Lincoln Pharmaceuticals Ltd.

Financial

	Lincoln Pharma	Ind-Swift	Bliss GVS Pharma
Operational Metrics
Pharmaceutical Sector
Domestic Sales Growth - YoY	8.98 %	n/a	n/a
R&D as a % of Total Sales	3.1 %	n/a	2.13 %
Financials
5 yr Average ROE	16.41 %	30.85 %	10.14 %
5yr average Equity Multiplier	1.35	-1.62	1.36
5yr Average Asset Turnover Ratio	0.87	0.48	0.7
5yr Avg Net Profit Margin	14.05 %	-45.85 %	10.24 %
Price to Book	2.22	0.0	1.39
P/E	13.88	4.63	14.73
5yr Avg Cash Conversion Cycle	10.4 Days	-212.7 Days	162.62 Days
Inventory Days	41.92 Days	74.98 Days	46.41 Days
Days Receivable	86.41 Days	85.13 Days	188.89 Days
Days Payable	100.81 Days	267.01 Days	68.35 Days
5yr Average Interest Coverage Ratio	44.62	-6.47	19.86
5yr Avg ROCE	20.85 %	-66.14 %	17.11 %
5yr Avg Operating Profit Margin	21.16 %	-5.79 %	21.12 %
5 yr average Debt to Equity	0.03	-2.08	0.14
5yr CAGR Net Profit	8.4 %	n/a	-10.55 %
5yr Average Return on Assets	12.15 %	-16.74 %	7.4 %
Shareholdings
Promoter Holding	49.53 %	55.58 %	34.97 %
Share Pledged by Promoters	0.0	42.81 %	0.0
Change in Promoter Holding (3 Yrs)	12.27 %	0.03 %	1.66 %
Change in Mutual Fund Holding (3 Yrs)	0.0	0.0	-0.03 %

Business

	Lincoln Pharma	Ind-Swift	Bliss GVS Pharma
Product Wise Break-Up	Product Wise Break-Up Anti-Infective 29.2 Musculo-Skeletal System 17.9 Respiratory Systems 9.8 Parasitology 6.9 Alimentary Tract and Metabolism 5.9 Cardiac Science 2.9 Genito Urinary System and Sex Hormones 1.6 Blood and Blood Forming Organs 0.6 Central Nervous System (CNS) 0.5 Sales of APIs 0 Anti Inflammatory 0 Anti-biotic 0 Anti-bacterial 0 Anti-fungal, 0 Antimalarial 0 Others 24.7	Product Wise Break-Up Genito Urinary System and Sex Hormones 0 Blood and Blood Forming Organs 0 Anti Inflammatory 0 Anti-biotic 0 Anti-Infective 0 Alimentary Tract and Metabolism 0 Respiratory Systems 0 Active Pharmaceutical Ingredient (API) 100.0 Anti-bacterial 0 Central Nervous System (CNS) 0 Anti-fungal, 0 Musculo-Skeletal System 0 Parasitology 0 Cardiac Science 0 Antimalarial 0	Product Wise Break-Up Genito Urinary System and Sex Hormones 0 Blood and Blood Forming Organs 0 Anti Inflammatory 7.0 Antibiotics 5.0 Anti-Infective 0 Alimentary Tract and Metabolism 0 Respiratory Systems 0 Sales of APIs 0 Anti-bacterial 0 Central Nervous System (CNS) 0 Anti-fungal 16.0 Musculo-Skeletal System 0 Parasitology 0 Cardiac Science 0 Anti Malarials 43.0 Others 29.0
Location Wise Break-Up	Location Wise Break-Up Rest of the World 57.44 India 42.56	Location Wise Break-Up Rest of the World 70.86 India 29.14	Location Wise Break-Up Rest of the World 94.76 India 5.24