IAETSD JOURNAL FOR ADVANCED RESEARCH IN APPLIED SCIENCES ISSN NO : 2394-8442

A COMPARATIVE STUDY OF SOLVENCY AND PROFITABILITY POSITION OF SUN PHARMACEUTICAL INDUSTRIES LTD AND LTD

#Dr. Partap Singh Chahal Associate Professor, Deptt. of Management Studies, Samalkha Group of Institutions (SGI), Samalkha, Panipat, Haryana Email: [email protected]

ABSTRACT; The Indian pharmaceuticals market is the third largest in terms of volume and thirteenth largest in terms of value, and it accounts for 20 per cent in the volume terms and 1.4 per cent in value terms of the Global as per a report by Equity Master. The liquidity, solvency, and profitability position of Sun Pharmaceutical Industries Limited and CIPLA Limited are much helpful in taking investment decision by investors. The present paper studies the liquidity position, solvency position, and profitability position of Sun Pharmaceutical Industries Limited and CIPLA Ltd through the application of ratio analysis in measuring financial health of the company.

Keywords: Liquidity, Solvency, Efficiency of Management of Current Assets, Profitability, Return, Equity, Working Capital, Capital Employed, Shareholder’s Fund, Proprietor’s Fund.

I. INTRODUCTION

The Pharma industry has registered growth growing exponentially over the last few years. It has increased life spans and fostered hope to people who have given up on everything. Improved life style and the capability to trust the Indian pharmaceutical industry is proof of the positive outcome of the Pharma industry. Indian Pharma companies in the recent times have increased spending on R&D specifically in specialty drugs and complex generics.

Profile of the pharmaceutical Industry The pharmaceutical industry in ranks 3rd in the world terms of volume and 14th in terms of value and , officially known as Sun Pharmaceutical Industries Limited is headquartered , in India, was founded in 1983 by Dilip Shanghvi is the 1st largest pharma company in India along with the capitalization of Rs.155716 crore. In 2007, Sun Pharma demerged its innovative R&D arm, and listed it separately on the stock market as the Sun Pharma Advanced Research Company Ltd. It is an Indian multinational pharmaceutical company that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs) primarily in India and the United States which offers formulations in various therapeutic areas, such as , , , and diabetology. It also provides APIs such as warfarin, carbamazepine, etodolac, and clorazepate, as well as anticancer, steroids, peptides, sex hormones, and controlled substances.

Profile of Cipla Limited: Cipla is a leading global pharmaceutical company, dedicated to high-quality, branded and generic medicines, was established in India in the year 1935. Its net capitalization is about Rs48, 788 Crores. It is an Indian multinational pharmaceutical and biotechnology company, headquartered in Mumbai, India and it is functioning in more than 150 countries all over the world at the moment. It largely developed medicines to treat cardiovascular disease, arthritis, diabetes, weight control and depression; other medical conditions. Cipla has 34 state-of-the-art manufacturing facilities that make Active Pharmaceutical Ingredients (APIs) and formulations and it has over 2,000 products in 65 therapeutic categories as well as strong presence in over 170 countries. Company are now strengthening its global focus by consolidating and deepening its presence in the key markets of India, South Africa, the US, and other economies of the emerging world

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II.RESEARCH METHODOLOGY The Objective of the Paper  To analyze the liquidity, solvency, and profitability& return of Sun Pharmaceutical Industries Limited and CIPLA Limited by using the Liquidity ratios, Long-term Solvency Ratios, and Profitability Ratios. Besides these  To study the comparative valuation of performance of Sun Pharmaceutical Industries Limited and CIPLA Limited. Collection and Analysis of Data The paper is based on the secondary data only. The secondary data has been collected from Annual Report from 2013 to 2017 of Sun Pharmaceutical Industries Limited and Cipla Limited from different websites, articles etc. The various Liquidity Ratios, Long-term Solvency Ratios, Turnover Ratios and Profitability Ratios have been used to analyze the data. Besides this, EPS, Earning Yield and P/E ratios have also been used to give true picture of the both companies: , EPS = (Higher Ratio is better) Earning Yield =

() P/E ratio = ()

The Theoretical Framework Financial ratios: Financial ratios are the determination of relationships between the items given in the company's financial statements and these compares relationships between financial statement accounts to identify the strengths and weaknesses of a company. These are grouped in the following four categories:  Liquidity Ratios  Long Term Solvency Ratios  Turnover Ratios  Profitability Ratios III. RESULTS AND DISCUSSION

Comparative Analysis of Liquidity Position of Sun Pharmaceutical Industries Ltd and Cipla

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Table II Showing Analysis of Liquidity Position of Cipla Ratios Year-wise Ratios

1.Liquidity 2017 2016 2015 2014 2013 Ratio: . . . . . Current Ratio= = 2.64 = =2.01 = 1.91 = . . . . . 1.14 2.98 =2:1 .—. .... .. .. Liquid Ratio= . . . . . = 1.57 = 0.64 =0.99 = 0.93 = 1.93 = 1:1 .. .. .. .. Cash Position = = .. . . . . Ratio= =0.1 . = 0.11 0.15 0.26 = 0.22 9 0.50:1 Source: Compiled data from Annual Report of Sun Pharmaceutical Industries Ltd. for 2012 to 2017 The Table I reveal that:  As per Current Ratio, except Year 2017 and 2015, the liquidity position is fully satisfactory of Sun Pharma Industries Ltd during the study period as the calculated ratio is greater than standard current ratio. However, in the year 2017 and 2015 the calculated ratios are near to standard, so, the liquidity position is not a serious issue.  As per Liquid Ratio, during the study period, the liquidity position of the company is fully satisfactory as calculated liquid ratio is greater than standard liquid ratio.

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 As per cash position ratio, during the study period, the liquidity position of the company is fully satisfactory as calculated cash position ratio is greater than standard cash position ratio.  It has been found that the liquidity position of Sun Pharma Industries Ltd is fully satisfactory and company is able to pay its short-term obligation easily. However, liquidity position of the company has a decline trend continuously from the year 2013.

Table II reveals that:  As per Current Ratio, except Year 2014 and 2016, the liquidity position is fully satisfactory of Cipla during the study period as the calculated ratio is greater than standard current ratio. However, in the year 2014 and 2016 the calculated ratios are near to standard, so, the liquidity position is not a serious issue.  As per Liquid Ratio, during the study period, the liquidity position of the company is average satisfactory as calculated liquid ratio is less than standard liquid ratio in the year 2014, 2015, and 2016.  As per cash position ratio, during the study period, the liquidity position of the company is below average satisfactory as calculated cash position ratio is less than standard cash position ratio.  It has been found that the liquidity position of Cipla Company is moderate or average satisfactory and company may face liquidity problem in paying its short-term obligation easily. However, liquidity position of the company has positive sign in the year 2017.  It has been observed that the liquidity position of Sun Pharma Industries Ltd is better than Cipla. The cash position of Sun Pharma is much better than Cipla Company. However, liquidity position of the Cipla Company has positive clue regarding liquidity position in the year 2017. Cipla Company should more focus on its cash position.

Comparative Analysis of Long-term Solvency Position of Sun Pharmaceutical Industries Ltd

Table III Showing Analysis of Long-term Solvency Position of Sun Pharmaceutical Industries Ltd Ratios Year-wise Ratios 2. Long Term Solvency 2017 2016 2015 2014 2013 Ratios 2.1 Debt- Equity Ratio= .. .. .. .. .. . . ( ) . . . = 0.33 =0.20 (: ) = 0.48 =0.44 =0.54 . . . . . 2.2 Proprietary Ratio= =0.69 =0.62 =0. =0. . . . . . X100 =0.66 63 73 (33% or more than 33%) 2.3 Interest Coverage Ratio= . . . . Net Profit before charging Interest =20.83 . . . . Fixed Interest Charges . =26.36 =204.76 =118.75 (NPBIT = 6 or 7 times more =31.57 than fixed interest) 2.5 Fixed Assets Ratio= 34981.8 + 1484431604.3 + 13540 .. 75831.4 + 1203470000.7 + 15317 8415 +5626.1 = 50771 . ( . +9719.9 +5068.4 −4092 149897 (0.67:1) =0.36 370677.3 308926.4 185249 0.31 =0.30 =0.31 =0.34 . .. 2.6 Solvency Ratio= = =0. . . . .. . = = . . 0.33 . 14 0.31 0.29 =0.21 (Other Firm) Source: Compiled data from Annual Report of Sun Pharmaceutical Industries Ltd. for 2012 to 2017

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Table IV Showing Analysis of Long-term Solvency Position of CIPLA Ltd. Ratios Year-wise Ratios 2. Long Term Solvency 2017 2016 2015 2014 2013 Ratios 2.1 Debt- Equity Ratio= .. .. . 309.28 + 3761 317.87 + 29630.55 + 2277 =0.67 ( ) . 10976.92 10050.35 9048.68 =0.54 (: ) =0.37 =0.33 =0.25 . 2.2 Proprietary Ratio= x100 . 11516.22 10789.24 10050.35 9048.68 X100 x100 x100 x100 x100 21128.18 15717.53 13403.24 11658.80

(33% or more than 33%) =59.77% =54.51% =68.64 =74.98 =77.61% 2.3 Interest Coverage Ratio= Net Profit before charging Interest . . . . . Fixed Interest Charges (NPBIT = 6 or 7 times more . . . . . =14.94 =15.85 =24.23 =34.70 =77.01 than fixed interest)

2.4 Fixed Assets Ratio= .. 7970.22 6182.37 − 504 3984.38 3646.93 . ( 12088.19 12037.75 10368.22 9019.23 =0.43 (0.67:1) =0.66 =0.47 =0.38 =0.40 2.5 Solvency Ratio= .. .. . 309.28 + 3761 317.87 + 29630.55 + 2277 = . 15647.09 13403.24 11658.80 = 0.33 =0.17 (Other Firm) = 0.26 = 0.24 =0.20 Source: Compiled data from Annual Report of Sun Pharmaceutical Industries Ltd. for 2012 to 2017

Table III reveals that:  As per calculated debt-equity ratio, the long-term solvency position of the company is fully satisfactory as calculated ratio is much less than standard ratio (2:1). It means the company has ability to meet its long -term liabilities and it provide highly safety for creditors as a high debt-equity ratio represent low safety for debenture holders and is considered high risky and vice-versa.  As per calculated Proprietary Ratio, the long-term solvency position of the company is fully satisfactory as calculated ratio is more than standard ratio (33% or more than 33%). The higher proprietor ratio represents greater long term solvency of the firm and it provides safety to creditors and it indicates that the proportion of shareholders’ fund in total is greater and satisfactory. Thus, the company easily can pay its long –term obligations.  As per calculated interest coverage ratio, the long-term solvency position of the company is fully satisfactory as the level company’s net profit before charging interest and income taxes is more than 6 or 7 times as compared to fixed interest charges. It means, the ratio provides high safety to the creditors and avail sufficient amount of profit to pay fixed interest charges.  As per calculated fixed asset ratio, the long-term solvency position of the company is fully satisfactory as the calculated ratio is less than the Ideal Ratio is 0.67:1. It means that fixed assets are being financed through long-term funds or liabilities which are beneficial for long-term solvency purpose and the company has good efficiency of management about the proportion of long-term funds as well as short term funds that is invested in fixed assets.  As per calculated solvency ratio, the long-term solvency position of the company seems fully satisfactory as the calculated ratio shows that the proportion of long-term debt are much less than total assets. However, the ratio can be compared other company for more accurate results.  As per calculated solvency ratio, the long-term solvency position of the Sun Pharma Industries Ltd. seems fully satisfactory and better than Sun Pharma Industries Ltd except the year 2013 and 2014.

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Table IV reveals that:  As per calculated debt-equity ratio, the long-term solvency position of the company is not fully satisfactory as calculated ratio is much less than standard ratio (2:1). It means the company has not ability to meet its long-term liabilities and it is risky for creditors. However, the long-term solvency position of the company has been improved from 2013 continuously.  As per calculated Proprietary Ratio, the long-term solvency position of the company is fully satisfactory as calculated ratio is more than standard ratio (33% or more than 33%). The higher proprietor ratio represents greater long term solvency of the firm and it provides safety to creditors and i  It indicates that the proportion of shareholders’ fund in total is satisfactory. Thus, the company easily can pay its long –term obligations. A very high ratio is not necessarily being good as it may prevent a firm from getting benefits from trading on equity  As per calculated interest coverage ratio, the long-term solvency position of the company is fully satisfactory as the level company’s net profit before charging interest and income taxes is more than 6 or 7 times as compared to fixed interest charges. It means, the ratio provides high safety to the creditors and avail sufficient amount of profit to pay fixed interest charges.  As per calculated fixed asset ratio, the long-term solvency position of the company is not fully satisfactory as the calculated ratio is less than the Ideal Ratio is 0.67:1. It means that fixed assets are not being financed through long-term funds or liabilities properly which are beneficial for long-term solvency purpose and the company has some inefficiency of management about the proportion of long-term funds as well as short term funds that is invested in fixed assets.  As per calculated solvency ratio, the long-term solvency position of the company seems satisfactory as the calculated ratio shows that the proportion of long-term debt are much less than total assets. However, the ratio can be compared other company for more accurate results.  All solvency ratio, the long-term solvency position of the company seems fully satisfactory as the calculated ratio shows that the proportion of long-term debt are much less than total assets. However, the ratio can be compared other company for more accurate results.  It has been studied that the Long-term solvency position of Sun Pharma Industries Ltd is better than Cipla. Analysis of the Profitability of Sun Pharmaceutical Industries Ltd

Source: Compiled data from Annual Report of Sun Pharmaceutical Industries Ltd. for 2012 to 2017

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Analysis of the Profitability of Cipla Table VI Showing Analysis of the Efficiency of Current Assets Management of Cipla Ratios Year-wise Ratio

4.Profitability Ratio: 2017 2016 2015 2014 2013 . . . . 4.1Net Profit Ratio = x 1254.22 x x 100 . 100 . ( ) . 10991.44 . x 100 100 x100= 100 =18.93% =11.41% =7.30% =10.34 =14.35%

. . . . 4.2Return on Investment(ROI) x x x x . . 1254.22 . . = x100 100 100 `100100 100 7998.18 =4.8% =8.40% =9.02 =9.82 =15.68 . . . . . 4.3 Return on Equity Capital = x100 x100 x10 x100 . . . . . x100 0 ( ,& =11.81% =11.29% =17.13 x100 =8.03% =13.81%%

. . . . . 4.4 Return on Total Assets = x x x x x ( & . . . . . 100 100 100 100 100 x100 =4.97% =6.60% =11.62 =10.57 =13.30

EPS = ,

12.13 17.41 14.71 17.29 18.77 (Higher Ratio is better)

. . . . . Earning Yield = = Rs. = = = Rs. = 0.01 . . . . .

0.02 Rs.0.03 Rs.0.03 0.05

. . P/E ratio = = 511.95 712.45 383.4 . () . 16.92 14.71 19.24 Rs.47.36 = Rs.22.14 () =Rs.30.62 = Rs. 48.43 =Rs. 19.93

Source:Compiled data from Annual Report of Sun Pharmaceutical Industries Ltd. for 2012 to 2017

Table V reveals that:  The net profit ratio in all years is lower than the year 2013 during the study period. It has shown a satisfactory growth during the year 2017. So, it is considered as satisfactory. However, it can be compared other similar company of the same industry.  Return on Investment ratio has increased more in the year 2015 and 2017 as compared to 2013 and has declined in the year 2014 and 2016 which indicates the higher ratio is better for firm as it indicates that the funds of a firm are being used efficiently and effectively and the lower ROE ratio is not good for firm. However, the decline is not so serious and there is no ideal ratio or standard norms for it. So, it can be compared with ratio in similar business.

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 The return on equity capital ratio is lowest in the year 2017 and it is highest in the year 2013. It has declined in all years as compared to the year 2013 during study period. The lower ratio is not good for the company as it indicates that the equity funds of a firm are being used inefficiently and ineffectively. Here, an average return of 14 percent for equity can be understood satisfactory. However, there is no ideal ratio or standard norms for it. So, it can be compared with ratio in similar business.  It has been found that the company’s overall efficiency to utilize equity share capital is average during the study period and can be assumed satisfactory for equity shareholders.  The return on total assets is lower in the all year than 2013 during the study period. The lower ratios indicate that the total assets of the company are being used efficiently and effectively and it has the lower earning capacity or profitability of the company.  EPS has negative trend in Sun Pharma.  Earning Yield in Sun Pharma or the rate of return which is received from holding the share is highest in the year 2017 and lowest in the year 2015.  The P/E ratio is lowest in the year 2017 and highest in 2015 while it is Rs. 32.82 which is greater in all years except the year 2017. So, it may be interpreted that a high PE ratio suggests that market participants are bullish on the stock and expect the company to post higher earnings growth going forward. However, it can also be interpreted as an overpriced stock in some cases. A low PE ratio can either be interpreted as an undervalued stock or market participants are not too bullish on the company’s future earnings growth. So, an investor can invest in the company during the year 2017 and 2013 and can sell during the year 2015, 2014 and 2016.

Table VI reveals that:  The net profit ratios of Cipla in all years are continuously declining since 2013. The net profit ratios of Sun pharma are greater than Cipla in the year 2016 and 2017 while the net profit ratios of Cipla are greater than Sunpharma in the year 2013, 2014, and 2015.  Return on Investment ratio has decreased since 2013 except the year 2015 continuously. All ROI ratios of Sun pharma are greater than Cipla since 2013.  The return on equity capital ratios of Sun pharma has decreased continuously since 2013. The return on equity capital ratios shows that the return on equity capital in Sunpharma is greater the return on equity capital in Cipla during study period. It has been found that the company’s overall efficiency to utilize equity share capital is average during the study period and can be assumed satisfactory for equity shareholders.  The return on total assets in Cipla has declined continuously since 2013 except 2015. The return on total assets in Cipla is lower than Sunpharma during study period. The total assets of the Sun pharma company are being used more efficiently and effectively than Cipla  EPS has negative trend in Sun Pharma while Cipla has Positive trend.  The P/E ratio in Cipla is highest in the year 2017 and lowest in 2013. So, it may be interpreted that a high PE ratio suggests that market participants are bullish on the stock and expect the company to post higher earnings growth going forward. However, it can also be interpreted as an overpriced stock in some cases. A low PE ratio can either be interpreted as an undervalued stock or market participants are not too bullish on the company’s future earnings growth. So, an investor can invest in the company during the year 2017 and 2013 and can sell during the year 2015, 2014 and 2016.  The P/E ratios in Sunpharma are higher than Cipla except the year 2017. So, the prices of shares in Cipla may be overvalued in 2017 and undervalued from 2013 to 2016 while Sun pharma may be overvalued from 2013 to 2017 and undervalued in 2017.

IV. FINDINGS Liquidity Position  It has been found that the liquidity position of Sun Pharma Industries Ltd is fully satisfactory and company is able to pay its short-term obligation easily. However, liquidity position of the company has a decline trend continuously from the year 2013.

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 It has been found that the liquidity position of Cipla Company is moderate or average satisfactory and company may face liquidity problem in paying its short-term obligation easily. However, liquidity position of the company has positive sign in the year 2017.  It has been observed that the liquidity position of Sun Pharma Industries Ltd is better than Cipla. The cash position of Sun Pharma is much better than Cipla Company. However, liquidity position of the Cipla Company has positive clue regarding liquidity position in the year 2017. Cipla Company should more focus on its cash position.

Long-term Solvency Position It has been studied that the Long-term solvency position of Sun Pharma Industries Ltd is better than Cipla. Debt-Equity ratios of Cipla Company are higher than Sun Pharma Industries Ltd except year 2015 and Sun Pharma Industries Ltd has greator ability to meet its long -term liabilities and it provide higher safety for creditors as a high debt-equity ratio represent low safety for debenture holders and is considered high risky and vice-versa. The proprietor ratios of Sun Pharma are greater than proprietary ratios of Cipla which shows better long term solvency of Sunpharma and higher safety to creditors. It indicates that the proportion of shareholders’ fund in Sun Pharma is greater and satisfactory than Cipla. The Sun Pharma has higher safety to the creditors and comparatively more sufficient amount of profit to pay fixed interest charges. The Fixed assets are being financed through long-term funds in Sun Pharma than than Cipla in the year 2013,2014 and 2015 while in Cipla, fixed assets are being financed through long-term funds is greater than

Profitability Position  The net profits of CIPLA in all years are continuously declining since 2013. But, the net profit ratios of Sun pharma are greater than Cipla in the year 2016 and 2017 while the net profit ratios of Cipla are greater than Sunpharma in the year 2013, 2014, and 2015.  Return on Investment in pharma is greater than Cipla since 2013.  The return on equity capital ratios shows that the return on equity capital in Sunpharma is greater than return on equity capital in Cipla during the study period.  The return on total assets in Cipla has declined continuously since 2013 except 2015. The total assets of the Sun pharma company are being used more efficiently and effectively than Cipla.  The P/E ratios in Sunpharma are higher than Cipla except the year 2017. So, the prices of shares in Cipla may be overvalued in 2017 and undervalued from 2013 to 2016 while Sun pharma may be overvalued from 2013 to 2017 and undervalued in 2017 or shareholders are not too bullish on the company’s future earnings growth.

V.CONCLUSION

It has been concluded from the above discussion that solvency, and profitability position of Sun Pharma Industries Ltd is better than CIPLA Ltd. Investors can prefers Sunpharma Industries Ltd. rather than CIPLA Ltd or both. On the other hand, the possibility of overvaluation of share prices in Sun Pharma Industries Ltd has been observed more during the study period than CIPLA. The return on equity capital in Sunpharma is greater than return on equity capital in Cipla during the study period. Both companies should increase the return on equity capital. The delayed payment to the creditor is good if they don’t affect the goodwill of the company. However, effectiveness of the application of the financial ratios ‘analysis in measuring business and financial position of a business depends on the analytical ability of the analysts and reliability of financial data.

REFERENCES

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[iii] Ruahal S. (2013) “Performance Appraisal of Mutual Funds in India”, Finance India, Vol. XIV, No.4, pp.1256-1261[vii] Dhanda SK (2012) Performance evaluation of selected open ended mutual funds in India. International Journal of Marketing, Financial Services & Management Research 1: 29-38 [iv] Annual Report from 2013-17 of Sun Pharma and Cipla [v] Websites: i. www.moneycontrol.com ii. https://en.wikipedia.org/wiki/Mutual_fund iii. https://www.amfiindia.com/research-information/mf-history

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