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    Valuation Healthcare Industry

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    Probal Biswas
    This document summarizes the balance sheet and profit and loss statement for FDC Ltd, an Indian pharmaceutical company, from 2005 to 2011. Key financial metrics such as adjusted EBITDA, NOPLAT, net investment, operating free cash flow, and return on invested capital generally increased over this period, though there was some fluctuation year to year. The company's post-tax operating margin and capital turnover also improved from 2005 to 2011, contributing to higher returns on invested capital.

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    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd

    Valuation Healthcare Industry

    Uploaded by

    Probal Biswas
    43 views7 pages
    This document summarizes the balance sheet and profit and loss statement for FDC Ltd, an Indian pharmaceutical company, from 2005 to 2011. Key financial metrics such as adjusted EBITDA, NOPLAT, net investment, operating free cash flow, and return on invested capital generally increased over this period, though there was some fluctuation year to year. The company's post-tax operating margin and capital turnover also improved from 2005 to 2011, contributing to higher returns on invested capital.

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    This document summarizes the balance sheet and profit and loss statement for FDC Ltd, an Indian pharmaceutical company, from 2005 to 2011. Key financial metrics such as adjusted EBITDA, NOPLAT, net investment, operating free cash flow, and return on invested capital generally increased over this period, though there was some fluctuation year to year. The company's post-tax operating margin and capital turnover also improved from 2005 to 2011, contributing to higher returns on invested capital.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    43 views7 pages

    Valuation Healthcare Industry

    Uploaded by

    Probal Biswas
    This document summarizes the balance sheet and profit and loss statement for FDC Ltd, an Indian pharmaceutical company, from 2005 to 2011. Key financial metrics such as adjusted EBITDA, NOPLAT, net investment, operating free cash flow, and return on invested capital generally increased over this period, though there was some fluctuation year to year. The company's post-tax operating margin and capital turnover also improved from 2005 to 2011, contributing to higher returns on invested capital.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 7

    Company >> Finance >> Balance Sheet

    FDC Ltd
    Industry :Pharmaceuticals - Indian - Bulk
    Drugs & Formln Lrg
    Year
    SOURCES OF FUNDS :
    Share Capital
    Reserves Total
    Equity Share Warrants
    Equity Application Money
    Total Shareholders Funds
    Secured Loans
    Unsecured Loans
    Total Debt
    Total Liabilities
    APPLICATION OF FUNDS :
    Gross Block
    Less : Accumulated Depreciation
    Less:Impairment of Assets
    Net Block
    Lease Adjustment
    Capital Work in Progress
    Investments
    Current Assets, Loans & Advances
    Inventories
    Sundry Debtors
    Cash and Bank
    Loans and Advances
    Total Current Assets
    Less : Current Liabilities and Provisions
    Current Liabilities
    Provisions
    Total Current Liabilities
    Net Current Assets
    Miscellaneous Expenses not written off
    Deferred Tax Assets
    Deferred Tax Liability
    Net Deferred Tax
    Total Assets
    Contingent Liabilities
    http://www.capitaline.com

    (Rs in Crs)
    Mar 10 Mar 09 Mar 08 Mar 07 Mar 06 Mar 05
    18.71
    18.9
    19.22 19.22 19.22 19.22
    505.56 401.88 356.09 312.86 271.12 219.09
    0
    0
    0
    0
    0
    0
    0
    0
    0
    0
    0
    0
    524.27 420.78 375.31 332.08 290.34 238.31
    0
    0
    0
    0
    0
    0
    2.44
    2.68
    12.87
    3.11
    3.18
    3.26
    2.44
    2.68
    12.87
    3.11
    3.18
    3.26
    526.71 423.46 388.18 335.19 293.52 241.57
    351.75 324.53 245.98 218.16 162.22 144.16
    101.59 88.47 76.02 65.21 55.85 48.65
    0
    0
    1.45
    1.45
    1.45
    1.45
    250.16 236.06 168.51 151.5 104.92 94.06
    0
    0
    0
    0
    0
    0
    30.06 27.09 51.51 44.97 42.79 14.63
    229.49 111.32 122.23 50.78 68.37 63.09
    88.98
    95.4
    90.9
    97.64 70.82 56.98
    35.48 34.67 18.88 20.61 19.88 47.03
    14.31
    9.7
    14.61 20.21 19.83 11.67
    24.16 24.84 29.05 23.39 29.29 23.54
    162.93 164.61 153.44 161.85 139.82 139.22
    78.35 67.29 69.18 58.61 46.46 61.98
    43.67
    29.9
    24.37
    2.3
    7.77
    0.88
    122.02 97.19 93.55 60.91 54.23 62.86
    40.91 67.42 59.89 100.94 85.59 76.36
    0
    0
    0
    0.02
    1.47
    2.92
    3.04
    4.96
    3.42
    1.62
    2.34
    1.03
    26.95 23.39 17.38 14.64 11.96 10.52
    -23.91 -18.43 -13.96 -13.02 -9.62
    -9.49
    526.71 423.46 388.18 335.19 293.52 241.57
    13.08 15.54
    5.49
    6.12
    15.79
    4.28

    Company >> Finance >> Profit & Loss


    FDC Ltd
    Industry :Pharmaceuticals - Indian - Bulk
    Drugs & Formln Lrg
    (Rs in Crs)
    Year
    INCOME :
    Sales Turnover
    Excise Duty
    Net Sales
    Other Income
    Stock Adjustments
    Total Income
    EXPENDITURE :
    Raw Materials
    Power & Fuel Cost
    Employee Cost
    Other Manufacturing Expenses
    Selling and Administration Expenses
    Miscellaneous Expenses
    Less: Pre-operative Expenses Capitalised
    Total Expenditure
    Operating Profit
    Interest
    Gross Profit
    Depreciation
    Profit Before Tax
    Tax
    Fringe Benefit tax
    Deferred Tax
    Reported Net Profit
    Extraordinary Items
    Adjusted Net Profit
    Adjst. below Net Profit
    P & L Balance brought forward
    Statutory Appropriations
    Appropriations
    P & L Balance carried down
    Dividend
    Preference Dividend
    Equity Dividend %
    Earnings Per Share-Unit Curr
    Earnings Per Share(Adj)-Unit Curr
    Book Value-Unit Curr
    http://www.capitaline.com

    Mar 10(12) Mar 09(12) Mar 08(12) Mar 07(12) Mar 06(12)
    660
    10.29
    649.71
    31.72
    -5.85
    675.58

    592.98
    16.47
    576.51
    10.76
    3.43
    590.7

    525.27
    35.66
    489.61
    19.22
    -7.72
    501.11

    469.05
    40.94
    428.11
    12.93
    21.09
    462.13

    377.52
    38.61
    338.91
    26.98
    12.77
    378.66

    276.42
    11.44
    71.87
    25.95
    80.64
    13.67
    0
    479.99
    195.59
    1.32
    194.27
    14.48
    179.79
    25.5
    0
    5.47
    148.82
    7.93
    140.89
    0
    127.36
    0
    67.76
    208.42
    32.6
    0
    175
    7.66

    267.05
    10.19
    55.66
    25.83
    92.26
    20.67
    0
    471.66
    119.04
    1.46
    117.58
    12.73
    104.85
    14.65
    2.3
    4.47
    83.43
    -2.61
    86.04
    0
    96.43
    0
    52.5
    127.36
    23.51
    0
    125
    4.2

    242.02
    9.35
    49.83
    19.74
    78.24
    11.33
    0
    410.51
    90.6
    1.48
    89.12
    11.15
    77.97
    9.27
    2
    0.94
    65.76
    6.59
    59.17
    0
    78.08
    0
    47.41
    96.43
    19.15
    0
    100
    3.25

    223.29
    9
    45.66
    18.8
    66.85
    6.47
    0
    370.07
    92.06
    1.25
    90.81
    9.49
    81.32
    11.83
    1.75
    3.4
    64.34
    2.42
    61.92
    0
    60.57
    0
    46.83
    78.08
    19.15
    0
    100
    3.21

    166.61
    6.42
    34.42
    12.81
    50.98
    14.32
    0
    285.56
    93.1
    0.91
    92.19
    7.96
    84.23
    12.8
    1.87
    0.12
    69.44
    10.75
    58.69
    0
    48.6
    0
    57.47
    60.57
    15.32
    0
    80
    3.5

    27.98

    22.21

    19.47

    17.21

    15.04

    Mar 05(12)
    350.05
    28.55
    321.5
    24.2
    9.92
    355.62
    176.99
    5.28
    27.75
    11.79
    44.27
    12.07
    0
    278.15
    77.47
    0.56
    76.91
    7.06
    69.85
    13.6
    0
    1.71
    54.54
    9.23
    45.31
    0
    40.3
    0
    46.24
    48.6
    14.36
    0
    75
    2.74
    12.33

    FDC - KEY VALUE DRIVERS & RELATED RATIOS


    2011

    2010

    2009

    2008

    2007

    179.79
    1.32
    31.72

    104.85
    1.46
    10.76

    77.97
    1.48
    19.22

    81.32
    1.25
    12.93

    84.23
    0.91
    26.98

    Adjusted EBITDA
    Growth (%)

    149.39
    56.35%

    95.55
    58.64%

    60.23
    -13.51%

    69.64
    19.74%

    58.16

    Tax on Income
    Add: Deferred Tax
    Add: Fringe Benefit Tax
    Tax Rate
    Add: Tax on Interest Expense
    Less: Tax on Non-Operating Income

    25.5
    5.47
    0
    17.23%
    0.23
    5.46

    14.65
    4.47
    2.3
    20.43%
    0.30
    2.20

    9.27
    0.94
    2
    15.66%
    0.23
    3.01

    11.83
    3.4
    1.75
    20.88%
    0.26
    2.70

    12.8
    0.12
    1.87
    17.56%
    0.16
    4.74

    25.73

    19.52

    9.43

    14.54

    10.21

    123.66
    62.64%

    76.03
    49.67%

    50.80
    -7.81%

    55.10
    14.91%

    47.95

    Total Assets (end)


    Less: Investments
    Invested Capital (end)
    Total Assets (beg)
    Less: Investments
    Invested Capital (beg)

    526.71
    229.49
    297.22
    423.46
    111.32
    312.14

    423.46
    111.32
    312.14
    388.18
    122.23
    265.95

    388.18
    122.23
    265.95
    335.19
    50.78
    284.41

    335.19
    50.78
    284.41
    293.52
    68.37
    225.15

    293.52
    68.37
    225.15
    241.57
    63.09
    178.48

    Average Invested Capital

    304.68

    289.05

    275.18

    254.78

    201.82

    Net Investment
    Growth (%)

    -14.92
    -132.30%

    46.19
    350.22%

    -18.46
    -131.15%

    59.26
    26.98%

    46.67

    Operating FCF
    Growth (%)

    138.58
    364.40%

    29.84
    56.91%

    69.26
    -4.16
    1764.39% -425.69%

    1.28

    26.26
    7.93
    -111.32

    8.56
    -2.61
    -122.23

    16.21
    6.59
    -50.78

    10.23
    2.42
    -68.37

    22.24
    10.75
    -63.09

    S.No
    Profit Before Tax (PBT)
    Add: Interest Expense
    Less:Non-Operating Income

    Tax on Adjusted EBITDA


    1

    NOPLAT
    Growth (%)

    Add: Post Tax other income


    Less: Extraordinary Items
    Dec/(Inc) in Marketable Securities
    5

    FCFF
    Growth (%)

    45.58
    -81.22
    156.12% -389.05%

    28.10
    143.41%

    -64.72
    -28.62%

    -50.32

    6
    7
    8

    Investment Rate
    ROIC
    Growth
    Decomposition
    Post-Tax Operating Margin
    Capital Turnover

    -12.07%
    40.59%
    -4.90%

    60.75%
    26.30%
    15.98%

    -36.34%
    18.46%
    -6.71%

    107.55%
    21.63%
    23.26%

    97.34%
    23.76%
    23.13%

    19.03%
    2.13

    13.19%
    1.99

    10.38%
    1.78

    12.87%
    1.68

    14.15%
    1.68

    9
    10

    Year

    Adjusted EBITDA
    Growth
    NOPLAT
    Net Investment
    Operating FCF
    FCFF
    Investment Rate
    ROIC
    Post-Tax Operating Margin
    Growth

    2011

    2010

    149.39
    0.56
    123.66
    0.63
    -14.92
    -1.32
    138.58
    3.64
    45.58
    1.56
    -12.07%
    40.59%
    19.03%
    -4.90%

    95.55
    58.64%
    76.03
    49.67%
    46.19
    350.22%
    29.84
    56.91%
    -81.22
    -389.05%
    60.75%
    26.30%
    13.19%
    15.98%

    2009

    2008

    2007

    60.23
    69.64
    -13.51%
    19.74%
    50.80
    55.10
    -7.81%
    14.91%
    -18.46
    59.26
    -131.15%
    26.98%
    69.26
    -4.16
    1764.39% -425.69%
    28.10
    -64.72
    143.41% -28.62%
    -36.34% 107.55%
    18.46%
    21.63%
    10.38%
    12.87%
    -6.71%
    23.26%

    58.16
    47.95
    46.67
    1.28
    -50.32
    97.34%
    23.76%
    14.15%
    23.13%

    200.00
    Adjusted EBITDA
    150.00
    NOPLAT
    100.00
    Net Investment
    50.00
    Operating FCF
    0.00
    2011

    2010

    2009

    2008

    2007

    FCFF

    -50.00
    Investment Rate
    -100.00

    Comments:
    Adjusted EBITA is growing after 2009
    NOPLAT is also growing
    However Operating FCF and FCFF is little bit irregular.
    (These two factors shown increasing trend except for the year
    2010.)
    ROIC is increasing over the years.
    Post Tax Operating Income is also growing.

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