Glenmark Pharmaceuticals Ltd.

Financial

	Glenmark Pharma	Glaxosmithkline Phar	Alkem Laboratories
Operational Metrics
Pharmaceutical Sector
Number of ANDA's Filed in USA	13.0 .	n/a	185.0 .
Number of ANDA's Approved By USFDA	25.0 .	n/a	158.0 .
Domestic Sales Growth - YoY	7.6 %	8.9 %	12.1 %
R&D as a % of Total Sales	7.3 %	0.07 %	5.0 %
Financials
5 yr Average ROE	4.18 %	40.73 %	17.42 %
5yr average Equity Multiplier	1.88	1.9	1.42
5yr Average Asset Turnover Ratio	0.79	0.94	0.89
5yr Avg Net Profit Margin	2.73 %	24.91 %	13.9 %
Price to Book	5.32	28.64	4.84
P/E	45.0	60.25	26.77
5yr Avg Cash Conversion Cycle	-121.67 Days	-107.65 Days	-31.98 Days
Inventory Days	40.44 Days	52.59 Days	55.32 Days
Days Receivable	36.38 Days	22.78 Days	41.28 Days
Days Payable	201.37 Days	144.46 Days	114.28 Days
5yr Average Interest Coverage Ratio	3.48	479.64	24.2
5yr Avg ROCE	16.29 %	44.44 %	22.93 %
5yr Avg Operating Profit Margin	15.62 %	25.23 %	18.1 %
5 yr average Debt to Equity	0.49	0.0	0.21
5yr CAGR Net Profit	n/a	20.96 %	9.76 %
5yr Average Return on Assets	1.86 %	21.84 %	12.26 %
Shareholdings
Promoter Holding	46.65 %	75.0 %	55.13 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.0	0.0	-2.0 %
Change in Mutual Fund Holding (3 Yrs)	6.68 %	1.0 %	7.45 %

Business

	Glenmark Pharma	Glaxosmithkline Phar	Alkem Laboratories
Product Wise Break-Up	Product Wise Break-Up Branded Generics 60.46 Formulations 39.54 Vaccines 0 Pharmaceuticals 0 Pharmaceutical 0	Product Wise Break-Up Pharmaceutical 76.0 Formulations 0 Pharmaceutical 0 Branded Generics 0 Vaccines 24.0	Product Wise Break-Up Pharmaceuticals 0 Formulations 0 Pharmaceutical 100.0 Branded Generics 0 Vaccines 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 North America 0 Latin America 0 Europe 0 USA 0 Rest of the World 1.35 India 98.65	Location Wise Break-Up North America 0 Latin America 0 Europe 0 USA 31.34 Rest of the World 0 India 68.66
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 North America 0 Latin America 0 Europe 0 USA 13.12 Rest of the World 0 India 85.27 Others 1.61