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ICICI Securities Ltd. | Retail Equity Research

February 22, 2016

Monthly Update

Q3 performances driven by US exclusivities… In Q3FY16, the I-direct Pharma universe (ex-Ajanta Pharma) registered YoY revenue growth of 8.9% to | 33828 crore, driven by 12.0% YoY growth to | 10356.0 crore in the US and 10.5% YoY growth to | 7336.8 crore in domestic formulations (select pack). US growth was driven by one-off opportunities at Torrent from gAbilify (CNS) and consolidation of new acquisitions (Natrol by Aurobindo, Habitrol by Dr Reddy’s). gNexium (GI) traction for Cipla and gAbilify for Alembic was not reflected in US sales due to non-disclosure of specific traction. Domestic growth was driven by strong growth across segments as well as base effect. Currency headwinds in emerging markets continued to affect overall numbers. The EBITDA for the universe grew 17.3% YoY to | 8533 crore. Higher growth vis-à-vis revenue was on account of margin expansion (164.6 bps YoY) as stronger US traction nullified the currency impact in emerging markets and higher R&D spends. Adjusted net profit grew 57.7% YoY to | 5414.4 crore mainly due to higher other income and lower taxation. On the compliance front, the USFDA inspected Unit III and Unit VII facilities of Aurobindo Pharma. There was no 483 issued to Unit III. There were four observations with regard to Unit VII. The company does not expect any major impact on its operations and exports from these facilities. Ipca Labs has received warning letters for manufacturing units at Ratlam (Madhya Pradesh), SEZ Indore (Pithampur) and Piparia (Silvassa). Import alerts were already issued to these plants by USFDA. In a move to enhance shareholder’s confidence in tough times, Dr Reddy's has proposed a share buyback for an aggregate amount not exceeding | 1569.4 crore, at a price not exceeding | 3500/share. On the US launches front, Lupin has launched the generic version of diabetic drug gGlumetza in the US under exclusivity. Sun has also launched oncology drug gGleevec under exclusivity in the US. The Indian pharmaceutical market (IPM) grew 9.1% YoY to | 8014 crore for January. Growth was mainly driven by price hikes – 5.1%, volume growth – 1.2% and new product launches – 2.8%. Among our covered companies Alembic registered highest growth of 23.0% YoY followed by Glenmark, Lupin, Cipla and Dr Reddy’s registering growth of 23.0%, 16.3%, 13.4%, 11.6% and 10.3%, respectively. On a MAT basis, IPM growth was at 14.0% YoY to | 96954 crore. Recent headwinds factored in; long term drivers still intact Back-to-back warning letters to Indian companies from USFDA coupled with currency headwinds in emerging markets have weighed on prices. However, we believe recent setbacks have already been factored in the benchmark Nifty Pharma index, which is down ~18% from the peak and trading at ~17x FY18E vs. historical range of 20-22x. Going ahead, Street apprehensions on account of compliance issues and currency volatility in emerging markets are likely to be mitigated by acceleration in US approvals (148 ANDAs in CY15 against 105 in CY14) and sustainable growth in domestic formulations. We expert pharma universe’s revenue, EBITDA and PAT to grow at a CAGR of 15.5%, 16.6% and 19.9%, respectively, in FY16-18E. We continue to maintain a positive view on the sector on the back of earnings visibility, consistent operating cash flows, healthy operating margins, relatively low leverage and strong return ratios.

Health CheckSector View

Outperformer

Index Performance as on February 22, 2016

Return (%) 1M 3M YTD 1Y

CNX 500 -3 -9 -11 -17

Nifty -3 -8 -9 -18

NSE Pharma 2 -2 -5 -3

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 21-Feb

Sun Pharma.Inds. 10 20 6 -5 209411

Lupin 5 -1 -2 6 81055

Dr Reddy's Labs 7 -8 -1 -9 52722

Cipla -10 -19 -19 -22 42298

Aurobindo Pharma -21 -23 -27 22 37540

Cadila Health. 10 -21 1 3 33824

Glaxosmit Pharma 2 1 -3 1 27290

Divi's Lab. -6 -11 -12 21 27086

Torrent Pharma. -5 -13 -9 19 22460

Glenmark Pharma. -1 -23 -19 -6 21001

Apollo Hospitals 2 7 -3 7 19823

Alembic Pharma -2 -6 -11 46 11740

Ajanta Pharma 7 -4 -4 18 11280

Biocon -4 2 -10 4 9284

Pfizer -12 -18 -16 -1 9026

Wockhardt -33 -50 -47 -45 8928

Strides Arcolab -16 -30 -26 4 8502

Natco Pharma -12 -10 -20 68 8099

Ipca Labs. 0 -16 -14 -6 8077

Jubilant Life -8 -24 -25 91 4926

Indoco Remedies -13 -13 -20 -17 2412

Unichem Labs. -11 -29 -24 -6 1845

Dishman Pharma. -8 9 42 72 1139

Return (%)

Market cap in | crore

Price movement

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Feb-15 May-15 Aug-15 Nov-15 Feb-16

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CNX Pharma Nifty (RHS)

Research Analyst

Siddhant Khandekar [email protected] Mitesh Shah [email protected]

Nandan Kamat [email protected]


Regulatory approvals

Exhibit 1: Summary of USFDA approvals for January, 2016

[5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Norethindrone Acetate Gynacology Duramed Res Aygestin US$ 24 millionAurobindo Pharma Tranexamic Acid Hemophiliac Pharmacia and Upjohn Cyklokapron US$ 50 millionAurobindo Pharma Paricalcitol Hormonal Abbvie Zemplar US$ 110 millionAurobindo Pharma Voriconazole Anti-Infection PF Prism CV Vfend US$ 103 millionGlenmark Pharma Potassium Chloride Hypokalemia Upsher Smith Klor-Con US$ 74.1 millionGlenmark Pharma Norethindrone Acetate and Ethinyl Estradiol CVS Warner Chilcott Loestrin US$ 56.8 millionNatco Pharma Lansoprazole Anti-ulcer Takeda Pharms Prevacid NASun Pharma Minocycline Hydrochloride Anti-biotic Medicis Solodyn US$750 millionSun Pharma Buprenorphine Hydrochloride Anti-pain Endo Pharms Belbuca NATaro Pharma Naftifine Hydrochloride Anti-fungal Merz Pharms Naftin NAUnichem Labs Alfuzosin Hydrochloride Prostatic Hyperplasia Covis Pharma Sarl Uroxatral NA

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAjanta Pharma Sildenafil Citrate Harmonal Pfizer Revatio US$ 300 millionAurobindo Pharma Prasugrel CVS Eli Lilly Effient US$ 522 millionAurobindo Pharma Saxagliptin Anti-diabetic Astrazeneca Onglyza US$ 820 millionDr. Reddy's Labs Doxycycline Antibiotic Dr. Reddy's Labs Zenavod NALupin Lurasidone Hydrochloride CNS Sunovion Pharms Latuda US$ 202 millionSun Pharma Lacosamide Epilepsy UCB Inc Vimpat US$ 365 millionSun Pharma Lurasidone Hydrochloride CNS Sunovion Pharms Latuda US$ 202 millionTaro Pharma Diclofenac Sodium Anti-Inflammatory Nuvo Res Inc Pennsaid US$ 13.3 million

Final Approvals

Tentative Approvals

CNS: Central Nervous System; CVS: Cardiovascular, GI: Gastro Intestinal, NA: Not available; Source: USFDA, ICICIdirect.com Research

M&As, demergers and JVs

Natco Pharma enters into agreement for hepatitis-C medicine Natco Pharma has signed a nonexclusive, royalty free licensing agreement with Medicines Patent Pool (MPP) and Bristol-Myers Squibb to manufacture and sell chronic hepatitis C medicine gDaclatasvir Dihydrochloride (Daclatasvir). This agreement allows Natco to expand access to these chronic hepatitis C medicines in 112 developing countries. Under the license, Natco can set its own price for the generic products it produces. Cipla sells Biomab holdings to Biomab Brilliant Cipla sold its entire holding in Hong Kong-based Biomab Holding to Biomab Brilliant for US$2.5 million. The company completed the transfer formalities in relation to the divestment of its entire 25% stake held in Biomab Holding. Zyma Labs raises stake in Lupin Zyma Laboratories will marginally raise stake in pharma company Lupin by buying 3 lakh shares not exceeding | 66.36 crore in total value. Capex, investments, fund raising

DRL proposes buyback Dr Reddy's has received approval from its Board of Directors to buy back equity shares of the company for an aggregate amount not exceeding | 1569.4 crore, at a price not exceeding | 3500/share. The buyback would be subject to approval from shareholders. Cipla receives FIPB approval for investment inflow Cipla has received Foreign Investment Promotion Board (FIPB) approval for the proposed investment of | 145.22 crore by FIL Capital Investments (Mauritius) in Cipla Health Ltd, subsidiary of the company. Apollo Hospitals to divest stake in Apollo Munich health Insurance The board of directors of Apollo Energy, an Apollo Hospitals Group company, has approved the divestment of 23.3% stake in Apollo Munich Health Insurance to its joint venture partner, Munich Re of Germany for | 163.5 crore. The proposed transaction values Apollo Munich at | 703 crore. Completion of the proposed transaction, subject to regulatory


approvals and execution of customary agreements, is expected to be completed at the end of the first quarter of 2016. Law suits, court rulings, settlements

Cipla’s plea over lung cancer drug admitted by Supreme Court The Supreme Court has admitted a plea of Cipla challenging the Delhi High Court order holding it guilty of infringing Swiss pharma company Hoffmann-La Roche's patent over lung cancer drug Erlotinib. According to the company, Erlocip, was one polymorphic form of the erlotinib hydrochloride compound, which may exist in several forms and Roche's patent claim was not limited to any one such version. Cipla's drug, Erlocip, is cheaper by at least one third as compared to that of Roche. Price cuts, new launches, recalls

Sun Pharma launches gGleevec under exclusivity Sun Pharma has launched gGleevec in the US post USFDA approval under 180-day exclusivity. The drug has annual sales of ~US$2.5 billion in the US. These tablets are indicated for the treatment of chronic myeloid leukemia. Lupin launches gGlumetza under exclusivity Lupin has launched the generic version of Santarus Inc.'s Glumetza HCl ER tablets (Metformin HCl ER), 500 mg and 1000 mg in the US. It is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type II diabetes mellitus. SA government warns Ranbaxy; seeks detailed report on drug recall The South African drug regulator has sought a detailed report from Ranbaxy Pharmaceuticals (SA) after it recalled 18,000 containers of folic acid tablets in the African nation in December. Biocon enters Phase III trials for Biosimilars Biocon is gearing up to enter the regulated markets of the US and the UK with a portfolio of biosimilars. The company is in advanced stages of completing global phase-III trials for four out of nine biosimilar programmes in partnership with Mylan. Biocon receives first generic formulations approval in regulated markets Biocon received its first generic formulations approval in the regulated markets for gCrestor (rovustatin calcium), a drug to reduce cholesterol. The company will begin selling its rosuvastatin calcium tablets indicated for hyperlipidemia or mixed dyslipidemia in 15 European countries starting from FY17. Import alerts, warning letters, 483 observations

Ipca Labs receives Warning Letter Ipca Labs has received warning letters for manufacturing units in Ratlam (Madhya Pradesh), SEZ Indore (Pithampur) and Piparia (Silvassa). Import alerts were already issued to these plants by USFDA based on inspections on July 24, 2014, January 23, 2015 and March 25, 2015 respectively Aurobindo Pharma receives USFDA observations The USFDA inspected Unit III and Unit VII facilities of Aurobindo Pharma. There was no 483 issued to Unit III. There were certain observations with regard to Unit VII. The company does not see any major impact on its operations and exports from these facilities. Others

Sun Pharma to divest more Ranbaxy assets Sun Pharma is looking to divest additional assets from the erstwhile Ranbaxy portfolio. The company is exploring options to further lighten the existing Ranbaxy portfolio and is looking to sell the Baddi & Bata Mandi plants based out of Himachal Pradesh.


Mofcom reduces anti-dumping duty on Pyridine The Ministry of Commerce People's Republic of China (Mofcom) has reduced the anti-dumping duty on its Pyridine to 17.6% from the existing 24.6% based on the review petition filed by the company. The company will continue to evaluate market conditions and get the benefit of reduced duty, going forward. Glenmark rolls out EMI scheme for cancer patients Glenmark Pharma has rolled out an EMI scheme for cancer patients to help them continue the treatment and meet the high cost of medication. It has included its two drugs -- Abirapro prescribed for prostate cancer and Evermil, indicated for different cancers, such as breast and renal cell carcinoma -- under the scheme. Q3FY16 Result Review

Apollo Hospitals - in-line quarter; pharmacy margins gaining traction Revenues increased 16.7% YoY to | 1380.5 crore on the back of 29.8% YoY increase in pharmacy business to | 611.5 crore and 8.1% YoY increase in healthcare business to | 769.1 crore. EBITDA margins declined 155 bps to 13.2% due to higher employee costs & other expenditure. Ex-Hetero, pharmacy EBITDA margin improves to 4.5% from 3.2% in Q3FY15. Despite a low operational performance, adjusted net profit increased 22.8% to | 130.9 crore on account of high other income (included | 47 crore revenues from sale of investments) and lower taxation. Ajanta pharma - growth maintained but new challenges ahead Revenues grew 15.9% YoY to | 472.8 crore on the back of 15.7% growth in exports to | 332.2 crore. Domestic formulation sales grew 17.4% to | 128.0 crore. EBITDA margins remained healthy at 34.6% (35.5% in Q3FY15). Net profit increased 19.6% YoY to | 111.3 crore on the back of a robust operational performance. Alembic pharma - gAbilify windfall continues Revenues grew 80.1% YoY to | 921.7 crore mainly on account of continuous windfall gains from gAbilify launch in the US. Export sales grew 255% to | 521.1 crore. Domestic branded formulation sales grew 15% to | 288.3 crore on account of 22% growth in the speciality portfolio. EBITDA margins came in at 41.7% against 19.8% in Q3FY15 owing to robust margin from gAbilify sales. EBITDA grew 278.7% YoY to | 384.6 crore. Net profit grew 281.4% YoY to | 269.5 crore owing to a robust operational performance. Aurobindo pharma – in-line performance; US driven growth continues Revenues grew 10.4% YoY to | 3495.5 crore on account of 30.8% growth in the US to | 1570.6 crore. The Europe business de-grew 9.6% to | 778.6 crore. EBITDA margins increased 421 bps YoY to 23.5% on account of better gross margins. EBITDA grew 34.4% to | 823 crore. Adjusted net profit grew 29% YoY to | 522 crore mainly due to a better operational performance. Biocon - Syngene shines; biopharma stagnant Revenues grew 8.7% YoY to | 836.4 crore mainly due to 22.8% growth in research segment to | 270.1 crore. Biopharma and branded formulations growth was muted in the quarter. EBITDA margins improved 181 bps YoY to 22.6 due to better gross margins. Gross margins improved ~390 bps YoY to 62.6% due to a better product mix and strong growth in Syngene. EBITDA grew 18.2% to | 189.1 crore. Adjusted net profit increased 13.3% to | 103.0 crore. Cadila – in-line quarter; US post Moraiya to be main focus Revenues grew 10.9% YoY to | 2428.4 crore on the back of ~20% YoY growth in US to | 1071.7 crore, 11% YoY growth in domestic formulations to | 713.0 crore. EBITDA margins grew 340 bps to 23.8% on account of


better gross margins and low employee cost. EBITDA grew 29.4% YoY to | 578.7 crore. PAT grew 38.2% YoY to | 389.6 crore due to a strong operational performance. Divi’s Labs - capacity constraints, flat CS hit performance Revenues grew 7.8% YoY to | 852.9 crore. The generic business grew 14.1% to | 413.5 crore. The custom synthesis (CS) business remained flat at | 383.3 crore YoY. EBITDA margin rose 150 bps YoY to 37.8% mainly due to 305 bps YoY improvement in gross margin to 62.8%. Net profit witnessed a YoY increase of 11.8% to | 246.6 crore. Cipla- one-offs overshadow export growth Revenues grew 12.3% YoY to | 3106.6 crore. Export formulations grew 43.8% YoY to | 1833 crore. Domestic formulation de-grew 0.4% YoY to | 1194.0 crore. EBITDA margins declined 542 bps to 14.6% on account of 1) increase in R&D expenses, 2) one-off impact due to changes in the distribution policy in domestic market and 3) adverse currency (ZAR) movement. EBITDA de-grew 18.1% YoY to | 453.7 crore. Net profit grew 4.7% YoY to | 343.2 crore on account of a below par operational performance. Dr. Reddy’s - margin improvement continues despite headwinds Revenues grew 3.2% YoY to | 3967.9 crore due to growth in US and domestic market sales. US sales grew 15.4% YoY to | 1941.7 crore. Indian formulations business grew by 34.1% YoY to | 580.5 crore owing to 19% YoY growth in base business and consolidation of UCB’s portfolio. EBITDA margins grew 58 bps YoY to 26.1% mainly due to better product mix, lower R&D expenses. EBITDA rose 5.6% to | 1034.9 crore. Net profit increased 0.8% YoY to | 579.2 crore. Strong operational performance was largely offset by higher non-operational expenditure and taxation. Glenmark - Venezuela turmoil, currency weigh on numbers Revenues grew 3.2% YoY to | 1756.4 crore. The subdued growth was attributable to adverse currency movement and supply stoppages in Venezuela. This largely offset 20% YoY growth in the US to | 608.9 crore and 12.7% YoY growth in India to | 488 crore. The Latin America region declined 47.2% YoY to | 123.7 crore. EBITDA margins increased 544 bps YoY to 21.1% due to better gross profit margins and lower other expenditure. EBITDA increased 39.2% YoY to | 369.8 crore. Adjusted net profit increased 48.1% YoY to | 169.9 crore due to a robust operational performance. Indoco - revenues in line; MR expansion hits margins Revenues grew 19.4% YoY to | 258.6 crore mainly due to 35.8% YoY growth in export formulations to | 104.3 crore. Domestic formulations grew 10.5% to | 135.7 crore. EBITDA margins declined 302 bps YoY to 16.7% mainly on account of an increase in employee expenditure. EBITDA grew 1.1% to | 43.1 crore. Net profit de-grew 5.6% YoY to | 20.4 crore on account of a lower-than-expected operational performance and higher-than-expected depreciation. Ipca Labs - continues to struggle but some green shoots visible Revenues de-grew 7.6% YoY to | 684.1 crore mainly due to 27.5% YoY de-growth in export formulations to | 221.3 crore. Domestic formulations grew 10.7% to | 308.4 crore. EBITDA margins declined 331 bps YoY to 13.0% on account of an increase in employee expenditure. EBITDA de-grew 26.3% to | 89.3 crore. Net profit de-grew 50.9% YoY to | 23.7 crore on account of higher depreciation and increased tax rate. Jubilant Life - margins solid but revenue growth slips again Revenues de-grew 4.6% YoY to | 1379.5 crore. Revenues in the pharmaceutical business grew 3.8% YoY to | 727.8 crore while life science ingredients (LSI) revenues de-grew 12.2% YoY to | 653.1 crore. EBITDA margins increased ~947 bps YoY to 22.3% on the back of a 1020 bps YoY


increase in the pharmaceutical sector EBITDA margins to 30.1% and 730 bps YoY increase in LSI margins to 15.5%. Adjusted net profit was at | 120.2 crore vis-à-vis | 4.6 crore loss in Q3FY15 on the back of a robust operational performance and lower taxation. Lupin - upbeat numbers a positive surprise Revenues grew 11.9% YoY to | 3555.8 crore mainly due to 17.1% YoY growth in domestic sales to | 871.2 crore. US sales remained at | 1404.9 crore YoY. EBITDA margins were at 24.7% (down 312 bps YoY). Net profit de-grew 11.9% YoY to | 529.8 crore partially offset by higher taxation. Natco Pharma - robust Hepatitis C group sales drive Q3 numbers Revenues grew 41.2% YoY to | 276 crore mainly on account of robust Sofosbuvir (Hepatitis C) and other combination sales in India. EBITDA margins declined 214 bps YoY to 22.2% mainly due to adverse product mix and non-cash charges on Esops issued. EBITDA grew 28.8% to | 61.3 crore. Adjusted net profit increased 47.6% YoY to | 37.2 crore mainly on account of low finance costs and higher other income. Sun Pharma - recovery on track; boosted by Taro performance Revenues grew 2.2 YoY to | 7082.1 crore on account of 8.3% growth in domestic sales to | 1890.3 crore and 69.7% growth in API sales to | 441 crore led by consolidation of opiates business in Australia. US formulations, on the other hand, continued to languish and declined ~6% to | 3200.3 crore. Sequentially, EBITDA margins increased 235 bps to 30.6% due to strong margins at Taro. Taro’s EBITDA margins increased 756 bps QoQ to 68.8%. EBITDA grew 12.2% QoQ to | 2169 crore. Net profit grew 258.3% YoY | 1416.6 crore mainly due to higher other income led by proceeds received on brand divestments and lower taxation. Torrent pharma - gAbilify driven quarter again Revenues grew 31.8% YoY to | 1539 crore mainly due to 226% YoY growth in the US to ~| 560 crore on the back of gAbilify sales. Domestic revenues grew 5.9% YoY at | 446 crore. EBITDA margins increased 1928 bps to 39.8%. EBITDA grew 155.4% YoY to | 613 crore. Net profit posted growth of 189.2% YoY to | 483 crore owing to a strong operating performance. Unichem - revenues in line, but tepid margins still a concern Revenues grew 15.2% YoY to | 306.3 crore on account of 19.5% YoY growth in domestic sales to | 188.9 crore and 40% growth in US sales to | ~59 crore. EBITDA margins increased 794 bps YoY to 11.1%. EBITDA increased 302.2% YoY to | 34.1 crore. Net profit witnessed a YoY increase of 878.3% to | 20.5 crore due to lower operational performance.


Q3FY16 Results Review

For Q3FY16, the I-direct pharma universe (ex-Ajanta Pharma) registered YoY revenue growth of 8.9% to | 33828 crore, driven by 12.0% YoY growth to | 10356.0 in the US and 10.5% YoY growth to | 7336.8 crore in the domestic formulations (select pack). Currency headwinds in emerging markets continued to affect overall numbers. The EBITDA for the universe grew 17.3% YoY to | 8533 crore. Higher growth vis-à-vis revenue was on account of margin expansion (164.6 bps YoY) as the stronger US traction nullified the currency impact in emerging markets and higher R&D spends. Adjusted net profit grew 57.7% YoY to | 5414.4 crore mainly due to higher other income and lower taxation.

Exhibit 2: Actual s Vs Estimates

Q3FY16E Q3FY16 Q3FY16E Q3FY16 Q3FY16E Q3FY16Ajanta Pharma 457.3 472.8 155.5 163.5 103.8 111.3Alembic Pharma 810.0 921.7 226.0 384.6 170.0 269.5Aurobindo Pharma 3515.5 3495.5 831.5 823.0 514.7 522.0Biocon 836.1 836.4 196.2 189.1 117.2 103.0Cadila Healthcare 2480.3 2428.4 595.3 578.7 429.5 390.3Divi's Lab 910.8 852.9 354.0 322.3 279.5 246.6Cipla 3201.6 3106.6 624.3 453.7 366.3 343.2Dr. Reddys 4042.7 3967.9 939.9 1034.9 565.1 585.6Glenmark 1841.4 1756.4 397.6 369.8 264.7 169.9Indoco Remedies 258.3 258.6 52.7 43.1 28.7 20.4IPCA Labs 762.3 684.1 99.1 89.3 44.4 23.7Jubilant Life Sc. 1490.0 1379.5 329.2 307.5 122.5 120.2Lupin 3234.6 3555.8 695.4 877.2 429.4 529.8Natco Pharma 248.6 276.0 62.7 61.3 33.6 37.2Sunpharma 6734.5 7082.1 1919.3 2169.0 1107.1 1416.6Torrent Pharma 1502.9 1539.0 405.8 613.0 326.3 483.0Unichem Laboratories 312.9 306.3 42.5 34.1 30.1 22.7Apollo Hospitals 1393.1 1380.5 197.5 182.6 94.3 130.9Total 33575.6 33827.7 7969.0 8533.2 4923.4 5414.4

CompanyRevenues EBITDA Net profit

Source: Company, ICICIdirect.com Research; Total ex-Ajanta Pharma

Exhibit 3: Quarterly Performance of I-direct Healthcare coverage

Company Q3FY16 Q3FY15 Var.(%) Q3FY16 Q3FY15 Var.(%) Q3FY16 Q3FY15 Var.(%)Ajanta Pharma 472.8 407.9 15.9 163.5 144.8 12.9 111.3 93.1 19.6Alembic Pharma 921.7 511.8 80.1 384.6 101.6 278.7 269.5 70.7 281.4Aurobindo Pharma 3495.5 3166.2 10.4 823.0 612.2 34.4 522.0 404.6 29.0Biocon 836.4 769.1 8.7 189.1 160.0 18.2 103.0 90.9 13.3Cadila Healthcare 2428.4 2189.5 10.9 578.7 447.2 29.4 390.3 278.3 40.3Divi's Lab 852.9 791.1 7.8 322.3 287.1 12.3 246.6 220.6 11.8Cipla 3106.6 2765.5 12.3 453.7 553.8 -18.1 343.2 327.9 4.7Dr. Reddys 3967.9 3843.1 3.2 1034.9 980.2 5.6 585.6 570.0 2.7Glenmark 1756.4 1701.3 3.2 369.8 265.7 39.2 169.9 114.8 48.1Indoco Remedies 258.6 216.7 19.4 43.1 42.7 1.1 20.4 21.6 -5.6IPCA Labs 684.1 740.7 -7.6 89.3 121.1 -26.3 23.7 48.3 -50.9Jubilant Life Sc. 1379.5 1445.5 -4.6 307.5 185.3 66.0 120.2 -11.0 PLLupin 3555.8 3177.6 11.9 877.2 882.9 -0.7 529.8 601.5 -11.9Natco Pharma 276.0 195.5 41.2 61.3 47.6 28.8 37.2 25.2 47.6Sunpharma 7082.1 6929.5 2.2 2169.0 2164.5 0.2 1416.6 395.3 258.3Torrent Pharma 1539.0 1168.0 31.8 613.0 240.0 155.4 483.0 167.0 189.2Unichem Laboratories 306.3 265.9 15.2 34.1 8.5 302.2 22.7 2.1 980.0Apollo Hospitals 1380.5 1182.5 16.7 182.6 174.7 4.5 130.9 106.6 22.8Total 33827.7 31059.2 8.9 8533.2 7274.9 17.3 5414.4 3434.1 57.7

Revenues EBITDA Profit

Source: Company, ICICIdirect.com Research, LP: Loss to Profit; Total ex-Ajanta Pharma

On the revenue front, Alembic Pharma (~80% YoY) and Torrent Pharma (~32% YoY) registered strongest growth driven by robust US sales. Apart from these Ajanta, Natco, Indoco Remedies and Apollo Hospitals also reported strong revenue growth. On the other hand Glenmark, Ipca, Dr Reddy’s, Sun Pharma and Jubilant reported weak numbers due to lack of product approvals, impact of currency volatility and regulatory issues.

Geographical/segmental Performance in Q3FY16

(| crore) Q3FY16 Q3FY15 Var. (%) Q2FY16 Var. (%)Ajanta 128.0 109.0 17.4 124.0 3.2Alembic 288.3 250.0 15.3 284.6 1.3Biocon 104.5 105.0 -0.5 119.0 -12.2Cadila 713.0 641.8 11.1 751.3 -5.1Glenmark 488.0 433.1 12.7 608.5 -19.8Indoco 135.7 122.9 10.5 138.1 -1.7Ipca 308.4 278.7 10.7 330.8 -6.8Lupin 871.2 743.8 17.1 873.8 -0.3Cipla 1194.0 1199.0 -0.4 1262.0 -5.4Dr Reddy's 580.5 432.8 34.1 546.4 6.2Sun Pharma 1890.3 1745.4 8.3 1818.7 3.9Torrent 446.0 421.0 5.9 441.0 1.1Unichem 188.9 158.1 19.5 188.5 0.2Total 7208.8 6531.5 10.4 7362.6 -2.1

India

(| crore) Q3FY16 Q3FY15 Var. (%) Q2FY16 Var. (%)Aurobindo 1570.6 1201.2 30.8 1477.5 6.3Cadila 1071.7 895.9 19.6 1003.8 6.8Glenmark 608.9 507.2 20.0 598.4 1.7Lupin 1404.9 1404.3 0.0 1155.0 21.6Dr Reddy's 1941.7 1681.9 15.4 1856.3 4.6Sun Pharma 3200.3 3385.8 -5.5 3315.8 -3.5Torrent 558.0 171.7 225.0 712.0 -21.6

Total 10356.0 9248.0 12.0 10118.8 2.3

US

(| crore) Q3FY16 Q3FY15 Var. (%) Q2FY16 Var. (%)Aurobindo 778.6 860.9 -9.6 764.3 1.9Cadila 76.2 84.7 -10.0 65.2 16.9Glenmark 176.4 173.0 2.0 160.4 10.0Dr Reddy's 29.3 30.9 -5.2 32.4 -9.7Lupin 101.0 80.5 25.5 115.8 -12.8Torrent 195.0 225.7 -13.6 186.0 4.8Total 1356.4 1455.6 -6.8 1324.1 2.4

Europe

(| crore) Q3FY16 Q3FY15 Var. (%) Q2FY16 Var. (%)Cadila 54.4 61.0 -10.8 52.7 3.2Glenmark 123.7 234.4 -47.2 165.7 -25.3Torrent 118.0 155.8 -24.3 131.0 -9.9Total 296.1 451.3 -34.4 349.4 -15.2

Latin America

(| crore) Q3FY16 Q3FY15 Var. (%) Q2FY16 Var. (%)Aurobindo 695.2 674.4 3.1 691.1 0.6Alembic 101.2 81.3 24.5 137.2 -26.2Cadila 83.8 95.9 -12.6 90.7 -7.6Glenmark 145.0 146.5 -1.0 165.5 -12.4Indoco 13.3 12.9 3.1 14.6 -8.7Ipca Labs 144.6 150.4 -3.8 180.4 -19.8Lupin 276.0 275.8 0.1 321.9 -14.3Cipla 143.0 151.0 -5.3 226.0 -36.7Dr Reddy's 508.2 611.2 -16.9 591.8 -14.1Sun Pharma 461.2 259.9 77.5 328.7 40.3Unichem 21.2 28.3 -25.0 24.8 -14.5Total 2592.7 2487.5 4.2 2772.7 -6.5

API


US growth was driven by one-off opportunities at Torrent from gAbilify (CNS) and consolidation of new acquisitions (Natrol by Aurobindo and Habitrol by DRL). Note that the US growth has not captured gNexium (GI) traction for Cipla and gAbilify traction for Alembic for non-disclosure of specific traction. Companies such as Aurobindo, Cadila, Glenmark and DRL have also registered strong YoY growth whereas Lupin and Sun Pharma were laggards on account of base effect, slowdown in product approvals and regulatory issues. Domestic growth was driven by strong growth across segments as well as base effect. Among companies, Dr Reddy’s, Lupin, Ajanta, Alembic Pharma and Unichem beat the trend and witnessed strong growth in the quarter.

Exhibit 4: I-direct Healthcare Universe Revenues trend

31059 30771

33397 34144 33828

15000

20000

25000

30000

35000

Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16

| cr

ore

Revenues

Source: Company, ICICIdirect.com, Research; ex-Ajanta Pharma

Exhibit 5: I-direct Healthcare Universe EBITDA trend

7276

5667

8648 8738 8533

0

2000

4000

6000

8000

10000

12000


| cr

ore

EBITDA


Exhibit 6: I-direct Healthcare Universe profits trend

34013884

5155 54145287

0

1000

2000

3000

4000

5000

6000


| cr

ore

Profits


Exhibit 7: Trends in EBITDA & PAT margin of I-direct Healthcare Universe

23.4

18.4

25.6 25.2

10.912.6

15.5 16.0

25.9

15.4

5

10

15

20

25

30


%

EBITDA Margins (%) PAT Margins (%)



Exhibit 8: Deviation from estimates / Change in outlook post Q3FY16 numbers [5

Company Initial Rating Current RatingDeviation from

estimates RemarksAjanta Pharma BUY BUY Inline

Apollo Hospitals HOLD HOLD Inline

Aurobindo Pharma BUY BUY Inline Alembic Pharma BUY BUY Above Windfall gains from gAbilify sales in USBiocon HOLD HOLD Inline

Cadila Healthcare BUY BUY Inline

Cipla BUY BUY Below Margins were impacted by one-offs and ZAR depreciation.

Divi's labs BUY BUY Below Lower than expected sales in custom synthesis business and one-offs in operational expenses

Dr Reddy's Labs BUY BUY Inline

Glenmark Pharma BUY BUY Below Miss vis-à-vis our expectations was mainly due to disturbances in Venezuela and higher taxation

Indoco Remedies BUY BUY Below On account of low operational performance and higher depreciation

Ipca labs HOLD BUY Below Miss vis-à-vis our net profit expectations was mainly due to higher interest cost and taxation

Jubilant Life Sciences HOLD HOLD Inline

Lupin BUY BUY Above Higher than expected sales in US and higher than expected gross margins

Natco Pharma BUY BUY Above Beat vis-à-vis our expectation on account of higher than expected sales in domestic hepatitis-C market

Sun Pharma HOLD HOLD Above Revenues in-line; beat on margins front on account of lower than expected employee expenses and depreciation

Torrent Pharma BUY BUY Above on account of gAbilify sales

Unichem Labs BUY BUY Below Lower-than-expected EBITDA margins mainly due to higher employee cost and other expenditure

Source: Bloomberg, ICICIdirect.com Research


Exhibit 9: Patent litigations YTD FY16

[5

Month Innovator ANDA Filer Brand Name API Used for

Apr-15 Janssen Products LP Cipla Prezista Darunavir Anti-Retroviral

Apr-15 Teva Pharma Dr. Reddy's Labs Copaxone Glatiramer Multiple Sclerosis

Apr-15 Eli Lilly Lupin Effient Prasugrel CVS

Apr-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoporosis

May-15 Apotex Inc. Lupin Paxil CR Paroxitine Hydrochloride Anti-Anxiety

May-15 Galderma Labs Glenmark Epiduo Adapalene; Benzoyl Peroxide Acne

May-15 Horizon Pharma Dr. Reddy's Labs Vimovo Esmoprazole Magnesium; Naproxen Osteoporosis

May-15 Merz Pharma Taro Pharma Naftin Naftifine Hydrochloride Fungal Infection

May-15 Takeda Zydus Pharma Daliresp Roflumilast CVS

May-15 Takeda Strides Daliresp Roflumilast CVS

May-15 Acorda Therapeutics Inc. Sun Pharma Ampyra Dalframpridine Multiple Sclerosis

May-15 Merck Lupin Safyral Drospiranone; Ethinyl Estradiol; Levomefolate CaBirth Control

May-15 Kowa Lupin Livalo Pitavastatin Calcium High Cholestrol

Jun-15 Millenium Pharmaceuticals Dr. Reddy's Labs Valcade Bortezomib Anti-Cancer

Jun-15 Millenium Pharmaceuticals Sun Pharma Valcade Bortezomib Anti-Cancer

Jun-15 Reckitt Benckiser LLC Dr. Reddy's Labs Mucinex Guaifenesin; Pseudoephedrine HCl Bronchial Conjestion

Jul-15 Eli Lilly Lupin Axiron Hypogonadism Testosterone

Jul-15 Fresenius Medical Gavis Pharma Phoslo Calcium Acetate Kidney Disease

Jul-15 Alcon Research Lupin TravatanZ Travoprost Ophthalmic solution Elevated Intraocular pressure

Aug-15 Allergan Lupin Namenda Memantine Hydrochoride Alzheimer's Disease

Aug-15 Galderma Labs Taro Pharma Epiduo Adapalene & Benzoyl peroxide Acne

Sep-15 Jazz Pharma Lupin Xyrem Sodium Oxybate Narcolepsy

Sep-15 Gilead Sciences Inc. Lupin Tamiflu Oseltamivir Influenza

Sep-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoarthritis

Sep-15 Bayer Pharma Alembic Pharma Staxyn Vardenafil Hydrochloride Sex Stimulant

Oct-15 Merck Lupin Beyaz Drospirenone Birth control

Oct-15 Salix Pharmaceuticals, Inc. Taro Pharma Moviprep Polyethylene glycol electrolyte soln Gastro Intestinal

Oct-15 Takeda Pharma Aurobindo Prevacid lansoprazole Stomach ulcers

Oct-15 Janssen Pharma Aurobindo Xarelto Rivaroxaban Blood Thinner

Oct-15 Novartis Pharma Natco Pharma Gleevec Matinib Mesylate Anti-cancer

Oct-15 Otsuka Pharma Zydus Pharma Abilify Aripiprazole Schizophrenia

Oct-15 AstraZeneca Alembic Pharma Brilinta Ticagrelor CVS

Nov-15 AstraZeneca InvaGen Pharma Brilinta Ticagrelor CVS

Nov-15 Novartis Pharma Dr. Reddy's Labs Exelon Patch Rivastigmine Dementia

Nov-15 Allergan Aurobindo Pharma Acular LS Ketorolactromethamine Ocular Pain

Nov-15 Shire Pharma Lupin Lialda Mesalamine Ulcerative Colitis

Nov-15 Dexcel Pharma Sun Pharma Omeprazole Omeprazole GI

Nov-15 Dexcel Pharma Dr. Reddy's Labs Omeprazole Omeprazole GI

Nov-15 Cephalon Inc. Aurobindo Pharma Nuvigili Modafinil CNS

Nov-15 Cosmo Techs Lupin Uceris Budesonide GI

Nov-15 Pfizer Dr. Reddy's Labs Toviaz Fesoterodine Urotherapy

Nov-15 Vanda Pharma Lupin Fanapt Iloperidone Schizophrenia

Nov-15 Forest Labs InvaGen Pharma Viibryd Vilazodone Anti-depressant

Nov-15 Jazz Pharma Sun Pharma Xyrem Gamma-hydroxybutyric acid CNS

Nov-15 Otsuka Pharma Alkem Labs Abilify Aripiprazole Schizophrenia

Nov-15 Symed Labs Glenmark Pharma Zyvox Linezolid Anti-Infective

Dec-15 UCB Inc. InvaGen Pharma Zyrtec-D Cetirizine Respiratory

Dec-15 Unimed Pharma Dr. Reddy's Labs Androgel Testosterone Low Testosterone

Dec-15 Helsinn Healthcare Dr. Reddy's Labs Aloxi Palanosetron Nausea

Dec-15 Sanofi-Aventis Glenmark Pharma Multaq Dronedarone Atrial Fibrillation

Dec-15 Otsuka Pharma Ajanta Pharma Abilify Aripiprazole Schizophrenia

Dec-15 Merz Pharma Taro Pharma Naftin Naftifine Hydrochloride Fungal Infection

Jan-16 Dow Pharma Taro Pharma Onexton Cindamycin Phosphate and Benzoyl Peroxide Acne

Jan-16 Cubist Pharma Dr. Reddy's Labs Cubicin Daptomycin Antibiotic

Source: Bloomberg, ICICIdirect.com Research


IPM grows 9.1% in January; slow volumes growth a drag… • The Indian pharmaceutical market (IPM) grew 9.1% YoY to | 8014 crore

in January. Growth was mainly driven by price hikes – 5.1%, volume growth – 1.2%, and new product launches – 2.8%.

• Drugs under NLEM list witnessed growth of 5.3% YoY to | 981 crore while non-NLEM drugs posted growth of 9.8% to | 6657 crore. Volume growth in NLEM and non-NLEM was 4.3% and 2.5%, respectively

• Among our covered companies, Alembic continues to registered highest growth of 23.0% YoY followed by Glenmark, Lupin, Cipla and Dr Reddy’s registering growth of 23.0%, 16.3%, 13.4%, 11.6%, 10.3% respectively

• Therapy wise, nine therapies have outpaced IPM growth. Notable among them with growth rates- respiratory – 17.8%, anti-diabetic – 9.4%, dermatology – 9.0%, gastro intestinal 11.7%, anti-infective – 11.9% and CVS – 7.3%

• In all, 239 new brands were launched in January 2016 • On a MAT basis, IPM growth was at 14.0% YoY to | 96954 crore • Domestic companies grew 11.4% while MNC companies grew a mere

1.5% in January 2016 Exhibit 10: Domestic formulations - growth trend

14.1

20.1 21

.9

18.6

12.7 15

.6

9.1

13.2

13.3

20

22.4

11.9

9.1

-5

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market[

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 11: Companies growth in domestic market in January, 2016

5.3 3.85.5

-3.4

5.36.9

23.0

11.6 10.3

16.3

6.1

9.1 13.4 10.07.6

7.4

-15

-5

5

15

25

Ajan

ta

Alem

bic

Bioc

on

Cadi

la

Cipl

a

DRL

Glen

mar

k

GSK

Phar

ma

Indo

co

Ipca

Lab

s

Lupi

n

Nov

artis

Pfize

r

Sun

Phar

ma

Torr

ent

Unic

hem

(%)


Therapy wise performance (| crore) Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 MoM (%)Anti-Infectives 1194 1068 11.9 1261 -5.3Cardiac 1042 972 7.3 1060 -1.7Gastro Intestinal 899 805 11.7 916 -1.8Vitamins / Minerals / N 671 634 5.9 697 -3.7Anti Diabetic 665 608 9.4 695 -4.2Respiratory 745 633 17.8 783 -4.8Pain / Analgesics 528 488 8.1 563 -6.3NEURO / CNS 515 465 10.6 526 -2.1Derma 488 448 9.0 517 -5.5Gynaecological 374 363 3.1 386 -3.2Vaccines 125 139 -9.6 142 -12.0Hormones 142 130 9.3 144 -1.3Anti-Neoplastics 116 127 -8.5 129 -9.9Ophthal 111 103 7.0 115 -3.8Blood Related 86 77 11.0 88 -2.8Others 96 72 33.7 93 3.1Urology 83 79 4.1 88 -6.5Anti Malarials 28 35 -20.1 34 -17.3Sex Stimulants / Rejuv 49 48 3.8 49 0.4Stomatologicals 32 31 2.2 33 -3.3 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Jan' 16 Jan' 15 Gr. (%)Augmentin GSK Anti-Infectives 325.6 292.9 11.2Corex Pfizer Respiratory 291.5 223.4 30.5Spasmo Prox Wockhardt GI 280.6 158.6 76.9Lantus Sanofi Anti Diabetic 249.9 202.2 23.6Becosules Pfizer Vitamins 248.8 236.0 5.4Galvus Met Novartis Anti Diabetic 239.3 172.8 38.5Clavam Alkem Anti-Infectives 230.4 218.9 5.2Volini Sun Pharma Pain 208.3 212.3 -1.9Shelcal Torrent Vitamins 196.5 120.9 62.5Foracort Cipla Respiratory 191.5 154.7 23.8

Source: AIOCD data base; Date as per MAT Jan 16 & Jan 15 Industry acute to chronic therapy ratio percentage…

Acute, 46971.10,

48.4%

Chronic, 30314.97,

31.3%

Sub-Chronic,

19667.87, 20.3%

Source: AIOCD data base ; As per AIOCD MAT Jan 2016


Sun Pharmaceuticals

Stock Performance

507090

110130150

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

CNX Pharma Sun Pharma

Source: NSE, ICICIdirect.com Research Exhibit 12: Company growth vis-à-vis Indian pharma market growth

14.1

20.1 21

.9

18.6

12.7

15.6

13.2

13.3

10.2

22.4

9.1

11.9

9.1

11.1

10.7

14.4

18.4

16.0

23.2

17.3

11.3 12.0

17.7

4.0

9.2

7.6

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 13: Market share in Indian formulations market

9.2

8.48.7 8.9

9.3 9.3 9.08.5 8.4 8.4

8.8 8.89.1

6.0

6.6

7.2

7.8

8.4

9.0

9.6

10.2

10.8

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Sun Pharmaceutical Industries

Source: AIOCD data base, ICICIdirect.com Research * Included Ranbaxy’s sales

Exhibit 14: Top 10 brands performance (| crore) Brand Therapy Jan' 16 Jan' 15 Var. (%) Dec' 15 Var. (%)

Volini Pain 18.2 17.0 7.3 21.6 -15.5

Rosuvas Cardiac 14.7 11.9 23.5 14.9 -1.6

Gemer Anti Diabetic 13.3 12.1 9.8 13.2 1.2

Levipil Neuro 13.3 11.3 17.3 13.0 2.2

Istamet Anti Diabetic 13.2 11.8 11.4 12.7 3.7

Susten Gynaecological 12.5 11.0 13.3 12.2 2.5

Pantocid Gastro Intestinal 11.6 11.2 3.9 11.9 -2.5

Storvas Cardiac 10.2 9.7 4.7 10.7 -4.9

Mox Anti-Infectives 10.0 9.6 4.7 9.4 6.4

Aztor Cardiac 9.9 9.0 10.0 9.6 4.1


Exhibit 15: Contribution of therapies to domestic sales (MAT Jan’16) z

Neuro 30%

Cardiac29%

Gastro Intestinal20%

Anti-Infectives13%

Anti Diabetic8%


Exhibit 16: Therapy wise performance (| crore)

Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Neuro 130.9 125.4 4.4 131.9 -0.8

Cardiac 132.7 120.8 9.8 132.3 0.3

Gastro Intestinal 83.0 77.8 6.8 84.2 -1.4

Anti-Infectives 60.5 55.5 8.9 59.2 2.2

Anti Diabetic 33.0 33.8 -2.5 33.2 -0.7

Pain 51.5 46.7 10.4 56.7 -9.1

Derma 18.3 16.6 9.8 18.3 -0.3

Vitamins 36.5 34.1 7.1 36.4 0.3

Gynaecological 16.0 13.9 15.2 16.0 -0.1

Respiratory 13.7 18.8 -27.3 14.0 -2.1


Acute : Chronic contribution (MAT Jan’16)

Acute, 3496.99,

41.0%

Chronic, 3881.20,

45.5%

Sub-Chronic, 1147.58,

13.5%

Source: AIOCD data base

Brands contribution to domestic sales (MAT Jan ’16)

17%

9%

7%

9%58%

Top 10 11 to 20 21 to 30 31 to 50 Others



Cipla

Stock Performance

6080

100120140


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

Exhibit 17: Company growth vis-à-vis Indian pharma market growth

14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1

11.9

9.1

13.3

24.1

24.8

25.4

15.9

16.7

11.6

11.1

4.6

21.0

15.9 16.7

11.6

0

5

10

15

20

25

30

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Cipla



5.15.2

5.1

5.3

4.8

4.6 4.6

4.85.0 4.9

5.15.2 5.2

4.2

4.4

4.6

4.8

5.0

5.2

5.4

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Cipla



Budecort Respiratory 17.7 13.8 28.5 18.6 -4.6

Foracort Respiratory 17.3 16.8 3.0 18.5 -6.6

Duolin Respiratory 16.5 10.7 54.1 11.6 43.0

Asthalin Respiratory 12.9 13.5 -4.2 13.9 -7.1

Seroflo Respiratory 11.7 12.4 -5.7 12.2 -4.4

Aerocort Respiratory 8.3 8.7 -4.4 8.6 -3.4

Azee Anti-Infectives 8.1 6.7 20.9 9.6 -15.1

Montair Lc Respiratory 7.6 6.3 21.0 8.3 -8.3

Norflox Tz Gastro Intestinal 6.8 2.2 201.5 2.4 187.6

Novamox Anti-Infectives 6.8 6.6 2.3 6.4 5.9


Exhibit 20: Contribution of therapies to domestic sales (MAT Jan’16)

Respiratory30%

Anti-Infectives27%

Cardiac12%

Gastro Intestinal8%

Urology5%

Other18%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Respiratory 142.5 125.4 13.6 145.8 -2.3

Anti-Infect ives 108.4 94.6 14.6 118.1 -8.2

Cardiac 46.7 48.2 -3.1 48.7 -3.9

Gastro Intestinal 32.5 24.8 31.0 31.4 3.7

Urology 17.6 18.0 -1.8 19.1 -7.6

Neuro 13.2 13.4 -1.6 14.5 -8.9

Pain 11.3 8.9 28.2 12.5 -9.1

Derma 9.8 8.6 13.7 10.2 -4.0

Ophthal 8.9 7.9 12.8 9.7 -8.6

Vitamins 6.2 6.5 -4.7 6.6 -6.8



Acute, 2269.43,

46.8%

Chronic, 1990.50,

41.1%

Sub-Chronic, 588.45, 12.1%


Brands contribution to domestic sales (MAT Jan’16)

24%

12%

9%12%

43%




Dr Reddy’s Laboratories (DRL)

Stock Performance

60

80

100

120

140

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16CNX Pharma Dr. Reddys



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

22.3 24

.2

34.4

35.0

22.9

32.2

27.0

14.9

7.6

21.0

12.6 14.0

10.3

-10

0

10

20

30

40

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.2 2.2

2.3 2.3 2.3 2.32.2

2.1

2.32.4

2.4

2.3 2.3

1.9

2.0

2.1

2.2

2.3

2.4

2.5

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 9.1 8.7 4.1 10.6 -14.4

Omez D Gastro Intestinal 6.7 5.4 24.6 7.9 -14.8

Razo D Gastro Intestinal 5.7 3.8 47.6 5.1 11.8

Econorm Gastro Intestinal 5.2 4.6 12.8 5.5 -5.3

Stamlo Cardiac 5.1 5.0 1.8 5.4 -4.7

Grafeel Anti-Neoplastics 4.9 2.6 87.9 6.8 -28.3

Reditux Anti-Neoplastics 4.9 2.8 76.3 5.5 -11.6

Mintop Derma 4.3 4.9 -11.1 5.3 -18.9

Nise Pain 4.1 4.5 -9.5 5.5 -25.5

Ketorol Pain 4.0 2.5 60.1 2.9 36.3




Cardiac15%

Anti-Neoplastics

11%Respiratory9%

Anti-Infectives8%

Other35%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Gastro Intestinal 38.0 34.4 10.5 41.4 -8.1

Cardiac 24.9 26.3 -5.3 27.6 -9.8

Anti-Neoplastics 23.3 13.5 72.3 25.8 -9.6

Respiratory 16.6 17.5 -5.2 18.2 -8.9

Anti-Infectives 14.4 12.5 15.1 16.5 -12.3

Pain 12.5 10.9 14.6 13.5 -7.4

Anti Diabetic 11.5 12.0 -4.7 13.5 -15.1

Derma 13.3 12.1 9.6 14.9 -11.1

Urology 7.1 6.9 3.0 8.5 -16.1

Stomatologicals 5.6 5.3 5.8 6.3 -11.0



Acute, 1118.28,

50.2%

Chronic, 660.62, 29.6%

Sub-Chronic, 449.68, 20.2%



30%

16%

9%12%

33%




Lupin

Stock Performance

6080

100120140


CNX Pharma Lupin



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

11.9

14.9

22.7

19.1

16.0 18

.4

25.1

21.2

12.4

22.2

7.5

15.0

13.4

9.1

9.1

-4

4

12

20

28

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Lupin



3.33.2

3.0

3.63.8 3.8 3.7

3.4 3.4 3.3 3.43.5 3.5

2.32.52.72.93.13.33.53.73.9

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Lupin



Gluconorm-G Anti Diabetic 12.2 10.5 15.5 12.4 -1.6

Budamate Respiratory 8.6 6.6 31.5 9.8 -12.1

Tonact Cardiac 7.5 8.4 -9.7 8.2 -8.5

Esiflo Respiratory 4.6 4.4 5.3 5.3 -12.2

Rablet-D Gastro Intestinal 4.6 4.1 10.5 4.7 -2.9

Ramistar Cardiac 4.1 4.4 -7.3 4.3 -5.1

Rablet Gastro Intestinal 3.8 3.7 4.3 4.1 -6.7

Telekast-L Respiratory 3.8 3.6 4.2 4.2 -10.9

R-Cinex Anti-Infectives 3.7 3.7 0.3 4.1 -10.3

Cetil Anti-Infectives 3.5 2.8 22.4 3.9 -10.7



Cardiac25%

Anti-Infectives22%

Respiratory12%

Anti Diabetic11%

Gastro Intestinal8%

Other22%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Cardiac 69.9 64.1 9.0 71.4 -2.2

Anti-Infectives 56.8 51.0 11.2 60.9 -6.8

Respiratory 39.4 32.2 22.4 42.8 -7.8

Anti Diabetic 31.7 27.0 17.5 31.9 -0.5


Vitamins 13.4 13.6 -1.1 14.3 -6.2

Neuro 14.2 13.5 5.2 14.5 -2.3

Pain 11.7 10.9 7.9 12.3 -4.6

Gynaecological 9.7 6.8 41.8 9.5 1.6

Ophthal 1.7 1.4 25.5 1.8 -5.3



Acute, 1064.95,

31.7%

Chronic, 1628.01,

48.4%Sub-

Chronic, 668.96, 19.9%



20%

11%

9%13%

47%




Cadila Healthcare

Stock Performance

60

80

100

120

140


CNX Pharma Cadila Healthcare



14.1

20.1 21

.9

18.6

12.7

15.6

13.2

13.3

10.2

22.4

9.1

11.9

9.1

8.6 9.

8

13.8 15

.3

11.0

15.1

13.2

12.7 14

.5

23.3

4.0

6.8

3.8

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Cadila Healthcare



4.0

3.8

3.9

3.9

3.8

3.9

3.8

3.8

3.8 3.8

3.8

3.8

3.8

3.7

3.7

3.8

3.8

3.9

3.9

4.0

4.0

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Cadila Healthcare



Skinlite Derma 16.8 19.5 -14.0 17.0 -1.4

Atorva Cardiac 11.2 10.0 12.3 11.6 -3.7

Deriphyllin Respiratory 9.8 7.6 27.8 9.3 4.9

Mifegest Kit Gynaecological 8.5 9.7 -12.5 9.3 -8.1

Pantodac Gastro Intestinal 6.8 7.5 -9.2 7.2 -6.3

Ocid Gastro Intestinal 6.6 2.9 128.3 6.4 3.2

Clopitorva Cardiac 5.7 4.2 34.9 5.7 0.7

Amlodac Cardiac 5.4 6.0 -9.1 5.3 2.2

Dexona Hormones 5.4 3.7 44.6 5.1 6.5

Formonide Respiratory 5.0 4.1 20.9 5.0 0.3



Cardiac18%


Gynaecological12%

Respiratory11%

Derma8%

Other37%





Gynaecological 33.0 36.4 -9.2 34.4 -4.0

Respiratory 37.7 30.9 22.3 38.4 -1.8

Derma 27.4 28.6 -4.1 28.2 -2.9

Pain 20.7 22.1 -6.5 20.8 -0.5

Anti-Infectives 20.6 14.5 42.6 21.5 -4.1

Anti-Neoplastics 14.6 15.4 -5.4 16.8 -13.3

Vitamins 12.7 11.7 9.3 12.6 0.8

Anti Malarials 3.1 6.4 -52.1 4.1 -25.8



Acute, 1640.53,

44.3%

Chronic, 1312.87,

35.4%Sub-

Chronic, 753.36, 20.3%



25%

13%

8%11%

43%




GlaxoSmithKline Pharmaceuticals

Stock Performance

6080

100120140


CNX Pharma GSK Pharma



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

2.6 6.

6 10.8 12

.9

0.7

2.1

-1.7

-0.3

2.6

23.9

7.2

8.2

6.1

-5

0

5

10

15

20

25

30

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.3 3.3

3.43.4

3.2 3.2

3.1

3.2

3.3

3.5

3.4

3.3

3.2

3.0

3.2

3.4

3.6

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 27.6 25.3 8.9 27.7 -0.4

Synflorix Vaccines 15.6 16.6 -6.1 17.7 -12.2

Betnovate C Derma 15.3 12.3 24.7 15.6 -1.9

Betnovate N Derma 13.5 10.7 25.7 14.8 -9.1

Zinetac Gastro Intestinal 12.5 12.2 2.5 11.6 7.2

Calpol Pain 12.3 10.7 15.5 14.1 -13.0

Betnesol Hormones 11.9 8.7 36.3 11.6 2.9

Eltroxin Hormones 11.3 10.0 13.4 11.9 -4.5

Rotarix Vaccines 9.9 6.7 47.4 12.2 -19.4

Ceftum Anti-Infectives 9.9 8.9 10.6 10.2 -3.3



Anti-Infectives24%

Derma21%

Vaccines13%

Pain 9%

Hormones8%

Other25%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Anti-Infectives 64.1 57.2 12.1 64.7 -1.0

Derma 51.1 52.9 -3.4 56.5 -9.5

Vaccines 35.9 29.6 21.3 42.1 -14.9

Pain 21.7 20.2 7.7 24.1 -9.9

Hormones 24.1 19.6 23.0 24.2 -0.3

Vitamins 17.3 16.9 2.1 18.5 -6.5

Respiratory 17.3 14.7 17.6 18.5 -6.4

Gastro Intestinal 14.2 14.5 -2.0 13.3 7.1

Cardiac 5.2 6.8 -22.7 5.6 -6.5

Gynaecological 2.6 2.9 -9.9 3.0 -13.0



Acute, 2069.23,

64.9%

Chronic, 435.80, 13.7%Sub-

Chronic, 683.61, 21.4%



52%

15%

9%

10%

14%




Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


14.1 20

.1 21.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.119

.8

29.1

24.431

.9

44.8

22.2

36.0

29.2

42.2

50.4

38.3

29.7

9.9

0

10

20

30

40

50

60

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Wockhardt



1.37

1.47

1.40

1.281.24

1.28

1.37 1.361.40

1.42 1.401.34

1.38

1.01.11.11.21.21.31.31.41.41.51.5

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 24.1 14.7 63.8 24.7 -2.1

Practin Vitamins 6.6 7.0 -6.3 6.6 -0.9

Bro Zedex Respiratory 5.2 4.6 NA 5.0 3.4

Tryptomer Neuro 5.1 3.7 37.4 5.0 1.2

Methycobal Vitamins 3.9 3.1 23.8 3.6 8.4

Zedex Respiratory 3.9 4.0 -2.9 4.2 -7.8

Biovac V Vaccines 3.5 10.2 NA 3.5 0.1

Ace Proxyvon Pain 3.0 2.6 12.9 3.0 0.2

Biovac A Vaccines 2.8 3.1 -9.1 3.0 -6.6

Butaproxyvon Pain 2.3 1.5 50.3 2.0 17.5


Exhibit 45: Contribution of therapies to domestic sales (MAT Jan’16) Gastro Intestinal

25%

Vitamins 15%

Respiratory12%

Vaccines9%

Neuro 7%

Other32%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Gastro Intestinal 26.4 16.4 60.5 26.8 -1.6

Vitamins 16.4 16.3 0.4 16.5 -0.5

Respiratory 17.0 14.5 16.6 17.4 -2.6

Vaccines 6.3 13.3 -52.7 6.5 -3.4

Neuro 8.6 7.4 17.0 8.7 -1.3

Anti-Infectives 7.8 6.9 12.0 8.0 -2.6

Derma 6.8 8.0 -14.7 7.0 -2.7

Pain 7.4 5.9 24.6 7.1 4.1

Anti Diabetic 6.8 6.2 9.0 6.8 -1.1

Hormones 2.3 1.7 33.7 2.4 -4.3



Acute, 936.31, 71.0%

Chronic, 243.72, 18.5%

Sub-Chronic, 139.42, 10.6%



56%14%

8%

8%

14%




Glenmark Pharmaceuticals

Stock Performance

6080

100120140160180200

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16CNX Pharma Glenmark



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.121

.4 24.2 28

.2 30.3

29.9 34

.6

30.9

28.0

13.1

43.6

11.5

18.6

16.3

05

101520253035404550

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.42.3 2.3 2.3

2.22.3

2.4 2.32.4

2.5 2.5

2.62.5

1.9

2.1

2.3

2.5

2.7

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Glenmark Pharmaceuticals



Telma Cardiac 16.7 13.3 25.6 16.1 3.5

Telma H Cardiac 12.3 10.8 14.6 12.9 -4.0

Ascoril Plus Respiratory 10.9 9.1 19.6 12.0 -8.6

Candid-B Derma 6.9 6.6 4.2 7.6 -8.5

Telma Am Cardiac 6.8 5.2 31.7 6.9 -1.0

Ascoril Ls Respiratory 5.5 3.5 56.2 6.1 -10.7

Candid Derma 5.2 4.4 16.6 5.8 -10.0

Zita Plus Anti Diabetic 4.2 0.0 #DIV/0! 3.8 9.4

Onabet Derma 3.1 1.9 61.1 3.2 -3.8

Elovera Derma 2.8 2.7 5.7 2.8 1.0



Derma28%

Cardiac22%

Respiratory16%

Anti-Infectives14%

Anti Diabetic9%

Other11%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Derma 55.7 47.7 16.7 59.4 -6.3

Cardiac 47.7 40.8 17.1 48.2 -0.9

Respiratory 37.8 29.0 30.2 41.2 -8.4

Anti-Infectives 24.2 23.8 1.5 26.4 -8.4

Anti Diabetic 13.8 15.0 -7.4 16.4 -15.6

Vitamins 5.2 4.0 30.2 5.3 -1.8

Gastro Intestinal 4.2 4.4 -4.5 4.4 -5.4

Pain 4.1 3.8 9.1 4.3 -5.2

Gynaecological 3.5 3.1 14.6 3.6 -1.3

Otologicals 2.8 2.3 18.5 3.4 -19.6



Acute, 934.44, 40.4%

Chronic, 863.91, 37.3%

Sub-Chronic, 515.58, 22.3%



36%

13%10%

12%

29%




Torrent Pharmaceuticals

Stock Performance

80100120140160180200


CNX Pharma Torrent Pharma



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

21.1

30.9

30.5

28.8

27.4

28.3

18.3 21

.7

16.0 19

.8

5.3

3.7 7.

4

0

5

10

15

20

25

30

35

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.342.39

2.32

2.432.49 2.51

2.36

2.25 2.242.18 2.222.24

2.31

2.0

2.4

2.8

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 14.1 15.3 -8.1 13.6 3.5

Chymoral Forte Pain 8.7 8.7 -0.8 8.3 3.9

Nikoran Cardiac 7.3 6.4 14.4 7.6 -4.2

Dilzem Cardiac 5.4 5.4 0.3 5.2 4.9

Nebicard Cardiac 5.4 4.5 19.3 5.3 1.0

Azulix-Mf Anti Diabetic 4.7 4.0 18.4 4.9 -3.5

Nexpro Rd Gastro Intestinal 4.3 4.1 3.7 4.7 -9.6

Nexpro Gastro Intestinal 3.9 3.7 3.1 4.1 -5.4

Shelcal Ct Vitamins 3.6 2.2 64.0 3.5 2.0

Alprax Neuro 3.4 3.1 9.9 3.4 -1.1



Cardiac29%

Neuro 16%

Vitamins 15%


Pain 8%

Other17%




Neuro 31.4 27.9 12.6 31.6 -0.7

Vitamins 27.5 24.5 12.5 26.8 2.8


Pain 13.7 12.5 9.8 13.5 1.3

Anti Diabetic 11.1 10.0 11.1 11.3 -1.1

Anti-Infectives 7.7 10.5 -26.9 8.0 -3.9

Derma 4.4 3.8 17.6 4.6 -2.8

Gynaecological 3.0 3.5 -14.3 3.0 -1.8

Anti-Neoplastics 0.5 0.0 #DIV/0! 1.0 -50.7


Acute : Chronic contribution (MAT Jan‘16)

Acute, 567.27, 25.2%

Chronic, 1135.58,

50.4%Sub-

Chronic, 550.67, 24.4%



33%

13%9%

12%

33%




Ipca Laboratories

Stock Performance

6080

100120140


CNX Pharma Ipca



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

28.6

35.9

12.2 14

.5

-5.8

-0.1

25.8

6.3 11

.8

-5.5

3.0

3.6

9.1

-10-505

10152025303540

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Ipca Laboratories



1.2 1.2 1.2 1.2 1.3 1.2 1.31.3

1.5 1.4

1.3 1.2 1.2

1.0

1.2

1.4

1.6

1.8

2.0

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Ipca Laboratories



Zerodol Sp Pain 8.2 5.0 62.5 8.2 -0.5

Zerodol P Pain 6.2 4.6 35.1 7.0 -12.3

Hcqs Anti Malarials 5.1 5.1 -1.2 5.2 -2.7

Glycinorm M Anti Diabetic 2.9 2.4 19.1 3.1 -5.8

Folitrax Anti-Neoplastics 2.6 2.3 11.7 2.8 -5.6

Ctd Cardiac 2.2 1.3 77.9 1.9 20.0

Rapither-Ab Anti Malarials 2.1 2.9 -27.1 2.2 -5.4

Azibact Anti-Infectives 2.0 1.7 16.1 2.2 -10.5

Zerodol Pain 2.0 1.9 4.4 2.0 -1.6

Larinate Anti Malarials 1.9 3.6 -46.8 3.2 -41.2



Pain 25%

Anti Malarials20%

Cardiac17%

Gastro Intestinal8%

Anti-Infectives6%

Other24%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Pain 26.4 20.2 30.9 28.2 -6.3

Anti Malarials 13.7 17.3 -20.9 16.3 -16.0

Cardiac 18.5 16.7 11.1 17.8 4.0


Anti-Infectives 6.3 6.2 2.1 6.5 -2.7

Anti Diabetic 5.5 5.1 9.0 5.8 -4.5

Respiratory 5.6 4.1 36.3 5.7 -0.9

Anti-Neoplastics 4.1 3.2 26.7 4.1 -0.3

Neuro 3.7 3.6 3.2 3.8 -2.6

Derma 3.1 3.4 -10.3 3.3 -6.3



Acute, 836.52, 67.0%

Chronic, 339.15, 27.1%

Sub-Chronic,

73.72, 5.9%



36%

16%11%

13%

24%




Biocon

Stock Performance

60

80

100

120

140

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16CNX Pharma Biocon



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

9.1 11

.9

9.118

.8

17.5

22.4

11.6 11.7

3.7

4.8 6.

0 7.3

-11.

2

10.0

-0.8

5.2 5.3

-15

-10

-5

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Biocon



0.38

0.350.36

0.330.34

0.36

0.34 0.33

0.31

0.330.32

0.36

0.34

0.27

0.29

0.31

0.33

0.35

0.37

0.39

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Biocon



Insugen Anti Diabetic 6.9 7.1 -2.6 7.4 -7.3

Basalog Anti Diabetic 5.0 4.1 22.4 5.1 -2.0

Abraxane Anti-Neoplastics 2.0 1.4 40.4 1.4 44.9

Erypro Blood Related 1.6 0.8 111.3 1.4 20.7

Canmab Anti-Neoplastics 1.6 1.2 27.5 1.5 1.9

Blisto Mf Anti Diabetic 1.5 1.8 -12.4 1.5 4.5

Biomab Egfr Anti-Neoplastics 1.5 0.6 133.2 0.3 339.3

Insugen R Anti Diabetic 1.4 1.3 4.1 1.4 -4.9

Insugen N Anti Diabetic 0.6 0.8 -23.5 0.7 -15.3

Psorid Anti-Neoplastics 0.6 0.4 55.5 0.6 -6.7



Anti Diabetic60%

Anti-Neoplastics

20%

Blood Related6%

Cardiac6%

Derma3%

Other 5%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Anti Diabetic 16.7 16.6 0.8 17.6 -5.1

Anti-Neoplastics 7.6 6.2 22.3 5.7 31.9

Blood Related 1.7 0.8 112.0 1.4 20.8

Cardiac 1.5 2.1 -30.7 1.5 -1.8

Derma 0.7 0.7 -5.9 0.8 -15.1

Anti-Infectives 0.6 0.8 -32.1 0.5 5.5

Others 0.2 0.2 27.6 0.2 12.4


Vitamins 0.1 0.2 -26.0 0.2 -26.0

Hormones 0.0 0.1 -97.6 0.0 -85.4



Acute, 64.22, 19.5%

Chronic, 239.99, 72.9%

Sub-Chronic,

25.22, 7.7%



76% 11%

6%5%

2%




Pfizer

Stock Performance

80110140170200230


CNX Pharma Pfizer


14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

26.4

23.0

18.2

18.8

11.8

20.3

17.3 19

.7

9.9

25.4

3.5

0.9

-3.4

-10

-5

0

5

10

15

20

25

30

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Pfizer



3.33

3.042.98 3.00

2.872.93 2.96 2.95 2.92 2.96 2.92 2.932.95

2.4

2.6

2.8

3.0

3.2

3.4

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Pfizer



Corex Respiratory 28.6 23.3 23.2 30.0 -4.6

Becosules Vitamins 14.7 20.0 -26.6 14.9 -1.8

Gelusil Mps Gastro Intestinal 11.9 14.0 -15.1 11.4 5.0

Minipress Xl Cardiac 10.9 11.4 -4.2 10.7 2.0

Magnex Anti-Infectives 10.7 16.0 -33.3 11.9 -10.3

Dolonex Pain 9.8 10.7 -8.6 9.7 0.7

Mucaine Gastro Intestinal 8.4 7.5 12.3 8.6 -2.0

Wysolone Hormones 7.6 8.3 -8.5 7.9 -4.0

Corex Dx Respiratory 6.6 4.9 33.3 7.4 -11.0

Folvite Blood Related 6.1 5.7 7.7 6.4 -3.9



Anti-Infectives17%

Respiratory13%


Vitamins 10%Hormones

9%

Other41%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Anti-Infectives 39.2 42.7 -8.4 42.0 -6.7

Respiratory 37.3 30.4 22.8 39.7 -6.2


Vitamins 19.3 24.6 -21.6 19.9 -3.3

Hormones 20.4 21.4 -4.9 21.2 -4.0

Gynaecological 18.4 18.0 2.3 19.2 -3.8

Neuro 17.9 15.9 12.4 18.8 -4.7

Cardiac 16.0 20.3 -21.3 16.3 -1.7

Pain 14.4 16.0 -10.1 14.8 -2.9

Vaccines 8.4 7.4 14.6 7.2 17.0



Acute, 1856.52,

64.9%

Chronic, 441.00, 15.4%

Sub-Chronic, 562.05, 19.7%



50%

19%

10%

10%

11%


Source: AIOCD data base l


Decartis India

Stock Performance

80

130

180


CNX Pharma Novartis India



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1

11.9

9.1

1.1

2.6 5.

9

0.0

2.7

9.3

14.1 16

.0

9.7

10.1

10.1

10.0

19.1

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Novartis India



1.33

1.26 1.251.23 1.24

1.28

1.351.32

1.34

1.38

1.331.361.35

1.2

1.2

1.3

1.3

1.4

1.4

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Novartis India



Galvus Met Anti Diabetic 23.7 17.0 39.8 25.7 -7.6

Voveran Pain 15.3 12.5 23.0 15.6 -1.5

Rabipur (Novartis) Vaccines 10.2 7.7 32.4 9.5 7.0

Galvus Anti Diabetic 9.1 8.3 9.5 9.9 -8.3

Otrivin Respiratory 7.0 6.8 2.2 6.8 3.1

Tegrital Neuro 4.9 4.6 5.5 4.9 -1.2

Voveran Pain 3.1 2.3 33.1 3.4 -9.1

Regestrone Gynaecological 2.6 3.3 -21.7 3.2 -19.8

Methergin Gynaecological 2.3 2.4 -4.6 2.4 -1.6

Syntocinon Gynaecological 2.1 2.0 2.5 2.0 4.7



Anti Diabetic30%

Pain 20%

Vitamins 9%

Respiratory9%

Vaccines8%

Other24%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Anti Diabetic 33.4 25.9 28.9 36.2 -7.8

Pain 21.1 17.6 19.7 21.8 -3.2

Vitamins 9.6 8.1 18.2 9.1 5.0

Respiratory 11.2 12.9 -12.8 10.9 2.5

Vaccines 10.3 7.8 32.4 9.6 7.1

Gynaecological 7.2 7.9 -9.5 7.7 -7.5

Neuro 6.8 7.6 -10.9 7.3 -7.7

Anti-Infectives 4.2 4.3 -1.1 4.3 -2.0

Ophthal 2.3 2.9 -20.7 3.0 -23.1

Cardiac 1.0 1.1 -9.2 1.0 -5.5



Acute, 599.84, 47.3%

Chronic, 490.55, 38.7%

Sub-Chronic, 176.97, 14.0%



71%

14%

6%5%4%




Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1

11.9

9.1

13.7 16

.8

12.9

12.4

20.5

2.7

11.1

0.6

26.6

2.5

11.0

6.6

5.3

0

5

10

15

20

25

30

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Unichem Laboratories



0.980.94

0.960.94

1.000.97

0.88 0.88 0.86

0.94

0.88 0.89

0.93

0.80

0.90

1.00

1.10

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Unichem Laboratories



Losar H Cardiac 7.2 6.7 7.6 7.4 -2.4

Ampoxin Anti-Infectives 6.1 6.0 1.6 6.5 -7.3

Losar Cardiac 5.6 5.8 -3.3 5.8 -4.0

Unienzyme Gastro Intestinal 4.1 4.7 -13.9 4.1 -1.1

Vizylac Gastro Intestinal 2.4 2.0 18.8 2.3 1.0

Trika Neuro 2.1 3.3 -36.2 2.1 -0.8

Serta Neuro 1.9 1.8 6.0 2.1 -9.7

Unistar (Unichem) Cardiac 1.7 1.7 0.5 1.6 5.2

Telsar Cardiac 1.6 1.5 3.9 1.6 -2.0

Arkamin Cardiac 1.4 1.0 39.8 1.5 -6.3



Cardiac41%

Anti-Infectives18%


Neuro 13%

Pain 4% Other

11%




Anti-Infectives 13.1 11.8 10.8 13.5 -3.1


Neuro 10.3 10.2 0.9 10.5 -2.1

Pain 3.1 2.5 20.6 3.1 -2.0

Anti Diabetic 3.0 2.4 26.6 3.0 2.4

Vitamins 1.6 1.6 2.9 2.0 -17.0

Respiratory 2.1 1.9 8.7 2.0 2.8

Derma 1.4 1.2 20.8 1.5 -5.4

Gynaecological 0.4 0.5 -6.9 0.4 20.4



Acute, 335.23, 37.5%

Chronic, 503.70, 56.4%

Sub-Chronic,

54.06, 6.1%



47%

13%9%

11%

20%




Indoco Remedies

Stock Performance

6080

100120140


CNX Pharma Indoco



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

8.9

18.9 22

.0

2.4

2.6

1.2

3.4 5.5

-1.5

-6.7

16.0

10.1

11.0

-10

-5

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Indoco Remedies



0.70.8

0.7

0.70.7

0.7

0.7 0.7 0.7

0.7 0.70.7 0.7

0.60.60.60.70.70.70.70.70.80.8

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indoco Remedies



Febrex Plus Respiratory 6.0 5.9 2.3 6.4 -6.2

Cyclopam Gastro Intestinal 3.2 3.0 6.1 3.2 -3.0

Oxipod Anti-Infectives 3.1 2.0 52.2 3.2 -3.4

Sensodent-K Stomatologicals 3.0 3.7 -19.4 2.8 5.2

Karvol Plus Respiratory 2.6 2.1 20.8 2.6 0.3

Atm Anti-Infectives 2.5 2.0 26.3 2.7 -8.3

Cital Urology 2.1 1.9 7.7 2.3 -7.9

Sensoform Stomatologicals 1.8 2.2 -20.4 1.6 9.2

Sensodent-Kf Stomatologicals 1.7 1.8 -9.1 2.0 -17.3

Cyclopam Gastro Intestinal 1.6 1.5 7.1 1.5 5.8


Exhibit 85: Contribution of therapies to domestic sales (MAT Jan’16) Respiratory

19%

Anti-Infectives17%

Stomatologicals16%


Vitamins 7%

Other27%



Therapy Jan' 16 Jan' 15 YoY (%) Dec' 15 QoQ (%)Respiratory 12.3 11.2 9.2 12.8 -3.9

Anti-Infectives 10.3 7.7 33.9 10.8 -4.3

Stomatologicals 9.4 10.3 -8.4 9.5 -1.2


Vitamins 3.7 3.9 -4.5 3.9 -3.6

Urology 2.4 2.1 12.1 2.6 -8.0

Derma 2.3 2.0 16.0 2.4 -6.3

Pain 2.2 2.1 6.3 2.5 -12.1

Ophthal 1.9 1.9 1.2 2.2 -14.0

Anti Diabetic 1.9 2.1 -12.9 1.8 1.9



Acute, 564.06, 82.2%

Chronic, 41.15, 6.0%

Sub-Chronic, 81.01, 11.8%



48%

16%

8%

10%

18%




Ajanta Pharma

Stock Performance

80

130

180230

280


CNX Pharma Ajanta



14.1

20.1 21

.9

18.6

12.7

15.6

13.2

13.3

10.2

22.4

9.1

11.9

9.114

.6 15.4

10.4

18.3

16.2

9.5

10.9 10.0

12.6

9.9

6.5

14.3

6.9

0

5

10

15

20

25

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Ajanta Pharma



0.500.51

0.480.46

0.49 0.48 0.470.49

0.460.45

0.51 0.52

0.49

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Ajanta Pharma



Melacare Derma 4.1 4.3 -4.3 5.1 -20.1

Met Xl Cardiac 3.7 4.0 -7.1 4.3 -13.6

Atorfit Cv Cardiac 2.7 2.7 1.1 2.9 -8.0

Soft Drops Ophthal 1.4 1.0 34.0 1.2 20.5

Met Xl Am Cardiac 1.1 1.0 7.2 1.1 -5.3

Rosufit Cv Cardiac 1.1 0.9 22.4 1.2 -12.5

Feburic Pain 1.1 0.9 18.0 1.3 -16.0

Rosutor Gold Cardiac 0.7 0.3 128.7 0.8 -11.4

Cinod Cardiac 0.7 0.6 23.2 0.8 -3.8

Olopat Ophthal 0.6 0.5 30.8 0.5 16.3



Cardiac33%

Derma23%

Ophthal23%

Vitamins 6%

Pain 5%

Others10%




Derma 9.5 9.6 -1.2 10.8 -12.5

Ophthal 9.1 8.2 11.2 8.9 1.8

Vitamins 2.1 2.1 -0.1 2.5 -14.9

Pain 1.8 1.7 1.2 2.1 -16.6


Neuro 0.7 0.8 -15.6 0.9 -26.6

Ophthal 0.7 0.5 42.8 0.6 4.2

Anti-Infectives 0.6 0.3 127.9 0.7 -13.5

Respiratory 0.2 0.3 -29.0 0.3 -20.9



Acute, 190.69, 40.6%

Chronic, 227.11, 48.4%

Sub-Chronic, 51.63, 11.0%



42%

13%9%

13%

23%




Alembic Pharma

Stock Performance

80100120140160180200


CNX Pharma Alembic Pharma



14.1

20.1 21

.9

18.6

12.7 15

.6

13.2

13.3

10.2

22.4

9.1 11

.9

9.1

6.6

19.4

19.1

19.7 21

.2

15.2 18.1 17.0

6.0

31.4

18.8

24.0

23.0

0

5

10

15

20

25

30

35Ja

n-15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Indian Pharma Market Alembic Pharma



1.33

1.42

1.351.29

1.27 1.26

1.32

1.41 1.43 1.451.50 1.51 1.50

1.11.21.21.31.31.41.41.51.51.6

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

(%)

Alembic Pharma


Exhibit 94: Top 10 brands performance (| crore) Brand Therapy Jan' 16 Jan' 15 Var. (%) Dec' 15 Var. (%)Azithral Anti-Infectives 12.9 10.9 18.0 13.8 -6.2Althrocin Anti-Infectives 7.0 7.5 -5.9 6.7 4.4Roxid Anti-Infectives 5.5 4.5 21.8 5.1 6.6Gestofit Gynaecological 4.5 3.5 28.8 4.6 -3.5Wikoryl Respiratory 4.1 3.0 35.7 4.3 -4.6Rekool D Gastro Intestinal 2.7 2.1 23.8 2.8 -5.6Zeet Respiratory 2.6 2.0 32.5 3.2 -18.3Ulgel Gastro Intestinal 2.5 2.3 10.3 3.0 -17.1Rekool Gastro Intestinal 2.1 1.7 23.7 2.1 -4.1Sharkoferrol Vitamins 2.0 1.8 9.4 1.5 32.7



Anti-Infectives26%


Respiratory13%

Cardiac13%

Gynaecological10%

Other24%



Anti-Infectives 30.3 26.9 12.4 31.0 -2.2


Respiratory 18.6 13.4 38.4 20.9 -11.2

Cardiac 16.4 11.8 39.3 16.5 -0.8

Gynaecological 12.0 9.3 29.6 12.5 -3.6

Vitamins 7.5 5.8 27.4 7.2 3.3

Anti Diabetic 7.0 5.0 39.7 7.2 -2.7

Pain 4.2 3.2 29.8 4.2 -1.1

Derma 2.1 2.1 0.5 2.4 -12.4

Urology 2.1 2.3 -10.9 2.4 -13.2

Dec' 15 QoQ (%)Therapy Jan' 16 Jan' 15 YoY (%)



Acute, 832.33, 61.6%

Chronic, 278.18, 20.6%

Sub-Chronic, 240.05, 17.8%



39%

13%9%

13%

26%




Exhibit 97: One year forward P/E of CNX Pharma vs. Sensex

0

5

10

15

20

25

30

35

40

Mar

-06

Dec-

06

Sep-

07

Jun-

08

Mar

-09

Dec-

09

Sep-

10

Jun-

11

Mar

-12

Dec-

12

Sep-

13

Jun-

14

Mar

-15

Dec-

15

x

CNX Pharma Sensex [

Source: Company, ICICIdirect.com Research

ICICIdirect.com coverage universe (Healthcare) Company I-Direct CMP TP Rating M Cap

Code (|) (|) (| Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E

Ajanta Pharma AJAPHA 1291 1,780 Buy 11360.1 36.0 44.1 49.3 35.8 29.3 26.2 22.6 19.4 17.0 50.3 45.5 40.2 37.8 33.8 29.0

Apollo Hospitals APOHOS 1430 1,420 Hold 19900.4 23.7 28.0 34.6 60.2 51.1 41.3 29.4 25.2 20.1 9.9 11.3 13.0 10.4 11.2 12.5

Aurobindo Pharma AURPHA 656 990 Buy 38346.6 28.1 33.0 37.7 23.3 19.9 17.4 30.7 25.5 21.8 23.4 24.4 25.4 31.7 28.1 24.8

Alembic Pharma ALEMPHA 616.5 790 Buy 11621.0 15.1 39.0 28.5 40.9 15.8 21.6 32.2 12.8 17.5 30.7 56.7 33.0 32.1 52.2 30.1

Biocon BIOCON 462 510 Hold 9241.0 20.4 23.5 26.3 22.6 19.7 17.6 7.1 6.2 5.2 10.4 11.7 13.1 12.5 12.6 12.8

Cadila Healthcare CADHEA 327.2 405 Buy 33496.9 11.2 14.3 15.3 29.2 22.8 21.3 20.3 15.3 14.6 20.7 25.8 24.6 27.0 27.4 24.1Cipla CIPLA 523 750 Buy 42020.5 14.7 22.0 29.9 35.6 23.8 17.5 22.5 17.7 13.5 13.8 15.1 18.4 10.9 14.4 16.8

Divi's Laboratories DIVLAB 993.9 1,320 Buy 26384.9 32.1 40.2 46.7 31.0 24.7 21.3 23.6 19.9 16.8 29.4 31.3 31.1 24.4 25.6 25.1

Dr Reddy's Labs DRREDD 3062 3,880 Buy 52241.8 129.0 142.2 142.1 23.7 21.5 21.6 14.4 12.0 11.6 16.7 17.4 16.5 22.3 19.8 16.5

Glenmark Pharma GLEPHA 746.8 975 Buy 21070.2 23.1 30.0 40.1 32.3 24.9 18.6 19.7 14.7 12.1 13.3 17.8 21.2 21.7 22.3 23.3

Indoco Remedies INDREM 263 390 Buy 2427.7 9.0 9.6 15.4 29.3 27.5 17.1 18.2 16.7 12.4 16.4 15.9 22.0 16.0 15.1 20.5

Ipca Laboratories IPCLAB 643.5 735 Buy 8120.3 19.9 12.0 30.3 32.3 53.8 21.2 17.0 23.3 13.5 11.5 6.6 13.9 11.4 6.6 14.6

Jubilant Life Sciences VAMORG 312 375 Hold 4968.6 -0.6 31.0 41.3 NA 10.1 7.5 14.3 7.3 5.9 5.8 13.3 15.4 NA 17.1 18.9

Lupin LUPIN 1783 2,200 Buy 80327.9 53.6 47.9 69.8 33.3 37.2 25.6 22.0 24.3 16.7 35.1 21.9 28.4 27.1 20.3 23.8

Natco Pharma NATPHA 467 630 Buy 8125.2 8.3 7.3 11.3 56.1 63.7 41.2 37.4 31.4 23.5 15.4 12.9 16.1 17.9 9.8 13.5

Sun Pharma SUNPHA 863.8 845 Hold 207881.2 19.8 22.7 28.2 43.6 38.1 30.7 25.5 22.8 18.7 18.8 19.6 21.1 18.6 18.2 19.1

Torrent Pharma TORPHA 1326 1,650 Buy 22439.4 44.4 112.3 66.8 29.9 11.8 19.8 24.2 8.5 13.3 20.1 42.8 24.4 30.2 49.4 24.1

Unichem Laboratories UNILAB 202.7 310 Buy 1840.9 8.3 11.0 15.7 24.4 18.5 12.9 21.1 13.7 10.7 8.5 13.1 16.6 8.7 10.6 13.7

RoE (%)EPS (|) PE(x) EV/EBITDA (x) RoCE (%)

65.6% Premium


RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Add, Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Sector view: Over weight compared to index Equal weight compared to index Under weight compared to index Index here refers to BSE 500

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093

[email protected]


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