Post on 21-Feb-2018
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 1/14
Fundamentals of Finance and
Accounting
Assignment
Financial Analysis of 3 Companies from
Pharmaceutical Sector. The companies’names are -
CiplaDr. reddy
Sun pharmaceuticals
From-
ANK! S"T#$
%&'3A(PS))3#
!$S#A(# *N+#A+#A
%&'3A(PS,,,#
!AAT S$N#$/$
%&'3A'PS012#
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 2/14
S#(#A* AS#
%&'3A'PS34&#
PA!T# PTA
%&'3A)PS321#
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 3/14
+"/ KA!T#$K
%&'3A(PS41&#
Activity Ratios and Operating Cycles
InventoryTurnover
Ratio & No. of days of
Inventory
Trend Analysis Comparative AnalysisIndustryAnalysis(90 days
Cipla
Cipla5s in6entory turno6er 7asmerely same during %&''-')and then the decreased a 8it
during %&',.$t is important toha6e a high in6entory turno6er.Also no. of days of in6entory ismerely constant till %&') andincreased a 8it during %&',9
7hich is not good for thecompany 8ecause this 7ouldresult in a 8igger cycle 7hich
7ould a:ect the cash ;o7
<hen 7e compare 8oththe ratios of these three
companies9 especially theno. of days of in6entory
ratio9 +r. reddy isno7here near them. $t
has almost dou8le the no.
of days of in6entory7hich suggest the
company is =nding itdi>cult to sell their
products ?uic@ly. Theratios of sun pharma andcipla are almost the same
indicating their similarposition according to this
ratio.
No. of days ofin6entory isalmost the sameas industrya6erage.
!un "#arma
nli@e Cipla9 the ratio is 8othincreasing and decreasing in
di:erent years. <hencomparing the no. of days of in6entory9 7e see that it 7as
the greatest in %&3 and lo7estin %&'%.This ratio should 8e as
lo7 as possi8le so thatin6entory can easily 8e
con6erted into cash
No. of days ofin6entory isalmost the sameas industrya6erage.
$r. Reddy
i@e Cipla9 the in6entoryturno6er ratio is merely a
constant o6er these years. The
no. of days of in6entory is alsoconstant9 8ut it is 6ery high. This means the company is
=nding it di>cult to ?uic@ly selltheir their in6entory
No. of days ofin6entory is highas compared toindustry
a6erage. Thismeans cash ;o7is less and costof managing thein6entory ismore.
no. of daysof receiva%le
Trend Analysis Comparative AnalysisIndustry Analysis
(0
Cipla Cipla’s ratio hascontinuously decreasedo6er the years 7hich is
good sign for the company8ecause the company iscollecting money from its
customers in less time
So9 7hen 7e comparethe three companies9surely +r. !eddy is far8etter than the rest of the t7o companies dueto its less ratio 7hich ishelping it to increase
Cipla is close toindustry a6erage
8ut only in%&',.The cash ;o7
has impro6ed.
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 4/14
than the pre6ious year.
cash ;o7. Cipla and Sunpharm are more or less
similar.
!un "#arma
For Sun pharma9 the ratio Bumped 6ery high in %&'3
8ut su8se?uentlydecreased thereafter 7hichis again a good sign for the
company.
Sun pharma isclose to industry
a6erage 8ut only in%&',.The cash ;o7
has impro6ed
$r. Reddy
"6en for +r. !eddy theratio has decreased o6erthe years and from the
past t7o years9 the ratiohas 8een 6ery less 7hich is
a 6ery good sign for thecompany.
+r. !eddy is lessthan industry
a6erage from thepast % years 7hichis a 6ery good signsince the cash ;o7
is impro6ing
No. of daysof paya%les
Trend Analysis Comparative Analysis
Cipla
The no. of days of paya8le7ere a constant from
%&''-') 8ut it increasedthereafter 7hich is not agood sign since company
not 8e a8le to pay itssuppliers.
Sun pharma has impro6ed theratio after sudden increase in theyear %&'3."6en for +r reddy9 theratio has impro6ed signi=cantlyafter %&'%.They are a8le to pay
their suppliers 7ith more ease in%&', than the pre6ious years.(ut for the case of cipla9 theratio increase during %&',.
!un "#arma
The ratio is almost the
same in all the yearsecept %&'3 7here itincreased signi=cantly.
$r. Reddy
The ratio decreasedsigni=cantly from %&'' till%&'3 8ut 7as a constant
thereafter.
Total AssetTurnover
Trend Analysis Comparative Analysis
Cipla
Continuous decrease o6erthe years9 7hich indicatescompany5s e>ciency has
fallen to producti6ely use itsassets to generate re6enues
Cipla relati6ely has fared8etter compared to other t7o9
as it has 8een a8le togenerate more re6enues o6er
the years follo7ed 8y +r.!eddy and then 8y Sun
Pharma. Sun pharma5s lo76alue Din %&',E indicated thatthe company is ha6ing eithermanagement or production
pro8lems.
!un "#arma
Continuous decrease o6erthe years9 7hich indicatescompany5s e>ciency has
fallen to producti6ely use itsassets to generate re6enues
$r. Reddy
Continuous decrease o6er
the years9 7hich indicatescompany5s e>ciency hasfallen to producti6ely use itsassets to generate re6enues
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 5/14
'ied AssetTurnover
Trend Analysis Comparative Analysis
Cipla
Continuous $ncrease o6er theyears9 7hich indicates
amount of rupees recei6edfor e6ery =ed assets
in6ested has increase o6erthe years9 gi6ing a sta8le
performance.
Although the ratio remainedsta8le for cipla9 8ut +r. !eddy7hich maintained more than 3
al8eit d7indling9 can generatehigher rupees for e6ery =edassets in6ested than cipla and
sun pharma.
!un "#arma
#igh increase in the initial
year9 and then after the fall9pretty constant 7hichindicates not a sta8le
performance.
$r. Reddy
For the years %&'% - %&')9ratio remained constant andfell for the year %&', only 8y
a 6ery less margin.
)i*uidity Ratios
Cas# Ratio Trend Analysis Comparative Analysis
Cipla
%&'' - '39 $ncrease9 %&') -',+ecrease9 Current ia8ilities
has increased o6er the years98ut in the year %&'3 due to
signi=cant increase in currentin6estment Dappro. + foldsE.
+r. !eddy has fared 8etter thanthe other t7o 7hich implies itspotential to meets it lia8ilitiesusing the most li?uid cash ismuch 8etter and ?uic@er. Sun
Pharma 7ill ha6e to sell its =edassets to meets its o8ligation9
gi6en its poor li?uidity position9since it doesn’t ha6e enough cashe?ui6alents and negati6e ;o7 of
pro=ts.
!un "#arma
From %&'' - ',9 has dropped'&& from an initial 6alue of + to 0.0+. +ue to signi=cant
decrees in the currentin6estments and cash and
8an@s and simultaneousincrease in the total current
lia8ilities.
$r. Reddy
Constant increase from %&''- %&',9 Current in6estmenthas increased9 7ith currentlia8ility remaining same.
Current Ratio
, CurrentAsset-Current
)ia%ility
Trend Analysis ComparativeAnalysis
Industry Analysis, (. to /
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 6/14
Cipla
Sudden $ncrease 8y % fold from%&'' to %&'% and then constantly
fallen till %&',. %&''-%&'% Thedecrease in current lia8ilities hasmore than ousted the increase in
$n6entory and account recei6a8lesof %&'%9 8ecause of 7hich li?uidposition has gone up 8ut for thenet follo7ing years. From %&'3-
%&', there is a decrease in current
ratio9 8ecause of increase incurrent lia8ility 7hich has
dominated more than the increasein current assets 7hich indicatesthat its a8ility to meet short term
8orro7ing ha6e decreased.
+r !eddycompared tocipla and SunPharma has
fared 7ell9 sinceits current ratio
has 8een
continuouslyincreasing9 7ell7ithin the
industry a6erage7hereas in caseof sun pharmaits li?uidation
D7hich isdi:erent fromli?uidityE hasincreased andcipla 7hich has
fared 8etterthan sun
pharma 8ut notas good as +r.
!eddy.
$n %&'% the ratioo6ershoot to ) andthen su8se?uently
decreased and=nally came under
the industriala6erage.
!un "#arma
Current !atio has continuouslydecreased from its pea@ in %&''( to %&', (0.. $ts li?uidity
position has fallen due to increasein current lia8ilities o6er the years.
Current ratio hasne6er 8een close toindustry a6erage9
"ither 6ery much or6ery less.
$r. Reddy
#as 7itnessed consistent increasein current ratio from %&'' to %&',
7hich indicates increase inmeeting its short term lia8ilities.
Current Assets ha6e seen constantgro7th 6s current lia8ilities 7hichha6e remained more or less the
same.
$n all these years97ithin the industrial
a6erage.
', %&') %&'3 %&'% %&''
Current !atio
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''&
'
%
3
)
,
2
uic@ !atio
cipla +r reddy
Sun pharma
1uic2 Ratio, (Current
Asset3Inventories - Current)ia%ility
Trend Analysis ComparativeAnalysis
Industry Analysis ,(
Cipla
<itnessed an increasefrom %&''-'%9
Continuously decreasedfrom %&'3-',. This has8een mainly due to the
decrease in currentlia8ility form '' to '%and increased during
%&'3-',.
Sun pharma5s=gures sho7s a
8ad sign forin6estors and
creditors9 it thecompany faces asituation 7here ithas to sell all its
li?uid cash to pay
The ?uic@ ratio has 8eenmore than the a6erage
for %&'' - %&'). A ?uic@ratio that is greater than
industry a6erage maysuggest that the
company is in6estingtoo many resources inthe 7or@ing capital of
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 7/14
8ac@9 theo8ligations9
8ecause there isn5tany . ong termassets 7hich areused to generatere6enues 7ould
ha6e to 8e sold o:9if it happens sincethe company is not
a8le to generateenough pro=ts97hich it is. +r.
!eddy has faredgood and 7ell
prepared to face acrisis if it has to.
Cipla on the otherhand is in 8et7een
8oth9 since thefalling =gure
re6eals slight poorcapacity tomaintain its
o8ligation9 8y usingthe cash
e?ui6alents.
the 8usiness 7hich maymore pro=ta8ly 8e used
else7here.
!un"#arma
+rastic and Continuousdecrease from %&'' -
',. Su8stantial increasein current lia8ility ascompared to current
assets. The moreuncertain the 8usiness
en6ironment9 higher the?uic@ ratios as indicated
for the year %&''9 '%and '3.
%&'' - %&') - far a8o6ethe a6erage. %&', - Far8elo7 the a6erage. Forthe year %&',9 Acid test
ratio remained lo7erthan the industry
a6erage may suggestthat the company 7asta@ing too much ris@ 8y
not maintaining anappropriate 8u:er of
li?uid resources.$r. Reddy $ncrease in ratio for the
consecuti6e years.nli@e the other t7o
companies9 the increasein the ratio can 8e
eplained due to theincrease in current
assets 6s current lia8ility7hich has remained
fairly constant.
A8o6e the industry
a6erage for the years%&'3-%&',
!olvency and Coverage Ratios
InterestCoverageRatio
Trend Analysis Comparative Analysis
Cipla
Cipla5s ratio has constantlyfallen 8y leaps and 8ounds9
7hich indicates its credit7orthiness among creditors
ha6e fallen.
Sun Pharma is close to8an@ruptcy and cannot 8etrusted among its creditors
D7hich 8arely is a8le to pay itsamountE. +r. !eddy fairs 7ell as
compared to cipla and theindication is that it is a8le to pay
8ills 8etter than the other t7o7ithout sacri=cing its pro=ts.!un "#arma
Sun Pharma5s ratio has fallen8y leaps and 8ounds9 7hich
indicates its credit7orthiness among creditors
ha6e fallen and it5s close to8an@ruptcy since the ratio
has 8ecome negati6e.$r. Reddy +r. !eddy ratio has
constantly fallen 8y leapsand 8ounds9 7hich indicates
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 8/14
its credit 7orthiness amongcreditors ha6e fallen.
'ied C#argeCovera
ge
Ratio
Trend Analysis Comparative Analysis
Cipla
Cipla5s ratio has constantlyfallen 8y leaps and 8ounds9
7hich indicates its credit7orthiness among creditors
ha6e fallen. Sun Pharma is close to8an@ruptcy and cannot 8etrusted among its creditors
D7hich 8arely is a8le to pay itsamountE. +r. !eddy fairs 7ell as
compared to cipla and theindication is that it is a8le to pay
its =ed costs 8efore interest andtaes 7ell than the other t7o.
!un "#arma
Sun Pharma5s ratio has fallen8y leaps and 8ounds9 7hich
indicates its credit7orthiness among creditorsha6e fallen and it5s close to8an@ruptcy since the ratio
has 8ecome negati6e.
$r. Reddy
+r. !eddy ratio hasconstantly fallen 8y leaps
and 8ounds9 7hich indicatesits credit 7orthiness among
creditors ha6e fallen.
Cas# 4o5 tode%t ratio
Trend Analysis Comparative Analysis
Cipla
#as decreased o6er theyears. <as at is pea@ during
%&'%9 indicating companygenerated much more cash
to through operatingcompared to de8t
Cipla has fared relati6ely 7ell. $thad 8een a8le to use more cash
from operating acti6ities ascompared to de8t i.e. cipla5slineage to7ards de8t is lesscompared to the other t7o9
though it has sho7n a fall. Sun -Pharma9 on the other hand9 has
sho7n a continuous decline.Future creditors might not lend
to Pharma.
!un "#arma
#uge decrease in thepercentage indicating
distrust among creditors.Poor credit 7orthiness.
$r. Reddy
#as remained 8elo7 '&&G9indicating more cash from
de8t 7as used than
operating. Credit 7orthinessis not good
$e%t toe*uityRatio
Trend AnalysisComparative
AnalysisIndustry
Analysis 3
Cipla
nsta8le9 6arying. *oremoney is =nanced 6ia
creditors compared to thein6estors.
Although none of thecompanies ratio falle6en close to the
industrial a6erage9cipla in this respect9has performed 7ell9relati6ely9 and is a
more in6estor friendly.Sun pharma is highly
No7here closeto the
a6erage.
Possess !is@for creditor to
in6est.!un
"#arma#ighly nsta8le9
Su8stantial increase9indicates more de8t is
No7here closeto the
a6erage.
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 9/14
used to epand the8usiness than in6estors’
money
unli@ely to 8e trusted8y the creditors.
!is@ier forcreditor to
in6est.
$r. Reddy
#ighly nsta8le9 $ncrease8y leaps and 8ounds.#ighly poor managed.
Creditor ris@
No7here closeto the
a6erage.!is@iest forcreditor to
in6est.
$e%t toassetsRatio
Trend AnalysisComparative
Analysis
IndustryAnalysis 3
06
Cipla
Cipla is more trustedamong the creditors9 andits a8ility to pay lia8ilities
using assets o6er theyears has remained 3-) H
Cipla is more sta8le inthese terms. Thenum8er sho7s itsa8ility to pay the
o8ligations using all itsassets in the future is
much sta8le comparedto the other t7o. Sun-Pharma5s performancehas 8een constantly
declining and 7illcontinue to do so9 its
a8ility shooting 8eyondthe industry a6erage9gi6en poor interest to
co6erage ratio.
Al7ays lessthan thea6erage9
continuousincrease o6er
the years9
sta8le
!un"#arma
+7indling ratio9 hasincreased o6er the yearsindicating its capacity to
pay using assets hasdecreased from 4 H to %.,
H
Not sta8le98ut still less
than theindustrya6erage
$r. Reddy
#as fairly remainedconstant9 +e8t paying
capacity is roughly same9a8out %., H its assets
o7er thanindustry
a6erage9 Fairlyconstant
%&', %&') %&'3 %&'% %&''&
,
'&
',
%&
+e8t to asset ratio
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''&
,
'&',
%&
%,
3&
3,
)&
+e8t to e?uity !atio
cipla +r reddy
Sun pharma
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 10/14
%&', %&') %&'3 %&'% %&''-,&&
&,&&
'&&&
',&&
%&&&
%,&&
3&&&
3,&&
)&&&
Cash ;o7 to de8t ratio G
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''-%&
&
%&
)&
2&
4&
'&&
Fied charge co6erage ratio
cipla +r reddy
Sun pharma
"ro7ta%ility3Ratios
Operatingpro7t margin Trend Analysis Comparative Analysis
cipla
Iperating pro=t margin;uctuated during the years7ith net sales 8eing steady
and operating pro=tchanging.
Sun pharma had the highestoperating pro=t for %&''-%&'%9 then it decreased
eponentially .7hereas ciplaand +r. !eddy has a
relati6ely steadier operatingpro=t margin..
$r Reddy
Iperating pro=t marginincreased from %&'' to %&')and then sa7 a sudden drop
in the year %&', due todecrease in operating pro=t.
!un "#arma
$t sa7 a drastic pro=t marginchange from J)3G to a -4G
7hich may 8e due to asudden increase in factory
o6erheads and otherepenses.
Net pro7tmargin
Trend Analysis Comparative Analysis
cipla
Net pro=t margin ;uctuated
on a small range for %&''-%&', 7ith pea@ in %&'3 dueto signi=cant increase pro=t
after ta.
Sun pharma had the highestnet pro=t margin for %&''-
%&'%9 then it decreasedeponentially .7hereas cipla
and +r. !eddy has arelati6ely steadier net pro=t
margin.
$r Reddy
Net pro=t margin ;uctuatedon a small range for %&''
-%&', 7ith pea@ in %&') dueto signi=cant increase pro=t
after ta.
!un "#arma
net pro=t margin falldrastically from year %&'' to%&') i.e. from )) G to -11.1
G due a huge increase inepenses a8out %40, crores9indicating that company lostits 8argaining po7er o6er its
suppliers..
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 11/14
"re3ta pro7tmargin
Trend Analysis Comparative Analysis
cipla
Pre-ta pro=t margin;uctuated on a small rangefor %&'' -%&', 7ith pea@ in
%&'3 due to signi=cantincrease pro=t 8efore ta.
Sun pharma had the highestpre-ta pro=t margin for
%&''-%&'%9 then itdecreased eponentially.7hereas cipla and +r.!eddy has a relati6elysteadier pre-ta pro=t
margin.
$r Reddy
Pre-ta pro=t margin;uctuated on a small rangefor %&'' -%&', 7ith pea@ in
%&') due to signi=cantincrease pro=t 8efore ta.
!un "#arma
pre-ta pro=t margin falldrastically from year %&'' to%&') i.e. from )2 G to -11 G
due a huge increase inepenses a8out %40, crores9indicating that company lostits 8argaining po7er o6er its
suppliers..
Return onassets
Trend Analysis Comparative Analysis
cipla
return on assets ;uctuatedon a relati6e 8ig range for%&'' -%&', 7ith pea@ in
%&'3In a relati6e comparison +r.
!eddy is 8etter at
con6erting its in6estmentinto pro=t than cipla
7hereas Sun pharma is=nding it 6ery hard to
con6ert the money it has toin6est into net income
$r Reddyreturn on assets ;uctuatedon a relati6e 8ig range for
%&'' -%&', 7ith pea@ in%&')
!un "#arma
!eturn on assets falldrastically from year %&'' to
%&', i.e. from %3G to -3Gdue to increase in de8t o6er
the years.
Return on
Net8ort#-Return
on e*uity
Trend Analysis Comparative Analysis
cipla
return on e?uity ;uctuatedon a relati6e 8ig range for%&'' -%&', 7ith pea@ in
%&'3+r reddy and cipla has8een generating steadypro=t 7ith the money
shareholders ha6ein6ested 7hile Sun pharma
is ;uctuating drastically7ith a negati6e return at
present
$r Reddy
return on e?uity ;uctuatedon a relati6e 8ig range for%&'' -%&', 7ith pea@ in
%&')
!un "#arma
!eturn on e?uity 7as highfor %&'' -%&'% then it fall
drastically for net 3 years to-1G at the end.
Return On Trend Analysis Comparative Analysis
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 12/14
!ales
ciplareturn on sales ;uctuated ona relati6e 8ig range for %&''
-%&', 7ith pea@ in %&'3+r reddy has an increasing
!IS indicating thecompany is gro7ing moree>ciently9 Cipla is ha6ing
its ups and do7n 7hile Sunpharma has a decreasing!IS signalling looming
=nancial trou8les
$r Reddyreturn on sales ;uctuated ona relati6e 8ig range for %&''
-%&', 7ith pea@ in %&')
!un "#arma
return on sales 7as high for%&'' -%&'% then it falldrastically in %&') to
-11G 9presently at -'4G
ross "ro7tmargin
Trend analysis Comparative analysis
cipla
Net sales for the company isincreasing continuously o6er
the years .!a7 materialdecreased for %&'% 9leading
to increase in the percentage
of sales a6aila8le forepenses and pro=t and thenit increased in proportion
7ith net sales @eeping grosspro=t margin steady .
Sun Pharma made thehighest pro=t for %&'' to%&'% and then +r reddyincreased its pro=t o6er
Sun pharma for net threeyears i.e. from %&'3 to
%&',.
$r Reddy
Net sales sa7 a signi=cantincrement for years %&'' to
%&', Dalmost t7iceE9 ra7material consumed
increased from %&'' to %&'3then 8ecame steady for the
%&'3-%&',.ross pro=t
margin increased 8y ''Go6er these years.
!un "#arma
Net sales shot up for %&',from %&''9 ra7 materialsconsumed ha6e almost
tripled o6er these years. Thegross pro=t margin
decreased signi=cantly o6erthe years.
%&', %&') %&'3 %&'% %&''
-%&
-'&
&
'&
%&
3&
)&
,&
Iperting pro=t margin
cipla +r reddySun pharma
%&', %&') %&'3 %&'% %&''
-',&
-'&&
-,&
&
,&
'&&
Net pro=t margin
cipla +r reddySun pharma
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 13/14
%&', %&') %&'3 %&'% %&''
&
%&
)&
2&
4&
ross pro=t *argin
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''
-'&
-,
&
,
'&
',
%&
%,
3&
return on assets
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''
-2&
-)&
-%&
&
%&
)&
!eturn on net 7orth
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''
-',&
-'&&
-,&
&
,&
'&&
!eturn on sales
cipla +r reddy
Sun pharma
7/24/2019 Financial Analysis of Cipla, Dr. Reddy and Lupin
http://slidepdf.com/reader/full/financial-analysis-of-cipla-dr-reddy-and-lupin 14/14
%&', %&') %&'3 %&'% %&''
-'%&
-'&&-4&
-2&
-)&
-%&
&
%&
)&
2&
Preta pro=t margin
cipla +r reddy
Sun pharma
%&', %&') %&'3 %&'% %&''&
'
%
3
)
,
Cash !atio
cipla +r reddy Sun pharma
H-H-H-H-H