Glenmark Pharmaceuticals Ltd.

Financial

	Glenmark Pharma	Ipca Laboratories	Ajanta Pharma
Operational Metrics
Pharmaceutical Sector
Number of ANDA's Filed in USA	13.0 .	43.0 .	74.0 .
Number of ANDA's Approved By USFDA	25.0 .	21.0 .	53.0 .
Domestic Sales Growth - YoY	10.1 %	7.6 %	15.6 %
R&D as a % of Total Sales	6.6 %	2.64 %	5.0 %
Financials
5 yr Average ROE	4.18 %	14.77 %	20.38 %
5yr average Equity Multiplier	1.88	1.47	1.34
5yr Average Asset Turnover Ratio	0.79	0.79	0.79
5yr Avg Net Profit Margin	2.73 %	12.85 %	19.43 %
Price to Book	4.61	5.29	8.9
P/E	0.0	48.57	36.66
5yr Avg Cash Conversion Cycle	-121.67 Days	62.7 Days	-93.41 Days
Inventory Days	40.44 Days	101.09 Days	61.2 Days
Days Receivable	36.38 Days	63.37 Days	52.69 Days
Days Payable	201.37 Days	112.44 Days	198.04 Days
5yr Average Interest Coverage Ratio	3.48	55.69	108.17
5yr Avg ROCE	16.29 %	18.16 %	25.98 %
5yr Avg Operating Profit Margin	15.62 %	19.9 %	27.51 %
5 yr average Debt to Equity	0.49	0.16	0.0
5yr CAGR Net Profit	n/a	-2.03 %	11.78 %
5yr Average Return on Assets	1.86 %	10.46 %	15.32 %
Shareholdings
Promoter Holding	46.65 %	44.72 %	66.26 %
Share Pledged by Promoters	0.0	0.0	12.61 %
Change in Promoter Holding (3 Yrs)	0.0	-1.57 %	-4.22 %
Change in Mutual Fund Holding (3 Yrs)	6.68 %	1.43 %	4.63 %

Business

	Glenmark Pharma	Ipca Laboratories	Ajanta Pharma
Product Wise Break-Up	Product Wise Break-Up Branded Generics 60.46 Formulations 39.54 API 0 Generics 0 Branded Generics 0 Pharmaceutical products 0	Product Wise Break-Up Active Pharmaceutical Ingredient (API) 19.59 Formulations 0 Branded Generics 49.34 Formulations 31.07 Pharmaceutical products 0	Product Wise Break-Up API 0 Formulations 0 Branded Generics 0 Generics 0 Pharmaceutical 100.0
Location Wise Break-Up	Location Wise Break-Up India 31.4 North America 23.06 Rest of the World 22.11 Europe 21.54 Latin America 0 Asia (Excluding India) 0 Australia 0 CIS 0 USA 0 Africa 0 Asia 0 Others 1.89	Location Wise Break-Up Europe 15.39 India 46.34 North America 0 Rest of the World 0 USA 17.83 Asia 0 Africa 6.96 Latin America 0 Asia Pacific 6.08 CIS 3.35 Australia 4.05	Location Wise Break-Up Europe 0 India 32.52 North America 0 Rest of the World 0 USA 19.55 Asia Pacific 24.94 Africa 21.57 Latin America 0 Asia (Excluding India) 0 CIS 0 Australia 0 Others 1.42
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 Asia 0 Africa 0	-	Asset Break-Up Europe 0 India 99.11 North America 0 Rest of the World 0 USA 0.51 Asia Pacific 0.29 Africa 0.08 Latin America 0 Others 0.01