Shilpa Medicare Ltd.

Financial

	Shilpa Medicare	Aarti Pharmalabs	Supriya Lifescience
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	17.0 .	n/a	n/a
Number of ANDA's Filed in Europe	77.0	n/a	n/a
R&D as a % of Total Sales	2.69 %	n/a	n/a
Financials
5 yr Average ROE	5.0 %	7.89 %	29.47 %
5yr average Equity Multiplier	1.64	1.37	1.48
5yr Average Asset Turnover Ratio	0.39	0.54	0.74
5yr Avg Net Profit Margin	7.72 %	7.96 %	24.83 %
Price to Book	2.86	3.6	6.37
P/E	75.39	26.79	33.1
5yr Avg Cash Conversion Cycle	76.54 Days	89.79 Days	10.2 Days
Inventory Days	105.79 Days	92.09 Days	54.74 Days
Days Receivable	113.53 Days	95.5 Days	55.39 Days
Days Payable	120.58 Days	69.05 Days	115.12 Days
5yr Average Interest Coverage Ratio	11.52	11.46	36.33
5yr Avg ROCE	6.65 %	10.86 %	37.03 %
5yr Avg Operating Profit Margin	17.76 %	13.88 %	34.97 %
5 yr average Debt to Equity	0.44	0.15	0.17
5yr CAGR Net Profit	-27.23 %	n/a	10.17 %
5yr Average Return on Assets	3.1 %	5.29 %	18.81 %
Shareholdings
Promoter Holding	44.23 %	44.29 %	68.3 %
Share Pledged by Promoters	7.92 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-5.78 %	-1.69 %	0.06 %
Change in Mutual Fund Holding (3 Yrs)	3.04 %	-4.33 %	-2.68 %

Business

	Shilpa Medicare	Aarti Pharmalabs	Supriya Lifescience
Product Wise Break-Up	Product Wise Break-Up Pharmaceutical 100.0 Power sales 0 Xanthine derivatives & Intermediates 0 API and Intermediates 0 CMO/CDMO 0 Pharmaceuticals 0	Product Wise Break-Up API 43.2 Pharmaceuticals 0 Pharmaceutical 0 CDMO 12.7 Power sales 0 Xanthine 44.1	Product Wise Break-Up API and Intermediates 0 Pharmaceuticals 100.0 Pharmaceutical 0 CMO/CDMO 0 Power sales 0 Xanthine derivatives & Intermediates 0
Location Wise Break-Up	Location Wise Break-Up Europe 29.66 Rest of the World 14.41 USA 11.86 India 5.08 North America 0 LAC 0 Others 38.99	Location Wise Break-Up Rest of the World 0 North America 0 USA 0 Europe 0 India 56.0 LAC 0 Others 44.0	Location Wise Break-Up Rest of the World 0 North America 3.0 USA 0 Europe 40.0 India 0 Latin America 21.0 Others 36.0