Novartis India Ltd.

Financial

	Novartis	Panacea Biotec	Indoco Remedies
Operational Metrics
Pharmaceutical Sector
Domestic Sales Growth - YoY	-5.28 %	n/a	4.0 %
Financials
5 yr Average ROE	8.0 %	17.16 %	11.09 %
5yr average Equity Multiplier	2.72	1.61	1.79
5yr Average Asset Turnover Ratio	0.18	0.4	0.92
5yr Avg Net Profit Margin	17.12 %	19.26 %	6.73 %
Price to Book	2.98	3.09	2.57
P/E	22.77	0.0	0.0
5yr Avg Cash Conversion Cycle	-23.33 Days	-102.87 Days	53.79 Days
Inventory Days	44.27 Days	109.97 Days	66.59 Days
Days Receivable	38.18 Days	37.7 Days	76.04 Days
Days Payable	124.28 Days	294.14 Days	121.65 Days
5yr Average Interest Coverage Ratio	65.43	2.9	7.97
5yr Avg ROCE	5.91 %	-1.68 %	15.12 %
5yr Avg Operating Profit Margin	15.15 %	-1.99 %	15.97 %
5 yr average Debt to Equity	0.0	0.05	0.38
5yr CAGR Net Profit	37.01 %	-64.03 %	32.49 %
5yr Average Return on Assets	3.13 %	6.95 %	6.31 %
Shareholdings
Promoter Holding	70.68 %	72.48 %	58.9 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.0	-1.11 %	0.21 %
Change in Mutual Fund Holding (3 Yrs)	0.0	0.0	1.16 %

Business

	Novartis	Panacea Biotec	Indoco Remedies
Product Wise Break-Up	Product Wise Break-Up Wholesale of pharmaceuticals and medical goods 100.0 Research and Development 0 Formulations 0 Vaccines 0 CRO, Analytical Services 0 API 0 Formulation 0	Product Wise Break-Up Formulation 0 Formulations 48.77 Vaccines 51.23 API 0 CRO, Analytical Services 0 0 Research and Development 0	Product Wise Break-Up Formulations 91.0 Formulations 0 Vaccines 0 Active Pharmaceutical Ingredient (API) 9.0 CRO, Analytical Services 0 0 Research and Development 0
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up India 13.91 Rest of the World 86.09	Location Wise Break-Up India 63.44 Rest of the World 36.56