Consolidated Balance Sheet of Sun Pharmaceutical Industries

------------------- in Rs. Cr. -------------------

Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 239.93 239.93 239.93 240.66 207.12

Total Share Capital 239.93 239.93 239.93 240.66 207.12

Revaluation Reserves 0 0 0 0 3.98

Reserves and Surplus 41,169.13 37,860.63 36,399.74 32,741.82 25,378.61

Total Reserves and Surplus 41,169.13 37,860.63 36,399.74 32,741.82 25,382.59

Total Shareholders Funds 41,409.06 38,100.56 36,639.67 32,982.48 25,589.71

Equity Share Application Money 0 0 0 0 14.9

Share Capital Suspense 0 0 0 0 33.48

Minority Interest 3,313.54 3,884.16 3,790.86 4,085.25 2,851.19

NON-CURRENT LIABILITIES

Long Term Borrowings 1,522.61 1,772.09 1,436.08 3,110.30 1,368.42

Deferred Tax Liabilities [Net] 104.28 218.96 314.79 102.77 98.52

Other Long Term Liabilities 574.31 58.25 130.71 209.65 186.34

Long Term Provisions 430.39 404.46 1,211.11 1,895.86 2,532.34

Total Non-Current Liabilities 2,631.59 2,453.76 3,092.69 5,318.58 4,185.62

CURRENT LIABILITIES

Short Term Borrowings 8,370.76 7,979.70 6,654.92 5,206.12 6,227.92

Trade Payables 4,147.87 4,766.20 4,395.39 3,582.92 3,153.83

Other Current Liabilities 1,888.66 2,008.76 2,820.80 1,381.48 2,765.97

Short Term Provisions 2,932.33 5,109.66 4,015.91 2,973.44 4,205.28

Total Current Liabilities 17,339.62 19,864.32 17,887.02 13,143.96 16,353.00

Total Capital And Liabilities 64,693.81 64,302.80 61,410.24 55,530.27 49,027.90

ASSETS

NON-CURRENT ASSETS

Tangible Assets 10,027.42 9,159.03 8,495.29 7,583.14 6,975.18

Intangible Assets 5,853.35 4,086.91 3,643.66 2,654.37 2,006.33

Capital Work-In-Progress 910.79 1,434.47 1,564.76 1,203.46 1,531.77

Intangible Assets Under
500.36 1,030.69 1,236.62 971.99 506.84
Development
Fixed Assets 17,291.92 15,711.10 14,940.33 12,412.96 11,020.12

Non-Current Investments 3,951.81 3,052.25 961 1,116.07 598.87

Deferred Tax Assets [Net] 2,554.87 2,193.78 2,492.82 3,148.99 1,850.16

Long Term Loans And Advances 17.04 2,242.47 69.81 107.32 2,680.50

Other Non-Current Assets 3,853.21 3,860.59 4,456.41 3,168.89 55.35

Total Non-Current Assets 33,624.62 32,666.90 28,456.59 25,588.97 19,905.96

CURRENT ASSETS

Current Investments 3,950.72 4,090.62 230.88 713.81 2,117.43

Inventories 7,885.98 6,880.69 6,832.81 6,422.54 5,667.99

Trade Receivables 8,884.20 7,815.28 7,202.61 6,775.66 5,312.32

Cash And Cash Equivalents 7,275.60 9,929.38 15,140.84 13,181.65 10,998.04

Short Term Loans And Advances 309.35 91.43 1,019.08 1,071.55 2,193.25

OtherCurrentAssets 2,763.34 2,828.50 2,527.43 1,776.09 2,832.91

Total Current Assets 31,069.19 31,635.90 32,953.65 29,941.30 29,121.94

Total Assets 64,693.81 64,302.80 61,410.24 55,530.27 49,027.90

OTHER ADDITIONAL
INFORMATION
CONTINGENT LIABILITIES,
COMMITMENTS
Contingent Liabilities 9,316.47 9,101.10 7,782.96 5,070.76 5,950.10

BONUS DETAILS

Bonus Equity Share Capital 183.81 183.81 183.81 184.37 184.37

NON-CURRENT INVESTMENTS
Non-Current Investments Quoted
2,971.17 2,219.43 367.34 684.68 1,083.45
Market Value
Non-Current Investments
849.34 642.95 200.32 174.84 377.69
Unquoted Book Value
CURRENT INVESTMENTS
Current Investments Quoted
3,388.60 3,572.67 23.01 23.68 188.07
Market Value
Current Investments Unquoted
562.12 517.95 207.87 690.13 1,936.25
Book Value
 Consolidated Profit & Loss account of Sun Pharmaceutical Industries
------------------- in Rs. Cr. -------------------

Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

INCOME

Revenue From Operations [Gross] 28,686.28 26,065.94 30,264.23 27,888.07 27,570.88

Less: Excise/Sevice Tax/Other Levies 0 73.92 270.3 0 284.38

Revenue From Operations [Net] 28,686.28 25,992.02 29,993.93 27,888.07 27,286.50

Other Operating Revenues 379.63 423.52 1,314.21 598.96 146.94

Total Operating Revenues 29,065.91 26,415.54 31,308.14 28,487.03 27,433.44

Other Income 1,025.49 838.76 623.15 658.25 547.66

Total Revenue 30,091.40 27,254.30 31,931.29 29,145.28 27,981.10

EXPENSES

Cost Of Materials Consumed 5,782.70 4,462.60 5,124.61 4,181.63 4,158.69

Purchase Of Stock-In Trade 2,519.38 2,731.38 3,277.76 2,542.52 2,465.99

Changes In Inventories Of FG,WIP
-433.11 230.7 -271.63 -393.77 114.49
And Stock-In Trade
Employee Benefit Expenses 5,967.09 5,367.05 4,902.30 4,772.31 4,429.86

Finance Costs 555.25 517.57 399.8 523.24 578.99

Depreciation And Amortisation
1,753.25 1,499.84 1,264.75 1,037.53 1,194.72
Expenses
Other Expenses 8,922.26 8,015.68 8,185.83 9,226.02 8,397.71

Total Expenses 25,066.82 22,824.82 22,883.42 21,889.48 21,340.45

Profit/Loss Before Exceptional,
5,024.58 4,429.48 9,047.87 7,255.80 6,640.65
ExtraOrdinary Items And Tax
Exceptional Items -1,214.38 -950.5 0 -685.17 -237.75

Profit/Loss Before Tax 3,810.20 3,478.98 9,047.87 6,570.63 6,402.90

Tax Expenses-Continued Operations

Current Tax 803.96 662.8 404.64 1,195.41 1,647.93

Deferred Tax -203.08 -72.06 806.93 -281.64 -733.24

Tax For Earlier Years 0 254.45 0 0 0

Total Tax Expenses 600.88 845.19 1,211.57 913.77 914.69

Profit/Loss After Tax And Before
3,209.32 2,633.79 7,836.30 5,656.86 5,488.21
ExtraOrdinary Items
Profit/Loss From Continuing
3,209.32 2,633.79 7,836.30 5,656.86 5,488.21
Operations
Profit/Loss For The Period 3,209.32 2,633.79 7,836.30 5,656.86 5,488.21

Minority Interest -542.44 -446.8 -881.86 -1,112.60 -936.27

Share Of Profit/Loss Of Associates -1.46 -25.44 9.93 1.45 -12.56

Consolidated Profit/Loss After MI
2,665.42 2,161.55 6,964.37 4,545.71 4,539.38
And Associates
OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 11 9 29 19 19

Diluted EPS (Rs.) 11 9 29 19 19

DIVIDEND AND DIVIDEND
PERCENTAGE
Equity Share Dividend 479.16 797.74 240.68 721.95 721.95

Tax On Dividend 98.49 162.4 49 146.97 146.97

 Consolidated Key Financial Ratios of Sun Pharmaceutical Industries

------------------- in Rs. Cr. -------------------

Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

Per Share Ratios

Basic EPS (Rs.) 11.1 9 29 18.9 18.9

Diluted EPS (Rs.) 11.1 9 29 18.9 18.9

Cash EPS (Rs.) 20.68 17.23 37.93 27.82 32.27

Book
186.4 174.99 168.51 154.03 137.3
Value[ExclRevalReserve]/Share
Book
186.4 174.99 168.51 154.03 137.32
Value[InclRevalReserve]/Share
Revenue from Operations/Share
121.14 110.1 130.49 118.37 132.45
(Rs.)
PBDIT/Share (Rs.) 30.56 26.87 44.65 36.63 40.63

PBIT/Share (Rs.) 23.26 20.62 39.38 32.32 34.86

PBT/Share (Rs.) 15.88 14.5 37.71 27.3 30.91

Net Profit/Share (Rs.) 13.38 10.98 32.66 23.51 26.5

NP After MI And SOA / Share (Rs.) 11.11 9.01 29.03 18.89 21.92

Profitability Ratios

PBDIT Margin (%) 25.22 24.4 34.21 30.94 30.67

PBIT Margin (%) 19.19 18.72 30.17 27.3 26.31

PBT Margin (%) 13.1 13.17 28.89 23.06 23.33

Net Profit Margin (%) 11.04 9.97 25.02 19.85 20

NP After MI And SOA Margin (%) 9.17 8.18 22.24 15.95 16.54

Return on Networth/Equity (%) 6.43 5.67 19 13.78 17.74

Return on Capital Employed (%) 11.78 11.13 21.7 18.35 13.89

Return on Assets (%) 4.12 3.36 11.34 8.18 9.25

Total Debt/Equity (X) 0.24 0.26 0.22 0.25 0.3

Asset Turnover Ratio (%) 44.92 41.07 50.98 51.3 55.95

Liquidity Ratios

Current Ratio (X) 1.79 1.59 1.84 2.28 1.78

Quick Ratio (X) 1.34 1.25 1.46 1.79 1.43

Inventory Turnover Ratio (X) 3.69 3.84 4.58 4.44 4.84

Dividend Payout Ratio (NP) (%) 17.97 36.9 3.45 15.88 15.9

Dividend Payout Ratio (CP) (%) 10.84 21.78 2.92 12.93 12.59

Earnings Retention Ratio (%) 82.03 63.1 96.55 84.12 84.1

Cash Earnings Retention Ratio (%) 89.16 78.22 97.08 87.07 87.41

Coverage Ratios

Interest Coverage Ratios (%) 10.05 9.56 23.63 14.87 12.47

Interest Coverage Ratios (Post
10.05 9.56 23.63 14.87 12.47
Tax) (%)
Valuation Ratios

Enterprise Value (Cr.) 1,20,917.76 1,22,567.89 1,61,740.88 1,96,428.86 2,11,177.91

EV/Net Operating Revenue (X) 4.16 4.64 5.17 6.9 7.7

EV/EBITDA (X) 16.49 19.01 15.1 22.28 25.1

MarketCap/Net Operating
3.96 4.5 5.27 6.92 7.72
Revenue (X)
Retention Ratios (%) 82.02 63.09 96.54 84.11 84.09

Price/BV (X) 2.78 3.12 4.5 5.98 8.28

Price/Net Operating Revenue 3.96 4.5 5.27 6.92 7.72

Earnings Yield 0.02 0.02 0.04 0.02 0.02