lupin fundamental

8/8/2019 Lupin Fundamental

1/24

CONSOLIDATED BALANCE SHEET (Rs. in mn)

As at March 31, 2004 2005 2006 2007 2008

1. SOURCES OF FUNDS

Shareholders' Funds

Equity Share Capital 401.4 401.4 401.4 803.4 820.8

Reserves and Surplus 3,906.20 4,492.40 5,831.40 7,929.70 11,976.00

4,307.60 4,893.80 8,733.10 12,796.80

Loan Funds

Secured Loans 3,042.50 3,972.00 4,409.50 3,911.20 7,080.60

Unsecured Loans 905.6 600.1 4,839.50 4,736.40 4,948.20

3,948.10 4,572.10 9,249.00 8,647.60 12,028.80

Deferred Tax Liabilities (Net) 941.8 934.6 956.1 1,027.20 1,248.00

Minority Interest 8.2 12 15.8 94.5

[31.03.2007 Rs.27/-]

9,205.70 10,412.50 16,453.70 18,407.90 26,168.10

2. APPLICATION OF FUNDS

Fixed Assets

Gross Block 6,600.40 7,346.60 8,561.30 9,527.90 14,858.80

1,389.80 1,717.70 2,095.60 2,382.10 4,697.50

Net Block 5,210.60 5,628.90 6,465.70 7,145.80 10,161.30

Capital Work-in-Progress 171.7 698.1 252.1 825.5 963.8

5,382.30 6,327.00 6,717.80 7,971.30 11,125.10

Goodwill on Consolidation - - - - 1,872.30

Investments 26.4 26.4 28 28 58.2

Deferred Tax Assets (Net) - - 17.1 1.3 141.2

Current Assets, Loans and Advances

Inventories 2,309.90 2,614.70 3,429.10 4,298.10 7,893.40

Sundry Debtors 2,276.10 2,549.50 3,111.60 4,038.50 7,439.00

Cash and Bank Balances 301.6 270.7 4,774.20 3,844.50 2,741.80

Loans and Advances 2,003.80 1,754.30 1,999.60 2,448.20 2,367.00

6,891.40 7,189.20 13,314.50 14,629.30 20,441.20

Less: Current Liabilities and Provisions

Current Liabilities 2,344.60 2,735.90 3,146.90 3,515.20 6,018.80

Provisions 749.8 394.2 476.8 706.8 1,451.10

3,094.40 3,130.10 3,623.70 4,222.00 7,469.90

Net Current Assets 3,797.00 4,059.10 9,690.80 10,407.30 12,971.30

Total 9,205.70 10,412.50 16,453.70 18,407.90 26,168.10

6,232.8

Total

Less: Depreciation andAmortisation


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Cat. Code Total Total Shareholding

(I) (II) (III) (IV) (V)

17 41931508 41931508 48.66 48.66 9029000 21.53

Dividened

Year g Avg g

2009 / 03 10 10 125 25 33.97

2008 / 03 10 10 100 100

2007 / 03 5 10 50 -23.08

2006 / 03 6.5 10 65 0

2005 / 03 6.5 10 65 0

2004 / 03 6.5 10 65 0

65

Category of

shareholder

No. of

share-holders

No. of

shares

Shares pledged or

otherwise encumberedNo. ofshares

held indemate-rialisedform

As a percentage oftotal number ofshares

(A+B) (VI)

(VII)

(VIII) (IV)*100

(A) Shareholding of Promoter & Promoter Group

Dividend /Share

FaceValue

Dividend%


3/24

Year ended March 31, 2004 2005 2006 2007 2008

PARTICULARS

Sales (Gross) 12,638.50 13,122.80 17,503.40 20,716.50 27,730.10

Less: Excise Duty 486.5 511.4 549.4 579.4 666.4

Sales (Net) 12,152.00 12,611.40 16,954.00 20,137.10 27,063.70Other Income 513.5 234.1 741 1,990.50 2,064.50

Total Income 12,665.50 12,845.50 17,695.00 22,127.60 29,128.20

Cost of Materials 6,224.60 6,441.00 8,259.20 9,320.80 11,638.00

Personnel Expenses 1,100.50 1,329.10 1,689.60 2,199.90 3,076.00

2,608.10 3,507.10 4,769.60 5,694.10 7,991.20

Total Expenses 9,933.20 11,277.20 14,718.40 17,214.80 22,705.20

2,732.30 1,568.30 2,976.60 4,912.80 6,423.00

Interest and Finance Charges 525.9 282.5 312.8 372.2 373.5

Depreciation and Amortisation 295.3 336.2 466.1 647.4

1,911.10 949.6 2,255.00 4,074.50 5,402.10

Current Tax 471.7 34.6 402.6 779.6 1,022.60

Current Tax 46.3 -7.2 28 128.5 180.6

Fringe Benefit Tax - - 90.7 80 114.8

1,393.10 922.2 1,733.70 3,086.40

508.9 - - - -

884.2 922.2 1733.7 3,086.40 4,084.10

Minority Interest 16.2 3.8 3.8 0.80.8 1.3

Share of Loss in Associate - - - - 0.3

Net Profit 868 918.4 1,729.90 3,085.60 4,082.50

Manufacturing and OtherExpenses

Profit before Interest,Depreciation,Tax andExtraordinary Items

408.8

Profit before Tax andExtraordinary Items

Net Profit beforeExtraordinary Items 4,084.1

Extraordinary Items (Net of

Tax)

Net Profit before MinorityInterest and Share of Lossin Associate


4/24

Month High Price Low Price

No. of No. of * Sprea

Shares Trades H - LOpenPrice

ClosePrice

TotalTurnover(Rs.)

April 2003 123.50 163.00 123.50 155.75 3014688 44773452,561,7

63.00 39.50

May 2003 157.00 198.00 157.00 196.20 6754628 758891,170,380,

400.00 41.00

June2003 198.00 325.60 188.00 300.05 7673473 94755

1,889,630,392.00 137.60

July 2003 300.75 416.90 259.00 369.45 12903676 1703504,419,661,

945.00 157.90

August2003 373.00 481.90 365.80 460.75 6293988 95934

2,619,412,293.00 116.10

September 2003 467.40 592.00 385.25 478.60 10802661 175812

5,403,925,226.00 206.75

October2003 479.50 585.00 470.00 526.60 934470 19981

502,283,562.00 115.00

November2003 530.00 696.00 518.10 681.85 2443629 18393

1,388,100,507.00 177.90

December2003 696.00 790.00 686.00 699.95 398183 11901

290,513,374.00 104.00

January2004 720.00 730.00 595.25 616.40 357559 8094

244,424,852.00 134.75

February2004 610.00 700.00 457.50 674.70 301116 7802

187,745,052.00 242.50

March2004 667.00 709.90 630.00 650.00 213222 6024

141,935,193.00 79.90

April 2005 544.50 644.00 525.00 562.70 189208 1960106,346,9

14.00 119.00

May 2005 600.00 659.70 533.00 620.55 597038 9527370,504,0

15.00 126.70

June2005 620.00 748.00 609.00 695.10 1421411 24954

974,363,929.00 139.00

July 2005 705.00 770.00 681.00 691.20 604562 9592437,454,6

00.00 89.00

August2005 705.00 819.00 678.00 767.25 1229164 19807

915,979,667.00 141.00

September 2005 774.45 824.00 716.05 755.45 746832 11217

575,570,593.00 107.95

October2005 759.00 832.00 685.05 693.55 874777 11717

671,901,154.00 146.95

November2005 709.50 785.00 694.00 757.45 253410 5207

186,534,813.00 91.00

December2005 755.30 784.00 730.00 766.85 490533 6265

374,067,954.00 54.00

January2006 769.90 869.00 766.10 844.40 570774 10897

468,106,908.00 102.90

February2006 849.90 1,006.60 815.00 935.90 902258 13961

842,131,998.00 191.60


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March2006 940.00 1,050.00 910.00 1,018.60 943746 8089

927,676,348.00 140.00

April 2006 1,044.00 1,188.00 981.50 1,176.75 1523390 141211,627,405,

785.00 206.50

May 2006 1,184.50 1,275.00 878.50 1,030.90 2184730 195032,596,142,

313.00 396.50

June2006 1,051.00 1,062.20 820.50 895.00 253868 7516

232,449,478.00 241.70

July 2006 895.00 971.00 811.05 898.00 429106 8500373,969,2

87.00 159.95

August2006 900.15 945.00 465.00 502.10 442312 14974

265,274,279.00 480.00

September 2006 500.30 513.95 460.00 461.25 825169 12249

396,597,295.00 53.95

October2006 467.80 528.40 467.80 512.55 871498 13551

436,943,395.00 60.60

November2006 512.25 534.20 490.00 528.90 368266 7954

187,549,178.00 44.20

December2006 534.00 625.00 506.00 612.05 538922 10359

310,384,824.00 119.00

January2007 616.10 631.00 555.25 600.60 684640 11343

400,431,435.00 75.75

February2007 600.00 678.40 550.00 603.50 1130499 22995

718,576,651.00 128.40

March2007 609.00 631.00 540.00 605.65 490779 13413

288,578,444.00 91.00

April 2007 601.00 740.00 590.10 704.85 1503161 335761,015,653,

722.00 149.90

May 2007 722.00 755.00 685.00 711.15 2604826 525211,874,614,

759.00 70.00

June2007 720.00 745.00 657.00 732.55 2252877 42329

1,588,825,925.00 88.00

July 2007 731.00 745.00 610.10 643.80 3514879 433542,471,815,

164.00 134.90

August2007 635.00 670.00 548.50 586.70 938285 13792

571,916,283.00 121.50

September 2007 595.00 633.00 566.25 586.15 659446 16805

395,016,381.00 66.75

October2007 594.90 645.45 548.15 586.70 1479626 25648

891,543,977.00 97.30

November2007 598.90 598.90 520.00 525.55 483300 11214

266,132,595.00 78.90

December2007 526.00 651.40 525.55 633.70 802562 21267

488,900,742.00 125.85

January2008 645.00 675.00 429.90 570.60 2523349 19526

1,447,721,470.00 245.10

February2008 572.00 572.00 485.00 555.60 390673 6176

211,061,690.00 87.00

March2008 541.00 571.90 451.00 493.90 1169964 8785

584,830,018.00 120.90


6/24

April 2008 504.00 590.00 472.00 566.30 340091 9871181,102,8

12.00 118.00

May 2008 570.00 732.10 547.00 710.95 1939171 475741,273,480,

097.00 185.10

June2008 713.00 741.90 611.90 666.85 4519768 54244

3,178,114,362.00 130.00

July 2008 666.00 759.00 650.15 737.40 1110046 29355788,946,1

34.00 108.85

August2008 734.00 779.00 718.00 729.90 805957 15194

602,444,158.00 61.00

September 2008 739.00 765.00 690.00 719.90 1270612 7250

922,762,008.00 75.00

October2008 726.00 780.00 581.60 661.90 2064760 18362

1,364,918,211.00 198.40

November2008 688.80 750.00 518.00 585.35 803510 17492

474,049,275.00 232.00

December2008 585.00 621.00 525.00 617.85 417659 13511

242,095,615.00 96.00

January2009 618.00 670.00 537.00 569.90 539810 13896

321,404,592.00 133.00

February2009 579.80 661.00 549.00 650.25 1016495 21663

604,217,398.00 112.00

March2009 645.00 700.00 565.00 689.20 1078140 22912

672,065,303.00 135.00

April 2009 690.00 748.00 630.00 717.05 702327 15095476,161,2

44.00 118.00

May 2009 722.85 905.00 703.60 833.85 2274188 210501,869,941,

298.00 201.40

June2009 850.00 901.00 803.00 817.10 386590 14745

327,149,828.00 98.00

July 2009 824.00 991.90 754.90 945.90 846933 23048759,660,8

30.00 237.00

August2009 960.00 1,055.20 918.30 1,015.15 1735737 16634

1,714,754,073.00 136.90

September 2009 1,029.00 1,190.00 950.00 1,136.85 782758 23395

843,193,693.00 240.00

October2009 1,140.00 1,314.00 1,125.00 1,250.90 799841 30232

1,002,658,228.00 189.00


7/24

d (Rs.) Month Open High Low Close

C - O

Price/Earnings

Price/Bookvalue

32.25October2009 17,186.20 17,493.17 16,311.50 16,353.40 21.86 4.08

39.20September 2009 15,691.27 17,142.52 15,356.72 17,126.84 21.20 3.95

102.05August2009 15,694.78 16,002.46 14,684.45 15,666.64 20.08 3.73

68.70 July 2009 14,506.43 15,732.81 13,219.99 15,670.31 19.10 3.53

87.75June2009 14,746.51 15,600.30 14,016.95 14,493.84 19.75 3.64

11.20 May 2009 11,635.24 14,930.54 11,621.30 14,625.25 17.88 3.35

47.10 April 2009 9,745.77 11,492.10 9,546.29 11,403.25 15.23 2.95

151.85March2009 8,762.88 10,127.09 8,047.17 9,708.50 12.68 2.47

3.95February2009 9,340.37 9,724.87 8,619.22 8,891.61 12.82 2.50

-103.60January2009 9,720.55 10,469.72 8,631.60 9,424.24 12.21 2.53

64.70December2008 9,162.94 10,188.54 8,467.43 9,647.31 12.16 2.54

-17.00November2008 10,209.37 10,945.41 8,316.39 9,092.72 11.88 2.48

18.20October2008 13,006.72 13,203.86 7,697.39 9,788.06 13.19 2.76

20.55September 2008 14,412.99 15,107.01 12,153.55 12,860.43 17.36 3.62

75.10August2008 14,064.26 15,579.78 14,002.43 14,564.53 18.25 3.81

-13.80 July 2008 13,480.02 15,130.09 12,514.02 14,355.75 17.06 3.59

62.25June2008 16,591.46 16,632.72 13,405.54 13,461.60 18.22 4.09

-19.00 May 2008 17,560.15 17,735.70 16,196.02 16,415.57 20.66 4.82

-65.45 April 2008 15,771.72 17,480.74 15,297.96 17,287.31 20.71 5.22

47.95March2008 17,227.56 17,227.56 14,677.24 15,644.44 20.18 5.19

11.55February2008 17,820.67 18,895.34 16,457.74 17,578.72 22.23 5.71

74.50January2008 20,325.27 21,206.77 15,332.42 17,648.71 25.53 6.35

86.00December2007 19,547.09 20,498.11 18,886.40 20,286.99 26.94 6.54


8/24

78.60November2007 20,130.23 20,204.21 18,182.83 19,363.19 25.44 6.13

132.75October2007 17,356.99 20,238.16 17,144.58 19,837.99 24.86 5.89

-153.60September 2007 15,401.99 17,361.47 15,323.05 17,291.10 21.69 5.16

-156.00August2007 15,344.02 15,542.40 13,779.88 15,318.60 19.99 4.80

3.00 July 2007 14,685.16 15,868.85 14,638.88 15,550.99 21.78 4.98

-398.05June2007 14,610.28 14,683.36 13,946.99 14,650.51 20.67 4.78

-39.05 May 2007 13,987.77 14,576.37 13,554.34 14,544.46 20.84 4.95

44.75 April 2007 12,811.93 14,383.72 12,425.52 13,872.37 20.75 5.13

16.65

78.05

-15.50

3.50

-3.35

103.85

-10.85

12.55

-87.20

-48.30

-8.85

-8.20

-73.35

107.70

-74.40

-16.40

-47.10


9/24

44.2

110.9

62.30

140.95

-46.15

71.40

-4.10

-19.10

-64.10

-103.45

32.85

-48.10

70.45

27.05

111.00

-32.90

121.90

55.15

107.85


10/24

X

Month Sensex Sensex Re

1 16,353.40

2 17,126.84 4.73

3 15,666.64 -8.53

4 15,670.31 0.02

5 14,493.84 -7.51

6 14,625.25 0.91

7 11,403.25 -22.03

8 9,708.50 -14.86

9 8,891.61 -8.41

10 9,424.24 5.99

11 9,647.31 2.37

12 9,092.72 -5.75

13 9,788.06 7.65

14 12,860.43 31.39

15 14,564.53 13.25

16 14,355.75 -1.43

17 13,461.60 -6.23

18 16,415.57 21.94

19 17,287.31 5.31

20 15,644.44 -9.5

21 17,578.72 12.36

22 17,648.71 0.4

23 20,286.99 14.95

24 19,363.19 -4.55

DividendYield

October 2009

1.13 September 2009

1.17 August 2009

1.24 July 2009

1.32 June 2009

1.30 May 2009

1.47 April 2009

1.68 March 2009

1.92 February 2009

1.89 January 2009

1.88 December 2008

1.87 November 2008

1.92 October 2008

1.76 September 2008

1.33 August 2008

1.26 July 2008

1.36 June 2008

1.14 May 2008

1.01 April 2008

1.03 March 2008

1.07 February 2008

0.97 January 2008

0.88 December 2007

0.85 November 2007


11/24

25 19,837.99 2.45

26 17,291.10 -12.84

27 15,318.60 -11.41

28 15,550.99 1.52

29 14,650.51 -5.79

30 14,544.46 -0.72

31 13,872.37 -4.62

1.21 Sum 1.0490

n= 31

Month Sensex Sensex Re

16,353.40

17,126.84

15,666.64

15,670.31

14,493.84

14,625.25

11,403.25

9,708.50

8,891.61

9,424.24

9,647.31

9,092.72 79.852

9,788.06 74.977

12,860.43 21.820

0.90 October 2007

0.97 September 2007

1.11 August 2007

1.14 July 2007

1.07 June 2007

1.15 May 2007

1.15 April 2007

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008


12/24

14,564.53 7.592

14,355.75 0.962

13,461.60 8.644

16,415.57 -30.534

17,287.31 -43.840

15,644.44 -43.164

17,578.72 -46.388

17,648.71 -45.337

20,286.99 -55.180

19,363.19 -49.450

19,837.99 -35.173

17,291.10 -15.769

15,318.60 -6.285

15,550.99 -13.436

14,650.51 12.048

14,544.46 18.858

13,872.37 12.774

August 2008

July 2008

June 2008

May 2008

April 2008

March 2008

February 2008

January 2008

December 2007

November 2007

October 2007

September 2007

August 2007

July 2007

June 2007

May 2007

April 2007


13/24

Y X2 Y2 X.Y

Lupin Price Lupin Retrun

1,250.90 0 0 0

1,136.85 -9.117 22.37 83.13 -43.12

1,015.15 -10.705 72.69 114.6 91.27

945.9 -6.822 0 46.53 -0.16

817.1 -13.617 56.36 185.41 102.23

833.85 2.050 0.82 4.2 1.86

717.05 -14.007 485.34 196.2 308.59

689.2 -3.884 220.88 15.09 57.72

650.25 -5.651 70.8 31.94 47.55

569.9 -12.357 35.88 152.69 -74.02

617.85 8.414 5.6 70.79 19.92

585.35 -5.260 33.05 27.67 30.24

661.9 13.078 58.48 171.02 100.01

719.9 8.763 985.27 76.78 275.05

729.9 1.389 175.58 1.93 18.41

737.4 1.028 2.05 1.06 -1.47

666.85 -9.567 38.79 91.54 59.59

710.95 6.613 481.52 43.73 145.12

566.3 -20.346 28.2 413.96 -108.05

493.9 -12.785 90.31 163.45 121.5

555.6 12.492 152.87 156.06 154.46

570.6 2.700 0.16 7.29 1.07

633.7 11.059 223.47 122.29 165.31

525.55 -17.066 20.74 291.26 77.71


14/24

586.7 11.635 6.01 135.38 28.53

586.15 -0.094 164.83 0.01 1.2

586.7 0.094 130.13 0.01 -1.07

643.8 9.732 2.3 94.72 14.76

732.55 13.785 33.53 190.04 -79.82

711.15 -2.921 0.52 8.53 2.11

704.85 -0.886 21.35 0.78 4.09

-42.25 3619.92 2898.11 1520.59

Beta 0.4205

turn

4.72954

-8.52580

0.02343

-7.50764

0.90666

-22.03039

-14.86199

-8.41417

5.99025

2.36698

-5.74865 -57.90

7.64722 -54.71

31.38896 -11.17


15/24

13.25072 3.26

-1.43348 9.89

-6.22851 2.10

21.94368 50.07

5.31045 72.08

-9.50333 70.89

12.36401 77.85

0.39815 75.70

14.94885 98.28

-4.55366 84.97

2.45208 53.40

-12.83845 24.94

-11.40760 14.06

1.51704 22.51

-5.79050 -7.75

-0.72387 -14.33

-4.62093 -9.01

0.41962 25.26


16/24

Sensitivity Analysis


17/24

Lupin(Million Rs) Actuals

2004 2005 2006 2007 2008 2009

Sales (Net) 12,152.00 12,611.40 16,954.00 20,137.10 27,063.70 37759

100 103.78 139.52 165.71 222.71 310.72

EBIDTA 2,732.30 1,568.30 2,976.60 4,912.80 6,423.00 7439

Net Profit 868 918.4 1,729.90 3,085.60 4,082.50 5015

100 105.81 199.30 355.48 470.33 577.76

Equity Capital 400 400 400 800 820 830

No of Shares (Million) 40 40 40 80 82 83

Reserves and Surplus 3,906.20 4,492.40 5,831.40 7,929.70 11,976.00

DPS 65 65 65 50 100 125

EPS 21.70 22.96 43.25 38.57 49.79 60.42

Market Price of the Share 806 763 1022.45 686 712 966

P/E 37.14 33.23 23.64 17.79 14.30 15.99

Cost of Equity

Realised Yield Approach

Wealth Ratio =(D1+P1)/Po 1.027 1.425 0.720 1.184 1.532

CAPM Approach

Beta = 0.4205

Rf = 4.00

Rm= 27.00

Intrinsic Value

Dividend Capitalisation Approach g=17%

(Average Ke = 13.84 1.14 g=34%

Variables That May Affect the Intrinsic Value (Sensitivity Analysis)

Growth Rate 17%Increase in Equity

Change in P/E ratio 23.68

Cost of Equity 13.84

Dividend Payout 17.0%

Risk Free Return 4.0%

Expected Share Price


18/24

market13.2

-5.9

13.1

9.8

8.2

10.4

16.7

9.36


19/24

tdProjected

Avg Growth Rate 2010 2011 2012 2013 2014 2015

44555.62 52575.63 62039.25 73206.31 86383.45 101932.47

18%

6168.45 7587.19 9332.25 11478.67 14118.76 17366.07

23%

880 900 900 900 900 900

88 90 90 90 90 90

17% (5yrs) 146.25 171.11 200.20 234.24 274.06 320.65

34 % (3yrs) 167.5 224.45 300.76 403.02 540.05 723.67

70.10 84.30 103.69 127.54 156.88 192.96

1660.00 1996.43 2455.61 3020.40 3715.09 4569.56

23.68 23.68 23.68 23.68 23.68 23.68 23.68

13.84

13.67

D1 D2 D3 D4 D5 P5

2622.11 128.47 132.04 135.70 139.47 143.34 1943.102989.72 147.14 173.19 203.86 239.97 282.46 1943.10


20/24

lupin25.5

5.6

48.8

22.1

30.4

48.7

53

33.44


21/24

As at March 31, 2004 2005Short Term Financial Solvency

Curent Ratio 2.94 2.63

Quick Ratio 1.95 1.67

Long Term Financial Solvency

Equity or Propietary Ratio Net Worth / Total Assets

Debt Ratio Total Liabilities / Total Assets

Debt Equity Ratio Total Debt /Equity

Shareholders Equity to Total Assets Owned Capital / Total Assets

Overall Efficieny & Profitability

ROI / ROA Profit / Capital Employed

Operating Ratio Operating Profit / Capital Employed

Assets Turnover Ratio Net Sales / Total Assets

EPS Net Profit / Number of Equity Shares

Gross Profit To Sales Gross Profit / SalesNet Profit to Sales Net Profit / Sales

For Shareholders

P/E Market Price / EPS

Pay Out Ratio DPS / EPS

Market Price of Share 806 763

Book Value

Key Financial Rati

2004/03 2005/03

Per Share

EPS 36.37 21.02

CEPS

Book Value 124.69 160.42

Dividend/Share 6.5 6.5

Operating Profit / Share 68.13 34.62

Net Operating Income / Share 293.25 289.5

Free Reserves / Share 82.35 96.29

Profitability RatiosOPM 23.23 11.95

GPM 20.76 9.1

NPM 12.34 7.19

RONW 32.3 16.87

Liquidity ratios

Debt/Equity 0.84 0.88


22/24

Current Ratio 1.77 1.81

Quick Ratio 1.18 1.14

Interest Cover 5.08 4.8

Turn Over Ratios

Sales/Total Assets 3.83 1.88

Sales/Fixed Assets 1.85 2.48Sales/Current Assets 1.72 1.22

Miscellaneous

No of Days of Working Capital 86.2 93.87

CAR 0 0


23/24

2006 2007 2008 2009

4.23 4.16 3.40

3.14 2.94 2.08

1022.45 686 712 966

s

2006/03 2007/03 2008/03

45.52 37.6 54.02

110.57 160.46 166.06

6.5 5 10

75.58 41.52 65.95

411.78 247.16 313.76

132.28 91.64 143.6

18.35 16.79 21.01

15.91 14.46 18.83

10.98 14.89 16.3

29.88 21.73 35.93

1.42 0.97 0.73


24/24

2.85 2.79 2.57

2.18 2.02 1.63

9.18 9.01 16.27

2.09 2.43 3.92

2.49 2.76 2.711.34 1.49 1.62

191.54 172.36 147.9

0 0 0

lupin fundamental

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