CIPLA LIMITED

INTRODUCTION

Cipla Limited, together with its subsidiaries, manufactures, develops, and sells
pharmaceutical products in India, the United States, South Africa, and
internationally. The company operates through Pharmaceuticals and New ventures
segments. It also offers active pharmaceutical ingredients; and formulations in
various therapeutic areas, such as MI, angina, heart failure, hypertension,
arrhythmia, lipid abnormalities and diabetes, obesity, HIV, respiratory, urology,
oncology, cardio-metabolism, child health, infectious diseases and critical care,
hepatitis, women's health, ophthalmology, and neuro psychiatry. In addition, the
company provides respiratory products, including inhalers and nasal sprays, as
well as other respiratory products consists of injectables and biosimilars. Further,
it offers Easy lax and Easy lax L, a liquid paraffin for constipation. Cipla Limited
was incorporated in 1935 and is based in Mumbai, India.
CIPLA LIMITED BALANCE SHEET
CIPLA LIMITED INCOME STATEMENT
CIPLA LIMITED COMPARATIVE BALANCE SHEET

Comparative Balance Sheet (2020 vs. 2021)

Column1 Column2 Column3 Column4 Column5

Category 2020 Value 2021 Value Absolute Change Percentage Change
Total Assets 236,625,600 251,518,900 14,893,300 6.29%
Total Liabilities 76,052,800 65,663,000 -10,389,800 -13.65%
Total Equity 160,572,800 185,855,900 25,283,100 15.75%
Common Stock Equity 157,630,000 183,265,300 25,635,300 16.26%
Capital Lease Obligations 2,727,700 2,588,500 -139,200 -5.10%
Net Tangible Assets 109,289,300 134,909,800 25,620,500 23.47%
Working Capital 73,130,400 86,179,600 13,049,200 17.85%
Invested Capital 185,794,300 200,820,900 15,026,600 8.09%
Tangible Book Value 109,289,300 134,909,800 25,620,500 23.47%
Total Debt 30,892,000 20,144,100 -10,747,900 -34.77%
Net Debt 20,740,500 9,622,700 -11,117,800 -53.61%
Share Issued 806,235 806,463 228 0.03%

Comparative Balance Sheet (2021 vs. 2022)

Column1 Column2 Column3 Column4 Column5

Category 2021 Value 2022 Value Absolute Change Percentage Change
Total Assets 251,518,900 271,011,200 19,492,300 7.74%
Total Liabilities 65,663,000 59,837,400 -5,825,600 -8.87%
Total Equity 185,855,900 211,173,800 25,317,900 13.63%
Common Stock Equity 183,265,300 208,416,900 25,151,600 13.72%
Capital Lease Obligations 2,588,500 2,316,400 -272,100 -10.52%
Net Tangible Assets 134,909,800 160,009,000 25,099,200 18.61%
Working Capital 86,179,600 98,143,300 11,963,700 13.88%
Invested Capital 200,820,900 216,658,300 15,837,400 7.88%
Tangible Book Value 134,909,800 160,009,000 25,099,200 18.61%
Total Debt 20,144,100 10,557,800 -9,586,300 -47.56%
Net Debt 9,622,700 1,464,000 -8,158,700 -84.73%
Share Issued 806,463 806,814 351 0.04%
Comparative Balance Sheet (2022 vs. 2023)

Column1 Column2 Column3 Column4 Column5

Category 2022 Value 2023 Value Absolute Change Percentage Change
Total Assets 271,011,200 294,632,800 23,621,600 8.71%
Total Liabilities 59,837,400 57,497,400 -2,340,000 -3.91%
Total Equity 211,173,800 237,135,400 25,961,600 12.29%
Common Stock Equity 208,416,900 234,077,800 25,660,900 12.30%
Capital Lease Obligations 2,316,400 2,827,600 511,200 22.07%
Net Tangible Assets 160,009,000 188,937,800 28,928,800 18.08%
Working Capital 98,143,300 121,652,800 23,509,500 23.97%
Invested Capital 216,658,300 239,399,200 22,740,900 10.49%
Tangible Book Value 160,009,000 188,937,800 28,928,800 18.08%
Total Debt 10,557,800 8,149,000 -2,408,800 -22.80%
Net Debt 1,464,000 - -1,464,000 -100.00%
Share Issued 806,814 807,151 337 0.04%

Comparative balance sheet for the years 2020, 2021, 2022, and 2023

Category 2020 Value 2021 Value 2022 Value 2023 Value Absolute Change (2020-2023) Percentage Change (2020-2023)
Total Assets 236,625,600 251,518,900 271,011,200 294,632,800 58,007,200 24.5%
Total Liabilities 76,052,800 65,663,000 59,837,400 57,497,400 -18,555,400 -24.4%
Total Equity 160,572,800 185,855,900 211,173,800 237,135,400 76,562,600 47.7%
Common Stock Equity 157,630,000 183,265,300 208,416,900 234,077,800 76,447,800 48.5%
Capital Lease Obligations 2,727,700 2,588,500 2,316,400 2,827,600 99,900 3.7%
Net Tangible Assets 109,289,300 134,909,800 160,009,000 188,937,800 79,648,500 72.9%
Working Capital 73,130,400 86,179,600 98,143,300 121,652,800 48,522,400 66.4%
Invested Capital 185,794,300 200,820,900 216,658,300 239,399,200 53,604,900 28.8%
Tangible Book Value 109,289,300 134,909,800 160,009,000 188,937,800 79,648,500 72.9%
Total Debt 30,892,000 20,144,100 10,557,800 8,149,000 -22,743,000 -73.6%
Net Debt 20,740,500 1,464,000 - - -19,276,500 -93.0%
Share Issued 806,235 806,463 807,151 807,151 1,916 0.2%
Ordinary Shares Number 806,235 806,463 807,151 807,151 1,916 0.2%
Common size balance sheet of Cipla Limited as on mar 2021,2022 and 2023
(in cr).

Column1 Column2 Column3 Column4 Column5 Column6 Column7

PARTICULARS Mar-21 Mar-22 Mar-23 Mar-2021 % Mar-2022 % Mar-2023 %

EQUITIES AND LIABILITIES
Total Liabilities Net Minority
Interest 5,74,97,400 5,98,37,400 6,56,63,000 64.18% 63.88% 65.37%
NON-CURRENTLIABILITIES
Total Non Current Liabilities
Net Minority Interest 64,00,700 1,07,05,300 1,97,47,500 2.18% 3.95% 7.83%
Long Term Provisions 10,21,600 10,02,200 11,61,700 0.35% 0.37% 0.49%
Long Term Debt And Capital
Lease Obligation 20,88,200 57,45,200 1,40,06,400 0.71% 2.12% 5.58%
Other Non Current Liabilities 2,04,100 1,25,000 1,34,500 0.07% 0.05% 0.05%
CURRENTLIABILITIES
Current Liabilities 5,10,96,700 4,91,32,100 4,59,15,500 17.32% 18.14% 18.25%
Current Provisions 1,28,66,700 1,22,10,000 1,07,83,200 2.18% 3.95% 7.83%
Current Debt And Capital
Lease Obligation 60,60,800 48,12,600 61,37,700 2.06% 1.78% 2.45%
Other Current Liabilities 5,23,000 4,61,500 6,19,000 0.18% 0.17% 0.25%
TOTALCAPITALAND
LIABILITIES 29,53,70,100 27,08,96,800 25,11,80,500 100.00% 100.00% 100.00%
CURRENTASSETS
Current Assets 17,27,49,500 14,72,75,400 13,20,95,100 58.65% 54.36% 52.54%
Cash, Cash Equivalents &
Short Term Investments 6,26,30,600 4,63,16,700 3,74,63,100 21.26% 17.07% 14.91%
Trend analysis for the year 2021,2022 and 2023 (in cr)

Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8

Trend Trend Trend
analysis analysis analysis
Particulars Mar '20 Mar '21 Mar '22 Mar '23 2021 2022 2023
Equity and Liabilities
Equity Share Capital 2,129.00 2,130.00 2,103.00 2,074.00 0.05% -1.27% -1.38%
Reserves and Surplus 59,808.00 69,029.00 66,597.00 64,793.00 15.42% -3.53% -2.72%
Deferred Tax Liabilities
(Net) 556 511 841 866 -8.09% 64.50% 3.00%
Other Long-Term
Liabilities 3,031.00 4,275.00 4,264.00 5,284.00 41.04% -0.26% 23.91%
Shareholders' Fund
Trade Payables 1,529.00 1,562.00 2,669.00 2,426.00 2.16% 71.20% -9.11%
Other Current Liabilities 13,185.00 15,399.00 21,387.00 23,853.00 16.79% 38.86% 11.55%
Short Term Provisions 506 661 920 1,163.00 30.63% 39.21% 26.43%
Non-Current Liabilities
Tangible Assets 13,897.00 14,365.00 14,695.00 15,217.00 3.37% 2.29% 3.56%
Intangible Assets 77 234 243 214 203.90% 3.85% -11.93%

Capital Work-In-Progress 945 906 411 275 -4.13% -54.67% -33.11%

Non-Current
Investments 13,916.00 22,118.00 22,869.00 23,686.00 58.94% 3.40% 3.57%

Deferred Tax Assets (Net) 1,429.00 955 970 779 -33.17% 1.57% -19.66%
Current Investments 4,006.00 2,037.00 5,467.00 4,476.00 -49.15% 168.14% -18.08%
Current Liabilities
Trade Receivables 15,459.00 16,394.00 18,966.00 20,773.00 6.05% 15.66% 9.54%
Cash And Cash
Equivalents 13,562.00 17,612.00 12,270.00 6,534.00 29.86% -30.35% -46.71%
Other Current Assets 10,486.00 12,010.00 15,515.00 20,008.00 14.53% 29.19% 29.03%
Total Capital and
Liabilities
Financial Ratios for The Year 2019,2020,2021,2022,2023

Column1 Column2 Column3 Column4 Column5 Column6 Column7

PARTICULARS Mar-21 Mar-22 Mar-23 Mar-2021 % Mar-2022 % Mar-2023 %

EQUITIES AND LIABILITIES
Total Liabilities Net Minority
Interest 5,74,97,400 5,98,37,400 6,56,63,000 64.18% 63.88% 65.37%
NON-CURRENTLIABILITIES
Total Non Current Liabilities
Net Minority Interest 64,00,700 1,07,05,300 1,97,47,500 2.18% 3.95% 7.83%
Long Term Provisions 10,21,600 10,02,200 11,61,700 0.35% 0.37% 0.49%
Long Term Debt And Capital
Lease Obligation 20,88,200 57,45,200 1,40,06,400 0.71% 2.12% 5.58%
Other Non Current Liabilities 2,04,100 1,25,000 1,34,500 0.07% 0.05% 0.05%
CURRENTLIABILITIES
Current Liabilities 5,10,96,700 4,91,32,100 4,59,15,500 17.32% 18.14% 18.25%
Current Provisions 1,28,66,700 1,22,10,000 1,07,83,200 2.18% 3.95% 7.83%
Current Debt And Capital
Lease Obligation 60,60,800 48,12,600 61,37,700 2.06% 1.78% 2.45%
Other Current Liabilities 5,23,000 4,61,500 6,19,000 0.18% 0.17% 0.25%
TOTALCAPITALAND
LIABILITIES 29,53,70,100 27,08,96,800 25,11,80,500 100.00% 100.00% 100.00%
CURRENTASSETS
Current Assets 17,27,49,500 14,72,75,400 13,20,95,100 58.65% 54.36% 52.54%
Cash, Cash Equivalents &
Short Term Investments 6,26,30,600 4,63,16,700 3,74,63,100 21.26% 17.07% 14.91%