TOPIC:

ECONOMIC ANALYSIS OF AN
INDUSTRY, FUNDAMENTAL AND
TECHNICAL ANALYSIS OF 3
COMPANIES UNDER THAT
INDUSTRY.

TRADING AND BCOM-2

INVESTMENT Kirit Kishore Debbarma
ID: DCBCM20230033

ASSIGNMENT
ECONOMIC ANALYSIS OF HEALTHCARE
INDUSTRY
INTRODUCTION
Healthcare has become one of India’s largest sectors, both in terms of revenue and
employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing,
telemedicine, medical tourism, health insurance and medical equipment. The Indian
healthcare sector is growing at a brisk pace due to its strengthening coverage, services,
and increasing expenditure by public as well as private players.

India’s healthcare delivery system is categorised into two major components - public and
private. The government, i.e., the public healthcare system, comprises limited secondary
and tertiary care institutions in key cities and focuses on providing basic healthcare
facilities in the form of Primary Healthcare Centers (PHCs) in rural areas. The private sector
provides the majority of secondary, tertiary, and quaternary care institutions with a major
concentration in metros, tier-I, and tier-II cities.

India's competitive advantage lies in its large pool of well-trained medical professionals.
India is also cost-competitive compared to its peers in Asia and Western countries. The
cost of surgery in India is about one-tenth of that in the US or Western Europe. The low
cost of medical services has resulted in a rise in the country’s medical tourism, attracting
patients from across the world. Moreover, India has emerged as a hub for R&D activities for
international players due to its relatively low cost of clinical research.

MARKETSIZE
• The Indian healthcare sector is expected to record a three-fold rise, growing at a
CAGR of 22% between 2016–22 to reach US$ 372 billion in 2022 from US$ 110 billion in
2016. By FY22, Indian healthcare infrastructure is expected to reach US$ 349.1 billion.
The healthcare sector is expected to generate 27 lakh jobs in India between 2017-22,
over 5 Lakh jobs per year.

• India’s public expenditure on healthcare touched 2.1 % of GDP in FY23 and 2.2% in
FY22, against 1.6% in FY21, as per the Economic Survey 2022-23.

• In FY22, premiums underwritten by health insurance companies grew to Rs.

73,582.13 crore (US$ 9.21 billion). The health segment has a 33.33% share in the total
gross written premiums earned in the country.

• The Indian medical tourism market was valued at US$ 2.89 billion in 2020 and is
expected to reach US$ 13.42 billion by 2026. According to India Tourism Statistics at
a Glance 2020 report, close to 697,300 foreign tourists came for medical treatment
in India in FY19. India has been ranked tenth in the Medical Tourism Index (MTI) for
2020-21 out of 46 destinations by the Medical Tourism Association. With US$ 5-6
billion size of Medical value travel (MVT) and 500000 International patients annually,
India is among the global leader destinations for international patients seeking
advanced treatment.

• The e-health market size is estimated to reach US$ 10.6 billion by 2025.
As per information provided to the Lok Sabha by the Minister of Health & Family Welfare,
Dr. Bharati Pravin Pawar, the doctor population ratio in the country is 1:854, assuming 80%
availability of 12.68 lakh registered allopathic doctors and 5.65 lakh AYUSH doctors.

INVESTMENT/DEVELOPMENTS:
Between April 2000-September 2023, the FDI inflow for the drugs and pharmaceuticals
sector stood at US$ 21.58 billion, according to the data released by Department for
Promotion of Industry and Internal Trade (DPIIT). Inflows in sectors such as hospitals and
diagnostic centres and medical and surgical appliances stood at US$ 9.48 billion and US$
3.22 billion, respectively, between April 2000-September 2023.

During 2022-23 (up to December 2022) Foreign Direct Investment, (FDI) inflow in India
stood at US$ 36,746 million. Some of the recent developments in the Indian healthcare
industry are as follows:

• As of August 1, 2023, a total of 24.33 crore Ayushman cards have been created. To prevent,
detect, and deter healthcare fraud and to ensure that eligible beneficiaries receive adequate
treatment, the Government of India is using Artificial Intelligence (AI) and Machine Learning
(ML). As on October, 2023, a total of 26 crore Ayushman cards have been created.

• As of February 20, 2023, more than 220.63 crore COVID-19 vaccine doses have been
administered across the country. While as of May 11, 2023, more than 2.20 billion COVID-19
vaccine doses have been administered across the country.

• As of July 15, 2023, India has exported 30.12 crore vaccine doses.

• Multinational healthcare company Abbott has committed to converting 75 Primary Health

Centers (PHCs) to Health and Wellness Centers (HWCs) in nine Indian States, in
collaboration with Americares India Foundation, a nonprofit organisation dedicated to relief
and development in the field of health. This will benefit over 2.5 million people from under-
resourced communities every year.

• In July 2022, the Indian Council of Medical Research (ICMR) released standard treatment
guidelines for 51 common illnesses across 11 specialities to assist.

• In March 2022, Hyderabad-based pharmaceutical company Biological E applied for

emergency use authorisation (EUA) for its Covid-19 vaccine Corbevax for the 5-12 years age
group.

• In January 2022, Phase 3 trials commenced of India's first intranasal vaccine against COVID-
19 which is being developed by Bharat Biotech, in conjunction with the Washington
University School of Medicine in St Louis, the US.

• The number of policies issued to women in FY21 stood at 93 lakh, with one out of every three
life insurance policies in FY21 sold to a woman.

• In December 2021, Eka Care became the first CoWIN-approved organization in India,
through which users could book their vaccination slot, download their certificate, and even
create their Health IDs.

• In November 2021, Aster DM Healthcare announced that it is planning Rs. 900 crore (US$
120.97 million) capital expenditure over the next three years to expand its presence in India,
as it looks at increasing the share of revenue from the country to 40% of the total revenue by
2025.

• In September 2021, a Russian-made COVID-19 vaccine, Sputnik Light received permission for
Phase 3 trials in India.
ROAD AHEAD
India’s healthcare sector is extremely diversified and is full of opportunities in every
segment, which includes providers, payers, and medical technology. With the increase in
the competition, businesses are looking to explore the latest dynamics and trends which
will have a positive impact on their business. The hospital industry in India is forecast to
increase to Rs. 8.6 trillion (US$ 132.84 billion) by FY22 from Rs. 4 trillion (US$ 61.79 billion) in
FY17 at a CAGR of 16–17%.

India is a land full of opportunities for players in the medical devices industry. The country
has also become one of the leading destinations for high-end diagnostic services with
tremendous capital investment for advanced diagnostic facilities, thus catering to a
greater proportion of the population. Besides, Indian
medical service consumers have become more conscious
towards their healthcare upkeep. Rising income levels, an
ageing population, growing health awareness and a
changing attitude towards preventive healthcare are
expected to boost healthcare services demand in the
future. Greater penetration of health insurance aided the
rise in healthcare spending, a trend likely to intensify in
the coming decade.

The Government aims to develop India as a global

healthcare hub and is planning to increase public health
spending to 2.5% of the country's GDP by 2025.

Major Healthcare Centres in India

• Delhi
• Mumbai
• Hyderabad
• Kolkata
• Chennai
• Bengaluru
• Ahmedabad

Under healthcare sector, here are 3 major companies in India:

1: Abbott India Ltd.

2: Sun Pharmaceutical Industries Ltd.

3: Apollo Hospitals Enterprise Ltd.

1 Abbott India Ltd :
Since 1910, Abbott has been dedicated to helping people in India live healthier lives through a diverse
range of science-based nutritional products, diagnostic tools, branded generic pharmaceuticals, and
diabetes and vascular devices.

Headquartered in Mumbai, Abbott India Limited, a publicly listed company and a subsidiary of Abbott
Laboratories, takes pride in offering high-quality trusted medicines in multiple therapeutic categories
such as women's health, gastroenterology, cardiology, metabolic disorders and primary care.

One of India's fastest-growing pharmaceutical companies, Abbott India Limited is part of Abbott's
global pharmaceutical business in India.

they have expertise across product development, manufacturing, sales and customer service and are
dedicated to providing high-quality, reliable products with the expert clinical support our customers
need.

Abbott India Limited believes in providing quality healthcare through a mix of global and local
products for people in India. Our in-house development and medical teams undertake product and
clinical development tailored to the unique needs of the Indian market. their trained personnel are
dedicated to ensuring compliance with international quality standards. In

Fundamental analysis:
Time series data for 10 years in relation to sales and profit.

Abbot India Ltd

year sales growth profit growth sales% profit%

2013 1,653 10.90% 20.83%

145

2014 2,276 37.71% 36.55%

198

2015 2,289 0.59% 15.66%

229

2016 2,614 14.20% 11.35%

255

2017 2,903 11.02% 8.63%

277

2018 3,298 13.64% 44.77%

401

2019 3,679 11.52% 12.22%

450

2020 4,093 11.27% 31.78%

593

2021 4,310 5.30% 16.53%

691

2022 4,913 14.00% 15.63%

799

2023 5,349 8.86% 18.77%

949
Visualisation:

SALES GROWTH
6,000

5,000

4,000

3,000

2,000

1,000

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Sales Growth

PROFIT GROWTH
1000

900

800

700

600

500

400

300

200

100

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

FUTURE PLAN AND POLICIES OF ABBOT INDIA

THE ABBOTT 2030 SUSTAINABILITY PLAN
FOCUS: To impact the most lives, we must get our innovative healthcare solutions to people
who need them. Our 2030 Sustainability Plan is focused on designing access and affordability
into our life-changing technologies and products, working across our business and in
partnership with others to break down barriers and bring our health innovations to an
increasing number of people. Our work will touch the lives of 2 billion people this year, and
we intend to reach over 1 billion more in the next 10 years – improving the lives of 1 in every
3 people on the planet by 2030.

PRIORITY: intentionally designing access and affordability into many of our life-changing
technologies and products, and breaking down barriers that prevent people from getting the
care they need.
 GOAL: Protect a healthy environment

• Reduce absolute Scope 1 and 2 carbon emissions by 30% from 2018 baseline by the end of
2030, consistent with the objectives of the Science Based Targets initiative (SBTi).

• Implement accredited water stewardship management practices in more than 75% of all
manufacturing sites operating in water-stressed areas.

• Work with 50 key suppliers in high water-stressed areas to reduce water quality and quantity
risks to Abbott and the community.

• Address 50 million pounds of packaging through highimpact sustainable design programs

that: - Employ circularity principles through smart design and material selection. - Eliminate
and reduce materials. - Improve the energy efficiency of Abbott’s products. - Optimize
packaging, pallet and truckload efficiency.

• Reduce waste impacts using a circular economy approach to achieve and maintain at least a
90% waste diversion rate.

• Engage with key suppliers to reduce the environmental impact of materials sent to Abbott
that become waste in our operations and develop and track supplier waste diversion
initiatives.

Ratio analysis (past 5 years)

KEY FINANCIAL RATIOS OF ABBOTT INDIA (in Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 446.78 375.86 325.04 279.04 211.93
Diluted EPS (Rs.) 446.78 375.86 325.04 279.04 211.93
Cash EPS (Rs.) 479.71 406.96 352.39 307.09 219.89
Book Value [ExclRevalReserve]/Share (Rs.) 1,500.49 1,326.96 1,224.55 1,144.37 945.25
Book Value [InclRevalReserve]/Share (Rs.) 1,500.49 1,326.96 1,224.55 1,144.37 945.25
Dividend / Share(Rs.) 325 275 275 250 65
Revenue from Operations/Share (Rs.) 2,517.05 2,314.95 2,028.24 1,926.25 1,731.16
PBDIT/Share (Rs.) 639.9 548.2 471.7 409.82 337.9
PBIT/Share (Rs.) 606.97 517.1 444.34 381.76 329.94
PBT/Share (Rs.) 599.44 508.11 435.74 377.75 328.88
Net Profit/Share (Rs.) 446.78 375.86 325.03 279.04 211.93
PROFITABILITY RATIOS
PBDIT Margin (%) 25.42 23.68 23.25 21.27 19.51
PBIT Margin (%) 24.11 22.33 21.9 19.81 19.05
PBT Margin (%) 23.81 21.94 21.48 19.61 18.99
Net Profit Margin (%) 17.75 16.23 16.02 14.48 12.24
Return on Networth / Equity (%) 29.77 28.32 26.54 24.38 22.42
Return on Capital Employed (%) 38.5 36.37 33.6 30.54 33.64
Return on Assets (%) 20.84 18.9 17.98 16.71 15.31
Total Debt/Equity (X) 0 0 0 0 0
Asset Turnover Ratio (%) 1.22 1.22 112.22 115.4 125.08
LIQUIDITY RATIOS
Current Ratio (X) 2.51 3.2 3.41 3.6 3.22
Quick Ratio (X) 1.97 2.63 2.72 3 2.51
Inventory Turnover Ratio (X) 0.84 0.71 6.01 7.76 6.06
Dividend Payout Ratio (NP) (%) 61.54 0 0 23.29 25.95
Dividend Payout Ratio (CP) (%) 57.32 0 0 21.16 25.01
Earnings Retention Ratio (%) 38.46 0 0 76.71 74.05
Cash Earnings Retention Ratio (%) 42.68 0 0 78.84 74.99
VALUATION RATIOS
Enterprise Value (Cr.) 44,996.86 34,862.11 29,441.84 30,644.48 13,821.01
EV/Net Operating Revenue (X) 8.41 7.09 6.83 7.49 3.76
EV/EBITDA (X) 33.09 29.93 29.37 35.19 19.25
MarketCap/Net Operating Revenue (X) 8.77 7.65 7.39 8.02 4.21
Retention Ratios (%) 38.45 0 0 76.7 74.04
Price/BV (X) 14.72 13.34 12.24 13.51 7.72
Price/Net Operating Revenue 8.77 7.65 7.39 8.02 4.21
Earnings Yield 0.02 0.02 0.02 0.02 0.03

Comparative statement:

Balance Sheet (All Figures are in Crores.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Equity and Liabilities
Share Capital 21.25 21.25 21.25 21.25 21.25
Total Reserves 1,987.34 2,410.45 2,580.91 2,798.54 3,167.29
Borrowings 0 0 0 0 0
Other N/C liabilities 62.36 209.6 189.62 184.18 144.02
Current liabilities 856.89 891.11 1,030.86 1,203.19 1,206.02
Total Liabilities 2,927.84 3,532.41 3,822.64 4,207.16 4,538.58
Assets
Net Block 104.96 269.83 250.78 271 236.91
Capital WIP 0.73 1.64 0.66 0.66 3.66
Intangible WIP 0 0 0 0 0
Investments 0 0 0 0 0
Loans & Advances 56.69 50.91 78.8 79.35 97.88
Other N/C Assets 4.47 5.38 4.99 3.11 1,175.02
Current Assets 2,760.98 3,204.65 3,487.41 3,853.04 3,025.11
Total Assets 2,927.84 3,532.41 3,822.64 4,207.16 4,538.58
 Cash Flows
Figures in Rs. Crores
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity - 499 626 727 948 893
Profit from operations 621 785 951 1,103 1,211
Receivables -13 -42 65 -39 -29
Inventory -21 80 -190 30 39
Payables 186 -9 109 120 -1
Loans Advances -27 46 0 0 0
Other WC items 10 -6 28 23 14
Working capital changes 134 70 11 134 23
Direct taxes -257 -229 -235 -289 -341
Cash from Investing Activity - -257 -401 -72 -396 -148
Fixed assets purchased -12 -16 -23 -44 -34
Fixed assets sold 17 0 0 0 0
Investments purchased 0 0 0 0 0
Investments sold 0 0 0 0 0
Interest received 93 120 86 69 102
Dividends received 0 0 0 0 0
Inter corporate deposits -554 -506 0 0 0
Other investing items 200 0 -135 -421 -216
Cash from Financing Activity - -143 -217 -582 -637 -639
Interest paid fin -2 0 -1 -1 0
Dividends paid -117 -138 -531 -584 -584
Financial liabilities 0 -50 -50 -52 -54
Other financing items -24 -28 0 0 0
Net Cash Flow 99 8 73 -86 107

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Sales 3,678.60 4,093.14 4,310.02 4,913.32 5,348.73
Total Expenditure 3,074.56 3,336.96 3,391.13 3,831.74 4,143.24
Operating Profit 604.05 756.18 918.89 1,081.58 1,205.49
Other Income 113.98 114.66 83.47 83.35 154.29
Interest 2.25 8.53 18.28 19.1 15.99
Depreciation 16.92 59.61 58.13 66.1 69.97
Exceptional Items 0 0 0 0 0
Profit Before Tax 698.85 802.7 925.95 1,079.73 1,273.82
Tax 248.52 209.77 235.26 281.03 324.41
Net Profit 450.33 592.93 690.69 798.7 949.41
Adjusted EPS (Rs.) 211.93 279.03 325.03 375.86 446.78
Strengths

• The company has shown a good profit growth of 16.99% for the Past 3 years.
• Company has been maintaining healthy ROE of 29.97% over the past 3 years.
• Company has been maintaining healthy ROCE of 40.33% over the past 3 years.
 • Company is virtually debt free.
• Company has a healthy Interest coverage ratio of 80.66.

Limitations

• The company has shown a poor revenue growth of 9.33% for the Past 3 years.
• The company is trading at a high PE of 47.62.
• The company is trading at a high EV/EBITDA of 32.53.

Prediction and hot events:

• Abbott India is forecast to grow earnings and revenue by 13.2% and 11.1% per annum respectively.
EPS is expected to grow by 13.5% per annum. Return on equity is forecast to be 32.7% in 3 years.
• The stock of Abbott India hit its highest level in early February, marking a surge of over 20 per cent
in returns since the start of this year. Currently trading at Rs 27,427 a share, the company has
revised its earnings forecast upward when it achieved its highest net and operating profit in the
December quarter. With a robust portfolio and strong brand recognition, Abbott India is expected
to outperform its counterparts in the Indian pharma industry.
• Abbott India's net profit for the third quarter surged 26% year-on-year to ₹311 crore, compared to
₹246.8 crore in the same period a year ago.

• The company's revenue from operations rose nearly 9% to ₹1,437 crore compared to ₹1,322.2
crore in the corresponding period of the previous fiscal year.

Calculation of intrinsic value:

Step 1: calculating free cash flow for each year

FCF = cash from operating activities - capital expenditure

Capital expenditure = fixed asset purchased – fixed asset sold

Calculated free cashflow for 10 years

year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
FCF(Crore) 76 137 204 226 273 494 534 628 837 947 1064

Step 2: calculating terminal value

𝑓𝑟𝑒𝑒 𝑎𝑡 𝑡ℎ𝑒 𝑒𝑛𝑑 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑟𝑜𝑗𝑒𝑐𝑡𝑖𝑜𝑛 𝑝𝑒𝑟𝑖𝑜𝑑∗(1+𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑔𝑟𝑜𝑤𝑡ℎ 𝑟𝑎𝑡𝑒)

Terminal value = 𝑑𝑖𝑠𝑐𝑜𝑢𝑛𝑡 𝑟𝑎𝑡𝑒−𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑔𝑟𝑜𝑤𝑡ℎ 𝑟𝑎𝑡𝑒

- Long-term growth rate (g): 4%

- Discount rate (WACC): 10%

Calculation:

𝑭𝑪𝑭(𝟐𝟎𝟐𝟑)∗(𝟏+𝒈)
Terminal value=
𝒅𝒊𝒔𝒄𝒐𝒖𝒏𝒕𝒆𝒅 𝒓𝒂𝒕𝒆−𝒈

𝟏𝟎𝟔𝟒∗(𝟏+.𝟎𝟒)
Terminal value=
𝟎.𝟏𝟎−𝟎.𝟎𝟒

𝟏𝟎𝟔𝟒∗𝟏.𝟎𝟒
Terminal value=
𝟎.𝟎𝟔

Terminal value = 18,443 crore

Step 3: Discounted free cash flow method

We'll discount each year's FCF to their present value using the discount rate (WACC) of 10%.

𝑭𝑪𝑭
PV=(𝟏+𝑫𝒊𝒔𝒄𝒐𝒖𝒏𝒕 𝒓𝒂𝒕𝒆)𝒏

Calculated values:

year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
FCF(Crore) 76 137 204 226 273 494 534 628 837 947 1064
PV (Crore) 62 100 133 133 146 238 233 247 297 304 310

Step 4: calculating Intrinsic value

Intrinsic value = ∑𝒏𝒊=𝟏 𝑷𝑽𝒊 + Terminal Value

PV Total = 62 + 100 + 133 + 133 + 146 + 238 + 233 + 247 + 297 + 304 + 310 = 2,303

Intrinsic value = PV Total + Terminal value

Intrinsic value = 2,203+ 18,443

Intrinsic value = 20,646 Rupees

Share Price history:

2 Sun Pharmaceutical Industries Ltd.

Company information
Sun Pharmaceutical Industries Ltd., incorporated in 1983, is a global specialty generic pharmaceuticals
company with a presence in over 150 countries. The company is headquartered in Mumbai, India, and has
operations in three primary lines of business: branded formulations, specialty generics, and active
pharmaceutical ingredients (API).

Sun Pharma's branded formulations include products for cardiovascular, central nervous system,
gastroenterology, ophthalmology, and dermatology. Sun Pharma's specialty generics include injectables,
inhalants, and complex products. Sun Pharma's API portfolio includes products for a range of therapeutic areas,
including cardiovascular, central nervous system, gastroenterology, and dermatology.

Sun Pharma's top products include Modalert, a generic version of Modafinil for treating sleep disorders; Glocip, a
generic version of Glipizide for treating diabetes; and Doxicip, a generic version of Doxycycline for treating
bacterial infections. Sun Pharma's popular brands include Revital, a multivitamin supplement; Tazret, a topical
retinoid for treating psoriasis; and Olmecip, a generic version of Olmesartan for treating hypertension.

Share Price: ₹1521.60 per share as on 29 Apr, 2024 04:03 PM

Market Capitalisation: ₹3,61,471.81Cr as of today
Revenue: ₹12,156.86Cr as on December 2023 (Q4 23)
Net Profit: ₹2,568.03Cr as on December 2023 (Q4 23)
Listing date: 09 Feb, 1995

Fundamental analysis:
Time series data for 10 years in relation to sales and profit.

Sun pharmaceutical Industries Ltd.

year sales profit sales% profit%
2013 11,131 38.66% 14.01%
3,469

2014 16,080 44.47% 11.80%

3,879
27,392 70.15%
2015 5,476 41.22%

2016 28,487 3.99% 3.33%

5,658

2017 31,578 10.85% 38.62%

7,846
26,489 -16.14%
2018 2,542 -67.60%

2019 29,066 9.77% 26.26%

3,208

2020 32,838 12.97% 29.97%

4,172
33,498 2.01%
2021 2,272 -45.57%

2022 38,654 15.42% 49.05%

3,389
43,886 13.52%
2023 8,513 151.33%
VISUALISATION

SUN PHARMACEUTICAL INDUSTRIES LTD.

SALES
Sun pharmaceutical Industries Ltd. sales

50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

SUN PHARMACEUTICAL INDUSTRIES LTD.

PROFIT
Sun pharmaceutical Industries Ltd. profit

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Future plan and policies of Sun pharmaceutical Industries Ltd.

Profit:

While globally pharma stocks had a bull run, particularly since the onset of Covid, they faced multiple
challenges. These include postponement of surgeries and critical treatments and supply related
bottlenecks for APIs. Since most of these issues have been resolved in the industry including Sun
Pharma, its prospects appear good in the coming years.
 Strengthening specialty products pipeline:

There is an increasing demand for chronic conditions and ailments. The emergence of such diseases is
more frequent in recent years due to changes in our lifestyle. This is where specialty segment comes
into play. And Sun Pharma has multiple products lined up under this segment.

• Expansion in APIs: There is an emerging R&D trend in APIs to explore complex APIs used in the
novel formulation and niche therapeutic areas. This bodes well for Sun Pharma as its R&D is
one of the competitors in the industry.

• Sun Pharma has a better brand coverage compared to other companies in the industry. It is
among the top brands prescribed by doctors.

• The string of acquisitions made by the companies appears to be benefiting the companies. And
according to analysts, this provides long-term growth visibility, particularly in specialty
segment.

• Sun Pharma spend about 6.5% of its revenue on R&D and it could aid in its growth in the
coming years. For instance, R&D efforts in innovative therapies are picking interest globally,
like gene and cell therapy is another area.

Analysis of past performance:

KEY FINANCIAL RATIOS OF Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

SUN PHARMACEUTICAL
INDUSTRIES (in Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 35.3 13.6 12.1 15.7 11.1
Cash EPS (Rs.) 46.22 23.13 18.19 26.01 20.68
Book Value 247.22 212.84 206.23 204.75 186.4
[InclRevalReserve]/Share (Rs.)
Revenue from Operations/Share 182.91 161.11 139.62 136.86 121.14
(Rs.)
PBDIT/Share (Rs.) 51.19 47.18 38.87 31.78 30.56
PBIT/Share (Rs.) 40.64 38.24 30.2 23.23 23.26
PBT/Share (Rs.) 39.21 18.68 11.67 20.88 15.88
Net Profit/Share (Rs.) 35.68 14.2 9.52 17.45 13.38
PROFITABILITY RATIOS
PBDIT Margin (%) 27.98 29.28 27.84 23.22 25.22
PBIT Margin (%) 22.22 23.73 21.63 16.97 19.19
PBT Margin (%) 21.43 11.59 8.35 15.25 13.1
Net Profit Margin (%) 19.5 8.81 6.82 12.75 11.04
Return on Networth/Equity (%) 15.13 6.81 6.24 8.31 6.43
Return on Capital Employed (%) 16.02 17.44 14.06 10.6 11.78
Return on Assets (%) 10.49 4.68 4.29 5.51 4.12
Total Debt/Equity (X) 0.11 0.02 0.07 0.17 0.24
Asset Turnover Ratio (%) 0.58 0.56 49.5 48.11 44.92
LIQUIDITY RATIOS
Current Ratio (X) 2 2.04 1.89 2.02 1.79
Quick Ratio (X) 1.48 1.51 1.33 1.51 1.34
Inventory Turnover Ratio (X) 0.8 0.78 3.72 4.17 3.69
Dividend Payout Ratio (NP) (%) 29.73 65.96 53.68 36.62 17.97
Dividend Payout Ratio (CP) (%) 22.89 39.85 31.28 23.7 10.84
COVERAGE RATIOS
Interest Coverage Ratios (%) 71.4 88.88 51.24 18.41 10.05
Interest Coverage Ratios (Post Tax) 71.4 88.88 51.24 18.41 10.05
(%)
VALUATION RATIOS
Enterprise Value (Cr.) 2,39,622.86 2,18,440.19 1,43,296.74 89,454.34 1,20,917.76
EV/Net Operating Revenue (X) 5.46 5.65 4.28 2.72 4.16
EV/EBITDA (X) 19.51 19.3 15.36 11.73 16.49
MarketCap/Net Operating Revenue 5.37 5.68 4.28 2.57 3.96
(X)
Price/Net Operating Revenue 5.37 5.68 4.28 2.57 3.96
Earnings Yield 0.04 0.01 0.02 0.04 0.02

Comparative statement:

Balance Sheet (All Figures are in Crores.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Equity and Liabilities
Share Capital 239.93 239.93 239.93 239.93 239.93
Total Reserves 22,603.68 24,156.29 26,698.54 24,348.02 23,508.43
Borrowings 1,422.50 1,256.69 5,300.02 4,865.64 7,586.73
Other N/C liabilities 514.09 1,890.56 1,928.04 1,498.21 1,642.04
Current liabilities 13,271.83 11,203.74 9,951.33 10,105.83 8,365.44
Total Liabilities 38,052.03 38,747.21 44,117.86 41,057.63 41,343.19
Assets
Net Block 4,978.42 5,228.74 9,668.79 9,712.78 8,711.67
Capital WIP 456.25 384.35 459.2 358.94 328.87
Intangible WIP 186.29 212.26 631.18 469.7 524.04
Investments 17,656.16 16,966.65 15,506.20 15,355.83 12,416.14
Loans & Advances 3,592.57 4,013.14 5,120.85 5,451.94 2,882.26
Other N/C Assets 12.57 0.95 1.56 4.69 36.46
Current Assets 11,169.77 11,941.12 12,730.08 9,703.75 16,443.75
Total Assets 38,052.03 38,747.21 44,117.86 41,057.63 41,343.19
 Cash Flows (All Figures are in Crores.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Profit from operations 719.45 3,253 855.57 306.86 1,741.05
Adjustment 448.66 -217.09 1,717.87 1,266.29 4,823.40
Changes in Assets & Liabilities 111.5 -1,393 -2,752.28 3,903.67 -5,625.38
Tax Paid -37.43 -337.06 -237.67 2,159.54 -431.99
Operating Cash Flow 1,242.18 1,305.85 -416.51 7,636.36 507.08
Investing Cash Flow 431.37 1,483.04 1,452.47 -2,697.04 -685.64
Financing Cash Flow -1,468.59 -2,871.15 -999.73 -4,870.85 169.31
Net Cash Flow 204.96 -82.26 36.23 68.47 -9.25

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Sales 10,303.21 12,531.93 14,116.05 15,585.98 20,812.14
Total Expenditure 8,561.66 9,820.28 11,859.04 12,917.42 14,389.54
Operating Profit 1,741.55 2,711.65 2,257.01 2,668.56 6,422.60
Other Income 1,286.15 1,510.92 192.07 1,196.88 329.29
Interest 540.92 408.01 267.52 388.1 472.18
Depreciation 552.95 561.56 1,236.43 1,349.95 1,600.87
Exceptional Items -1,214.38 0 -89.56 -1,820.53 -2,937.79
Profit Before Tax 719.45 3,253 855.57 306.86 1,741.05
Tax -97.15 41.86 13.17 406.85 50.33
Net Profit 816.6 3,211.14 842.4 -99.99 1,690.72
Adjusted EPS (Rs.) 3.4 13.38 3.51 -0.42 7.05

Strengths

• The company has shown a good revenue growth of 18.42% for the Past 3 years.
• Company’s PEG ratio is 0.21.
• The company has an efficient Cash Conversion Cycle of -18.65 days.
• The company has a good cash flow management; CFO/PAT stands at 1.59.
• The company has a high promoter holding of 54.48%.

Limitations

• The company has shown a poor profit growth of -19.25% for the Past 3 years.
• Company has a poor ROE of 3.30% over the past 3 years.
• Company has a poor ROCE of 4.31% over the past 3 years
 • Tax rate is low at 2.89.
• The company is trading at a high PE of 376.47.

Prediction and hot topics:

• Given the triggers, some brokerages have increased their earnings per share estimates and target
price for 2024–25 (FY25). This should sustain the momentum for the stock, which has been one of
the major pharma gainers in 2023–24 (FY24), rising 57 per cent. It is currently trading at Rs 1,547
per share.
• Sun Pharma to acquire remaining stake in Israeli firm Taro for Rs 2,892 cr
Sun Pharmaceutical Industries has entered into an agreement with Taro Pharmaceutical to acquire
the balance 21.52 per cent stake in the Israel-based company for a cash consideration of $43 /
share, amounting to $347.73 million (Rs 2,892 crore).
Sun already owns a controlling stake of 78.48 per cent in the company. This transaction is expected
to be completed by 2024-25.

Calculation of intrinsic value:

Step 1: calculating free cash flow for each year
FCF = cash from operating activities - capital expenditure

Capital expenditure = fixed asset purchased – fixed asset sold

Calculated free cashflow for 10 years

year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

FCF(Crore) 1 -31 -30 91 62 -165 99 8 73 -86 107

Step 2: calculating terminal value

𝒇𝒓𝒆𝒆 𝒂𝒕 𝒕𝒉𝒆 𝒆𝒏𝒅 𝒐𝒇 𝒕𝒉𝒆 𝒑𝒓𝒐𝒋𝒆𝒄𝒕𝒊𝒐𝒏 𝒑𝒆𝒓𝒊𝒐𝒅∗(𝟏+𝒍𝒐𝒏𝒈 𝒕𝒆𝒓𝒎 𝒈𝒓𝒐𝒘𝒕𝒉 𝒓𝒂𝒕𝒆)
Terminal value = 𝒅𝒊𝒔𝒄𝒐𝒖𝒏𝒕 𝒓𝒂𝒕𝒆−𝒍𝒐𝒏𝒈 𝒕𝒆𝒓𝒎 𝒈𝒓𝒐𝒘𝒕𝒉 𝒓𝒂𝒕𝒆

- Long-term growth rate (g): 4%

- Discount rate (WACC): 10%

Calculation:

𝑭𝑪𝑭(𝟐𝟎𝟐𝟑)∗(𝟏+𝒈)
Terminal value=𝒅𝒊𝒔𝒄𝒐𝒖𝒏𝒕𝒆𝒅 𝒓𝒂𝒕𝒆−𝒈

𝟏𝟎𝟕∗(𝟏+.𝟎𝟒)
Terminal value= 𝟎.𝟏𝟎−𝟎.𝟎𝟒
 𝟏𝟎𝟕∗𝟏.𝟎𝟒
Terminal value= 𝟎.𝟎𝟔

Terminal value = 1,855 crore

Step 3: Discounted free cash flow method

We'll discount each year's FCF to their present value using the discount rate (WACC) of
10%.
𝑭𝑪𝑭
PV=
(𝟏+𝑫𝒊𝒔𝒄𝒐𝒖𝒏𝒕 𝒓𝒂𝒕𝒆)𝒏

Calculated values:

year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

FCF(Crore) 1 -31 -30 91 62 -165 99 8 73 -86 107

PV (Crore) 0.9 -20 -18.2 50.9 31.1 -67.3 44.2 3.2 27.1 -28.8 35.2

Step 4: calculating Intrinsic value

Intrinsic value = ∑𝒏𝒊=𝟏 𝑷𝑽𝒊 + Terminal Value

PV Total = 0.9 -20.7 -18.2+ 50.9 + 31.1 -67.3+ 44.2 + 3.2 + 27.1 -28.8+ 35.5 = 57.9

Intrinsic value = PV Total + Terminal value

Intrinsic value = 57.9 + 1855

Intrinsic value = 1913

Price history:
3 Apollo Hospitals Enterprise Ltd.
Apollo Hospitals Enterprise Ltd. is an Indian healthcare provider founded in 1983. It is the first corporate
hospital in India and is the largest healthcare group in Asia. The company was incorporated in 1983 and
operates in the healthcare industry, providing a wide range of services including medical care, diagnostics,
and pharmacy services. It also provides healthcare solutions such as telemedicine, health insurance, and
medical tourism. The company operates over 70 hospitals in India and abroad, and over 2000 pharmacies.

The company's top products include diagnostics, medical care, pharmacy services, and health insurance.
Apollo Hospitals Enterprise Ltd. is also known for its popular brands, such as Apollo Pharmacy, Apollo
Cradle, Apollo Spectra, Apollo Diagnostics, and Apollo Clinics.

Share Price: ₹5968.35 per share as on 29 Apr, 2024 04:03 PM

Market Capitalisation: ₹89,989.07Cr as of today
Revenue: ₹4,850.60Cr as on December 2023 (Q4 23)
Net Profit: ₹254.40Cr as on December 2023 (Q4 23)

Listing date: 23 May, 1995

Chairperson Name: Shobana Kamineni

Fundamental analysis:
Time series data for 10 years in relation to sales and profit.

Apollo Hospitals Enterprise Ltd.

year sales profit sales% profit%
3,769 19.7% 38.9%
2013 303
4,357 15.6%
2014 315 3.96%
5,129 17.7%
2015 335 6.35%
6,150 19.9%
2016 235 -29.85%
7,256 17.98%
2017 131 -44.26%
8,243 13.62%
2018 60 -54.96%
9,617 16.69%
2019 200 233.33%
11,247 16.79
2020 432 166%
10,560 -6.12%
2021 137 -68.98%
14,663 38.93%
2022 1,108 707.30%
16,612 13.27%
2023 822 -25.76%
Visualisation:

Apollo Hospitals Enterprise Ltd. sales

18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Apollo Hospitals Enterprise Ltd. sales

APOLLO HOSPITALS ENTERPRISE LTD. PROFIT

Apollo Hospitals Enterprise Ltd. profit

1200

1000

800

600

400

200

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Future plan and policies of Apollo Hospitals Enterprise Ltd.Ltd.

Profit:
• Apollo said it will be adding 2300 beds across 8 locations to its network over the next three financial
years. The capacity expansion will be met through internal accruals and debt financing, the
company added. The new expansion will mainly come in West, East and North India, where Apollo
is strengthening its foothold.
• Apollo Hospitals eyes expansion with ₹3,000 crore investment over 3 years

• Apollo Hospitals, led by MD Suneeta Reddy, announced a ₹3,000 crore investment over three years
for expansion, including 2,000 additional beds. Reddy highlights an ₹8 crore investment in an AI-
precision oncology centre in Bangalore, with plans for 25 more nationwide, amid positive
occupancy trends.
 RATIO ANALYSIS (PAST 5 YEARS)
KEY FINANCIAL RATIOS OF APOLLO HOSPITALS Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
ENTERPRISES (in Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 75.45 46.25 7.5 33.8 21.76

Diluted EPS (Rs.) 75.45 46.25 7.5 33.8 21.76

Cash EPS (Rs.) 100.94 71.53 37.61 68.43 43.32
Dividend / Share(Rs.) 15 11.75 3 6 6

Revenue from Operations/Share (Rs.) 453.74 424.08 636.51 703.62 599.22

PBDIT/Share (Rs.) 127.47 101.97 67.13 102.46 74.06
PBIT/Share (Rs.) 101.97 76.7 36.82 67.81 52.51

PBT/Share (Rs.) 85.36 59.27 12.28 49.02 33.24

Net Profit/Share (Rs.) 75.44 46.26 7.3 33.79 21.76
PROFITABILITY RATIOS

PBDIT Margin (%) 28.09 24.04 10.54 14.56 12.35

PBIT Margin (%) 22.47 18.08 5.78 9.63 8.76
PBT Margin (%) 18.81 13.97 1.92 6.96 5.54

Net Profit Margin (%) 16.62 10.9 1.14 4.8 3.63

Return on Networth / Equity (%) 15.66 10.88 2.01 11.79 7.79
Return on Capital Employed (%) 15.37 11.96 6.45 11.5 10.74
Return on Assets (%) 10.06 6.39 1.07 4.63 3.59
Total Debt/Equity (X) 0.25 0.33 0.38 0.74 0.79
Asset Turnover Ratio (%) 0.62 0.61 94.07 96.55 98.91

LIQUIDITY RATIOS
Current Ratio (X) 2.53 2.91 2 1.19 1.23
Quick Ratio (X) 2.46 2.78 1.86 0.83 0.88

Inventory Turnover Ratio (X) 0 0 43.52 13.85 14.86

Earnings Retention Ratio (%) 76.48 93.53 63.53 72.64 77.03
Cash Earnings Retention Ratio (%) 82.42 95.81 92.92 86.49 88.46

VALUATION RATIOS
Enterprise Value (Cr.) 63,411.77 66,410.98 43,300.90 18,448.97 19,761.95
EV/Net Operating Revenue (X) 9.72 10.89 4.73 1.88 2.37
EV/EBITDA (X) 34.59 45.29 44.85 12.94 19.18
Retention Ratios (%) 76.47 93.52 63.52 72.63 77.02
Price/BV (X) 8.95 10.63 8.03 3.97 4.37
Price/Net Operating Revenue 9.5 10.65 4.56 1.62 2.04
Earnings Yield 0.02 0.01 0 0.03 0.02

Strengths

• The company has shown a good profit growth of 32.14% for the Past 3 years.
• Company’s PEG ratio is 0.96.
• The company has an efficient Cash Conversion Cycle of -73.27 days.
• Company has a healthy liquidity position with current ratio of 2.53.
• The company has a good cash flow management; CFO/PAT stands at 2.22.
Limitations

• The company has shown a poor revenue growth of -12.66% for the Past 3 years.
• Tax rate is low at 11.63.
• The company is trading at a high PE of 85.75.
• The company is trading at a high EV/EBITDA of 44.74.

Comparative statement:

Balance Sheet (All Figures are in Crores.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Equity and Liabilities
Share Capital 69.6 69.6 71.9 71.9 71.9
Total Reserves 3,813.90 3,918.80 5,129.60 6,038.80 6,852.90
Borrowings 2,597.30 2,499.70 1,965.40 1,908.10 1,520.10
Other N/C liabilities 1,164 2,680.70 2,065.10 2,402.60 2,594
Current liabilities 1,633.10 1,943.20 1,521.30 1,189.20 1,243.30
Total Liabilities 9,277.90 11,112 10,753.30 11,610.60 12,282.20
Assets
Net Block 3,969.80 6,055.70 5,038 5,120.80 5,078
Capital WIP 818.8 200.1 196.9 22.4 89
Intangible WIP 0 26.5 22.3 1.5 7.4
Investments 1,072.70 1,048.80 1,134.50 1,558.30 1,925.60
Loans & Advances 1,294.50 1,448.80 1,314.90 1,440.60 1,987.60
Other N/C Assets 119 16.9 9 11.8 43.9
Current Assets 2,003.10 2,315.20 3,037.70 3,455.20 3,150.70
Total Assets 9,277.90 11,112 10,753.30 11,610.60 12,282.20

Cash Flows (All Figures are in Crores.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Profit from
462.5 682.4 176.6 994.8 1,227.50
operations
Adjustment 615.2 796 887.2 654.2 493
Changes in Assets &
-13.5 -131.4 -152.3 -349.6 -172.6
Liabilities
Tax Paid -156.9 -250.9 3.8 -98.5 -323.4
Operating Cash Flow 907.3 1,096.10 915.3 1,200.90 1,224.50
Investing Cash Flow -775.6 -263.9 -781 -504 -588.5
Financing Cash Flow -159.7 -770.7 -175.7 -576.6 -778.6
Net Cash Flow -28 61.5 -41.4 120.3 -142.6
 Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

PARTICULARS Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Sales 8,336.70 9,794.40 4,653.90 6,098.30 6,524.80
Total Expenditure 7,320.10 8,385.90 3,945 4,678.90 4,843.30
Operating Profit 1,016.60 1,408.50 708.9 1,419.40 1,681.50
Other Income 13.8 17.6 21.1 47 151.5
Interest 268 425.9 340 244 238.8
Depreciation 299.9 482.3 421.3 363.4 366.7
Exceptional Items 0 164.4 -9.1 -6.7 0
Profit Before Tax 462.5 682.3 -40.4 852.3 1,227.50
Tax 159.7 212.1 -14 279.8 142.7
Net Profit 302.8 470.2 105 665.2 1,084.80
Adjusted EPS (Rs.) 21.75 33.78 -1.84 39.81 75.44

Prediction and hot Events:

• Apollo Hospitals Enterprise is forecast to grow earnings and revenue by 36.1% and 15.2% per
annum respectively. EPS is expected to grow by 36.7% per annum. Return on equity is forecast to
be 21% in 3 years.
• The brokerage has reduced its pharmacy target valuation from 25x to 22x, resulting in a lower SoTP by
Rs 290 per share. "Keeping the hospital multiple intact (24x) and rolling over to FY26, our revised
target price is Rs 7,300 (from Rs 7,500); we maintain ‘BUY’," it said.

• Shares of Apollo Hospitals on Monday fell up to 8% to the day's low at Rs 5,738 on BSE after the
company's subsidiary Apollo HealthCo (AHL) agreed to sell a 16.8% stake for Rs 2,475 core ($300mn)
to Advent International (Advent) and merge promoter group entity Keimed Pvt Ltd (Keimed) into AHL
in a phased manner.
•
Apollo 24/7 is valued at an enterprise value of Rs 14,478 crores. Keimed is valued at an enterprise
value of Rs 8,003 crores. Following merger, Keimed shareholders would hold a maximum of 25.7%
stake in the combined entity, while AHEL would continue to remain the largest controlling shareholder
with at least 59.2% stake

Calculation of intrinsic value

Step 1: calculating free cash flow for each year

FCF = cash from operating activities - capital expenditure

Capital expenditure = fixed asset purchased – fixed asset sold

Calculated free cashflow for 10 years

year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

FCF(Crore) 83 -46 103 39 -52 24 -20 94 44 158 -133

Step 2: calculating terminal value

 𝑓𝑟𝑒𝑒 𝑎𝑡 𝑡ℎ𝑒 𝑒𝑛𝑑 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑟𝑜𝑗𝑒𝑐𝑡𝑖𝑜𝑛 𝑝𝑒𝑟𝑖𝑜𝑑∗(1+𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑔𝑟𝑜𝑤𝑡ℎ 𝑟𝑎𝑡𝑒)
Terminal value = 𝑑𝑖𝑠𝑐𝑜𝑢𝑛𝑡 𝑟𝑎𝑡𝑒−𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑔𝑟𝑜𝑤𝑡ℎ 𝑟𝑎𝑡𝑒

- Long-term growth rate (g): 2%

- Discount rate (WACC): 10%

Calculation:

𝐹𝐶𝐹(2023)∗(1+𝑔)
Terminal value=
𝑑𝑖𝑠𝑐𝑜𝑢𝑛𝑡𝑒𝑑 𝑟𝑎𝑡𝑒−𝑔

−113∗(1+.02)
Terminal value=
0.10−0.02

−113∗1.02
Terminal value=
0.08

−115.26
Terminal value=
0.08

Terminal value = -1440.75 crore

Step 3: Discounted free cash flow method

We'll discount each year's FCF to their present value using the discount rate (WACC) of 10%.

𝐹𝐶𝐹
PV=
(1+𝐷𝑖𝑠𝑐𝑜𝑢𝑛𝑡 𝑟𝑎𝑡𝑒)𝑛

Calculated values:

year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
FCF(Crore) 83 -46 103 39 -52 24 -20 94 44 158 -113
PV (Crore) 66.37 -30.89 61.43 20.74 -26.06 10.73 -7.73 32.92 14.5 48.66 -33.58
Step 4: calculating Intrinsic value

Intrinsic value = ∑𝑛𝑖=1 𝑃𝑉𝑖 + Terminal Value

PV Total = 66.37 - 30.89 + 61.43 + 20.74 - 26.06 + 10.73 - 7.73 + 32.92 + 14.5 + 48.66 - 33.58 = 157.52

Intrinsic value = PV Total + Terminal value

Intrinsic value = 157.52 + 1440.75

Intrinsic value = 1598.27

Price history(10 years):

 Common size statement of all 3 companies

common size statement

for the year ended 31st march 2022 and 2023
absolute amount percenta%e change
particulars note Abbot India Ltd Sun pharma Apollo hospitals Abbot India Ltd Sun pharma Apollo hospitals
Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
number 22 23 22 23 22 23 22 23 22 23 22 23
Revenue from operations(sales) 1 4913 5349 38456 43886 14,663 16,612 98.67% 97.19% 99.67% 99.57 100% 100%
other income 2 83 154 83 154 368 75 1.66% 2.79% 0.35% 0.46% 2.51% 0.45
total income 4996 5503 38737 44040 15,031 16,687 100% 100% 100% 100% 100% 100%
Expense 3 3832 4143 28397 32109 12,474 14,548 76.69% 75.30% 73.87% 72.25 85.02% 87.60%
Depreciation and amortization 4 66 70 2144 2529 601 615 1.32% 1.27% 5.53% 5.74% 4.10% 3.71%
Profit before tax 5 1164 1360 10259 11777 1,578 1,144 23.30% 24.71% 26.42% 26.76 10.76% 6.88%
less: Incom tax 303 340 1667 1499 475 254 6.08% 6.18% 4.30% 3.40% 3.24 1.53
Profit after tax 860.36 1020 8591 10278 1,103 890 17.24% 18.47% 21.36% 23.36% 7.53% 5.36%
Technical analysis Technicalteanalysis
1. Abbott
india
Support and resistance:

Moving averages(simple) length 20 high and low:

Oscillators:
Oscillators
Name Value Action
Relative Strength Index (14) 48.64 Neutral
Stochastic %K (14, 3, 3) 48.69 Neutral
Commodity Channel Index (20) 1.06 Neutral
Average Directional Index (14) 23.03 Neutral
Awesome Oscillator −997.46 Neutral
Momentum (10) 226.3 Buy
MACD Level (12, 26) −344.38 Buy
Stochastic RSI Fast (3, 3, 14, 14) 82.71 Neutral
Williams Percent Range (14) −39.95 Neutral
Bull Bear Power 393.18 Neutral
Ultimate Oscillator (7, 14, 28) 46.86 Neutral

Moving Averages
Moving Averages
Name Value Action
Exponential Moving Average (10) 26138.19 Buy
Simple Moving Average (10) 26013.67 Buy
Exponential Moving Average (20) 26382.59 Buy
Simple Moving Average (20) 26370.29 Buy
Exponential Moving Average (30) 26592.6 Sell
Simple Moving Average (30) 26799.57 Sell
Exponential Moving Average (50) 26688.47 Sell
Simple Moving Average (50) 27401.04 Sell
Exponential Moving Average (100) 26159.52 Buy
Simple Moving Average (100) 26100.93 Buy
Exponential Moving Average (200) 24965.82 Buy
Simple Moving Average (200) 24664.19 Buy
Ichimoku Base Line (9, 26, 52, 26) 26739.38 Neutral
Volume Weighted Moving Average (20) 26293.55 Buy
Hull Moving Average (9) 26131.06 Buy
APOLLO INDIA LTD - RETURNS COMPARISON
Stock Range:
 (2) Sun pharmaceutical

Moving averages(simple) length 20 high and low:

Oscillators
Oscillators
Name Value Action
Relative Strength Index (14) 40.41 Neutral
Stochastic %K (14, 3, 3) 22.53 Neutral
Commodity Channel Index (20) −72.98 Neutral
Average Directional Index (14) 28.99 Neutral
Awesome Oscillator −58.20 Neutral
Momentum (10) −37.95 Sell
MACD Level (12, 26) −17.90 Sell
Stochastic RSI Fast (3, 3, 14, 14) 35.87 Neutral
Williams Percent Range (14) −81.40 Neutral
Bull Bear Power −28.10 Neutral
Ultimate Oscillator (7, 14, 28) 39.11 Neutral
Moving average:
Moving Averages
Name Value Action
Exponential Moving Average (10) 1520.38 Sell
Simple Moving Average (10) 1513.77 Sell
Exponential Moving Average (20) 1538.51 Sell
Simple Moving Average (20) 1556.19 Sell
Exponential Moving Average (30) 1543.41 Sell
Simple Moving Average (30) 1563.6 Sell
Exponential Moving Average (50) 1528.43 Sell
Simple Moving Average (50) 1562.66 Sell
Exponential Moving Average (100) 1454.93 Buy
Simple Moving Average (100) 1446.91 Buy
Exponential Moving Average (200) 1333.35 Buy
Simple Moving Average (200) 1292.94 Buy
Ichimoku Base Line (9, 26, 52, 26) 1558.28 Neutral
Volume Weighted Moving Average (20) 1538.09 Sell
Hull Moving Average (9) 1510.66 Sell
SUN PHARMACEUTICCAL LTD - RETURNS COMPARISON
Stock Ranges:
 (3) Apollo hospitals

Resistance and support:

Moving averages(simple) length 20 high and low:

Oscillators
Oscillators
Name Value Action
Relative Strength Index (14) 38.36 Neutral
Stochastic %K (14, 3, 3) 32.76 Neutral
Commodity Channel Index (20) −195.12 Buy
Average Directional Index (14) 16.88 Neutral
Awesome Oscillator −83.08 Neutral
Momentum (10) −356.05 Buy
MACD Level (12, 26) −49.97 Sell
Stochastic RSI Fast (3, 3, 14, 14) 14.93 Neutral
Williams Percent Range (14) −73.47 Neutral
Bull Bear Power −476.01 Neutral
Ultimate Oscillator (7, 14, 28) 51.79 Neutral
Moving average:
Moving Averages
Name Value Action
Exponential Moving Average (10) 6175.65 Sell
Simple Moving Average (10) 6185.34 Sell
Exponential Moving Average (20) 6230.73 Sell
Simple Moving Average (20) 6297.81 Sell
Exponential Moving Average (30) 6246.69 Sell
Simple Moving Average (30) 6261.85 Sell
Exponential Moving Average (50) 6227.29 Sell
Simple Moving Average (50) 6304.92 Sell
Exponential Moving Average (100) 6055.2 Sell
Simple Moving Average (100) 6102.8 Sell
Exponential Moving Average (200) 5702.59 Buy
Simple Moving Average (200) 5595.51 Buy
Ichimoku Base Line (9, 26, 52, 26) 6145 Neutral
Volume Weighted Moving Average (20) 6197.75 Sell
Hull Moving Average (9) 6086.18 Sell

APOLLO HOSPITALS LTD. - RETURNS COMPARISON

• Stock Ranges: