september 28, 2015 health checkcontent.icicidirect.com/mailimages/idirect_healthcheck_sep15.pdf ·...

ICICI Securities Ltd. | Retail Equity Research

September 28, 2015

Monthly Update

Cipla joins acquisition bandwagon… In a major acquisition drive, Cipla entered into an agreement to acquire two US-based companies, InvaGen Pharmaceuticals Inc and Exelan Pharmaceuticals Inc. The transaction is valued at US$550 million and is an all-cash deal. The combined revenues of these two companies in CY14 were ~US$200 million (~US$225 million TTM June 2015) with EBITDA margins of ~25%. Its revenues grew at ~20% CAGR over the last three years. According to the company, the deal is EPS accretive from the first year of consolidation. Cipla also acquired the exclusive rights to market skin care products of Percos India, in a deal worth an estimated | 90 crore. Brands from Percos will help improve Cipla's dermatology portfolio with an expanded offering into cosmetology. In an innovative product marketing deal, DRL has signed a commercialisation deal with Hatchtech, an Australian pharma company for marketing its innovative head lice product Xeglyze lotion in the US, Canada, India, CIS, Australia, New Zealand and Venezuela. The deal includes upfront payment, pre-commercialisation milestones and certain amount post commercialisation. Sun has finalised the acquisition of US-based ophthalmology firm InSite Vision Inc. The deal has been valued at ~| 300 crore representing US$0.35 per share for each InSite Vision share on the US OTC stock exchange. InSite's CY14 revenues were ~ | 55 crore. Sun is in the process of divesting some of Ranbaxy’s divisions as a part of its existing reshuffle. The company has signed an agreement with Strides Arcolab to transfer two of its divisions Solus and Solus care (CNS) for a consideration of | 165 crore. The products in these divisions accounted for annual sales of | 92 crore. In a major setback to Sun’s remedial efforts at Halol, the subsidiary SPARC has received a complete response letter (CRL) from USFDA, rescinding the approval it received for Epilepsy drug Elepsia XR (Levetiracetam extended-release tablets) saying that the status of Sun’s manufacturing Halol facility was unacceptable on the date of approval. On the domestic front, the Indian pharmaceutical market (IPM) registered a growth of 13% YoY to | 8281 crore for August. The growth was mainly driven by volume growth – 5.2% price hikes – 4.8% and new product launches – 3.1%. Among our covered companies, Glenmark registered highest growth of 28.0% YoY followed by Torrent, Lupin, Ajanta and Dr Reddy’s clocking growth of 21.7%, 21.2%, 18.3% and 14.9%, respectively.

Product approvals, currency tailwinds, M&As to weigh

With a marked improvement on the USFDA approvals front (73 approvals YTD in FY16 including new acquisitions vs. 85 approvals in the whole of FY15) buying activity has resumed in most US focused pharma stocks. Similarly, the rupee has weakened vis-à-vis the US$ and is likely to weaken further from the current level, which is likely to nullify the currency impact in Europe and RoW. We continue to maintain our long term bullish view on the sector despite premium valuations on the back of earning visibility, consistent operating cash flows and strong balance sheets.

Health CheckSector View

Outperformer

Index performance as on September 24, 2015

Return (%) 1M 3M YTD 1Y

CNX 500 0 -5 -3 4

Nifty 0 -6 -5 -1

CNX Pharma 1 7 18 24

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 24-Sep

Sun Pharma.Inds. -2 0 5 7 208253

Lupin 10 11 43 48 91772

Dr Reddy's Labs 0 19 29 30 71344

Cipla -2 4 3 6 51881

Aurobindo Pharma 0 6 33 72 44259

Cadila Health. 9 20 31 61 42907

Glaxosmit Pharma -2 1 4 23 28232

Glenmark Pharma. -14 3 31 47 28491

Divi's Lab. -1 22 30 30 29652

Torrent Pharma. -12 6 26 64 24023

Apollo Hospitals 5 8 25 29 19695

Wockhardt 4 -1 39 80 15521

Ajanta Pharma 1 -7 56 109 12731

Pfizer 11 26 19 67 11689

Biocon 0 -5 3 -11 8804

Ipca Labs. 0 8 7 3 9841

Natco Pharma 4 8 55 71 8265

Strides Arcolab 4 10 29 123 7403

Indoco Remedies 0 -9 6 17 3050

Jubilant Life 8 122 213 144 6042

Unichem Labs. 12 59 24 38 2734

Return (%)

Mcap: Market cap in | crore

Price movement

50006000700080009000

100001100012000130001400015000

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

4000

6000

8000

10000

12000

CNX Pharma Nifty (RHS)

Research Analyst

Siddhant Khandekar [email protected] Mitesh Shah [email protected]

Nandan Kamat [email protected]


Regulatory approvals

Exhibit 1: Summary of USFDA approvals for August 2015

[5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAjanta Pharma Monteculast Sodium CVS Merck Singulair US$ 3.5 billionAlembic Pharma Celecoxib Anti-Inflammatory Go Searle Celebrex US$ 2.44 billionAurobindo Pharma Alprazolam CNS Pharmacia & UpJohn Xanax US$ 26.5 millionAurobindo Pharma Cetrizine Hydrochloride Allergy Anti-histamine McNeil Consumer Zyrtec Allergy US$ 146.3 millionAurobindo Pharma Omeprazole Gastro Intestinal Astrazeneca Prilosec US$ 185 millionAurobindo Pharma Ibandronate Sodium Osteoporosis Roche Bonva US$ 450 millionAurobindo Pharma Entecavir Anti-viral Bristol Myers Squibb Baraclude US$ 328 millionAurobindo Pharma Raloxifene Hydrochloride Osteoporosis Lilly Evista US$ 209.3 millionAurolife Methadone Hydrochloride Pain Management Mallinckrodt Methadone NADr. Reddy's Labs Pramipazole Dihydrochloride CNS Boehinger Ingelhem Mirapex ER NAGlenmark Pharma Drosperenone and Ethinyl Estradiol Gynecolgy Bayer Hlthcare Yaz US$ 347 millionLupin Bekyree Gynecolgy Organon USA Cyclessa US$ 22.5 millionLupin Fenofibrate CVS Skyepharma Triglide US$ 156 millionLupin Diclofenac Sodium Anti-Inflammatory Nuvo Res Inc Pennsaid US$ 13.3 millionLupin Omeprazole Gastro Intestinal Astrazeneca Prilosec US$ 185 millionSun Pharma Tetrabanazine Pain Management Valeant Pharms Xenazine NATorrent Pharma Tolterodine Tartrate Nephralogy Pharmacia & UpJohn Detrol LA US$ 571.5 millionZydus Cadila Amiloride Hydrochloride CVS Paddock LLC Midamor NA

Final Approvals

CNS: Central Nervous System; CVS: Cardiovascular, NA: Not available; Source: USFDA, ICICIdirect.com Research

M&As, demergers and JVs

Cipla to acquire InvaGen and Exelan Pharma Cipla has entered into an agreement to acquire two US-based companies, InvaGen Pharmaceuticals Inc and Exelan Pharmaceuticals Inc. The transaction is valued at US$550 million and is an all-cash deal. The combined revenues of these two companies in CY14 were ~US$200 million (~US$225 million TTM June 2015) with EBITDA margins of ~25%. Its revenues grew at ~20% CAGR over the last three years. As per the company, the deal is EPS accretive from the first year of consolidation. Cipla to market skin care products of Percos India Cipla has acquired the exclusive rights to market skin care products of Percos India, in a deal worth an estimated | 90 crore. Brands from Percos will help improve Cipla's dermatology portfolio with an expanded offering into cosmetology. Sun Pharma to acquire InSite Vision Inc in US Sun Pharma plans to acquire US-based ophthalmology firm InSite Vision Inc. The deal may be valued at ~| 300 crore representing US$0.35 per share for each InSite Vision share on US OTC stock exchange. InSite's CY14 revenues stood at ~ | 55 crore. Sun Pharma sells two CNS divisions to Strides Arcolab Sun Pharma has signed an agreement with Strides Arcolab to transfer two of its divisions Solus and Solus Care (CNS) for a consideration of | 165 crore. The products in these divisions accounted for annual sales of | 92 crore. Sun Pharma is in the process of divesting or exiting some of Ranbaxy’s divisions as part of its existing strategy. Strides Arcolab would be positively impacted by this acquisition as it would increase its presence in the domestic market. Sun Pharma to divest manufacturing plant in Ireland Sun Pharma is looking to divest a manufacturing plant in Ireland (formerly owned by Ranbaxy) as it tries to control costs that have spiralled since it bought Ranbaxy. As per the management, the divestment is not expected to have any large effect on the company’s revenues.


DRL enters into licensing agreement with PanTheryx DRL and PanTheryx have entered into a licensing agreement that grants DRL exclusive rights to market and distribute PanTheryx’s nutritional intervention, DiaResQ, for infectious diarrhoea in India and Nepal. It will market the product in India and Nepal under the Reliqua brand. DRL signs agreement with Hatchtech to market its innovative product Dr Reddy's Labs has signed a commercialisation deal with Hatchtech, an Australian pharma company for marketing its innovative head lice product Xeglyze lotion in the US, Canada, India, CIS, Australia, New Zealand and Venezuela. As part of the agreement, DRL will pay US$10 million upfront, up to US$50 million based on pre-commercialisation milestones and certain amount post commercialisation. DRL acquires IP rights of fondaparinux DRL has acquired worldwide exclusive intellectual property rights of fondaparinux sodium (anti-coagulant drug) from Alchemia Ltd. Under the binding terms, Alchemia will receive US$17.5 million in cash from DRL upon closing of the transaction. Jubilant signs pact with Cyclopharm to market Technegas in US Jubilant Life Sciences has entered into an agreement with Australia’s Cyclopharm (CYC) to market Technegas in the US. Jubilant will assist CYC with the development and financing of the phase III clinical trials for Technegas. Technegas is an imaging agent primarily used in Pulmonary Embolism (blockage of lung arteries). Jubilant will provide at risk up to US$4.5 million to fund the USFDA clinical trial and any additional costs will be funded by both parties equally. Post commercialisation, Jubilant will pay CYC a 17.5% royalty on sale in addition to an agreed margin above the cost of goods sold. Capex, investments, fund raising

Natco Pharma to raise equity through QIP Natco Pharma has proposed to place equity shares to eligible qualified institutional buyers through a qualified institutional placement. Natco Pharma received RBI approval to raise its FII and registered foreign portfolio investors (RFPI) limit to 31.5%. Currently, Natco Pharma has FII holdings of 9.33%. Price cuts, new launches, recalls

DRL recalls drugs in US The company recalled a total of 60 bottles of 2952 units of Rivastigmine Tartrate capsules of 1.5 mg strength from the US. The batch was manufactured at the company’s Bachupally unit and the recall was initiated under "Class II" classification. It has also recalled over 55,000 bottles of Amlodipine besylate and Atorvastatin calcium tablets, used to treat high blood pressure and cholesterol related diseases, in the US. This recall was initiated under Class-III.


Lawsuits, court rulings, settlements

Former employees file lawsuit against Sun Pharma A class action lawsuit has been filed in the US against Sun Pharma by some former employees following the shutdown of a manufacturing unit at Detroit in Michigan. USFDA rejects SPARC's anti-epileptic drug application SPARC has received a complete response letter (CRL) from USFDA, rescinding the approval it received for Epilepsy drug Elepsia XR (Levetiracetam extended-release tablets) saying the status of Sun Pharma’s manufacturing Halol facility was unacceptable on the date of approval. R&D

Glenmark completes Phase I trials for GBR 830 Glenmark Pharma has completed clinical phase I studies for its novel monoclonal antibody 'GBR 830' for treating autoimmune diseases in the Netherlands. Glenmark completes pre-clinical trials for GBR 1302 Glenmark's bi-specific anti-cancer anti-body GBR 1302 has completed pre-clinical trials and is set to enter phase 1 clinical trials in Germany.


Exhibit 2: Patent litigations in last 12 months

[5

Month Innovator ANDA Filer Brand Name API Used for Aug-14 Janssen Products LP Cipla Ltd. Prezista Darunavir HIVAug-14 Forest Labs Lupin Ltd. Namenda Memantine Hydrochloride CNSAug-14 Senju Pharma Ltd. Lupin Ltd. Prolensa Bromfenac Ocular InflammationAug-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib Mesylate Organ RejectionSep-14 Millenium Pharmaceuticals Glenmark Pharma Valcade Bortezomib Multiple MylomaSep-14 Teva Pharma Dr. Reddy's Labs Copaxon Glatiramer Acetate Multiple SclerosisSep-14 Reckitt Benckiser LLC Aurobindo Pharma Mucinex Guaifenesin MucusSep-14 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine LeukemiaSep-14 Cephalon Inc. Sun Pharma Treanda Bendamustine LeukemiaOct-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib LeukemiaOct-14 Braintree Laboratory Inc. Taro Pharma Suprep Sodium Sulphate Bowel PreparationOct-14 Cephalon Inc. Wockhardt Treanda Bendamustine LeukemiaNov-14 Biomarin Pharma Dr. Reddy's Labs Kuvan Sapropterin Dihydrochloride phenylketonuriaNov-14 Otsuka Pharma Cadila Healthcare Abilify Aripiprazole CNSNov-14 Otsuka Pharma Alembic Pharma Abilify Aripiprazole CNSJan-15 iCeutica Lupin Ltd. Zorvolex Diclofenac Anti-InflammatoryJan-15 Senju Pharma Lupin Ltd. Prolensa Bromfenac Eye InflammationJan-15 Sheonogi & Co. Aurobindo Pharma Doribax Doripenem InfectionJan-15 Teva Pharma Dr. Reddy's Labs Copaxone Glatiramer Multiple SclerosisFeb-15 Roxane Laboratories Lupin Ltd. Roxane Calcium Acetate Calcium Acetate Serum phosphorous ReductionFeb-15 Cephalon Inc. Glenmark Generics Treanda Bendamustine LeukemiaFeb-15 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine LeukemiaMar-15 Otsuka Pharma Indoco Remedies Abilify Aripiprazole CNSApr-15 Sanofi Aventis Dr. Reddy's Labs Jevtana KIT Cabazitaxel Prostate CancerApr-15 Sanofi Aventis Glenmark Jevtana KIT Cabazitaxel Prostate CancerApr-15 Medicis Pharma Taro Pharma Zyclara Imiquimod Actinic KeratosesApr-15 Alcon Research Wockhardt Patanol Olopatadine hydrochloride Allergic ConjunctivitisApr-15 Janssen Products LP Cipla Prezista Darunavir Anti-Retroviral Apr-15 Teva Pharma Dr. Reddy's Labs Copaxone Glatiramer Multiple SclerosisApr-15 Eli Lilly Lupin Effient Prasugrel CVSApr-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoporosis May-15 Apotex Inc. Lupin Paxil CR Paroxitine Hydrochloride Anti-AnxietyMay-15 Galderma Labs Glenmark Epiduo Adapalene; Benzoyl Peroxide AcneMay-15 Horizon Pharma Dr. Reddy's Labs Vimovo Esmoprazole Magnesium; Naproxe Osteoporosis May-15 Merz Pharma Taro Pharma Naftin Naftifine Hydrochloride Fungal InfectionMay-15 Takeda Zydus Pharma Daliresp Roflumilast CVSMay-15 Takeda Strides Daliresp Roflumilast CVSMay-15 Acorda Therapeutics Inc. Sun Pharma Ampyra Dalframpridine Multiple SclerosisMay-15 Merck Lupin Safyral Drospiranone; Ethinyl Estradiol; LevBirth ControlMay-15 Kowa Lupin Livalo Pitavastatin Calcium High CholestrolJun-15 Millenium Pharmaceuticals Dr. Reddy's Labs Valcade Bortezomib Anti-CancerJun-15 Millenium Pharmaceuticals Sun Pharma Valcade Bortezomib Anti-CancerJun-15 Reckitt Benckiser LLC Dr. Reddy's Labs Mucinex Guaifenesin; Pseudoephedrine HCl Bronchial ConjestionJul-15 Eli Lilly Lupin Axiron Hypogonadism TestosteroneJul-15 Fresenius Medical Gavis Pharma Phoslo Calcium Acetate Kidney DiseaseJul-15 Alcon Research Lupin TravatanZ Travoprost Ophthalmic solution Elevated Intraocular pressureAug-15 Allergan Lupin Namenda Memantine Hydrochoride Alzheimer's Disease

Source: Bloomberg, ICICIdirect.com Research


IPM grows 13% in August… • The Indian pharmaceutical market (IPM) registered growth of 13% YoY to

| 8281 crore for August. The growth was mainly driven by volume growth – 5.2% price hikes – 4.8% and new product launches – 3.1%

• Drugs under the NLEM list witnessed growth of 3.3% YoY to | 1008 crore while non-NLEM drugs posted growth of 14.5% to | 6912 crore. Volume growth in NLEM & non-NLEM was -2.7% and 2.4%, respectively

• Among our covered companies, Glenmark has registered highest growth of 28.0% YoY followed by Torrent, Lupin, Ajanta and Dr Reddy’s clocking growth of 21.7%, 21.2%, 18.3 and 14.9%, respectively

• Therapy wise, nine therapies have outpaced IPM growth. Notable among them with growth rates- anti-diabetic – 25.6%, dermatology- 19.0%, Cardio – 18.7%, gastro intestinal – 15.3% and pain 10.8%. Anti-infective and respiratory segments registered just 2.7% and 2.2% growth, respectively, in August 2015

• In all, 229 new brands were launched in August 2015 • On a MAT basis, IPM growth was at 14.5% YoY to | 91230 crore • Domestic companies have grown 12.4% while MNC companies have

grown 15.1% in August 2015 Exhibit 3: Domestic formulations - growth trend

12.0

21.4

8.1

12.8 15

.3

14.0 15

.5

19.9 21

.8

20

12.6

12.8

13.0

-5

0

5

10

15

20

25

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market[

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 4: Companies growth in domestic market in August 2015

21.7

11.1

-1.5

11.0

18.324.6

11.1

19.516.0

21.2

3.0

-0.3

28.0

14.9

10.6

7.3

-10

0

10

20

30

Woc

khar

dt

Unic

hem

Torr

ent

Sun

Phar

ma

Pfize

r

Nov

artis

Lupi

n

Ipca

Lab

s

Indo

co

GSK

Phar

ma

Glen

mar

k

Dr. R

eddy

s

Cipl

a

Cadi

la

Bioc

on

Ajan

ta

(%)


Therapy wise performance (| crore) Therapy Aug'15 Aug'14 YoY (%) July'15 MoM (%)Anti-Infectives 1288 1261 2.2 1214 6.1Cardiac 1007 848 18.7 1045 -3.6Gastro Intestinal 990 859 15.3 1039 -4.7Vitamins 756 676 11.8 782 -3.3Anti Diabetic 664 528 25.6 683 -2.9Respiratory 579 564 2.7 540 7.2Pain 591 533 10.8 584 1.2CNS 503 425 18.4 519 -3.1Derma 495 416 19.0 499 -0.8Gynaecological 407 360 13.1 422 -3.4Hormones 149 115 29.6 143 4.1Vaccines 137 123 11.8 135 2.0Anti-Neoplastics 145 124 16.3 147 -1.7Ophthal 119 100 19.2 120 -0.7Blood Related 101 89 12.8 102 -1.3Others 102 71 43.1 98 4.4Urology 91 77 18.5 94 -3.2Anti Malarials 54 61 -11.6 46 17.9Sex Stimulants 40 36 12.0 41 -2.5Stomatologicals 33 31 7.2 35 -4.3 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Aug'15 Aug'14 Gr. (%)Augmentin GSK Anti-Infectives 330.0 266.1 24.0Corex Pfizer Respiratory 261.7 218.9 19.5Becosules Pfizer Vitamins 257.8 232.4 10.9Lantus Sanofi Anti Diabetic 241.2 186.9 29.0Spasmo Prox Wockhard GI 234.4 145.8 60.8Clavam Alkem Anti-Infectives 221.7 218.3 1.6Galvus Met Novartis Anti Diabetic 216.4 160.5 34.8Volini Ranbaxy Pain 204.3 218.8 -6.6Shelcal Torrent Vitamins 191.4 107.0 78.9Skinlite Cadila Derma 190.9 157.2 21.4

Source: AIOCD data base; Date as per MAT August15 & August 14 Industry acute to chronic therapy ratio percentage…

Sub-Chronic, 18927.0,

20.5%

Acute, 44425.5,

48.2%

Chronic, 28818.8,

31.3%

Source: AIOCD data base ; As per AIOCD MAT Aug 2015


Sun Pharmaceuticals

Stock Performance

80

125

170

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15

CNX Pharma Sun Pharma

Source: NSE, ICICIdirect.com Research Exhibit 5: Company growth vis-à-vis Indian pharma market growth

12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6

15.5

12.8

13.0

11.9

11.6

5.6

12.7

15.8

11.1

10.7

14.4

18.4

15.8

23.0

17.1

11.1

0

5

10

15

20

25

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 6: Market share in Indian formulations market

8.68.2

8.89.2 9.0 9.2

8.48.7 8.9

9.3 9.2 9.08.5

6.0

6.6

7.2

7.8

8.4

9.0

9.6

10.2

10.8

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Sun Pharmaceutical Industries

Source: AIOCD data base, ICICIdirect.com Research * Included Ranbaxy’s sales

Exhibit 7: Top 10 brands performance (| crore) Brand Therapy Aug'15 Aug'14 Var. (%) July'15 Var. (%)

Volini Pain 19.2 20.5 -6.3 17.6 9.4

Rosuvas Cardiac 13.0 9.1 42.9 13.7 -4.7

Gemer Anti Diabetic 12.3 10.6 16.5 13.8 -10.5

Istamet Anti Diabetic 12.1 8.9 35.6 13.8 -12.6

Levipil Neuro 11.7 9.1 28.6 12.2 -4.1

Susten Gynaecological 11.5 9.6 20.7 13.2 -12.8

Pantocid Gastro Intestinal 11.2 11.6 -3.7 12.6 -11.8

Pantocid Dsr Gastro Intestinal 9.6 8.2 18.2 10.6 -9.0

Revital H Vitamins 9.4 0.0 NA 9.6 -2.4

Aztor Cardiac 9.0 7.5 20.4 9.9 -8.5


Exhibit 8: Contribution of therapies to domestic sales (MAT Aug’15) z

Neuro 35%

Cardiac23%

Gastro Intestinal19%

Anti Diabetic15%

Gynaecological8%


Exhibit 9: Therapy wise performance (| crore)

Therapy Aug'15 Aug'14 YoY (%) July'15 QoQ (%)

Neuro 115.1 99.5 15.7 126.5 -9.0

Cardiac 79.4 68.6 15.8 88.0 -9.7

Gastro Intestinal 67.9 58.5 16.2 75.0 -9.4

Anti Diabetic 53.3 43.8 21.6 60.3 -11.5

Gynaecological 26.5 25.0 5.8 29.8 -11.1

Pain 18.7 16.0 17.1 21.2 -11.9

Ophthal 18.0 15.5 16.2 19.1 -5.6

Respiratory 14.1 14.5 -2.9 15.9 -11.2

Vitamins 15.5 11.8 31.3 16.9 -8.4

Hormones 8.5 9.6 -11.2 9.7 -12.0


Acute : Chronic contribution (MAT Aug’15)

Sub-Chronic, 1123.3, 13.7%

Acute, 3335.4, 40.8%

Chronic, 3723.2, 45.5%

Source: AIOCD data base

Brands contribution to domestic sales (MAT Aug’15)

17%

9%

7%

9%58%

Top 10 11 to 20 21 to 30 31 to 50 Others



Cipla

Stock Performance

80

110

140

170

200


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

Exhibit 10: Company growth vis-à-vis Indian pharma market growth

12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

15.4

38.8

10.3

8.3 13

.5

13.2

24.0

24.8

25.4

15.9

16.6

11.5

11.0

0

5

10

15

20

25

30

35

40

45

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Cipla



4.9

5.4

5.04.8

5.05.1

5.25.1

5.3

4.8

4.6 4.74.8

4.2

4.4

4.6

4.8

5.0

5.2

5.4

5.6

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Cipla



Foracort Respiratory 15.3 12.7 20.9 14.6 5.2

Budecort Respiratory 11.0 10.8 2.1 9.9 11.0

Seroflo Respiratory 10.7 9.6 12.0 10.5 2.4

Asthalin Respiratory 10.6 10.5 0.2 9.9 6.1

Duolin Respiratory 9.4 8.4 12.0 8.7 7.9

Aerocort Respiratory 7.8 7.9 -0.6 7.3 7.2

Azee Anti-Infectives 7.7 7.5 2.9 6.9 11.1

Montair Lc Respiratory 5.9 5.0 17.8 5.1 16.2

Novamox Anti-Infectives 5.8 6.9 -16.7 5.9 -2.9

Dytor Cardiac 5.7 5.3 7.6 6.2 -8.5


Exhibit 13: Contribution of therapies to domestic sales (MAT Aug’15)

Respiratory30%

Anti-Infectives26%

Cardiac13%

Gastro Intestinal8%

Urology5%

Other18%



Therapy Aug'15 Aug'14 YoY (%) July'15 QoQ (%)Respiratory 112.6 103.4 9.0 105.3 7.0Anti-Infect ives 109.4 102.8 6.4 101.6 7.7

Cardiac 46.7 43.3 7.9 50.2 -6.9Gastro Intestinal 32.2 27.9 15.6 33.6 -4.2

Urology 19.7 15.5 27.4 19.0 4.1Neuro 15.7 12.2 28.5 15.0 4.4

Pain 13.6 10.0 35.8 13.1 4.2

Ophthal 9.6 8.5 12.8 9.9 -2.4

Derma 10.2 8.7 17.0 10.0 1.5

Vitamins 8.2 7.7 5.5 7.9 3.6


Acute : Chronic contribution (MAT Aug ’15)

Sub-Chronic, 573.0, 12.4%

Acute, 2124.7, 46.1%

Chronic, 1909.6, 41.4%



24%

12%

9%12%

43%




Dr Reddy’s Laboratories

Stock Performance

70

100

130

160

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15CNX Pharma Dr. Reddys



12.0

21.4

8.1 12

.8 15.3

14.0 19

.9 21.8

18.5

12.6 15

.5

12.8

13.0

23.1 25

.7

10.3

18.4 22

.8

22.2 24.1

34.3

35.0

22.8

32.2

26.9

14.9

-10

20

50

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.32.3

2.2

2.3

2.4

2.22.3 2.3

2.4

2.3

2.2

2.3 2.3

2.02.12.12.22.22.32.32.42.42.52.5

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 10.7 7.0 53.1 10.8 -1.0

Omez D Gastro Intestinal 7.2 6.2 16.3 7.5 -3.7

Reditux Anti-Neoplastics 6.1 4.5 33.5 5.1 19.6

Razo D Gastro Intestinal 6.0 3.7 61.8 5.9 2.2

Econorm Gastro Intestinal 5.7 4.8 18.0 6.2 -7.9

Grafeel Anti-Neoplastics 5.7 1.6 262.3 5.2 8.4

Nise Pain 5.4 6.1 -11.8 4.3 24.4

Stamlo Cardiac 5.1 4.1 25.5 5.2 -0.8

Clamp Anti-Infectives 3.6 3.7 -2.7 3.0 18.9

Stamlo Beta Cardiac 3.6 4.1 -12.0 4.1 -11.6




Cardiac15%

Anti-Neoplastics

11%Respiratory9%

Anti-Infectives8%

Other35%





Cardiac 27.1 24.5 10.5 28.6 -5.2

Anti-Neoplastics 26.0 17.9 45.3 26.1 -0.5

Respiratory 15.3 14.8 2.9 14.0 8.8

Anti-Infectives 15.1 14.5 4.1 14.1 7.4

Pain 13.3 13.4 -1.2 13.0 2.0

Anti Diabetic 12.3 11.3 8.9 12.7 -3.2

Derma 10.1 10.4 -2.8 10.7 -5.6

Urology 7.2 5.9 23.3 7.1 2.1

Stomatologicals 6.2 6.0 3.5 6.4 -2.8




Acute, 1068.5, 50.5%

Chronic, 642.4, 30.3%



29%

17%

9%12%

33%




Lupin

Stock Performance

75115155195


CNX Pharma Lupin



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6

12.8

8.5

19.7

10.5 13

.7

18.1

14.9

22.8

19.1

16.1 18

.5

25.1

21.2

15.5

13.0

-4

12

28

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Lupin



3.23.3 3.3 3.4 3.4 3.4

3.23.0

3.63.8 3.8 3.7

3.4

2.32.52.72.93.13.33.53.73.9

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Lupin



Gluconorm-G Anti Diabetic 11.4 9.3 22.6 12.4 -7.6

Tonact Cardiac 8.4 7.0 20.7 9.7 -12.8

Budamate Respiratory 7.0 4.8 45.2 7.9 -11.5

Rablet-D Gastro Intestinal 4.7 3.8 21.8 5.2 -10.7

Rablet Gastro Intestinal 4.5 3.7 21.6 5.3 -15.8

Esiflo Respiratory 4.4 3.2 37.7 4.9 -11.7

Ramistar Cardiac 4.3 3.7 16.8 4.9 -12.3

R-Cinex Anti-Infectives 4.0 4.1 -0.6 3.9 4.1

Clopitab Cardiac 3.6 3.1 14.0 4.0 -9.8

Tazar Anti-Infectives 3.5 3.4 4.4 3.8 -8.6



Cardiac25%

Anti-Infectives22%

Respiratory12%

Anti Diabetic11%

Gastro Intestinal8%

Other22%




Cardiac 69.9 54.5 28.4 80.5 -13.1

Anti-Infectives 61.9 59.1 4.7 64.8 -4.5

Respiratory 31.7 25.1 26.3 33.9 -6.6

Anti Diabetic 29.8 23.5 27.1 33.9 -11.9


Vitamins 16.5 14.1 17.0 19.8 -16.4

Neuro 14.0 11.6 20.3 15.4 -8.9

Pain 12.8 10.8 18.5 14.9 -14.5

Gynaecological 9.8 6.2 58.7 10.9 -10.0

Derma 1.7 1.8 -1.1 1.9 -9.8




Acute, 993.5, 31.2%

Chronic, 1542.2, 48.4%



20%

11%

9%13%

47%




Cadila Healthcare

Stock Performance

5080

110140170200230


CNX Pharma Cadila Healthcare



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6

15.5

12.8

13.0

10.1

12.8

1.9

8.5

12.7

7.0 7.4

11.4 13

.1

9.6

13.2

11.5

10.6

0

5

10

15

20

25

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Cadila Healthcare



3.8

3.6

3.8

4.03.9 3.9

3.83.8

3.93.8 3.8

3.73.8

3.4

3.5

3.6

3.7

3.8

3.9

4.0

4.1

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Cadila Healthcare



Skinlite Derma 13.9 12.9 7.4 13.7 1.1

Mifegest Kit Gynaecological 11.2 9.6 16.4 9.1 23.6

Atorva Cardiac 10.5 8.6 21.5 10.9 -4.5

Pantodac Gastro Intestinal 8.0 8.2 -2.0 8.3 -3.6

Deriphyllin Respiratory 6.5 8.3 -22.1 7.7 -15.4

Falcigo Anti Malarials 6.3 5.3 18.7 4.9 28.1

Clopitorva Cardiac 6.0 3.4 78.1 4.8 26.2

Zyrop Blood Related 5.8 8.7 -33.8 5.8 -1.0

Amlodac Cardiac 5.6 5.3 4.7 6.0 -6.6

Ocid Gastro Intestinal 5.0 3.4 46.4 4.5 9.4



Cardiac19%


Gynaecological12%

Respiratory10%

Derma9%

Other36%




Cardiac 57.2 48.3 18.5 59.3 -3.5


Gynaecological 35.3 31.7 11.5 34.6 2.1

Respiratory 29.6 28.1 5.5 29.2 1.4

Derma 24.9 21.1 18.1 25.6 -2.5

Pain 24.5 23.2 5.5 24.1 1.5

Anti-Infectives 23.8 21.8 9.5 20.5 16.5

Vitamins 12.6 11.1 14.2 13.8 -8.4

Anti-Neoplastics 14.4 10.9 32.1 12.4 15.8

Anti Malarials 8.5 7.1 19.7 8.4 1.1




Acute, 1509.4, 42.9%

Chronic, 1276.5, 36.3%



27%

13%

8%11%

41%




GlaxoSmithKline Pharmaceuticals

Stock Performance

80

110

140

170


CNX Pharma GSK Pharma



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

1.4

13.0

12.1

5.5

0.8

2.6 6.

6

10.8

12.9

0.7 2.1

-1.7 -0.3

-5

0

5

10

15

20

25

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.6

3.53.4 3.4 3.4

3.3 3.3

3.43.4

3.2 3.23.1

3.2

3.0

3.2

3.4

3.6

3.8

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 27.3 27.8 -1.9 26.5 3.0

Rotarix Vaccines 16.4 6.7 144.8 5.7 188.4

Calpol Pain 14.9 15.1 -1.4 13.3 11.8

Synflorix Vaccines 14.6 12.6 16.1 14.3 2.7

Zinetac Gastro Intestinal 12.6 12.2 3.9 12.5 1.5

Betnovate N Derma 12.2 9.1 33.9 12.4 -1.2

Betnovate C Derma 12.1 8.1 50.6 11.9 1.8

Eltroxin Hormones 11.3 11.1 1.7 10.9 3.5

Ceftum Anti-Infectives 11.1 10.4 6.6 11.7 -4.7

Betnesol Hormones 8.0 6.4 25.7 7.9 1.5



Anti-Infectives25%

Derma21%Vaccines

11%

Pain 9%

Hormones8%

Other26%




Anti-Infectives 66.1 72.1 -8.2 63.9 3.5

Derma 53.3 48.4 10.2 57.5 -7.3

Vaccines 34.6 35.0 -1.1 27.7 24.9

Pain 25.2 24.8 1.6 23.0 9.4

Hormones 20.1 18.0 11.4 19.5 2.9

Vitamins 19.9 19.5 2.2 20.8 -4.2

Gastro Intestinal 15.2 15.1 0.5 15.1 0.1

Respiratory 14.0 15.6 -10.7 12.3 13.6

Cardiac 6.1 6.7 -8.4 6.2 -1.5

Gynaecological 4.1 2.8 45.7 4.2 -2.2




Acute, 1985.3, 64.7%

Chronic, 416.3, 13.6%



50%

15%

9%

11%

15%




Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


12.0

21.4

8.1 12

.8 15.3

14.0 19

.9 21.8

18.5

12.6 15

.5

12.8

13.0

18.0

5.2

-4.5

44.9

8.5

-2.1

19.9

32.0

29.2

22.4

36.2

29.4

24.6

-10

0

10

20

30

40

50

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Wockhardt



1.23

1.08

1.161.10

1.16

1.37

1.47

1.40

1.281.25

1.28

1.371.36

1.01.11.11.21.21.31.31.41.41.51.5

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 22.9 16.1 42.4 29.9 -23.5

Practin Vitamins 6.2 4.4 41.2 6.5 -3.8

Tryptomer Neuro 5.8 3.8 52.3 5.0 14.2

Biovac V Vaccines 5.7 0.0 NA 6.2 -7.9

Biovac A Vaccines 5.5 1.6 238.8 4.2 30.2

Methycobal Vitamins 4.6 3.3 39.4 4.2 9.5

Bro Zedex Respiratory 3.6 4.5 -20.8 3.2 13.2

Ace Proxyvon Pain 3.1 2.6 21.0 2.8 9.4

Zedex Respiratory 2.4 3.4 -28.5 2.2 7.8

Wosulin Anti Diabetic 2.0 2.1 -5.8 2.0 1.2


Exhibit 38: Contribution of therapies to domestic sales (MAT Aug’15) Gastro Intestinal

22%

Vitamins 16%

Respiratory13%

Vaccines9%

Neuro 8%

Other32%





Vitamins 18.2 14.8 22.7 17.7 2.6

Respiratory 10.4 13.4 -22.8 9.5 9.8

Vaccines 11.2 1.7 558.5 10.4 7.8

Neuro 9.5 6.8 40.3 8.6 9.7

Derma 7.4 9.1 -18.9 7.7 -4.2

Anti-Infectives 8.7 8.0 8.1 7.2 21.2

Pain 8.4 5.2 60.0 7.2 16.8

Anti Diabetic 6.9 5.6 23.7 6.6 4.1

Hormones 2.0 3.4 -42.3 2.4 -17.6




Acute, 821.1, 69.8%

Chronic, 224.9, 19.1%



54%

16%

8%

8%

14%




Glenmark Pharmaceuticals

Stock Performance

60

100

140

180

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15CNX Pharma Glenmark



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.1

27.2

2.6

20.4 21.5

21.4 24

.2 28.1 30

.3

29.8

34.5

30.9

28.0

0

5

10

15

20

25

30

35

40

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.1

2.3

2.1

2.4 2.42.4

2.32.3 2.3

2.2

2.32.4 2.4

1.9

2.1

2.3

2.5

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Glenmark Pharmaceuticals



Telma Cardiac 14.0 10.7 30.6 14.8 -5.4

Telma H Cardiac 11.2 8.7 28.7 11.4 -2.1

Candid Derma 7.8 5.7 36.6 9.1 -13.7

Candid-B Derma 7.6 7.2 5.0 8.3 -9.3

Ascoril Plus Respiratory 7.1 7.6 -6.2 7.5 -5.4

Zitamet Anti Diabetic 6.6 4.4 50.1 7.0 -5.6

Telma Am Cardiac 5.9 4.2 41.6 6.1 -2.6

Zita(Glenmark) Anti Diabetic 4.2 3.1 38.0 4.7 -10.7

Onabet Derma 3.2 1.7 93.8 3.0 8.6

Ascoril Ls Respiratory 3.2 2.4 36.4 2.9 11.2



Derma28%

Cardiac23%

Respiratory15%

Anti-Infectives14%

Anti Diabetic9%

Other11%




Derma 57.0 44.5 28.0 59.4 -4.1

Cardiac 43.0 33.1 30.0 44.6 -3.6

Respiratory 25.6 22.4 14.0 24.8 3.1

Anti-Infectives 28.1 22.5 24.8 26.6 5.4

Anti Diabetic 17.7 11.8 50.2 18.0 -1.7


Vitamins 5.7 3.7 56.2 5.8 -0.7

Pain 4.1 3.5 19.1 4.0 4.0

Gynaecological 3.6 3.0 20.2 3.2 13.9

Otologicals 3.8 3.3 17.5 3.8 1.3




Acute, 858.2, 40.1%

Chronic, 799.2, 37.4%



37%

13%10%

12%

28%




Torrent Pharmaceuticals

Stock Performance

80

170

260


CNX Pharma Torrent Pharma



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

8.4

18.5

6.0

23.2

30.7

21.1

30.9

30.5

28.8

27.4

28.3

18.3 21

.7

0

5

10

15

20

25

30

35

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.10 2.112.23

2.302.42

2.35 2.402.32

2.432.49 2.512.37

2.26

1.6

2.0

2.4

2.8

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 14.5 10.8 34.5 20.2 -28.1

Chymoral Forte Pain 11.9 4.8 147.5 10.6 12.6

Nikoran Cardiac 7.2 6.0 20.6 6.5 10.4

Dilzem Cardiac 4.9 4.7 4.4 5.1 -3.1

Nebicard Cardiac 4.7 4.0 17.1 5.0 -4.5

Azulix-Mf Anti Diabetic 4.5 3.6 23.0 4.8 -6.8

Nexpro Rd Gastro Intestinal 4.1 4.4 -6.4 4.3 -4.3

Nexpro Gastro Intestinal 3.9 3.9 0.5 4.1 -4.0

Shelcal Ct Vitamins 3.2 2.2 48.4 2.6 24.0

Alprax Neuro 3.1 2.7 13.5 3.3 -5.1



Cardiac28%

Neuro 16%Gastro Intestinal

15%

Vitamins 15%

Pain 8%

Other18%




Cardiac 54.3 45.1 20.3 54.5 -0.4

Neuro 30.1 25.2 19.5 31.2 -3.4


Vitamins 27.5 19.5 41.3 32.6 -15.8

Pain 16.9 8.2 106.9 15.6 8.4

Anti-Infectives 9.3 12.8 -27.2 10.1 -7.7

Anti Diabetic 10.9 8.9 22.4 11.6 -6.3

Derma 4.4 3.1 40.2 4.5 -3.5

Gynaecological 3.3 3.0 10.1 3.6 -9.5

Blood Related 0.6 0.5 1.4 0.7 -17.8



Sub-Chronic, 520.6, 24.0%Acute,

560.5, 25.9%

Chronic, 1086.2, 50.1%



33%

13%

9%

12%

33%




Ipca Laboratories

Stock Performance

60

120

180


CNX Pharma Ipca



12.0

21.4

8.1 12

.8 15.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

21.4

16.3

9.2 13

.0

12.9

35.9

12.2 14

.5

-5.8

-5.5

-0.1

28.6

3.0

-10-505

10152025303540

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Ipca Laboratories



1.51.5

1.41.3

1.2 1.2 1.2 1.2 1.2 1.3 1.2 1.31.3

1.0

1.2

1.4

1.6

1.8

2.0

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Ipca Laboratories



Zerodol Sp Pain 8.2 6.1 34.8 7.7 6.6

Zerodol P Pain 6.6 6.1 8.5 5.2 28.3

Hcqs Anti Malarials 4.9 4.5 10.6 6.0 -17.8

Larinate Anti Malarials 4.3 4.2 3.0 3.4 27.7

Rapither-Ab Anti Malarials 3.8 3.9 -2.6 4.0 -4.1

Lariago Anti Malarials 3.1 4.7 -32.7 2.2 42.4

Glycinorm M Anti Diabetic 2.8 2.8 -0.8 3.1 -9.2

Zerodol Pain 2.6 2.4 12.1 2.4 9.1

Folitrax Anti-Neoplastics 2.5 2.3 8.8 2.9 -12.8

Lumerax Anti Malarials 2.4 3.5 -31.6 1.7 41.3



Pain 24%

Anti Malarials20%

Cardiac17%

Gastro Intestinal8%

Anti-Infectives7%

Other24%




Pain 29.0 25.4 14.2 26.8 8.3

Anti Malarials 22.5 26.4 -14.6 20.7 8.6

Cardiac 18.2 15.8 15.3 17.9 1.6


Anti-Infectives 7.5 8.1 -7.4 6.6 13.4

Anti Diabetic 5.6 5.4 2.6 5.8 -4.0

Respiratory 4.4 4.7 -5.5 3.2 36.1

Neuro 4.1 3.3 26.0 3.4 19.8

Anti-Neoplastics 4.0 3.2 23.5 4.1 -3.2

Derma 3.1 3.5 -10.2 3.1 1.9




Acute, 797.2, 66.7%

Chronic, 328.0, 27.5%



36%

15%11%

13%

25%




Biocon

Stock Performance

6080

100120140160180

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15CNX Pharma Biocon



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

15.5

12.8

13.0

11.4

31.3

12.6

9.8

1.0

7.2

18.8

17.5

11.6

11.7

3.7 4.8 6.

0 7.3

0

5

10

15

20

25

30

35Au

g-14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Biocon



0.35

0.39

0.37

0.360.36

0.38

0.35

0.36

0.330.34

0.36

0.330.34

0.33

0.34

0.35

0.36

0.37

0.38

0.39

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Biocon



Insugen Anti Diabetic 7.2 6.5 11.3 7.5 -3.7

Basalog Anti Diabetic 4.7 3.7 29.8 5.0 -4.2

Erypro Blood Related 2.0 0.9 128.1 2.3 -12.6

Canmab Anti-Neoplastics 1.7 0.4 313.0 1.4 24.3

Insugen R Anti Diabetic 1.5 1.2 28.0 1.6 -6.0

Blisto Mf Anti Diabetic 1.4 2.0 -28.2 1.5 -6.9

Abraxane Anti-Neoplastics 1.0 1.5 -32.2 0.9 7.3

Insugen N Anti Diabetic 0.8 0.8 2.5 0.9 -12.0

Psorid Anti-Neoplastics 0.7 0.3 148.2 0.5 48.9

Metadoze-Ipr Anti Diabetic 0.4 0.7 -43.5 0.4 -4.3



Anti Diabetic59%

Anti-Neoplastics

21%

Cardiac7%

Blood Related5%

Derma3%

Other 5%




Anti Diabetic 16.9 15.8 6.7 17.8 -5.5

Anti-Neoplastics 5.1 4.0 30.2 4.6 11.0

Cardiac 1.3 3.1 -56.4 1.4 -4.4

Blood Related 2.0 0.9 129.4 2.3 -12.2

Derma 0.7 0.8 -13.9 0.7 3.1

Anti-Infectives 0.7 0.6 8.0 0.7 -1.2

Others 0.2 0.2 -15.5 0.2 -6.7

Vitamins 0.2 0.2 -14.3 0.2 10.0

Gastro Intestinal 0.4 0.1 514.4 0.3 37.7

Hormones 0.1 0.0 95.6 0.0 81.4




Acute, 68.9, 21.0%

Chronic, 234.9, 71.7%



75%11%

6%

5%

3%




Pfizer

Stock Performance

80110140170200230


CNX Pharma Pfizer


12.0

21.4

8.1 12

.8 15.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

3.3

24.2

9.9

34.1

24.8

26.1

22.8

18.0

18.5

11.6

20.2

17.2

19.5

-10-505

10152025303540

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Pfizer



2.792.91

2.85

3.05

3.243.32

3.032.97 2.99

2.872.93 2.972.95

2.4

2.6

2.8

3.0

3.2

3.4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Pfizer



Corex Respiratory 27.4 18.7 46.6 25.4 8.0

Becosules Vitamins 21.7 22.6 -3.7 20.7 4.9

Magnex Anti-Infectives 12.3 7.8 58.7 13.4 -8.4

Gelusil Mps Gastro Intestinal 11.5 10.2 12.2 12.4 -7.2

Dolonex Pain 10.7 9.8 8.5 11.6 -8.1

Minipress Xl Cardiac 9.2 8.4 9.8 9.7 -5.1

Wysolone Hormones 9.0 7.2 25.7 7.0 28.5

Mucaine Gastro Intestinal 8.9 7.0 27.6 9.0 -0.6

Folvite Blood Related 6.7 4.3 55.7 6.9 -3.0

Dalacin C Anti-Infectives 6.6 6.3 3.9 6.8 -2.9



Anti-Infectives17%

Respiratory12%

Vitamins 11%

Gastro Intestinal11%Hormones

9%

Other40%




Anti-Infectives 39.4 32.8 20.2 40.3 -2.1

Respiratory 32.6 23.9 36.4 29.8 9.2

Vitamins 27.1 26.9 0.7 26.2 3.4


Hormones 22.0 19.4 13.8 19.3 14.4

Gynaecological 18.2 15.4 18.2 19.1 -4.9

Cardiac 14.9 13.9 7.0 16.7 -10.6

Pain 15.9 15.0 5.9 17.8 -10.8

Neuro 17.0 12.5 36.2 17.8 -4.4

Vaccines 6.9 3.9 76.1 7.6 -9.0




Acute, 1780.0, 64.2%

Chronic, 426.1, 15.4%



49%

19%

10%

10%

12%


Source: AIOCD data base l


Novartis India

Stock Performance

80

130

180


CNX Pharma Novartis India



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

-0.6

13.4

5.8

5.1 6.

7

1.1

2.6 5.

9

0.0

9.3

14.1 16

.0

2.7

-5

0

5

10

15

20

25

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Novartis India



1.291.33

1.41

1.32

1.381.34

1.26 1.25 1.23 1.241.28

1.351.32

1.1

1.2

1.2

1.3

1.3

1.4

1.4

1.5

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Novartis India



Galvus Met Anti Diabetic 24.7 15.5 59.3 23.7 4.2

Voveran Pain 14.9 12.9 15.1 16.2 -8.4

Galvus Anti Diabetic 10.3 8.2 25.6 11.2 -7.5

Rabipur (Novartis) Vaccines 7.0 6.0 18.2 7.9 -10.6

Otrivin Respiratory 5.4 4.9 11.2 5.1 6.1

Tegrital Neuro 4.5 4.3 6.1 5.0 -10.0

Voveran Pain 3.1 2.3 33.0 3.2 -3.5

Methergin Gynaecological 3.0 2.7 10.2 2.7 13.0

Regestrone Gynaecological 2.9 3.4 -15.3 3.2 -9.4

Genteal Ophthal 2.4 1.9 22.0 2.7 -11.3



Anti Diabetic27%

Pain 19%

Respiratory11%

Vitamins 10%

Gynaecological8%

Other25%




Anti Diabetic 35.7 24.3 46.7 35.6 0.5

Pain 21.1 18.7 12.6 22.5 -6.3

Respiratory 8.8 11.0 -19.7 8.2 6.9

Vitamins 10.8 10.4 3.7 10.9 -0.4

Gynaecological 8.3 8.4 -1.4 8.0 3.4

Vaccines 7.1 6.0 18.5 8.0 -11.0

Neuro 7.4 7.3 0.5 7.9 -6.7

Anti-Infectives 4.6 2.6 77.0 5.4 -13.2

Ophthal 3.2 2.6 24.5 3.4 -7.4

Cardiac 1.2 1.3 -11.3 1.1 6.9




Acute, 588.5, 48.7%

Chronic, 446.4, 37.0%



69%

14%

6%6%5%




Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

13.0

13.8

-15.

9

2.9

3.8 6.6

13.6 16

.7

12.9

12.4

20.5

2.7

11.1

-20

-15

-10

-5

0

5

10

15

20

25

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Unichem Laboratories



0.90

0.97

0.85

0.95 0.930.98

0.940.97

0.94

1.000.97

0.880.89

0.80

0.90

1.00

1.10

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Unichem Laboratories



Losar H Cardiac 6.4 5.5 17.3 6.9 -6.3

Ampoxin Anti-Infectives 6.0 7.3 -16.7 5.3 14.2

Losar Cardiac 5.3 4.6 14.8 5.6 -6.9

Unienzyme Gastro Intestinal 4.8 5.1 -6.4 5.9 -18.7

Vizylac Gastro Intestinal 3.2 2.7 20.6 2.8 13.6

Trika Neuro 2.2 1.8 18.3 2.2 0.4

Serta Neuro 1.7 1.3 29.2 1.9 -8.2

Unistar (Unichem) Cardiac 1.5 1.3 10.6 1.5 -2.3

Telsar Cardiac 1.4 1.4 -1.7 1.5 -5.9

Arkamin Cardiac 1.2 0.8 59.4 1.2 4.6



Cardiac41%

Anti-Infectives18%


Neuro 13%

Pain 4% Other

11%




Cardiac 29.7 26.2 13.3 30.7 -3.2

Anti-Infectives 12.8 14.1 -9.2 11.8 8.8


Neuro 9.7 6.9 39.6 10.0 -3.0

Pain 3.1 2.6 20.9 3.1 1.6

Anti Diabetic 2.3 2.2 7.6 2.4 -1.8

Respiratory 1.8 2.0 -10.5 1.6 11.2

Vitamins 2.1 1.3 61.0 2.3 -6.4

Derma 1.4 1.0 45.6 1.3 11.8

Gynaecological 0.4 0.4 -0.7 0.4 19.5




Acute, 323.8, 37.4%

Chronic, 490.4, 56.7%



48%

12%

10%

11%

19%




Indoco Remedies

Stock Performance

80

180

280


CNX Pharma Indoco



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

17.5

34.4

6.1

4.8 8.

6

8.9

18.9

-1.5

22.0

2.4

2.6

1.2

3.4

-5

0

5

10

15

20

25

30

35

40

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Indoco Remedies



0.8

0.9

0.8

0.7 0.7 0.70.8

0.7

0.7 0.7 0.70.7 0.7

0.6

0.7

0.7

0.8

0.8

0.9

0.9

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indoco Remedies



Febrex Plus Respiratory 5.3 6.9 -23.8 5.4 -3.0

Cyclopam Gastro Intestinal 4.1 3.9 5.1 4.5 -8.0

Oxipod Anti-Infectives 3.0 3.1 -2.7 2.6 16.8

Sensodent-K Stomatologicals 2.7 3.0 -11.2 2.8 -3.9

Cital Urology 2.6 2.4 11.6 3.0 -13.8

Atm Anti-Infectives 2.4 2.8 -13.8 2.1 11.8

Sensodent-Kf Stomatologicals 2.0 1.5 30.9 2.0 2.4

Cloben G Derma 2.0 2.1 -7.1 2.0 -1.8

Cyclopam Gastro Intestinal 1.8 1.8 -3.5 2.0 -11.4

Karvol Plus Respiratory 1.5 1.1 28.5 1.0 52.9


Exhibit 78: Contribution of therapies to domestic sales (MAT Aug’15) Respiratory

19%

Stomatologicals17%

Anti-Infectives16%


Vitamins 6%

Other28%




Respiratory 9.8 11.6 -16.1 8.8 11.2

Stomatologicals 9.2 8.6 7.2 9.4 -2.0

Anti-Infectives 10.4 10.8 -4.0 9.2 12.6

Gastro Intestinal 8.8 9.0 -2.5 9.8 -10.6

Vitamins 3.6 3.1 15.2 3.7 -3.4

Urology 3.0 2.6 15.9 3.4 -11.5

Pain 2.3 2.5 -6.9 2.5 -7.2

Derma 2.6 2.7 -4.3 2.6 -0.6

Ophthal 2.2 1.9 17.4 2.1 3.2

Anti Diabetic 1.8 2.2 -16.2 1.9 -3.9




Acute, 547.7, 81.7%

Chronic, 43.4, 6.5%



47%

17%

8%

10%

18%




Ajanta Pharma

Stock Performance

50100150200250300350400


CNX Pharma Ajanta



12.0

21.4

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

27.5

23.2

33.1

15.4

36.0

19.9

14.6 16

.2

10.4

9.5 10

.9

10.0

18.3

0

5

10

15

20

25

30

35

40Au

g-14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Indian Pharma Market Ajanta Pharma



0.460.45

0.50

0.53

0.51 0.510.51

0.480.46

0.49 0.48 0.480.49

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

(%)

Ajanta


Exhibit 82: Top 10 brands performance (| crore) Brand Therapy Aug'15 Aug'14 Var. (%) July'15 Var. (%)Met Xl Cardiac 3.9 4.1 -4.1 3.7 6.2

Melacare Derma 3.4 2.8 24.3 3.6 -5.4

Atorfit Cv Cardiac 3.3 2.5 32.7 2.9 13.0

Feburic Pain 1.3 0.9 35.7 1.1 9.3

Soft Drops Ophthal 1.2 0.8 47.0 1.1 11.6

Rosufit Cv Cardiac 1.1 0.9 22.3 1.1 -1.6

Met Xl Am Cardiac 0.9 0.9 -1.6 0.9 5.1

Peroclin Derma 0.8 0.7 10.6 0.8 5.9

Cinod Cardiac 0.7 0.5 52.8 0.7 4.4

Olopat Ophthal 0.7 0.6 19.9 0.7 -2.4



Cardiac32%

Derma24%

Ophthal23%

Vitamins 6%

Pain 5%

Others10%




Cardiac 13.7 11.7 17.2 13.1 4.8

Derma 8.7 7.5 14.9 8.8 -1.4

Ophthal 9.1 7.3 24.7 9.2 -1.1

Vitamins 2.6 2.0 28.7 2.5 0.6

Pain 2.2 1.9 15.6 2.1 3.0

Gastro Intestinal 1.1 1.3 -16.8 1.1 -5.1

Neuro 0.8 0.9 -6.3 0.9 -7.8

Ophthal 0.6 0.4 31.2 0.6 3.9

Anti-Infectives 0.7 0.3 147.2 0.6 9.9

Respiratory 0.3 0.4 -33.8 0.3 3.4




Acute, 184.2, 40.8%

Chronic, 217.6, 48.3%



43%

13%9%

13%

22%




Exhibit 85: One year forward P/E of CNX Pharma vs. Sensex

0

5

10

15

20

25

30

35

Mar

-06

Oct-0

6

May

-07

Dec-

07

Jul-0

8

Feb-

09

Sep-

09

Apr-1

0

Nov

-10

Jun-

11

Jan-

12

Aug-

12

Mar

-13

Oct-1

3

May

-14

Dec-

14

x

CNX Pharma Sensex [

Source: Company, ICICIdirect.com Research

Exhibit 86: Two year forward P/E of CNX Pharma Index vs. Sensex

0

5

10

15

20

25

30

35

Mar

-07

Aug-

07

Jan-

08

Jun-

08

Nov

-08

Apr-0

9

Sep-

09

Feb-

10

Jul-1

0

Dec-

10

May

-11

Oct-1

1

Mar

-12

Aug-

12

Jan-

13

Jun-

13

Nov

-13

Apr-1

4

Sep-

14

Feb-

15

Jul-1

5

x

CNX Pharma Sensex

Source: Company, ICICIdirect.com Research

ICICIdirect.com coverage universe (Healthcare) I-Direct CMP TP Rating M CapCode (|) (|) (| Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E

Ajanta Pharma AJAPHA 1426 1950 Buy 12549.9 36.0 45.9 57.1 39.6 31.0 25.0 147.9 123.1 99.9 50.3 46.9 42.8 37.8 34.8 32.1

Apollo Hospitals APOHOS 1409 1400 Hold 19603.4 23.7 30.9 45.2 59.3 45.6 31.2 26.3 20.9 15.2 9.9 12.4 16.4 10.4 12.4 16.0

Aurobindo Pharma AURPHA 742 865 Buy 43366.6 27.1 33.4 39.3 27.4 22.2 18.9 36.8 30.7 25.0 23.8 23.4 26.4 36.7 31.7 28.4

Biocon BIOCON 437 470 Hold 8740.7 20.4 23.0 28.0 21.4 19.0 15.6 6.3 4.9 3.8 10.4 11.8 13.4 12.5 12.8 14.0

Cadila Healthcare CADHEA 2039 2300 Buy 41744.1 56.0 80.0 104.4 36.4 25.5 19.5 22.4 15.9 12.7 20.7 27.0 30.0 27.0 29.9 30.2

Cipla CIPLA 643 750 Buy 51647.7 14.7 25.3 34.2 43.7 25.4 18.8 24.8 24.5 16.7 17.2 13.8 17.3 13.8 10.9 16.3

Divi's Laboratories DIVLAB 2200 2360 Hold 29796.7 64.2 79.1 98.2 17.5 14.2 11.4 1.8 1.3 0.8 29.4 30.1 31.2 24.4 24.9 25.2

Dr Reddy's Labs DRREDD 3970 4580 Buy 67727.9 130.6 159.9 191.6 30.4 24.8 20.7 13.9 11.0 9.0 17.0 18.5 19.4 19.9 19.0 18.6

Glenmark Pharma GLEPHA 1006 1000 Hold 28379.3 16.5 33.7 47.5 61.1 29.9 21.2 23.8 25.9 18.3 19.3 14.7 22.0 18.1 14.2 23.9

Indoco Remedies INDREM 342 385 Buy 3021.6 9.0 12.6 19.2 36.5 26.1 17.1 17.4 12.4 10.0 16.6 19.8 22.3 12.7 16.0 19.0

Ipca Laboratories IPCLAB 771 660 Hold 9728.7 19.9 25.0 41.5 38.7 30.8 18.6 12.5 19.7 17.9 26.8 11.5 11.0 27.2 11.4 13.0

Jubilant Life Sciences VAMORG 380 340 Hold 6051.1 -3.6 31.9 43.7 -91.5 10.4 7.6 14.1 7.3 6.0 5.8 13.6 16.1 -0.4 19.3 22.6

Lupin LUPIN 1643 1885 Buy 89602.4 53.6 55.7 75.4 37.1 35.7 26.4 28.6 22.6 21.8 35.7 35.1 24.4 26.5 27.1 22.9

Natco Pharma NATPHA 2287 2580 Buy 7967.3 34.6 48.7 67.2 66.2 47.0 34.0 43.7 36.3 27.0 16.1 15.1 18.9 14.1 13.8 16.7

Sun Pharma SUNPHA 892 850 Hold 214635.4 19.8 20.5 32.6 45.1 43.4 27.3 25.5 24.9 17.2 19.9 19.2 24.0 20.8 18.5 23.6

Torrent Pharma TORPHA 1401 1660 Buy 23703.0 44.4 94.4 79.0 31.6 14.8 17.7 14.3 15.0 5.6 28.1 20.1 45.5 34.9 30.2 44.4

Unichem Laboratories UNILAB 286 210 Hold 2596.7 8.3 14.8 21.2 34.4 19.3 13.5 14.2 24.8 12.9 19.0 8.5 17.2 16.7 8.7 14.5

RoNW (%)Company

EPS (|) PE(x) EV/EBITDA (x) RoCE (%)


RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Add, Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Sector view: Over weight compared to index Equal weight compared to index Under weight compared to index Index here refers to BSE 500

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093

[email protected]


ANALYST CERTIFICATION We /I, Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Nandan Kamat MBA Finance, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures: ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com. ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securitiesis is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Nandan Kamat MBA Finance, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. It is confirmed that Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Nandan Kamat MBA Finance, Research Analysts do not serve as an officer, director or employee of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

september 28, 2015 health checkcontent.icicidirect.com/mailimages/idirect_healthcheck_sep15.pdf ·...

Documents