Hikal Ltd.

Financial

	Hikal	PI Industries	Neuland Laboratories
Operational Metrics
Pharmaceutical Sector
R&D as a % of Total Sales	4.0 %	n/a	2.53 %
Financials
5 yr Average ROE	12.04 %	16.01 %	7.78 %
5yr average Equity Multiplier	2.23	1.59	1.65
5yr Average Asset Turnover Ratio	0.84	0.64	0.67
5yr Avg Net Profit Margin	6.39 %	15.8 %	6.73 %
Price to Book	3.58	6.53	7.63
P/E	61.11	33.9	32.61
5yr Avg Cash Conversion Cycle	44.89 Days	30.17 Days	64.68 Days
Inventory Days	66.84 Days	71.45 Days	94.42 Days
Days Receivable	79.34 Days	44.38 Days	91.33 Days
Days Payable	84.24 Days	101.84 Days	114.5 Days
5yr Average Interest Coverage Ratio	4.97	48.31	7.45
5yr Avg ROCE	15.64 %	18.47 %	11.07 %
5yr Avg Operating Profit Margin	17.42 %	24.01 %	15.88 %
5 yr average Debt to Equity	0.72	0.06	0.26
5yr CAGR Net Profit	-5.33 %	24.55 %	58.32 %
5yr Average Return on Assets	5.39 %	10.13 %	4.76 %
Shareholdings
Promoter Holding	68.85 %	46.09 %	32.74 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.08 %	-0.65 %	-3.48 %
Change in Mutual Fund Holding (3 Yrs)	2.58 %	1.13 %	3.01 %

Business

	Hikal	PI Industries	Neuland Laboratories
Product Wise Break-Up	Product Wise Break-Up Pharmaceutical 65.65 Crop Protection 34.35 Formulations 0 Active Ingredients and Intermediates 0 Generic Drug Substances(GDS) 0 Custom Manufacturing Solutions(CMS) 0	Product Wise Break-Up Custom Manufacturing Solutions(CMS) 0 Generic Drug Substances(GDS) 0 Crop Protection 0 Formulations 20.54 Pharmaceutical 0 Active Pharmaceutical Ingredient (API) 78.31 Others 1.15	Product Wise Break-Up Custom Manufacturing Solutions(CMS) 46.0 Formulations 47.0 Crop Protection 0 Formulations 0 Pharmaceutical 0 Active Ingredients and Intermediates 0 Others 7.0
Location Wise Break-Up	Location Wise Break-Up India 32.36 Europe 28.53 Asia Pacific 21.36 USA 16.59 Rest of the World 0 North America 0 Asia Ex India 0 USA 0 Others 1.16	Location Wise Break-Up Asia Ex India 0 India 14.04 Europe 0 Rest of the World 85.96 Asia Pacific 0 USA 0 North America 0	Location Wise Break-Up Asia Ex India 0 India 25.14 Europe 30.97 Rest of the World 12.48 Asia Pacific 0 USA 31.41 North America 0
Operating Profit Break-Up	Operating Profit Break-Up Pharmaceuticals 79.64 Crop Protection 20.36	Operating Profit Break-Up Pharmaceuticals 0 Crop Protection 0 Others 100	-
Asset Break-Up	Asset Break-Up Pharmaceuticals 58.23 Crop Protection 37.04 India 0 Others 4.73	-	Asset Break-Up India 100.0 Pharmaceuticals 0 Crop Protection 0