Glenmark Pharmaceuticals Ltd.

Financial

	Glenmark Pharma	Alkem Laboratories	Aurobindo Pharma
Operational Metrics
Pharmaceutical Sector
Number of ANDA's Filed in USA	13.0 .	185.0 .	861.0 .
Number of ANDA's Approved By USFDA	25.0 .	158.0 .	719.0 .
Domestic Sales Growth - YoY	10.3 %	73.0 %	n/a
R&D as a % of Total Sales	7.3 %	5.0 %	5.05 %
Financials
5 yr Average ROE	4.18 %	17.38 %	13.97 %
5yr average Equity Multiplier	1.88	1.39	1.51
5yr Average Asset Turnover Ratio	0.79	0.86	0.71
5yr Avg Net Profit Margin	2.73 %	14.54 %	12.77 %
Price to Book	6.8	5.02	2.03
P/E	37.38	27.78	37.94
5yr Avg Cash Conversion Cycle	-121.67 Days	-61.46 Days	-49.62 Days
Inventory Days	40.44 Days	56.11 Days	59.48 Days
Days Receivable	36.38 Days	44.62 Days	28.34 Days
Days Payable	201.37 Days	122.42 Days	115.71 Days
5yr Average Interest Coverage Ratio	3.48	24.48	43.78
5yr Avg ROCE	16.29 %	22.76 %	16.69 %
5yr Avg Operating Profit Margin	15.62 %	18.44 %	19.28 %
5 yr average Debt to Equity	0.49	0.18	0.21
5yr CAGR Net Profit	n/a	6.44 %	2.21 %
5yr Average Return on Assets	1.86 %	12.47 %	9.18 %
Shareholdings
Promoter Holding	46.65 %	53.04 %	51.82 %
Share Pledged by Promoters	0.0	0.0	17.08 %
Change in Promoter Holding (3 Yrs)	0.0	-4.1 %	-0.01 %
Change in Mutual Fund Holding (3 Yrs)	9.74 %	8.82 %	9.14 %

Business

	Glenmark Pharma	Alkem Laboratories	Aurobindo Pharma
Product Wise Break-Up	Product Wise Break-Up Branded Generics 60.46 Formulations 39.54 Pharmaceutical 0 API 0 Formulations 0	Product Wise Break-Up Pharmaceutical 100.0 Formulations 0 API 0 Branded Generics 0	Product Wise Break-Up Pharmaceutical 0 Formulations 87.25 Active Pharmaceutical Ingredient (API) 12.75 Branded Generics 0
Location Wise Break-Up	Location Wise Break-Up India 29.0 Rest of the World 24.3 Europe 22.5 North America 21.9 Latin America 0 USA 0 Others 2.3	Location Wise Break-Up Rest of the World 0 North America 0 India 68.66 Europe 0 USA 31.34 Latin America 0	Location Wise Break-Up Rest of the World 15.8 North America 0 India 10.0 Europe 25.6 USA 48.6 Latin America 0
Asset Break-Up	Asset Break-Up India 50.13 North America 40.3 Latin America 6.22 Europe 3.35 Rest of the World 0 USA 0	Asset Break-Up Rest of the World 0 North America 0 India 70.19 Europe 0 USA 28.27 Latin America 0 Others 1.54	Asset Break-Up Rest of the World 0 North America 0 India 65.36 Europe 8.08 USA 18.29 Latin America 0 Others 8.27