708,465,394 2,010,881,334 1,969,393,467 1,997,935,652

1,036,248,978 1,041,016,046 1,004,925,376 1,517,887,733 1,801,815,484 1,739,580,714 1,733,096,800
99,077,497 109,405,465 113,422,317 130,746,780 142,986,027 153,929,440 164,768,982
 98,851,863 77,703,380 62,881,561 59,830,881 66,079,823 75,883,313 100,069,870

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

83.96% 84.76% 85.07% 88.85% 89.60% 88.33% 86.74%
8.03% 8.91% 9.60% 7.65% 7.11% 7.82% 8.25%
8.01% 6.33% 5.32% 3.50% 3.29% 3.85% 5.01%

34.24% 19.02% 18.98% 16.78% 14.42% 13.50% 15.89%

19.98% 17.38% 15.01% 18.93% 18.21% 14.93% 13.22%
14.32% 13.08% 10.03% 10.70% 10.91% 10.32% 10.02%
121.24% 29.77% 178.33% 158.22% 280.72% 151.27% 125.43%

1,234,178,338 1,228,124,891 1,181,229,254 1,708,465,394 2,010,881,334 1,969,393,467 1,997,935,652

 2018-19E 2019-20E 2020-21E 2021-22E 2022-23E

6518329427.55 7588329001.5933

52405288730.55 59993617732.143 68854362261.81 79232535868.7262 91425315074.3543

38376463797.99 42597874815.769 47283641045.5 52484841560.5089 58258174132.1649
14028824932.56 17395742916.374 21570721216.3 26747694308.2173 33167140942.1894

73.23% 71.00% 68.67% 66.24% 63.72%

26.77% 29.00% 31.33% 33.76% 36.28%

14.21% 14.48% 14.77% 15.07% 15.39%

11.00% 11.00% 11.00% 11.00% 11.00%
24.00% 24.00% 24.00% 24.00% 24.00%

24,867,837,020 28,895,515,574 34,771,237,629 41,349,933,083 49,066,904,345

258,840,704 262,026,444 299,968,089 344,271,811 396,162,679

10,848,642,430 12,404,800,827 14,925,425,287 17,293,845,015 19,836,173,325

1,389,487,814 1,545,956,018 1,739,814,914 1,962,349,324 2,099,662,201

11005110633.416 12598659723.75 15147959697.6 17431157891.1198 20113569316.3579

1545956017.5512 1739814914.2322 1962349324.462 2099662201 2377058191.93321
4,783,071,184 5,620,332,460 6,751,565,547 8,107,722,393 9,553,912,579
548,723,855 628,863,465 719,923,413 826,252,347 950,790,430

4863210794.195 5711392408.1001 6857894481.276 8232260476.76065 9700225929.38899

628863464.7666 719923412.78572 826252347.1417 950790430.424714 1097103780.89225
5423947383.6119 6269333053.009 7264135218.621 8715578945.55988 10056784658.179
2567761988.8536 3216459754.4587 4245726875.886 5415231642.6067 7529526431.76358
262026444 299968089 344271811 396162679 457126575
23,620,237,247 27,472,984,450 33,142,549,206 39,480,487,129 46,915,433,098
1,195,194,484 1,362,537,507 1,559,834,061 1,790,213,419 2,060,045,933
1572158661.9165 1799808531.9643 2065630867.854 2376976076.06178 2742759452.23063
26387590393.022 30635330488.569 36768014135.04 43647676623.5384 51718238482.5993
1362537506.9943 1559834061.0357 1790213418.807 2060045932.58688 2377058191.93321

157215866.19165 179980853.19643 206563086.7854 237697607.606178 274275945.223063

 47.45% 48.16% 50.50% 52.19% 53.67%
21.00% 21.00% 22.00% 22.00% 22.00%
2.95% 2.90% 2.85% 2.65% 2.60%
9.28% 9.52% 9.96% 10.39% 10.61%
1.20% 1.20% 1.20% 1.20% 1.20%
10.35% 10.45% 10.55% 11% 11%
0.50% 0.50% 0.50% 0.50% 0.50%
3.00% 3.00% 3.00% 3.00% 3.00%
2.60% 2.60% 2.60% 2.60% 2.60%
0.30% 0.30% 0.30% 0.30% 0.30%

22300075030.983 25679055819.878 30525510753.56 35934701440.7387 41537377913.6795

1572158661.9165 1799808531.9643 2065630867.854 2376976076.06178 2742759452.23063

336254546.1594 421203063.08388 555988043.2707 709137477.008021 986009413.683326
1,908,413,208 2,221,011,595 2,621,618,911 3,086,113,553 3,728,768,866

7336740422.277 8399106482.5001 9639610716.653 11092555021.6217 12799544110.4096

152842975.527 191455937.7654 252721837.8503 322335216.821828 448186097.128785
7,489,583,398 8,590,562,420 9,892,332,555 11,414,890,238 13,247,730,208

3.00% 3.00% 3.00% 3.00% 3.00%

14.00% 14.00% 14.00% 14.00% 14.00%

2358237992.8748 2699712797.9465 3442718113.09 3961626793.43631 4571265753.71771

12,559,413 24,561,910 18,578,531 12,597,647 6,619,666

10466.177246308 20468.258105557 15482.10929349 10498.0388439407 5516.3880531891
10466.177246308 20468.258105557 15482.10929349 10498.0388439407 5516.3880531891
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

4.50% 4.50% 5.00% 5.00% 5.00%

0.01% 0.01% 0.01% 0.01% 0.01%
0.01% 0.01% 0.01% 0.01% 0.01%
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
12.00% 12.00% 12.00% 12.00% 12.00%
631217018.77154 698131818.54459 733257920.4701 772287388.019108 811638024.117981
5% 5% 5% 5% 5%

3,156,085,094 3,490,659,093 3,666,289,602 3,861,436,940 4,058,190,121

3156085093.8577 3490659092.7229 3666289602.351 3861436940.09554 4058190120.58991

25.00% 25.00% 25.00% 25.00% 25.00%

8837038262.8015 9773845459.6242 10265610886.58 10812023432.2675 11362932337.6517

37% 38% 39% 41% 42%

0.00% 0.00% 0.00% 0.00% 0.00%
37.08% 38.19% 39.34% 40.52% 41.73%

3% 3% 3% 3% 3%

0 0
2734246161.72 2816273546.5716 2900761752.969 2987784605.55781 3077418143.72455

9,323,544,926 9,365,162,111 9,642,185,870 9,960,776,879 10,327,761,064

3194797305.1634 41617184.975039 277023758.6633 318591009.011778 366984184.96755

11,658,604,584 12,898,627,812 14,803,687,886 17,272,692,819 19,930,718,686

5240528873.055 5999361773.2143 6885436226.181 8081718658.61007 9325382137.58414
786079330.95825 899904265.98215 1032815433.927 1267720573.89962 1462805041.18967
2749705499.692 2999680886.6072 3442718113.09 3961626793.43631 4571265753.71771
2882290880.1803 2999680886.6072 3442718113.09 3961626793.43631 4571265753.71771

2,335,059,658 3,533,465,701 5,161,502,016 7,311,915,941 9,602,957,622

618382407.02049 1073727374.2546 1718783903.397 2773138755.40542 3565587287.89982
83848461.96888 299968088.66072 550834898.0945 814847999.333306 1051391123.35507
1632828788.7328 2159770238.3572 2891883214.996 3723929185.83013 4985979211.17334

22.25% 21.50% 21.50% 21.80% 21.80%

10.00% 10.00% 10.00% 10.20% 10.20%
1.50% 1.50% 1.50% 1.60% 1.60%
5.25% 5.00% 5.00% 5.00% 5.00%
 5.50% 5.00% 5.00% 5.00% 5.00%

4.46% 5.89% 7.50% 9.23% 10.50%

1.18% 1.79% 2.50% 3.50% 3.90%
0.16% 0.50% 0.80% 1.03% 1.15%
3.12% 3.60% 4.20% 4.70% 5.45%

23,511,901,473 27,596,990,802 32,496,952,977 38,110,548,976 45,393,997,958

2,480,068,125 2,480,068,125 2,480,068,125 2,480,068,125 2,480,068,125
3,132,081,958 3,131,980,451 3,132,005,678 3,132,437,082 3,132,253,082
13.32% 11.35% 9.64% 8.22% 6.90%

7014045843 7063944426 7038972979 7014402510 6989217503

990,754,391 1,040,754,391 1,015,754,391 990,754,391 965,754,391
3,132,081,958 3,131,980,451 3,132,005,678 3,132,437,082 3,132,253,082

2,891,209,494 2,891,209,584 2,891,212,910 2,891,211,037 2,891,210,030

104,661,772 204,682,581 154,821,093 104,980,388 55,163,881

0 0 0 0 0
4,661,772 4,682,581 4,821,093 4,980,388 5,163,881
0 25,000,000 25,000,000 25,000,000 25,000,000
50,000,000 100,000,000 75,000,000 50,000,000 25,000,000
50,000,000 75,000,000 50,000,000 25,000,000 0

0.00% 0.00% 0.00% 0.00% 0.00%

0.05% 0.05% 0.05% 0.05% 0.05%

1231133152 1231133152 1231133152 1231133152 1231133152

1,231,133,152 1,231,133,152 1,231,133,152 1,231,133,152 1,231,133,152

61533265684.802 68572864982.706 76022202322.72 83933464002.0146 92308611734.11

7,373,910,900 7,373,910,900 7,373,910,900 7,373,910,900 7,373,910,900
2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000 2,035,465,000
105,878,200 105,878,200 105,878,200 105,878,200 105,878,200
192,272,252 192,272,252 192,272,252 192,272,252 192,272,252
 0 0 0 0 0
51825739332.802 58865338630.706 66314675970.72 74225937650.0147 82601085382.1086

36634171899 42129297684 48874258558 56205397342 64636206943

5,495,125,785 6,744,960,874 7331138784 8,430,809,601 9695431041

42,129,297,684 48,874,258,558 56,205,397,342 64,636,206,943 74,331,637,984

19145593776.54 22974712531.848 28029149288.85 34475853625.2911 43439575567.8668

3056859510.54 3829118755.308 5054436757.007 6446704336.43655 8963721942.57569
19.00% 20.00% 22% 23% 26%

22983703907.46 25899546026.152 28176248053.15 30160353317.7089 30892062416.1332

0 0

5,907,260,219 6,825,266,718 7,880,974,193 9,063,120,321 10,422,588,370

22983703907.46 25899546026.152 28176248053.15 30160353317.7089 30892062416.1332

3,056,859,511 3,829,118,755 5,054,436,757 6,446,704,336 8,963,721,943

2567761988.8536 3216459754.4587 4245726875.886 5415231642.6067 7529526431.76358
336254546.1594 421203063.08388 555988043.2707 709137477.008021 986009413.683326
152842975.527 191455937.7654 252721837.8503 322335216.821828 448186097.128785

100.00% 100.00% 100.00% 100.00% 100.00%

84.00% 84.00% 84.00% 84.00% 84.00%
11.00% 11.00% 11.00% 11.00% 11.00%
5.00% 5.00% 5.00% 5.00% 5.00%

15.00% 15.00% 15.00% 15.00% 15.00%

10.00% 10.00% 10.00% 10.00% 10.00%

143.66% 119.20% 0.00% 0.00% 0.00%

3,056,859,511 3,829,118,755 5,054,436,757 6,446,704,336 8,963,721,943

 2007-08A 2008-09A 2009-10A 2010-11A

Profitability
Gross Profit 37.98% 40.70% 43.32% 39.42%
Gross Profit without Dep 42.88% 46.02% 48.71% 44.62%
Operating Profit 21.31% 24.77% 25.64% 22.49%
EBIT (OP-WPPF) 15.68% 14.77% 16.46% 15.80%
EBITDA Margin 27.32% 30.60% 31.24% 27.77%
Net Profit 14.60% 17.89% 18.26% 16.68%
Return of Asset 10.23% 14.19% 14.44% 12.57%
Return of Equity 16.21% 19.36% 18.30% 17.73%

Effeciency
Inventory Turnover 140.7462203 118.280111 119.55 104.93
Receivable Turnover 30.81490806 14.7392953 14.41 30.57
Payable Turnover 13.01506349 6.63870549 5.13 42.88
Total Asset Turnover 0.700865247 0.79346283 0.79 0.75

Effective Tax Rate 24.73% 22.95% 23.74% 24.91%

Growth
Gross Revenue 12.98% 10.66% 28.82%
Net Revenue 12.06% 9.68% 30.87%
Opex 7.11% 21.66% 25.35%
Ope. Profit 30.25% 13.55% 14.77%
Net Profit 37.32% 11.95% 19.53%

Debt to Equity 49.76% 30.06% 24.46% 27.35%

Debt to Total Asset 31.41% 22.04% 19.29% 19.38%

Market Price (23.1.2019) 267.8

P/E 1.569703989 1.57062173 1.618336649 1.6127591

Historical 5 years Average P/E 20.67719347

NAV

Restated EPS
 2011-12A 2012-13A 2013-14A 2014-15A 2015-16A 2016-17A 2017-18A

39.85% 43.55% 44.30% 44.00% 48.35% 49.99% 49.34%

45.09% 48.70% 48.62% 49.69% 53.80% 54.75% 53.71%
23.31% 25.19% 26.41% 27.01% 32.64% 33.65% 32.23%
15.43% 17.13% 16.60% 15.57% 14.06% 14.57% 15.34%
28.43% 30.05% 30.19% 31.99% 37.08% 37.27% 35.50%
15.78% 17.59% 18.27% 19.44% 25.05% 26.60% 26.46%
12.82% 13.04% 13.69% 14.74% 18.70% 18.50% 17.12%
16.34% 15.88% 15.90% 16.68% 20.43% 19.82% 18.15%

89.73 91.19 73.22 75.20 74.23 66.32 70.82

15.10 14.68 12.03 12.24 14.74 22.01 14.87
16.29 0.23 6.14 6.22 14.83 16.86 9.53
0.81 0.74 0.75 0.76 0.75 0.70 0.65

28.16% 26.93% 28.11% 25.52% 24.00% 23.73% 24.24%

16.98% 3.11% 15.35% 14.43% 24.30% 10.33% 8.52%

16.63% 2.04% 15.18% 14.68% 23.94% 10.49% 8.51%
13.96% 13.24% 12.26% 8.90% 14.59% 14.96% 13.58%
20.91% 10.26% 20.74% 17.31% 49.78% 13.89% 3.94%
10.39% 13.71% 19.62% 22.02% 59.77% 17.29% 7.94%

16.86% 13.18% 6.64% 4.24% 0.01% 0.00% 0.00%

13.22% 10.82% 5.72% 3.75% 0.01% 0.00% 0.00%

19.59965667 24.05449249 26.1053634 24.82517689 18.1538094 17.269192082 17.0324255879

49040374351.00 57841467891.00
62.15 73.31

15.51 16.90

6859450000
 2018-19E 2019-20E

44.17% 43.34% 40.59%

49.94% 49.64% 47.84%
23.08% 22.13% 19.21%
19.68% 19.83% 20.13%
28.52% 28.27% 26.59%
19.84% 19.17% 17.54%
13.56% 13.31% 12.44%
14.36% 14.25% 13.50%

76.92 75.78 72.28

22.53 21.47 21.47
9.08 13.56 18.04
0.68 0.69 0.71

26.32% 26.32%

14.21% 14.48%
12.33% 14.48%
38.55% 15.04%
-19.58% 9.81%
-15.76% 10.60%

0.17% 0.30% 0.20%

0.16% 0.28% 0.19%

19.5627691695 17.6215936955 16.5988983706

61547401225.40 68589827632.11 76043405633.94
78.01 86.93 96.38

14.72 16.34 16.13

Assumptions

Growth of local Revenue

Growth of Export Revenue

As a % of Total Revenue
Check- COGS
Raw Materials Purchase
Raw Materials Closing Stock
Packaging Materials Purchase
Packaging Materials Closing Stock
Factory Overhead
Work in Progress (Closing)
Finished Goods (Purchase)
Finished Goods (Closing)
Cost of Physician Sample

depreciation

2007-08A 2008-09A 2009-10A

Growth of non controlling interest -8.74% -28.33%

Growth pf Profit/(Loss) from Associate Undertakings 343.15% -338.21%

Growth of Associate undertaking 30.26% -1.48%

Interest Received as a % of other income 25.95% 16.05% 26.94%

Dividend Received as a % of other income 1.30% 10.51% 22.56%
Gain on Marketable Securities as a % of other income 0.00% 23.26% 6.08%

Rate of Interest Received 6.42%

 13.96%
85.28%

48.87%

10.46%
1.53%

1.90%

16.74%

75.00% 65.00% 65.00% 65.00% 65.00% 55.00% 45.00% 42.50%

7.05% 7.18% 7.58% 7.99% 9.00% 9.12% 8.11% 7.58%

2010-11A 2011-12A 2012-13A 2013-14A 2014-15A 2015-16A 2016-17A 2017-18A 2018-19E

5.70% -18.30% -0.44% 11.19% 31.49% 78.88% 172.48% 15.61% 15.61%

228.37% 15.54% 16.31% 20.81% 14.31% 15.23% 1.34% 20.10% 14.00%

9.58% 10.19% 4.37% 9.14% 12.53% 12.07% 10.94% 12.65% 13.00%

33.99% 50.37% 46.83% 61.78% 53.85% 38.52% 53.72% 54.05% 40.00%

17.74% 21.76% 25.65% 52.22% 53.98% 7.18% 27.02% 16.74% 12.00%
27.57% 0.00% 0.00% 2.69% 2.34% 1.67% 5.24% 16.51% 7%
50.00% 42.50% 43.00% 37.08% 38.19%

7.69% 5.95% 5.48% 4.44% 4.11%

2019-20E 2020-21E 2021-22E 2022-23E

20% 25% 25% 25%

14.00% 14.00% 14.00% 14.00%

13.00% 13.00% 13.00% 13.00%

38.00% 40.00% 40.00% 40.00%

11.00% 12.00% 12.00% 12.00%
7% 7% 7% 7%
Valuation Based on Net Asset Value per Share

Total Asset 61,273,001,535 65168255807.5884

Total Liability 3,456,434,704 3,634,990,123

NAV 57,816,566,831 61,533,265,684

No of Share 789,008,466 789,008,466

Price per Share 73.28 77.99

Price 266.3
P/E 22
NAV 46662876378
NAVPS 63.28
P/NAV 4.2082806574

Valuation Based on Earning based value per share

23.1.2019

Overall Market P/E 16.14

Sectoral Market P/E 18.5

EPS (Five years average) 13.4055849338

Price per share 216.37

Average Market Price of Similar Stock Based Valuation:

Date
JAN 16,2019
Average Market Price of Similar Stock

Valuation Based on Net Asset Value per Share 73.28

Valuation Based on Earning based value per share 216.37
Average Market Price of Similar Stock Based Valuation 393.78
Offer price per share 227.81
 18.46

Total Equity and Liability share equity

61,273,001,535 57,816,566,831

393.78
Cost of Equity 4.3%

Dividend Per Share 3.4654205621

Cash Dividend Growth Rate 3%

Current Market Value of Stock 267.8

Debt 0

Equity 7373910900

Total market value of the firm’s financing (equity and debt) 7373910900

percentage of financing that is equity 100.00%

percentage of financing that is debt 0.00%

WACC 4.3%

Multiple Expected EPS

Peer P/E 18.53 13.69
Average Historical P/E 20.68 13.69
Average Market Price of Similar Stock Based Valuation
Valuation Based on Net Asset Value per Share
Valuation Based on Peer EV/EBITDA
Offer price per share
Valuations
325.63
363.29
378.03
73.28
264.82
281.01
 341
ACI
162.1
ACIFORMULA
90.00
ACMELAB
28.9
ACTIVEFINE
35.3
ADVENT
32.3
AFCAGRO
725
AMBEEPHA
19.7
BEACONPHAR
87.00
BXPHARMA
8.3
BXSYNTH
14.2
CENTRALPHL
15.5
FARCHEM
43.3
GHCL
1385.2
GLAXOSMITH
260.9
IBNSINA
31.1
IBP
23.2
IMAMBUTTON
412.6
JMISMDL
6.5
KEYACOSMET
379.7
KOHINOOR
943
LIBRAINFU
1235.00
MARICO
 60
ORIONINFU
37.6
ORIONPHARM
667.9
PHARMAID
2267.4
RECKITTBEN
1145
RENATA
18.2
SALVOCHEM
31.3
SILVAPHL
267.7
SQURPHARMA
572.5
WATACHEM
378.03
 Beximco IBN SINA Renata

Number of Share Outstanding 876,318,880 31243628 80535675

Price 25.6 260.9 1147
Market Value of Equity 22433763328 8151462545.2 92374419225

Short Term Loan 5,600,826,635 552022978 2,405,241,798

Long Term Loan 5586415012 96031992 99,662,486
Total Debt 11,187,241,647 648,054,970 2,504,904,284

Cash and Cash Equivalents 393,735,946 170014165 1,083,732,442

Enterprise Value 33,227,269,029 8,629,503,350 93,795,591,067

EBIT 3,857,859,694 377647994 4456456844

Depreciation and Amortization 9,402,891,915 112239130 4330880038

EBITDA 13260751609 489887124 8787336882

EV/EBITDA 2.5056851986 17.6152891706 10.673949608

Average Multiple 14.60

Expected EBITDA 12704304287.02

Enterprise Value 185503422619.69

Cash & Cash Equivalents 23511901473.2429

Total Debt 54661772.4630817
Non Controlling Interest 14135541.0559

Equity Value 208946526779.41

No of Shares 789008466
Value Per Share 264.821653738
 Kohinoor

16818750
377.5
6349078125

142909410
326089784
468,999,194

183199401

6,634,877,918

219238363
21055157

240293520

27.6115557257