Glenmark Pharmaceuticals Ltd.

Financial

	Glenmark Pharma	Gland Pharma	Piramal Pharma
Operational Metrics
Pharmaceutical Sector
Number of ANDA's Filed in USA	13.0 .	346.0 .	n/a
Number of ANDA's Approved By USFDA	25.0 .	279.0 .	n/a
Domestic Sales Growth - YoY	9.8 %	n/a	15.43 %
R&D as a % of Total Sales	10.61 %	4.8 %	0.69 %
Financials
5 yr Average ROE	11.3 %	16.21 %	5.92 %
5yr average Equity Multiplier	1.97	1.1	1.98
5yr Average Asset Turnover Ratio	0.79	0.54	0.53
5yr Avg Net Profit Margin	7.09 %	26.8 %	5.44 %
Price to Book	3.19	3.34	2.58
P/E	0.0	42.1	0.0
5yr Avg Cash Conversion Cycle	-113.73 Days	141.92 Days	0.0
Inventory Days	50.29 Days	117.9 Days	66.26 Days
Days Receivable	44.33 Days	97.99 Days	80.7 Days
Days Payable	209.82 Days	98.36 Days	152.43 Days
5yr Average Interest Coverage Ratio	4.6	245.99	3.64
5yr Avg ROCE	17.22 %	21.37 %	7.05 %
5yr Avg Operating Profit Margin	19.07 %	39.34 %	18.65 %
5 yr average Debt to Equity	0.62	0.0	0.64
5yr CAGR Net Profit	-20.31 %	0.21 %	n/a
5yr Average Return on Assets	5.67 %	14.66 %	3.14 %
Shareholdings
Promoter Holding	46.64 %	57.86 %	35.02 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.01 %	-0.39 %	0.23 %
Change in Mutual Fund Holding (3 Yrs)	7.28 %	12.81 %	8.47 %

Business

	Glenmark Pharma	Gland Pharma	Piramal Pharma
Product Wise Break-Up	Product Wise Break-Up Branded Generics 60.46 Formulations 39.54 Injectables 0 Pharmaceuticals 0 CDMO 0 India Consumer Healthcare 0 Complex Hospital Generics 0	Product Wise Break-Up CDMO 0 Formulations 0 India Consumer Healthcare 0 Injectables 0 Pharmaceutical 100.0 Complex Hospital Generics 0 Branded Generics 0	Product Wise Break-Up CDMO 57.8 Formulations 0 Consumer Health 12.84 Injectables 0 Pharmaceuticals 0 Complex Hospital Generics 29.36 Branded Generics 0
Location Wise Break-Up	Location Wise Break-Up North America 26.22 Rest of the World 24.92 Europe 21.85 India 9.01 Latin America 0 Canada, Australia & New Zealand 0 Australia 0 Canada 0 USA 0 Japan 0 Others 18.0	Location Wise Break-Up Japan 0 Latin America 0 Rest of the World 0 Europe 21.04 Canada 0 North America 0 India 4.92 USA 53.17 Canada, Australia & New Zealand 2.47 Australia 0 Others 18.4	Location Wise Break-Up Japan 4.0 Latin America 0 Rest of the World 0 Europe 20.0 Canada 0 North America 45.0 India 20.0 USA 0 Canada, Australia & New Zealand 0 Australia 0 Others 11.0
Asset Break-Up	Asset Break-Up India 49.72 North America 43.68 Europe 2.54 Latin America 2.37 Rest of the World 1.7	-	-