Shilpa Medicare Ltd.

Financial

	Shilpa Medicare	Hikal	Innova Captab
Operational Metrics
API Sector
US DMF Filings	45.0 .	n/a	n/a
Pharmaceutical Sector
Number of ANDA's Filed in USA	30.0 .	n/a	n/a
Number of ANDA's Approved By USFDA	16.0 .	n/a	n/a
Number of ANDA's Filed in Europe	69.0	n/a	n/a
R&D as a % of Total Sales	4.68 %	4.0 %	n/a
Financials
5 yr Average ROE	6.52 %	12.04 %	25.66 %
5yr average Equity Multiplier	1.57	2.23	2.7
5yr Average Asset Turnover Ratio	0.4	0.84	1.32
5yr Avg Net Profit Margin	10.22 %	6.39 %	7.35 %
Price to Book	3.02	3.27	6.96
P/E	0.0	52.23	39.85
5yr Avg Cash Conversion Cycle	113.38 Days	44.89 Days	40.02 Days
Inventory Days	103.45 Days	66.84 Days	51.47 Days
Days Receivable	123.51 Days	79.34 Days	92.58 Days
Days Payable	118.45 Days	84.24 Days	104.38 Days
5yr Average Interest Coverage Ratio	18.78	4.97	9.81
5yr Avg ROCE	7.32 %	15.64 %	28.46 %
5yr Avg Operating Profit Margin	20.63 %	17.42 %	12.95 %
5 yr average Debt to Equity	0.37	0.72	0.69
5yr CAGR Net Profit	n/a	-5.33 %	27.8 %
5yr Average Return on Assets	4.28 %	5.39 %	9.54 %
Shareholdings
Promoter Holding	50.01 %	68.85 %	50.9 %
Share Pledged by Promoters	90.41 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-3.24 %	0.08 %	0.0
Change in Mutual Fund Holding (3 Yrs)	-1.36 %	2.58 %	8.98 %

Business

	Shilpa Medicare	Hikal	Innova Captab
Product Wise Break-Up	Product Wise Break-Up Pharmaceutical 100.0 Power sales 0 Pharmaceuticals 0 Crop Protection 0 Drugs and pharmaceutical products 0	Product Wise Break-Up Pharmaceutical 0 Drugs and pharmaceutical products 0 Crop Protection 40.18 Pharmaceutical 59.6 Power sales 0 Others 0.22	Product Wise Break-Up Pharmaceutical 0 Drugs and pharmaceutical products 100.0 Crop Protection 0 Pharmaceuticals 0 Power sales 0
Location Wise Break-Up	Location Wise Break-Up Europe 27.3 USA 11.7 Rest of the World 8.36 India 7.1 USA & Canada 0 Asia 0 Others 45.54	Location Wise Break-Up India 32.36 USA 16.59 Rest of the World 0 Asia Pacific 21.36 USA 0 Europe 28.53 Others 1.16	Location Wise Break-Up India 76.0 USA & Canada 0 Rest of the World 0 Asia 0 USA 0 Europe 0 Others 24.0