DrReddy

’s
 Rat
ioAnal
ysi
s
-For
mul
as

1)Li
qui
dit
yRat
ios

 Cur
rentRat
io=Cur
rentAsset/Cur
rentLi
abi
l
ity

 Qui
ckRat
io=Li
qui
dAsset
s/Cur
rentLi
abi
l
iti
es

2)Sol
vencyRat
ios

 DebtEqui
tyRat
io=Debt(
long-
ter
m Debt
s)/Equi
ty(
Shar
ehol
der
’sf
unds)

I
nter
estCov
erageRat
io=EBI
T/I
nter
est

 Debtt
oTot
alAsset
sRat
io=Long-
ter
m Debt/Tot
alAsset
s

3)Pr
ofi
tabi
l
ityRat
ios

 Gr
ossPr
ofi
tRat
io=Gr
ossPr
ofi
tx100/Sal
es

 NetPr
ofi
tRat
io=Netpr
ofi
tx100/Sal
es

 Ret
urnonCapi
tal
Empl
oyed=EBI
Tx100/Capi
tal
empl
oyed

4)Act
ivi
tyorTur
nov
erRat
ios

I
nvent
oryorSt
ockTur
nov
erRat
io=Costofgoodssol
d/Av
eragei
nvent
oryorst
ock

 Debt
orsTur
nov
erRat
io=NetCr
edi
tSal
es/Av
erageAccount
sRecei
vabl
es

 Wor
kingCapi
tal
Tur
nov
err
ati
o=Netsal
es/Wor
kingCapi
tal

-VALUES

For2022:
 Cur
rentAsset=134,
913
 Cur
rentLi
abi
l
ity=60,
451
 I
nvent
ori
es=33,
478
  Debt
s=3800
 Shar
ehol
der
’sFund=(
832+182530)183,
362
 EBI
T=22,
238
 I
nter
est=31.
5
 Tot
alAsset=244,
956
 Sal
es=138,
864
 COGS=(
15,
012+20,
571-18,
908)16,
675
 Gr
osspr
ofi
t=(
138,
864-16,
675)122,
189
 NetPr
ofi
t=16,
232
 Av
g.I
nvent
ory=10,
168
 Av
g.Recei
vabl
es=49,
508
 Wor
kingCapi
tal
=(134,
913-60,
451)60,
451

For2023:
 Cur
rentAsset=137,
883
 Cur
rentLi
abi
l
ity=44,
397
 I
nvent
ori
es=30,
430
 Debt
s=3800
 Shar
ehol
der
’sFund=204,
742
 EBI
T=38,
660
 I
nter
est=40.
3
 Tot
alAsset=253,
748
 Sal
es=162,
989
 COGS=(
33,
478+17,
793–30,
430)20,
841
 Gr
osspr
ofi
t=(
162,
989–20,
841)142,
148
 NetPr
ofi
t=26,
128
 Av
g.I
nvent
ory=31,
954
 Av
g.Recei
vabl
es=46,
171
  Wor
kingCapi
tal
=(137,
883-44,
397)93,
486

Cal
cul
ati
on

Li
qui
dit
yRat
io:
1)Cur
rentRat
io(
2022)=134,
913/60,
451=2.
23:
1
Cur
rentRat
io(
2023)=137,
883/44,
397=3.
10:
1

2)Qui
ckRat
io(
2022)=101,
435/60,
451=1.
67:
1
Qui
ckRat
io(
2023)=107,
453/44,
397=2.
42:
1

Sol
vencyRat
ios:
1)DebtEqui
tyRat
io(
2022)=3800/183,
362=0.
02:
1
DebtEqui
tyRat
io(
2023)=3800/204,
742=0.
01:
1

2)I
nter
estCov
erageRat
io(
2022)=22,
238/31.
5=707t
imes
I
nter
estCov
erageRat
io(
2023)=38,
660/40.
3=959t
imes

3)Debtt
oTot
alAsset
sRat
io(
2022)=3800/244,
956=0.
01:
1
Debtt
oTot
alAsset
sRat
io(
2023)=3800/253,
748=0.
01:
1

Pr
ofi
tabi
l
ityRat
ios:
1)Gr
ossPr
ofi
tRat
io(
2022)=122,
189*100/138,
864=87%
Gr
ossPr
ofi
tRat
io(
2023)=142,
148*100/162,
989=90%

2)NetPr
ofi
tRat
io(
2022)=16,
232*100/138,
864=11.
6%
NetPr
ofi
tRat
io(
2023)=26,
128*100/162,
989=16.
03%

3)Ret
urnonCapi
tal
Empl
oyed(
2022)=22,
238*100/183,
362=12.
12%
Ret
urnonCapi
tal
Empl
oyed(
2022)=38,
660*100/204,
742=18.
88%
 Act
ivi
tyorTur
nov
erRat
ios:
1)I
nvent
oryorSt
ockTur
nov
erRat
io(
2022)=16,
675/10,
168=1.
6ti
mes
I
nvent
oryorSt
ockTur
nov
erRat
io(
2023)=20,
841/31,
954=0.
65t
imes

2)Debt
orsTur
nov
erRat
io(
2022)=138,
864/49,
508=2.
80t
imes
Debt
orsTur
nov
erRat
io(
2023)=162,
989/46,
171=3.
53t
imes

3)Wor
kingCapi
tal
Tur
nov
err
ati
o(2022)=138,
864/60,
451=2.
29t
imes
Wor
kingCapi
tal
Tur
nov
err
ati
o(2023)=162,
989/93,
486=1.
74t
imes

Hor
izont
alAnal
ysi
s
Asat
Change %Change
Par
ti
cul
ars 31Mar
ch2023 Asat31Mar
ch2022

Non-
cur
rentasset
s
Proper t
y ,pl
antand
7139 17.
74105368
equi pment 47, 379 40,
240
Capi t
al wor k-i
n-progress 8,991 11,
864 -
2873 -
24.
21611598
Goodwi l
l 853 853 0
Otheri nt
angi bleassets 23, 835 20,
412 3423 16.
76954733
Intangi bl
easset sunder
0
development 139 139
Financi alassets
Invest ment s 31, 422 30, 243 1179 3.
898422776
Tr ader eceivables - 54
Loans 11 12 -1 -
8.333333333
Ot herf i
nancial assets 533 2,514 -
1981 -
78.79872713
Def erredtaxasset s,net - 194
Taxasset s,net 2,546 3,115 -569 -
18.
26645265
Othernon- cur rentassets 156 403 -247 -
61.
29032258
115, 865 110, 043 5822 5.
290659106
Cur
rentasset
s
I
nvent
ori
es 30,
430 33,
478 -
3048 -
9.104486528
Fi
nanci
alasset
s
 Investment s 42, 978 19, 124 23854 124.7333194
Trade 42, 889 49, 454 -6565 -
13.27496259
Deriv
ati
v einstr
ument s 715 1,903 -1188 -
62.42774566
Cashandcashequi val
ents 1,123 11, 595 -
10472 -
90.31479086
Otherbankbal ances 5,335 8,710 -3375 -
38.74856487
Otherfinancialassets 2,224 642 1582 246.4174455
Othercurrentassets 12, 189 9,981 2208 22.
12203186
Totalcurr
entasset sbefore
2996 2.
221118418
assetshel dforsale 137,
883 134,
887
Assetshel dforsale - 26
Tot
alcurr
entasset
s 137,
883 134,
913 2970 2.
201418692
Tot
alasset
s 253,
748 244,
956 8792 3.
589216022

EQUI
TYANDLIABI
LITI
ES
Equi
ty
Equi
tysharecapit
al 833 832 1 0.
120192308
Otherequi
ty 203,909 182,530 21379 11.
71259519
204,742 183,362 21380 11.
65999498
Li
abi
l
iti
es

Non-
cur
rentl
i
abi
l
iti
es
Fi
nancial
li
abili
ti
es
Leaseli
abili
ti
es 286 197 89 45.
17766497
Provi
sions 79 104 -
25 -
24.
03846154
Defer
redtaxli
abil
iti
es,
net 3,392 -
Ot
hernon-cur
rentli
abil
i
ties 852 842 10 1.
187648456
4,609 1,143 3466 303.
2370954
Cur
rentl
i
abi
l
iti
es
Fi
nanci al l
i
abi l
it
ies
Bor rowings 6 21,
711 -
21705 -
99.
97236424
leasel iabiliti
es 216 146 70 47.
94520548
Tr adepay bl es
Totalout standi ngduesof
microent erpri
sesandsmal l -
48 -
40
ent erpri
ses 72 120
Totalout standi ngduesof
cr edit
or sot hert hanmi cro
1031 6.
232619998
enterpr i
sesandsmal l
ent erpri
ses 17, 573 16, 542
Der i
v ativ
ei nstr ument s 135 472 -337 -
71.39830508
Otherf i
nanci al li
abili
ti
es 15, 369 12, 153 3216 26.46260183
Prov i
sions 3,052 3,222 -170 -
5.276225947
 Ot
hercur
rentl
i
abi
l
iti
es 7,
974 6,
085 1889 31.04354971
44,397 60,451 -
16054 -26.5570462

Tot
alequi
tyandl
i
abi
l
iti
es 253,
748 244,
956 8792 3.
589216022

Ver
ti
calAnal
ysi
s
Asat %change Asat %change
Par
ti
cul
ars 31Mar
ch2023 2023 31Mar
ch2022 2023

Non-
cur
rentasset
s
Pr
oper ty,plantandequi pment 47, 379 18.67 40,
240 16.45
Capi t
al wor k-i
n-progress 8,991 3.
54 11,
864 4.
85
Goodwi l
l 853 0.
34 853 0.
35
Otheri ntangibleassets 23, 835 9.
39 20,
412 8.
35
Intangi bleasset sunder
0.
06
dev elopment 139 0.
05 139
Financi alassets
Invest ment s 31, 422 12.
38 30, 243 12.37
Tr ader eceivables - 54 0.
02
Loans 11 0.
00 12 0.
00
Ot herf i
nancial assets 533 0.
21 2,514 1.
03
Def erredt axasset s,net - 194 0.
08
Taxasset s,net 2,546 1.
00 3,115 1.
27
Othernon- currentassets 156 0.
06 403 0.
16
115, 865 45.66 110, 043 45.00
Cur
rentasset
s
Inv entori
es 30,
430 11.
99 33,
478 13.
69
Financi al asset
s
Inv est ments 42, 978 16.94 19, 124 7.
82
Tr ade 42, 889 16.90 49, 454 20.22
Deriv
at i
v einstruments 715 0.
28 1,903 0.
78
Cashandcashequi val
ents 1,123 0.
44 11, 595 4.
74
Otherbankbal ances 5,335 2.
10 8,710 3.
56
Otherf i
nanci alassets 2,224 0.
88 642 0.
26
Othercur rentassets 12, 189 4.
80 9,981 4.
08
Totalcurrentasset sbefore
55.
16
asset shel dforsale 137,
883 54.
34 134,
887
Asset shel dforsale - 26 0.
01
 Tot
alcurr
entasset
s 137,
883 54.34 134,
913 55.
17
Tot
alasset
s 253,
748 100.00 244,
956 100.16

EQUI
TYANDLIABI
LITI
ES
Equi
ty
Equi
tysharecapit
al 833 0.
33 832 0.
34
Otherequi
ty 203,909 80.36 182,530 74.64
204,742 80.69 183,362 74.98
Li
abi
l
iti
es

Non-
cur
rentl
i
abi
l
iti
es
Fi
nancial
li
abili
ti
es
Leaseli
abili
ti
es 286 0.
11 197 0.
08
Provi
sions 79 0.
03 104 0.
04
Defer
redtaxli
abil
iti
es,
net 3,392 1.
34 -
Ot
hernon-cur
rentli
abil
i
ties 852 0.
34 842 0.
34
4,609 1.
82 1,143 0.
47
Cur
rentl
i
abi
l
iti
es
Fi
nanci al li
abi l
it
ies
Bor rowi ngs 6 0.
00 21,
711 8.
88
leasel iabi liti
es 216 0.
09 146 0.
06
Tradepay bl es
Tot
al outstandi ngduesofmi cr
o
enterprisesandsmal l 0.
05
ent erpr i
ses 72 0.
03 120
Tot aloutstandi ngduesof
credit
or sot hert hanmi cro
6.
76
enterprisesandsmal l
ent erpr i
ses 17, 573 6.
93 16, 542
Der i
v ati
vei nst r ument s 135 0.
05 472 0.
19
Otherf i
nanci al li
abili
ties 15, 369 6.
06 12, 153 4.
97
Prov isions 3,052 1.
20 3,222 1.
32
Ot hercur rentl i
abilit
ies 7,974 3.
14 6,085 2.
49
44, 397 17.50 60, 451 24.72

Tot
alequi
tyandl
i
abi
l
iti
es 253,
748 100.
00 244,
956 100.
00
CashFl
owSt
atementAnal
ysi
sofDR.ReddyPhar
maceut
ical
s

Thefol
l
owi
ngt
abl
eshowst
hecashf
lowst
atementofTechMahi
ndr
aforFY2021-
22and2022-
23:

Par
ti
cul
ars FY2022-
23FY2021-
22 Change

Cash f
low f
rom
58,
356 18,
275 40,
081
oper
ati
ngact
ivi
ti
es

Cash fl
ow f
rom
34,
476 20,
380 (
14,
096)
i
nvest
ingacti
vi
ti
es

Cash f
low f
rom
(
26,
969) (
5,055) (
21,
914)
fi
nanci
ngact
ivi
ti
es

Netcashf
low (
10,
916) 1938 8,
978

Netcashf
lowf
rom oper
ati
ngact
ivi
tyofDR.REDDY

 NetCashf r
om Operati
ons:TheCompanygener ated50,529mill
ionincashfr
om it
score
operat
ingact
ivi
ti
esbeforeconsider
inginvest
mentsandf i
nanci
ng.Thisisaposi
ti
vesi
gn,
i
ndicat
ingt
hebusiness'
sabi
li
tytogeneratecashf
rom i
tspri
maryoperat
ions.

 Prof i
tbeforeTaxDecr ease:Ther ewasasi gni
fi
canti ncreaseinpr of
itbeforetaxfrom 22, 238
milli
oni n2022t o38, 660mi ll
ionin2023.Thi si
sagoodsi gnandshowsf urthergrowt h.Ifa
company '
snetpr ofitrises,itmeanst hataf t
erpayingal lcosts,itsearni
ngshav eincreased.
Thishasv ar
iousadv ant ageousr epercussions.Higherr eturnstoshareholderscouldr ai
set he
valueoft hestock.Ty pi call
y,wheni nvestorconfi
dencei ncreases,st
ockpr icesmayr i
se.The
company '
sfinancialstandi ngbecomesst ronger,
pot entiall
yraisi
ngitscreditrat
ingandabi l
it
y
tobor rowmoney .Increasedj obsecur it
yandpossi blybiggerincenti
v esorbonusescoul dbe
adv antageoustoempl oy ees.

 Depr
eci
ati
onandAmortizat
ion:Anincreasef
rom 8,143mil
li
onin2022t o 9,
232
mil
li
oni
n2023maysuggestagraterr
educti
oni
nassetval
uesdur
ingt
heyear
.

 BadDebt s:Theal l
owancecr edi
tl ossesi ncreasedf r
om 65mi ll
ionin2022t o161
mill
ionin2023.Thisshowst hatthecompanyexpect scertainofitstrader ecei
vabl es
andot heradvancest obecomeuncol l
ect i
blemor efrequentlyi
n2023t hani n2022.
Thiscouldbecausedbyanumberoft hings, i
ncludingchangesi nthebusi ness'credit
poli
cy,thestateoftheeconomy ,
ort hef inancialstabi
lit
yoft hecustomers.bor rowi ng
expenseswi lldropf rom 380i n2022t o169i n2023.Thi sshowst hati n2023
compar edto2022, thecompany '
si nterestcost sassoci at
edt oit
sf i
nancingact ivi
ties
werelower.Thismi ghtbecausedbyanumberoft hi
ngs,suchaschangesi ninterest
rat
es,t hedebtl oad ofthebusi ness,ori t
spowert o negoti
atebet t
erf i
nanci ng
condit
ion
  FinanceCost s:Fr
om 380mi ll
i
oni n2022t o169mi ll
ionin2023,thel oancosthas
dropped.Thereareanumberofr easonswhyf i
nancecostshavedecreased,incl
udi
ng:
cheaperBor r
owingRates:Compar edto2022,it'
sprobablethatt
hecor porati
onwas
abletobor r
owmoneyatacheaperi nt
erestr
atein2023.Thismightbet heresul
tof
things l
ike vari
ati
ons i
n mar ketinterestrat
es,an increase i
nt he company '
s
credit
worthi
ness,orbet
tercondit
ionsagreedtothel
enders.

 Gain/LossonDi sposal:From $380i n2022t o$169i n2023,thel oancosthas

dropped.Thereareanumberofr easonswhyf i
nancecostshavedecreased,i
ncl
udi
ng:
cheaperBor r
owingRat es:Compar edto2022,it'
sprobablethatt
hecor por
ati
onwas
abletobor r
owmoneyatacheaperi nt
erestr
atein2023.Thismightbet heresul
tof
thi
ngs like var
iati
ons in mar ketinterestrat
es,an increase i
nt he company '
s
credi
tworthi
ness,orbettercondit
ionsagreedtothel
enders.

ReducedDebtLevels:Ar educti
oninfinancecost
scoul dresultfrom thecompany's
2023repaymentorr efi
nancingofhigherrat
edebt.DebtRest ructuri
ng:It
'spossi
ble
thatt
hebusinessr
eor gani
zeditsdebti
nawayt hatreducedtotalinter
estcost
s.

 Unreali
zedExchangeGai n/Loss:Fr om 380mi l
l
ioni n2022t o169mi ll
ioni n2023,the
l
oancosthasdr opped.The" Forei
gnexchangel oss/( gai
n),net"inthepr esenteddata
i
si ncludedunder" Adjust ment s"int hesect i
ont it
led" Cashf l
owsf r
om/ (usedin)
operatingacti
vities".Anetf orei
gncur rencygainof1, 656mi l
lionwasr ecor dedforthe
fi
scaly earthatendedMar ch31,2023.Anetf or eignexchangegai nof1, 623mill
ion
wasr ecordedf ort hef iscaly earthatendedMar ch31st ,2022.Thesenumber srefl
ect
gainsorl ossesr esultingf rom changesi ncur rencyexchanger ates.Whenaf i
rm
tr
ansact sbusinessi ndi fferentcurrencies,exchanger atefl
uct uati
onsmayaf f
ectthe
val
ueofi t
sasset sandl i
abi l
iti
esdenomi natedinf oreigncurrencies.Unr eali
zedgains
orlossesmayr esul tfrom t his,andt hoseareincludedi nt
hei ncomest atement .

 I
mpairmentofNon-Curr
entI
nvest
ment
s:Thei
nfor
mat
ionunder"
Proceedsf
rom sal
eof
i
nvest
ments"i
sasfol
lows:

100,769mi l
li
onforthefi
scalyearthatendedMar ch31, 2023.65,848mi l
li
onf orthecal
endar
yearthatendedMar ch31,2023.Accor di
ngtot his,thecorporationmade100, 769mi l
l
ion
fr
om t hesaleofinv
estmentsinthey earendi
ngMar ch31,2023, and65,848mi ll
ionfr
om the
saleofi nvest
mentsi ntheyearendi ngMarch31,2022.Under standi
nghow t hecompany
managesi t
sinvestmentport
foli
oandwhet heri tismaki ngpr ofi
tsorl ossesf r
om these
tr
ansactionsdependsheavi
lyont hi
slineit
em.It
'simpor t
ant.

 Changei
nFairVal
uati
onofContractualObli
gati
on:Aposi
ti
vei
ncr
easeofchangei
ndi
cat
esa
changei
ntheval
uat
ionofcont
ractualobli
gati
ons.

 NetChangesinRecei vabl
es,Payables,andOtherI
tems:TheNetchangesi n2023ar e2,198
milli
onandin2023itis6,201mi l
l
ion.Thecompany '
scashfl
owsf rom oper
ati
ngacti
vit
iesare
calculat
edtorefl
ectt heneti mpactofchangest othesev ar
iouselements.Assetsand
l
iabil
iti
esar
emor el
ikelytoincr
easewi thposi
ti
veval
uesthantheyarewithnegat
iveval
ues.

 Netcashf
lowf
rom i
nvest
ingact
ivi
tyofDR.REDDY(
Sect
ion-
B)-
 NetCashgeneratedfr
om Inv
est
ingAct
ivi
ti
esf
orDR.REDDYfortheyear2023i
s35,
476mi
l
li
on.
NetCashgeneratedfr
om Inv
est
ingAct
ivi
ti
esf
orDR.REDDYfortheyear2022i
s38,
832mi
l
li
on.
Bot
hfigur
esindicat
ethatt
hecompanyusedmorecashf
ori
nvest
ingacti
vi
ty.

 Thepur
chaseofpropert
y,pl
ant
,andequipmentincreasedf
rom 10mi
l
li
oni
n2022t
o247mi
l
li
on
i
n2023,i
ndicat
ingi
ncrementi
ncapi
talexpendi
tures.

 Fr
om 65,848mi
l
li
oni
n2022t
o100,796mi
l
li
oni
n2023,i
nvest
mentsal
epr
oceedshav
e
i
ncreased.

Ther
ehasbeenahi gherl
evelofi
nvestmenti
nfinanci
alasset
s,asev
idencedbyt
hedecr
easei
n
the pur
chaseofi
nvestment
sfrom 120,
320mill
i
oni n2022to91,
118mill
ioni
n2023.

Netcashf
lowf
rom oper
ati
ngact
ivi
tyofDR.REDDY(
Sect
ion-
C)-

Thedif
fer
encebet
weencashi nf
lowsandout fl
owscomi ngfr
om act i
vi
t i
esconnect edtothecompany'
s
fi
nanci
ngisknownasnetcashf l
ow fr
om f i
nancingacti
vi
ti
es.Itincludestransactionsregardi
ngt
he
capi
tal
str
uctur
eofthebusi
ness,suchasthoseinvolv
ingdebt
,equit
y,andot hertypesoffinance.

 Accordingtothei nformationgiven,thecashf l
ow statement
'ssect
iononf i
nanci
ngoper ati
ons
i
ncludesthe"Dividendspai d"it
em.Itrefl
ectsthesum ofmoneyt hatthebusi
nessdistr
ibutedas
di
videndstoitsshar eholderswithi
nthegiventimeframe.Thebusinessdist
ri
buted4,979mi l
li
on
i
ndi v
idendsforthef iscalyeart
hatendedMar ch31, 2022.Thebusi
nessdist
ri
buted4,146mi l
li
on
i
ndi v
idendsforthef i
scal yeart
hatendedMar ch31,2023.

Ov
eral
l
NetCashChange:Thesi gnifi
cantcashexpendit
uresfr
om invest
ingandf i
nancingact i
vi
ti
es
couldnotbeful
l
yoffsetbyt hehighercashfl
owf r
om oper
ati
onsandt hefavorableimpactof
exchangerat
efl
uct
uations.Asar esul
t,cashandcashequi
valent
sdecreasednetf rom 11,
595
mill
ioni
n2022to1,
123mi l
l
ionin2023.
Inconclusi
on,thecompany '
sf i
nancialact
ionsfrom 2022t o2023hadamaj orimpactont he
cash and cash equiv
alentspositi
on,incl
uding invest
ments,borrowi
ng,and exchangerate
mov ements.Thedr opincashandcashequi v
al entssuggest
st hatt
hecorporat
ionspenta
signi
fi
cantport
ionofitsavai
labl
eresourcesonfinancingandinvesti
ngdur
ingt
histi
me.
EffectofExchangeRat eChanges:Thei mpactofexchanger at
echangesoncashandcash
equi v
alent
si ncreasedby479mi ll
i
onf ort hef i
scalyearthatendedonMar ch31,2022.Thi s
i
ndi catesthatt hecompany '
sfinancialposi ti
onbenef i
tedfrom changesi nexchanger ates,
resulti
nginani ncr
easei ntotalcashandcashequi v al
ent
s.Thei mpactofexchanger ate
changesoncashandcashequi valentsi ncreasedby445mi l
li
onfort hefi
scalyearthatended
onMar ch31, 2023.Thisagainshowst hatt hecompany 'scashposit
ionbenefit
edf r
om changes
i
nexchanger ates,r
esult
inginanov erallincreaseincashandcashequi val
ents.Thefavorable
i
mpactofexchanger atefluct
uati
onsshowst hatthecompany '
sforeigncurr
encycashhol dings
i
ncr easedinv aluewhenconv ert
edi ntot hecompany '
sdomest i
ccurrency.
CashPosit
ion:TheCompanyhas11,
595mil
li
onincashandcashequi
val
ent
sasofMar ch31,
2022.Thecompanyhas1,123mil
l
ioni
ncashandcashequi
val
entsasofMarch31,
2023.Thi
s
suggeststhatt
hecompany '
scashposit
ionwil
lsi
gni
fi
cantl
ydeter
ior
atebetween2022and2023.
Numer ouselement
s,incl
udi
ngasinvestmentsmade,f
inanci
ngacti
vit
ies,
andotheroper
ati
onal
consi
derati
onsatthatti
me,mayberesponsibl
efort
hereducti
on.

Gl
enmar
kPhar
maceut
ical
sLt
d

Rat
ioAnal
ysi
s
-For
mul
as

1)Li
qui
dit
yRat
ios

 Cur
rentRat
io=Cur
rentAsset/Cur
rentLi
abi
l
ity

 Qui
ckRat
io=Li
qui
dAsset
s/Cur
rentLi
abi
l
iti
es

2)Sol
vencyRat
ios

 DebtEqui
tyRat
io=Debt(
long-
ter
m Debt
s)/Equi
ty(
Shar
ehol
der
’sf
unds)

I
nter
estCov
erageRat
io=EBI
T/I
nter
est

 Debtt
oTot
alAsset
sRat
io=Long-
ter
m Debt/Tot
alAsset
s

3)Pr
ofi
tabi
l
ityRat
ios

 Gr
ossPr
ofi
tRat
io=Gr
ossPr
ofi
tx100/Sal
es

 NetPr
ofi
tRat
io=Netpr
ofi
tx100/Sal
es

 Ret
urnonCapi
tal
Empl
oyed=EBI
Tx100/Capi
tal
empl
oyed
4)Act
ivi
tyorTur
nov
erRat
ios

I
nvent
oryorSt
ockTur
nov
erRat
io=Costofgoodssol
d/Av
eragei
nvent
oryorst
ock

 Debt
orsTur
nov
erRat
io=NetCr
edi
tSal
es/Av
erageAccount
sRecei
vabl
es

 Wor
kingCapi
tal
Tur
nov
err
ati
o=Netsal
es/Wor
kingCapi
tal

-VALUES
For2022:
 Cur
rentAsset=44,
029.
29

 Cur
rentLi
abi
l
ity=34,
410.
62

 I
nvent
ori
es=9,
516.
62

 Debt
s=25,
717.
44

 Shar
ehol
der
’sFund=167,
385.
87

 EBI
T=23,
374.
46

 I
nter
est=3,
385.
22

 Tot
alAsset=229,
144.
84

 Sal
es=87,
562.
09

 COGS=(8,
106.
29+4,
816.
20-9, 62)3,
516. 405.
87

 Gr
osspr
ofi
t=78,
009.
94
 NetPr
ofi
t=19,
977.
89

 Av
g.I
nvent
ory=8,
811.
455
 Av
g.Recei
vabl
es=18,
978.
04
 Wor
kingCapi
tal
=9,
618.
67

For2023:
 Cur
rentAsset=43,
851.
77

 Cur
rentLi
abi
l
ity=36,
417.
73

 I
nvent
ori
es=10,
902.
14
  Debt
s=26,
608.
18

 Shar
ehol
der
’sFund=178,
774.
63

 EBI
T=20,
677.
42

 I
nter
est=1,
841.
32

 Tot
alAsset=245,
859.
24

 Sal
es=92,
066.
01

 COGS=2,
526.
4
 Gr
osspr
ofi
t=89,
539.
61
 NetPr
ofi
t=12,
087.
69

 Av
g.I
nvent
ory=10,
209.
38
 Av
g.Recei
vabl
es=25,
919.
905
 Wor
kingCapi
tal
=7,
434.
04

-Cal
cul
ati
on

Li
qui
dit
yRat
io:
1)Cur
rentRat
io(
2022)=44, 29/34,
029. 410.
62=1.
27:
1

Cur
rentRat
io(
2023)=43,
851.
77/36,
417.
73=1.
20:
1

2)Qui
ckRat
io(
2022)=34,
512.
67/34,
410.
62=1.
002:
1

Qui
ckRat
io(
2023)=32,
949.
63/36,
417.
73=0.
90:
1

Sol
vencyRat
ios:
1)DebtEqui
tyRat
io(
2022)=25,
717.
44/167,
385.
87=0.
15:
1
DebtEqui
tyRat
io(
2023)=26,
608.
18/178,
774.
6=0.
14:
1

2)I
nter
estCov
erageRat
io(
2022)=23,
374.
46/3,
385.
22=6.
9ti
mes
I
nter
estCov
erageRat
io(
2023)=20,
677.
42/1,
841.
32=11.
22t
imes
 3)Debtt
oTot
alAsset
sRat
io(
2022)=25,
717.
44/229,
144.
84=0.
11:
1

Debtt
oTot
alAsset
sRat
io(
2023)=26,
608.
18/245,
859.
24=0.
108:
1

Pr
ofi
tabi
l
ityRat
ios:
1)Gr
ossPr
ofi
tRat
io(
2022)=78,
009.
94*100/87,
562.
09=89.
09%

Gr
ossPr
ofi
tRat
io(
2023)=89,
539.
61*100/92,
066.
01=97.
25%

2)NetPr
ofi
tRat
io(
2022)=19,
977.
89*100/87,
562.
09=22.
81%

NetPr
ofi
tRat
io(
2023)=12,
087.
69*100/92,
066.
01=13.
12%

3)Ret
urnonCapi
tal
Empl
oyed(
2022)=23,
374.
46*
100/167,
385.
87=13.
96%

Ret
urnonCapi
tal
Empl
oyed(
2022)=12,
087.
69*100/178,
774.
63=6.
76%

Act
ivi
tyorTur
nov
erRat
ios:
1)I
nvent
oryorSt
ockTur
nov
erRat
io(
2022)=3,
405.
87/8,
811.
455=0.
38
t
ime
I
nvent
oryorSt
ockTur
nov
erRat
io(
2023)=2,
526.
4/10,
209.
38=0.
24
t
imes

2)Debt
orsTur
nov
erRat
io(
2022)=87, 09/18,
562. 978.
04=4.
61t
imes
Debt
orsTur
nov
erRat
io(
2023)=92, 01/25,
066. 919.
905=3.
55t
imes

3)Wor
kingCapi
tal
Tur
nov
err
ati
o(2022)=87,
562.
09/9,
618.
67=9.
103t
imes
Wor
kingCapi
tal
Tur
nov
err
ati
o(2023)=92,
066.
01/7,
434.
04=12.
38t
imes
 Hor
izont
aldat
a
31Mar
ch2023 31Mar
ch2022 Change %change
ASSETS
Non- cur rentasset s
Proper ty, plantandequi pment 14, 353.33 14, 138.27 215.06 1.5211196
Capi t al wor k-in-progr ess 1,590.71 1,011.70 579.01 57.231393
Right -of -useasset 533.33 547.07 -13.
74 - 2.511562
Int angi bl easset s 2,572.78 2,837.94 -
265.16 -9.343397
I
nt angi bleasset sunder 132.66 78.67 53.
99 68. 628448
Fi nanci al asset s
Inv est ment s 103, 340. 14 85, 593.86 17746.28 20.733123
Loans 68, 740. 68 70, 786.31 -2045.63 -2.889867
Ot herf inanci al asset s 226. 34 252.21 -
25.
87 -10.25733
Def er redt axasset s(net ) 9,467. 54 9,232.67 234.87 2.5439012
Othernon- cur r
entasset s 1,049. 96 636.85 413.11 64.867708
Tot al non- cur r
entasset s 202, 007. 47 185, 115. 55 16891.92 9.1250681
Cur rentasset s
Inv ent ories 10,
902.
14 9,
516.
62 1385.
52 14.
558951
Fi nanci al asset s
Tr ader ecei vables 25,
056.
59 26,
783.
22 -
1726.63 -
6.446686
Cashandcashequi valents 926.
96 286.
50 640.46 223.54625
Bankbal ancesot hert hancash
andcashequi valent s 10.96 9.82 1.
14 11.608961
Ot herf inanci al asset s 876. 36 445.76 430.6 96.599067
Ot hercur rentasset s 6,078. 76 6,987.37 -908.
61 -13.00361
Tot al cur rentasset s 43, 851. 77 44,029. 29 -177.
52 -0.403186
Tot al asset s 245, 859. 24 229, 144. 84 16714.4 7.2942511
EQUI TYANDLI ABI LITIES
Equi t
y
Equi tyshar ecapi tal 282.17 282.17 0 0
Ot herequi ty 178,492.
46 167,103.
70 11388.
76 6.
8153847
Tot al equi t
y 178,774.
63 167,385.
87 11388.
76 6.
8038957
Liabi lit
ies
Non- cur rentl i
abiliti
es
Fi nanci al l
iabili
ties
Bor r owings 26, 608.18 25, 717.44 890.
74 3. 463564
Leasel i
abilit
ies 332.90 417.74 -84.
84 - 20.30928
Ot herf inanci al l
iabili
ties 3,725.80 1,213.17 2512.63 207.11277
Total non- cur rentl i
abiliti
es 30, 666.88 27, 348.35 3318.53 12.134297
Cur rentl i
abili
ties
Fi nanci al l
iabili
ties
Bor r owings 4,
955.
82 10,
986.
05 -
6030.
23 -
54.
88988
 Leasel iabili
ti
es 315.
25 255.
79 59.
46 23.
245631
Tradepay ables #DIV/
0!
-Tot alout standi ngduesof
Mi croent er prisesandSmal l
ent erprises 547.
83 537.
55 10.
28 1.
9123802
-Tot alout standi ngduesof
othert hanMi croent erpri
ses
andSmal l
ent erprises 20,
383.
50 18,
850.
44 1533.
06 8.
1327545
iv.Othercur rentf i
nancial
liabilit
ies 8,142.29 1,663.36 6478.93 389.50859
Othercur rentl iabi
li
ties 447.81 632.55 -184.74 -29.2056
Pr ov isi
ons 970.10 990.54 -20.
44 -2.063521
Incomet axl iabil
iti
es( net) 655.13 494.34 160.
79 32.526197
Tot alcur rentl i
abili
ties 36,417. 73 34,410. 62 2007.11 5.8328214
Tot al l
iabiliti
es 67,084. 61 61,758. 97 5325.64 8.6232656
Total equityandl i
abi
liti
es 245, 859. 24 229, 144. 84 16714.4 7.2942511
 Ver
ti
cal
Anal
ysi
s
31Mar
ch2023 %Change 31Mar
ch2022 %Change
ASSETS
Non- cur rentasset s
Pr oper ty, plantand
equi pment 14, 353.33 5.
838027483 14, 138. 27 6.
170822457
Capi tal wor k- in-progr ess 1,590.71 0.
647000292 1,011. 70 0.
441568953
Ri ght -of -useasset 533.33 0.
216924936 547. 07 0.
238775454
Intangi bl easset s 2,572.78 1.
046444299 2,837. 94 1.
238653943
I
ntangi bleasset sunder 132.66 0.
053957704 78. 67 0.
034336493
Fi nanci al asset s
Inv est ment s 103, 340.14 42.
03223763 85, 593.86 37.
35849673
Loans 68, 740. 68 27.
95936407 70, 786.31 30.
89555875
Ot herf inanci al asset s 226. 34 0.
092060807 252.21 0.
110080168
Defer redt axasset s(net ) 9,467. 54 3.
850796903 9,232.67 4.
029712785
Othernon- cur rentasset s 1,049. 96 0.
427057368 636.85 0.
277961043
Total non- cur rentasset s 202, 007. 47 82.
16387149 185, 115. 55 80.
79596677
Cur rentasset s
Inv ent or ies 10,
902.
14 4.
434301513 9,
516.
62 4.
153646268
Fi nanci al asset s
Tr ader ecei vables 25,
056.
59 10.
19143718 26,
783.
22 11.
68986697
Cashandcashequi valents 926.
96 0.
377028742 286.
50 0.
125046461
Bankbal ancesot hert han
cashandcashequi valents 10.96 0.004457835 9.82 0.00428606
Ot herf inanci al asset s 876.36 0.35644786 445.76 0.194557454
Ot hercur rentasset s 6,078.76 2.472455377 6,987.37 3.049723885
Tot al cur rentasset s 43,851. 77 17.83612851 44,029. 29 19. 2171271
Tot al asset s 2,45,859. 24 100 229, 144.84 100
EQUI TYANDLI ABI LITIES
Equi ty
Equi tyshar ecapi tal 282.17 0.
114768922 282.17 0.
123156579
Ot herequi ty 178,492.
46 72.
59945162 167,103.
70 72.
93447251
Tot al equi t
y 178,774.
63 72.
71422054 167,385.
87 73.
05762909
Liabi lities
Non- cur rentl i
abiliti
es
Financi al li
abi li
ties
Bor r owi ngs 26, 608.18 10. 82252593 25, 717.44 11.
22469413
Leasel i
abi lit
ies 332.90 0.13540268 417.74 0.
182327779
Otherf i
nanci al l
iabili
ties 3,725.80 1.515419961 1,213.17 0.
529503021
Total non- cur rentl i
abiliti
es 30,666. 88 12.47334857 27,348. 35 11.
93652493
Cur rentl i
abi li
ties
Financi al li
abi li
ties
 Bor rowi ngs 4,955.82 2.
015714358 10,
986.
05 4.
794997129
Leasel iabil
iti
es 315.25 0.
128223776 255.
79 0.
111642703
Tradepay ables
-Tot alout standi ngduesof
Mi croent er prisesandSmal l
ent erprises 547.
83 0.
22282262 537.
55 0.
234620333
-Tot alout standi ngduesof
othert hanMi croent erpri
ses
andSmal l
ent erprises 20,
383.
50 8.
290719519 18,
850.
44 8.
227507219
iv.Othercur rentf i
nancial
liabilit
ies 8,142.29 3.
311768962 1,663.36 0.725994004
Othercur rentl iabi
li
ties 447.81 0.
182140805 632.55 0.276084255
Pr ov isi
ons 970.10 0.
394575368 990.54 0.43233341
Incomet axl iabil
iti
es( net) 655.13 0.
266465478 494.34 0.215760795
Tot alcur rentl i
abili
ties 36,417. 73 14.
81243089 34,410. 62 15.01893985
Tot al l
iabiliti
es 67,084. 61 27.
28577946 61,758. 97 26.95546478
Total equityandl i
abi
liti
es 245,859.24 100 229, 144.84 100
CashFl
owSt
atementAnal
ysi
sofGLENMARK

Thef
oll
owi
ngt
abl
eshowst
hecashf
lowst
atementofGl
enmar
kforFY2021-
22and2022-
23:

Netcashf
lowf
rom oper
ati
ngact
ivi
tyofGLENMARK

• NetCashf r
om Operati
ons:TheCompanygenerat
ed14,
740.63mi ll
ionincashfrom i
ts
cor
eoperat
ingact
ivi
ti
esbefor
econsideri
ngi
nvest
mentsandfi
nancing.Thisisaposit
ivesi
gn,
i
ndi
cat
ingthebusi
ness'
sabil
it
ytogenerat
ecashfr
om i
tspri
mar
yoper at
ions.

Pr
ofi
tbeforeTaxDecr ease:Ther ewasasi gnif
icantincreaseinpr ofi
tbeforetaxfrom
23,374mill
i
oni n2022t o15, 718.74mi l
l
ionin2023.Thespeci fi
ceffectswi l
ldependont he
causesofthedecli
nei nnetprofitaswel lastheoveral
leconomi candi ndustri
albackdrop,
itis
vit
altoremember .Compani esf requentlyimplementcost -
cutt
ingini
tiati
ves,investi
gatenew
revenueopport
unit
ies,ormakeoper ationalchangestoi ncr
easepr of
itabi
lit
yinr esponsetoa
decli
neinnetprof
it
.

Depreci
ationandAmor t
izat
ion:Theval
ueofdepreciat
ionandamort
izat
ionf
ort
hefiscal
y
eart
hatconcludedonMar ch31,2023,is1,
841.
48.Thev al
ueofdepr
eci
ati
onandamorti
zati
on
f
ort
hefi
scalyearthatconcl
udedonMar ch31,2022,
is1,596.95.

BadDebt
s:Theamountal l
ocatedtopayforbadanddoubtf
uldebts( orproj
ectedcr
edi
t
l
osses)issetat50cror
ef ort
hef i
scalyearendi
ngMarch31,2023.Thepr ovi
sionforbadand
doubtf
uldebts(
orproj
ectedcredi
tlosses)i
s215crorefort
hefi
scalyearthatendedonMar ch
31,2022.

Fi
nanceCosts:ThefinancecostforthefiscalyearthatendedMarch31,2023,is
2,
068.16mi l
li
on.Thefi
nancecostforthefi
scaly
eart hatendedMarch31,2022,i
s2,
360.41
mil
li
on.

Gai
n/ LossonDi sposal:Forthey earendedMar ch31,2022,butnotf orthey earended
Mar ch31,2023, inf
ormat i
onaboutgai nsandl ossesont hedisposalofasset
sisincludedi nthe
data.Inthef iscalyearthatendedMar ch31,2022:Gai noni nv
estmentsale:150mi ll
ionand
Lossondi sposal ofrealestate,
machiner y
,andequi pmentis7.6mi l
li
on.
• Unreali
zedExchangeGai n/Loss:Theunr eali
zedforei
gnexchangegai nforthef i
scalyear
thatendedMar ch31,2023,i s2,795.
14mi l
li
on.Theunr eali
zedf or
eignexchangegai nf orthe
yearendedMar ch31, 2022,is1,548.
67mi ll
ion.
SunPhar
maceut
ical
Indust
ri
esLi
mit
ed
 Rat
ioAnal
ysi
s
-For
mul
as

1)Li
qui
dit
yRat
ios

 Cur
rentRat
io=Cur
rentAsset/Cur
rentLi
abi
l
ity

 Qui
ckRat
io=Li
qui
dAsset
s/Cur
rentLi
abi
l
iti
e2
2)Sol
vencyRat
ios

 DebtEqui
tyRat
io=Debt(
long-
ter
m Debt
s)/Equi
ty(
Shar
ehol
der
’sf
unds)

 I
nter
estCov
erageRat
io=EBI
T/I
nter
est

 Debtt
oTot
alAsset
sRat
io=Long-
ter
m Debt/Tot
alAsset
s
3)Pr
ofi
tabi
l
ityRat
ios

 Gr
ossPr
ofi
tRat
io=Gr
ossPr
ofi
tx100/Sal
es

 NetPr
ofi
tRat
io=Netpr
ofi
tx100/Sal
es

 Ret
urnonCapi
tal
Empl
oyed=EBI
Tx100/Capi
tal
empl
oyed
4)Act
ivi
tyorTur
nov
erRat
ios

 Invent
oryorSt
ockTur
nov
erRat
io=Costofgoodssol
d/Av
eragei
nvent
oryor
stock

 Debt
orsTur
nov
erRat
io=NetCr
edi
tSal
es/Av
erageAccount
sRecei
vabl
es
  Wor
kingCapi
tal
Tur
nov
err
ati
o=Netsal
es/Wor
kingCapi
tal

-VALUES
For2022:
 Cur
rentAsset=97,
037.
5

 Cur
rentLi
abi
l
ity=101,
058.
3

 I
nvent
ori
es=34,
037.
4

 Debt
s=48,
656.
4

 Shar
ehol
der
’sFund=245,
879.
5

 EBI
T=3,
068.
6

 I
nter
est=226.
0

 Tot
alAsset=407,
654.
8

 Sal
es=165,
439.
0

 COGS=3,
405.
87
 Gr
osspr
ofi
t=162033.
13
 NetPr
ofi
t=(
999.
9)

 Av
g.I
nvent
ory=34,
037.
4

 Av
g.Recei
vabl
es=42,
451.
6

 Wor
kingCapi
tal
=(4,
020.
8)

For2023:
 Cur
rentAsset=164,
437.
5

 Cur
rentLi
abi
l
ity=83,
654.
4

 I
nvent
ori
es=5,
854.
5
 Debt
s=48,
656.
4

 Shar
ehol
der
’sFund=237,
483.
6

 EBI
T=17,
410.
5

 I
nter
est=1,
522.
3
  Tot
alAsset=409,
874.
9

 Sal
es=210,
911.
7

 COGS=4908.
68
 Gr
osspr
ofi
t=2,
06,
003.
1
 NetPr
ofi
t=16,
907.
2

 Av
g.I
nvent
ory=36,
964
 Av
g.Recei
vabl
es=56,
850.
9
 Wor
kingCapi
tal
=80,
783.
1

-Cal
cul
ati
on

Li
qui
dit
yRat
io:
1)Cur
rentRat
io(
2022)=0.
09:
1
Cur
rentRat
io(
2023)=0.
001:
1

2)Qui
ckRat
io(
2022)=0.
62:
1
Qui
ckRat
io(
2023)=1.
89:
1

Sol
vencyRat
ios:
1)DebtEqui
tyRat
io(
2022)=0.
19:
1
DebtEqui
tyRat
io(
2023)=0.
204:
1

2)I
nter
estCov
erageRat
io(
2022)=13.
57%
I
nter
estCov
erageRat
io(
2023)=11.
52%

3)Debtt
oTot
alAsset
sRat
io(
2022)=0.
11:
1
Debtt
oTot
alAsset
sRat
io(
2023)=0.
11:
1
p

Pr
ofi
tabi
l
ityRat
ios:
 1)Gr
ossPr
ofi
tRat
io(
2022)=97%
Gr
ossPr
ofi
tRat
io(
2023)=97.
6%

2)NetPr
ofi
tRat
io(
2022)=8%
NetPr
ofi
tRat
io(
2023)=8.
02%

3)Ret
urnonCapi
tal
Empl
oyed(
2022)= 29.
41%

Ret
urnonCapi
tal
Empl
oyed(
2022)=23.
06%

Act
ivi
tyorTur
nov
erRat
ios:
1)I
nvent
oryorSt
ockTur
nov
erRat
io(
2022)=10t
imes
I
nvent
oryorSt
ockTur
nov
erRat
io(
2023)=0.
12t
imes

2)Debt
orsTur
nov
erRat
io(
2022)=3.
89t
imes
Debt
orsTur
nov
erRat
io(
2023)=3.
709t
imes

3)Wor
kingCapi
tal
Tur
nov
err
ati
o(2022)=41.
15t
imes
Wor
kingCapi
tal
Tur
nov
err
ati
o(2023)=2.
61t
imes
 Hor
izont
alAnal
ysi
s

Par t
iculars Mar
ch31,
2023 Mar
ch31,
2022 Change %Chnage
ASSETS
Non- cur r
entassets
Proper ty,pl
antandequi pment 47,
332.
5 49,
695.
7 -
2363.
2 -
4.76
Capi t
al work-in-
progress 3,
288.
7 3,
589.
4 -
300.
7 -
8.38
Goodwi ll 1,
208.
0 1,
208.
0 0 0.00
OtherI ntangibleassets 38,
576.
2 46,
224.
1 -
7647.
9 -
16.55
Intangibleasset sunderdevel
opment 5,
240.
4 4,
697.
0 543.
4 11.57
Invest mentsint henatureofequi
tyi
n -
subsi diari
es 124,
017.
4 153,
404.
1 29386.
7 -
19.
16
Financi alassets
Invest ments 144.
0 154.
2 -
10.2 -
6.61
-
Loans 6,
327.0 36,
566.3 30239.3 -
82.
70
Otherfi
nanci
alassets 538.
9 651.
3 -
112.4 -
17.
26
Deferr
edtaxassets(Net) 10,
323.9 3,
240.4 7083.5 218.
60
Incometaxassets(Net) 5,
861.3 8,
836.7 -
2975.4 -
33.
67
Othernon-
curr
entassets 2,
365.1 2,
350.1 15 0.
64
-
Total non- currentasset s 245,
223.
4 310,
617.
3 65393.9 -
21.
05
Currentasset s
Inventories 39,
891.
9 34,
037.
4 5854.
5 17.
20
Financial asset s
Investment s 2,
002.6 1,
930.4 72.
2 3.74
Trader ecei vables 71,
250.2 42,
451.6 28798.6 67.84
Cashandcashequi valents 4,
102.8 4,
195.3 -92.
5 -
2.20
Bankbal ancesot hert han( i
i
i)above 110.
0 1,
154.3 -
1044.3 -
90.47
Loans 33,
470.3 91.
0 33379.3 36680.55
Otherf i
nanci al asset s 5,
824.0 4,
021.8 1802.2 44.81
Othercur rentasset s 7,
785.7 9,
155.7 -
1370 -
14.96
Total currentasset s 164,
437.5 97,
037.5 67400 69.46
Asset scl assifi
edashel dforsale 214.
0 -
TOTALASSETS 409,
874.9 407,
654.8 2220.
1 0.
54
EQUI TYANDLI ABI LITIES
Equityshar ecapi tal 2,
399.3 2,
399.3 0 0.00
Otherequi ty 235,
084.3 243,
480.2 -
8395.
9 -
3.45
Total equi ty 237,
483.6 245,
879.5 -
8395.
9 -
3.41
Liabil
iti
es
Non- currentl i
abili
ties
Financial li
abilit
ies
Borrowi ngs 75,
867.
3 48,
656.
4 27210.
9 55.92
Leasel iabi l
i
ties 1,
815.
1 1,
896.
8 -
81.
7 -
4.31
Otherf i
nanci al l
iabi l
it
ies 3,
912.
2 -
Othernon- cur r
entl iabil
it
ies 5,
074.
5 6,
187.
5 -1113 -
17.
99
Provisions 2,
061.
6 3,
976.
3 -
1914.7 -
48.
15
Tot alnon- currentli
abili
ti
es 88,
730.
7 60,
717.
0 28013.
7 46.
14
Cur rentliabili
ti
es
Financi alliabil
it
ies
Bor rowings 59.
4 30.
7 28.
7 93.
49
Tradepay ables
total outstandingduesofmi cr
oandsmall
ent erpri
ses 1,
194.
2 1,
052.
8 141.
4 13.
43
total outstandingduesofcr edit
orsot
hert
han
mi croandsmal l
ent erpri
ses 30,
061.6 26,
051.6 4010 15.39
Leasel i
abi li
ti
es 166.
4 156.
5 9.
9 6.33
Otherf inanci alli
abil
iti
es 40,
640.1 40,
678.1 -
38 -
0.09
Othercur rentliabil
i
ties 3,
437.7 7,
463.1 -
4025.4 -
53.94
-
Pr
ovi
sions 8,
095.
0 25,
625.
5 17530.5 -
68.
41
-
Tot
alcurrentliabi
li
ti
es 83,
654.
4 101,
058.
3 17403.9 -
17.
22
Li
abil
i
tiesdirectl
yassoci
atedwithasset
s
cl
assi
fiedashel dforsal
e 6.
2 -
Tot
alli
abili
ti
es 172,
391.
3 161,
775.
3 10616 6.
56
TOTALEQUI TYANDLI ABILI
TIES 409,
874.
9 407,
654.
8 2220.
1 0.
54
 Ver
ti
cal
Anal
ysi
s
%
Par
ti
cul
ars Mar
ch31, Mar
ch31, %change
change
2023 2022
ASSETS
Non- cur rentasset s
Pr
oper ty ,pl antandequi pment 47,
332.5 11.55 49,
695.7 12.19
Capi tal wor k-in-pr ogr ess 3,288.
7 0.
80 3,
589.
4 0.
88
Goodwi ll 1,208.
0 0.
29 1,
208.
0 0.
30
Ot herI nt angi bleasset s 38,
576.2 9.
41 46,
224.1 11.34
I
ntangibleasset sunderdev elopment 5,240.
4 1.
28 4,
697.
0 1.
15
I
nvestment si nt henat ureofequi tyi
n
124,
017.
4 30.
26 153,
404.
1 37.
63
subsi diar ies
Fi nanci al asset s
Inv est ment s 144.0 0.
04 154.2 0.
04
Loans 6,327.
0 1.
54 36,566.3 8.
97
Ot herf inanci al asset s 538.9 0.
13 651.3 0.
16
Def er redt axasset s( Net ) 10,
323.9 2.
52 3,240.
4 0.
79
Incomet axasset s( Net ) 5,861.
3 1.
43 8,836.
7 2.
17
Ot hernon- cur rentasset s 2,365.
1 0.
58 2,350.
1 0.
58
Tot al non- cur rentasset s 245,223.
4 59.83 310,617.
3 76.20
Cur r entasset s
Inv ent or i
es 39,
891.
9 9.
73 34,
037.
4 8.
35
Fi nanci al asset s 0.
00
Inv est ment s 2,002.
6 0.
49 1,
930.4 0.
47
Tr ader ecei v ables 71,
250.2 17.38 42,451.6 10.41
Cashandcashequi valents 4,102.
8 1.
00 4,
195.3 1.
03
Bankbal ancesot hert han( ii
i)above 110.0 0.
03 1,
154.3 0.
28
Loans 33,
470.3 8.
17 91.0 0.
02
Ot herf inanci al asset s 5,824.
0 1.
42 4,
021.8 0.
99
Ot hercur rentasset s 7,785.
7 1.
90 9,
155.7 2.
25
Tot al cur r
entasset s 164,437.
5 40.12 97,037.5 23.80
Asset scl assi f iedashel df orsale 214.0 0.
05 -
TOTALASSETS 409,874.
9 100.00 407,654.
8 100.00
EQUI TYANDLI ABI LITIES 0.
00 0.
00
Equi t
yshar ecapi tal 2,
399.
3 0.
59 2,
399.
3 0.
59
Ot herequi ty 235,
084.
3 57.36 243,
480.
2 59.73
Tot al equi t
y 237,
483.
6 57.94 245,
879.
5 60.32
Li abi li
ties 0.
00 0.
00
Non- cur rentl iabiliti
es 0.
00 0.
00
Financi al liabi li
ties 0.
00 0.
00
Bor rowi ngs 75,
867.3 18.51 48,
656.4 11.94
Leasel iabi li
ties 1,815.
1 0.
44 1,
896.
8 0.
47
Ot herf i
nanci al liabili
ties 3,912.
2 0.
95 - #VALUE!
Othernon- cur rentl i
abi li
ti
es 5,074.
5 1.
24 6,
187.
5 1.
52
Pr ov isions 2,061.
6 0.
50 3,
976.
3 0.
98
Tot al non- cur rentl i
abi l
iti
es 88,
730.7 21.65 60,
717.0 14.89
 Cur r
entl iabilit
ies 0.
00 0.
00
Financi al l
iabilit
ies 0.
00 0.
00
Bor r
owi ngs 59.
4 0.
01 30.
7 0.
01
Tradepay ables 0.
00 0.
00
total
out st
andi ngduesofmi croandsmal l
1,
194.
2 0.
29 1,
052.
8 0.
26
enter prises
t
otaloutstandingduesofcr editorsothert
han
mi croandsmal l 30,
061.
6 7.
33 26,
051.
6 6.
39
enter prises
Leasel i
abi l
iti
es 166.4 0.
04 156.5 0.
04
Otherf inanci al l
iabili
ties 40,
640.1 9.
92 40,678.1 9.
98
Othercur rentl i
abilit
ies 3,437.
7 0.
84 7,463.
1 1.
83
Pr ovisions 8,095.
0 1.
97 25,625.5 6.
29
Total cur r
entl i
abilit
ies 83,
654.4 20.41 101,058.
3 24.79
Liabil
it
iesdirect l
yassoci atedwi thasset
s
6.
2 0.
00 -
classi f
iedashel df orsale
Tot alliabili
ties 172,
391.
3 42.
06 161,
775.
3 39.
68
TOTALEQUI TYANDLI ABI LITI
ES 409,
874.
9 100.00 407,
654.
8 100.00

Anal
ysi
s

• Cashf
lowfrom oper
ati
ngacti
vit
ies:ShoppersStop'
scashfl
owf r
om
operati
ngacti
vi
ti
esdecreasedby93.0%inFY2022- 23,comparedtoFY
2021-22.Thi
swasdr i
venbyastrongdecreaseinrevenueandincr
easein
operati
ngexpenses.Thi
sisanegati
vesign.

• Cashfl
owf rom i
nvesti
ngacti
vi
ti
es:ShoppersStop'
scashf l
owf r
om
i
nv est
ingacti
vi
tiesdecreasedby33.
3%inFY2022- 23,comparedt oFY
2021-22.Thi
swasduet oadecreaseini
nvestmentsinpropert
y,plant
,and
equipment.Thisisnotnecessar
il
yanegativ
esign,asitmayindicatet
hat
thecompanyi smor efocusedonit
scorebusinessoperat
ions.

• Cashfl
owf rom fi
nanci
ngactiv
iti
es:ShoppersSt op'
scashf l
owf r
om
fi
nancingactivi
ti
esdecreasedby51.4%inFY2022- 23,compar edt
oFY
2021-22.Thiswasduet oanincreaseindebtrepayment s.Thisisa
posi
ti
v esign,asitshowsthatthecompanyi sreducingitsdebtburden.
• Netcashf l
ow: Shopper sStop'snetcashf l
owforthey eardecreased
by22.99%i nFY2022- 23,compar edtothepr ev
iousyear.Thi
swasduet o
theincreaseindebtr epayment sinFY2022- 23.Howev er,
iti
simpor tantto
notethatt hecompany 'scashf l
owf rom operat
ingacti
v i
ti
esincreased
signi
fi
cant lyi
nFY2022- 23.Thisi
ndicatesthatthecompanyi sgener ating
enoughcashf rom i
tsoper ati
onst ocoverit
sdebtobligati
onsandi nv estin
i
tsbusi ness.
Overal
l,
Sunpharmacashf l
owst atementforFY2022-23ispositi
v e.The
company '
scashfl
owf rom oper
at i
ngactiv
iti
esincr
easedsigni
ficantly,
and
i
tisreduci
ngitsdebtburden.Howev er,
invest
orsshouldmonitorthe
company '
snetcashfl
owcl osel
yi nthecomingquarter
stoseei fitcan
conti
nuetogenerateenoughcashf r
om i
tsoperati
onstocoveritsdebt
obli
gati
onsandinvestinit
sbusiness.