Hikal Ltd.

Financial

	Hikal	Neuland Laboratories	PI Industries
Operational Metrics
Pharmaceutical Sector
R&D as a % of Total Sales	4.0 %	2.53 %	n/a
Financials
5 yr Average ROE	12.04 %	7.78 %	16.01 %
5yr average Equity Multiplier	2.23	1.65	1.59
5yr Average Asset Turnover Ratio	0.84	0.67	0.64
5yr Avg Net Profit Margin	6.39 %	6.73 %	15.8 %
Price to Book	3.5	7.65	6.6
P/E	59.7	32.69	34.27
5yr Avg Cash Conversion Cycle	44.89 Days	64.68 Days	30.17 Days
Inventory Days	66.84 Days	94.42 Days	71.45 Days
Days Receivable	79.34 Days	91.33 Days	44.38 Days
Days Payable	84.24 Days	114.5 Days	101.84 Days
5yr Average Interest Coverage Ratio	4.97	7.45	48.31
5yr Avg ROCE	15.64 %	11.07 %	18.47 %
5yr Avg Operating Profit Margin	17.42 %	15.88 %	24.01 %
5 yr average Debt to Equity	0.72	0.26	0.06
5yr CAGR Net Profit	-5.33 %	58.32 %	24.55 %
5yr Average Return on Assets	5.39 %	4.76 %	10.13 %
Shareholdings
Promoter Holding	68.85 %	32.74 %	46.09 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.08 %	-3.48 %	-0.65 %
Change in Mutual Fund Holding (3 Yrs)	2.58 %	3.01 %	1.13 %

Business

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