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					                                                                                              Regd off: Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Mumbai-18
NOVARTIS INDIA LIMITED                                                                        E-Mail:    hemang.maniar@novartis.com
                                                                                              Web site: www.novartis.co.in
                                                                                              Telephone: (022) 2495 8807 Fax: (022) 2493 8666
PHARMACEUTICALS                                                                     MNC       Tr agent: Sharepro Services, Satam Estate, 3rd Floor, Chakala, Mumbai - 99
Chairman: C. Snook                                                               SEC: H. K. Maniar                                      AUD: Price WaterHouse
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m         % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1947   500672            HCBA:IN      5           465.1          7.0              58.0         14.3      14.0            2.2          14,864.6              3.9         INE234A01025
SHAREHOLDING                                                     FX Transaction (FY09)                               ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :  0.0%               Exports (fob)          Rs m        27
Foreign collaborators      : 50.9%
                                                                                                       (Rs)
                                                 Imports (cif)          Rs m       747
Indian inst/Mut Fund       : 18.6%               Fx inflow              Rs m        91          600
FIIs/GDR                   :  1.7%               Fx outflow             Rs m     1,003                                                                       DAILY
Free float                 : 28.9%               Net fx                 Rs m      -912
Shareholders               : 48,870                                                                                                                          100 DMA
                                                                                                500
                           No. of months                  12            12              12
                             Year ending            31/03/07      31/03/08        31/03/09
EQUITY SHARE DATA
                                                                                                400
High                                  Rs                 596            440            380
Low                                   Rs                 307            269            221
Sales per share                       Rs               169.7          173.2          187.6
Earnings per share                    Rs                27.7           30.4           32.4      300
Cash flow per share                   Rs                28.6           31.3           33.3
Dividends per share                   Rs               10.00          10.00          10.00
Dividend yield (eoy)                  %                  2.2            2.8             3.3
                                                                                                200
Book value per share                  Rs               121.6          140.3          161.0
Shares outstanding (eoy)              m                31.96          31.96          31.96       Aug-06              Jun-07            Feb-08               Nov-08           Aug-09
Bonus/Rights/Conversions                                    -              -              -
Price / Sales ratio                   x                   2.7            2.0            1.6                               No. of months                 12           12            12
Avg P/E ratio                         x                 16.3           11.7             9.3                                 Year ending           31/03/07     31/03/08      31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                 15.8           11.3             9.0
Price / Book Value ratio              x                   3.7            2.5            1.9    From Operations                         Rs   m         507              624           935
Dividend payout                       %                 36.1           32.9           30.8     From Investments                        Rs   m        -818             -474          -168
Avg Mkt Cap                           Rs m            14,430         11,330          9,604     From Financial Activity                 Rs   m        -895              -52          -382
No. of employees                      `000                  1              1              1    Net Cashflow                            Rs   m      -1,206               99           386
Total wages/salary                    Rs m               552            599            700
Avg. sales/employee                   Rs Th          6,045.7        6,095.8        6,851.4                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            615.4          659.7          800.0                                           2QFY09  3QFY09                4QFY09     1QFY10
Avg. net profit/employee              Rs Th            987.7        1,070.5        1,185.1     Net sales                   Rs    m     1,600   1,599                 1,379      1,612
                                                                                               Gross profit                Rs    m       384      270                  231        401
INCOME DATA                                                                                    Gross profit margin         %            24.0     16.9                 16.8       24.9
Net Sales                             Rs     m         5,423            5,535        5,995     Net profit                  Rs    m       292      242                  207        318
Other income                          Rs     m           501              589          660     Net profit margin           %            18.3     15.1                 15.0       19.7
Total revenues                        Rs     m         5,924            6,124        6,655
Gross profit                          Rs     m           888              992        1,108                                          KEY DATA
Depreciation                          Rs     m            27               29           27     Parameters                          Unit              FY07            FY08       FY09
Interest                              Rs     m             6                6            7     Pharmaceuticals                     % of sales         70.7            69.8       67.9
Profit before tax                     Rs     m         1,356            1,546        1,734     OTC                                 % of sales         14.7            14.2       13.5
Minority Interest                     Rs     m             0                0            0     Animal health                       % of sales          6.6             7.7        8.3
Prior Period Items                    Rs     m            30              -24          -46     Generics                            % of sales          8.0             8.3       10.3
Extraordinary Inc (Exp)               Rs     m            -2               -3           -5     Raw material costs                  % of sales         45.0            43.5       41.3
Tax                                   Rs     m           498              547          646
                                                                                                                                      NOTES
Profit after tax                      Rs     m           886              972        1,037
Gross profit margin                   %                 16.4             17.9         18.5    Novartis is a 76% subsidiary of Novartis AG - Switzerland and has a countrywide
Effective tax rate                    %                 36.7             35.4         37.3    presence in the healthcare business. While pharmaceuticals contributes 68% to total
                                                                                              revenues (FY09), generics (10%), consumer healthcare i.e. OTC (14%) and animal
Net profit margin                     %                 16.3             17.6         17.3
                                                                                              health (8%) make up for the rest. Novartis has identified therapeutic segments of
BALANCE SHEET DATA                                                                            cardiovascular, oncology and gynaecology as the key growth drivers for the future.

Current assets                        Rs m             4,605            5,382        6,233    Novartis' revenues in FY09 grew by 8% YoY led by the animal health and generics
Current liabilities                   Rs m               893            1,335        1,543    businesses. While revenues from the pharmaceutical division recorded a staid 5%
Net working cap to sales              %                 68.4             73.1         78.2    YoY growth, the generics division grew by a robust 35% YoY due to the one time
Current ratio                         x                   5.2              4.0          4.0   government tender business for the anti-TB range. Growth in the animal health
Inventory Turnover                    Days                45               45           31    division was attributed to various marketing initiatives undertaken by the company
Debtors Turnover                      Days                29               26           28    and resurgence in the poultry market. Sales growth of the OTC segment was
Net fixed assets                      Rs m                 97               93          87    lukewarm as it was pressurized by increased competition. While Novartis' operating
Share capital                         Rs m               160              160          160    margins improved during the year, net profits grew by a tepid 7% YoY, despite the
"Free" reserves                       Rs m             3,725            4,323        4,986    increase in other income, on account of higher tax expenses.
Net worth                             Rs m             3,886            4,484        5,147    Going forward, the pharmaceutical business is expected to be the key growth driver,
Long term debt                        Rs m                 43                0            3   which will largely be driven by new product launches. In the pharma business, the
Total assets                          Rs m             4,739            5,695        6,554    company has chalked a strategy of driving growth through life cycle management of
Interest coverage                     x                227.0            258.7        248.7    existing products and in-licensing opportunities. In the OTC segment, while
Debt to equity ratio                  x                   0.0              0.0          0.0   consolidation of existing brands and launch of new products in various categories is
Sales to assets ratio                 x                   1.1              1.0          0.9   expected to augur well for this business, overcoming competitive pressures will be
Return on assets                      %                 22.7             21.8         20.3    the key challenge going forward. While we expect the performance of the generics
Return on equity                      %                 22.8             21.7         20.1    business to remain volatile, the animal health business should see growth on the
Return on capital                     %                 35.4             34.0         32.8    back of various initiatives taken by the company.
Exports to sales                      %                   0.4              0.4          0.5
Imports to sales                      %                 14.8             10.5         12.5
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posted:11/6/2010
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