Historical Results(Mn) For

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Revenue 12716.00 14849.00 19007.00 20935.00 22489.00 26570.00 30789
Growth in revenue 17% 28% 10% 7% 18.15% 15.88%
Clients 293.00 316.00 331.00 362.00 402.00 420.00 451
Growth in Clients 8% 5% 9% 11% 4% 7.47%
rev per client 43.40 46.99 57.42 57.83 55.94 63.26 68.21
Growth in rev per client 8% 22% 1% -3% 13% 7.83%

CAGR of Revenue 15.88%

CAGR of clients 7.47%
CAGR of rev per client 7.83%
 Forecast period
Mar-24 Mar-25 Mar-26 Mar-27
35679 41344 47910 55518
15.88% 15.88% 15.88% 15.88%
485 521 560 602
7.47% 7.47% 7.47% 7.47%
73.55 79.31 85.52 92.22
7.83% 7.83% 7.83% 7.83%
 Historical Result
Mar-18 Mar-19 Mar-20
Income
Revenue from operations 18 14231 18256 20119
Other income 19 618 751 816
Total income 14,849 19,007 20,935
Expenses
Cost of chemicals, reagents and consumables consumed 20 3952 5053 5186
Changes in inventories of finished goods and work-in-progress 21 -135 260 8
Employee benefits expense 22 3769 4654 5772
Other expenses 25 1740 2914 3180
Foreign exchange fluctuation gain, net -739 19 -144
EBITDA 4584.895 5902.2 6385.993
EBITDA 32.22% 32.33% 31.74%
Finance costs 23 227 323 346
Depreciation and amortisation expense 24 1314 1642 2193
12.98% 12.41% 11.69%
Total expenses 10,128 14,865 16,541
Profit before tax and exceptional items 4,721 4,142 4,394
Exceptional items 35 - 713
Profit before tax 4,721 4,142 5,107
Tax expense 30
Current tax 793 864 893
Deferred tax -
MAT credit entitlement -182 -44 -381
Other deferred tax 59 15 530
Total tax expense 670 835 1042
Profit for the year 4,051 3,307 4,065
Other comprehensive income
(i) Items that will not be reclassified subsequently to profit or loss
Re-measurement on defined benefit plans -10 -45 -23
Income tax effect 2 11 -5
(ii) Items that will be reclassified subsequently to profit or loss
Effective portion of gains/(losses) on hedging instrument and investments 133 -819 -2388
in cash flow hedges

Income tax effect -38 151 454

Other comprehensive income for the year, net of taxes 87 -702 -1916
Total comprehensive income for the year 3138 2605 2199
Earnings per equity share 38
Basic (in Rs) 15.46 8.36 10.36
storical Result Forecasted Result
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

21,794 26,014 30789 35679 41344 47910 55518

646 528 528 528 528 528 528
22,440 26,542 31,317 36,207 41,872 48,438 56,046

5,517 7,706 8313.11 9633.226 11162.97 12935.65 14989.82

-252 -216 -216 -216 -216 -216 -216
6,415 6,978 7606.02 8290.562 9036.712 9850.016 10736.52
3,585 4,160 4,160 4,160 4,160 4,160 4,160
-171 -548 -548 -548 -548 -548 -548
6802.37 7219.468 9236.789 10703.58 12403.31 14372.94 16655.35
31.21% 27.75% 30% 30% 30% 30% 30%
277 241 241 241 241 241 241
2,745 3,097 3852.394 4497.588 5048.657 5519.333 5921.344
13.51% 14.59% 14.59% 14.59% 14.59% 14.59% 14.59%
18,116 21,418 23,409 26,058 28,885 31,942 35,285
4,324 5,124 7,909 10,148 12,987 16,496 20,761
350 -307 -307 -307 -307 -307 -307
4,674 4,817 7,602 9,841 12,680 16,189 20,454

736 829 1596.372 2165.072 2916.402 3885.314 5113.541

- -
-268 47 47 47 47 47 47
169 3 3 3 3 3 3
637 879 1646.372 2215.072 2966.402 3935.314 5163.541
4,037 3,938 5,955 7,626 9,714 12,253 15,291

-30 104 104 104 104 104 104

5 -26 -26 -26 -26 -26 -26

2,375 515 515 515 515 515 515

-444 -160 -160 -160 -160 -160 -160

1,906 433 433 433 433 433 433
5,943 4,371 4,371 4,371 4,371 4,371 4,371

10.15 9.89 14.85878 19.02736 24.23554 30.57259 38.15026

 Historical Result
Mar-18 Mar-19 Mar-20
Assets
Non-current assets
Property, plant and equipment 10121 13227 18766
Capital work-in-progress 3 (a) 1554 2737 2341
Right-of-use assets 3 (b) - - 864
Investment property 3 © - 400 360
Other intangible assets 4 183 141 207
Financial assets
(i) Investments 5(a) 3 3 383
(ii) Derivative assets 1078 677 257
(iii) Other financial assets 6(a) 81 208 146
Deferred tax assets (net) 7 724 915 1227
Income tax assets (net) 506 629 760
Other non-current assets 8(a) 441 460 195
Total non-current assets 14,691 19,397 25,506
Current assets
Inventories 9 860 434 252
Financial assets
(i) Investments 5(b) 1577 7160 7384
(ii) Trade receivables 10 2668 3387 3982
(iii) Cash and cash equivalents 11(a) 2518 1637 1918
(iv) Bank balances other than (iii) above 11(b) 7147 2717 885
(v) Derivative assets 886 699 191
(vi) Other financial assets 6(b) 911 930 686
Other current assets 8(b) 626 662 816
Total current assets 17,193 17,626 16,114
Total assets 31,884 37,023 41,620
EQUITY AND LIABILITIES
Equity
Equity share capital 12 (a) 2000 2000 4000
Other equity 12 (b) 15201 17672 17741
Total equity 17,201 19,672 21,741
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 13(a) 5855 3466 -
(i) (a) Lease liabilities 34 - 151 812
(ii) Derivative liabilities 118 296 1378
Provisions 14(a) 290 374 409
Other non-current liabilities 15(a) 587 1778 1880
Total non-current liabilities 6,850 6,065 4,479
Current liabilities
Financial liabilities
(i) Borrowings 13(b) 781 1907 3089
(i) (a) Lease liabilities 34 - 9 61
(ii) Trade payables 16
total outstanding dues of micro and small enterprises 30 142 207
total outstanding dues of creditors other than micro and small enterprises 2004 2093 2021
(iii) Derivative liabilities 13 97 546
(iv) Other financial liabilities 17 2047 3431 4948
Provisions 14(b) 135 210 415
Current tax liabilities (net) 127 158 117
Other current liabilities 15(b) 2696 3239 3996
Total current liabilities 7,833 11,286 15,400
Total equity and liabilities 31,884 37,023 41,620
storical Result Forecasted Result
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

20,322 21,229 26,407 30,830 34,607 37,833 40,589

2,372 3,464 4728 3464 3467 3464 3464
1,121 2,188 2,188 2,188 2,188 2,188 2,188
376 385 385 385 385 385 385
191 126 126 126 126 126 126

2,790 2,706 2,706 2,706 2,706 2,706 2,706

623 1,249 1,249 1,249 1,249 1,249 1,249
1,038 203 203 203 203 203 203
887 651 651 651 651 651 651
868 1,186 1,186 1,186 1,186 1,186 1,186
177 185 185 185 185 185 185
30,765 33,572 40,014 43,173 46,953 50,176 52,932

596 1,794 2078.886 2409.011 2791.561 3234.858 3748.551

4,233 7,638 6,944 9,754 12,212 19,721 31,561

4,744 5,082 4,091 3,820 3,820 3,820 3,820
3,189 2,590 2,590 2,590 2,590 2,590 2,590
3,193 2,561 2,561 2,561 2,561 2,561 2,561
713 842 842 842 842 842 842
339 384 384 384 384 384 384
1,003 1,145 1,145 1,145 1,145 1,145 1,145
18,010 22,036 20,636 23,505 26,346 34,298 46,652
48,775 55,608 60,650 66,678 73,299 84,474 99,584

4,000 4,008 4,008 4,008 4,008 4,008 4,008

24,183 28,912 34,867 42,494 52,207 64,461 79,751
28,183 32,920 38,875 46,502 56,215 68,469 83,759

5,124 5,315 4,694.4 3,432.175 569.925 0 0

1,052 2,102 2,102 2,027 2,027 1,724 1,724
224 84 84 83 83 82 82
520 344 344 344 344 344 344
2,368 2,528 2,528 2,528 2,528 2,528 2,528
9,288 10,373 9,752 8,414 5,552 4,678 4,678

2,599 2,581 2,288 2,028 1,798 1,593 1,412

154 218 218 218 218 218 218
 109 34 34 34 34 34 34
2,282 2,319 2,319 2,319 2,319 2,319 2,319
18 8 8 8 8 8 8
937 1,098 1,098 1,098 1,098 1,098 1,098
465 582 582 582 582 582 582
133 240 240 240 240 240 240
4,607 5,235 5,235 5,235 5,235 5,235 5,235
11,304 12,315 12,022 11,762 11,532 11,327 11,146
48,775 55,608 60,650 66,678 73,299 84,474 99,584
 Historical Result
Mar-18 Mar-19
Cash flows from operating activities
Profit for the year 3051 3307
Adjustments to reconcile profit to net cash flows
Depreciation and amortisation expense 1314 1642
Loss on assets scrapped 90 -
Exceptional items - -
Bad debts written off, net of write back 4 10
Provision for doubtful receivables 32 -11
Share based compensation expense 125 -88
Interest expense 227 299
Unrealised foreign exchange loss/(gain) 16 13
Net gain on sale of current investments -294 -44
Net gain on current investments measured at fair value through profit or loss -55 -
Proceeds from insurance company 615 -
Interest income -238 -707
Tax expenses 670 835
Operating profit before working capital changes 5,557 5,256
Movements in working capital
Decrease/ (increase) in inventories -538 426
Decrease/ (increase) in trade receivables -735 -704
Decrease/ (increase) in other assets -227 -126
Increase/ (decrease) in trade payables, other liabilities and provisions 1232 2227
Cash generated from operations 5,289 7,079
Income taxes paid (net of refunds) -808 -957
Net cash flow generated from operating activities 4,481 6,122
II Cash flows from investing activities
Purchase of property, plant and equipment -3566 -5815
Purchase of other intangible assets -71 -18
Purchase of investment property - -76
Investment in unsecured compulsorily convertible debentures - -
Investment in compulsorily convertible preference shares - - -76
Investment in equity shares - -
Investment in bank deposits and inter corporate deposits -9148 -12987
Redemption/ maturity of bank deposits and inter corporate 4929 10817
Dividend received 25 -
deposits
Interest received 162 553
Proceeds from sale of current investments 13628 8876
Purchase of current investments -9452 -7815
Net cash flow used in investing activities -3,493 -6,541
III Cash flows from financing activities
Proceeds from exercise of share options - 48 19
Repayment of long term borrowings - -193 -1291
Proceeds from long term borrowings - - -
Dividend paid on equity shares including tax thereon -241 -241
Payment of bonus share issue expenses -12
Proceeds/ (repayments) from short term borrowings, net -174 1088
Repayment of lease liabilities (principal), net - -
Interest paid -227 -299
Net cash flow generated from/ (used in) financing activities -787 -736
Historical Result Forecasted Result
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

4115 4,037 3,938 5,955 7,626 9,714 12,253 15,291

2193 2,745 3,097 3852.394 4497.588 5048.657 5519.333 5921.344

14 60 20 20 20 20 20 20
-713 -350 307 307 307 307 307 307
1- - - - - - -
10 16 46 46 46 46 46 46
181 492 367 367 367 367 367 367
346 277 175 175 175 175 175 175
45 -55 224 224 224 224 224 224
-28 -21 -63 -63 -63 -63 -63 -63
- - - - - - - -
970 245 105 105 105 105 105 105
-787 -623 -465 -465 -465 -465 -465 -465
1042 637 879 1646.372 2215.072 2966.402 3935.314 5163.541
7,389 7,460 8,630 12,170 15,055 18,445 22,424 27,092

182 -344 -1,198 285 330 383 443 514

-362 383 -379 -991 -271 0 0 0
-1735 389 -787 0 0 0 0 0
2364 -80 598 -301 -268 -238 -212 -189
7,838 7,808 6,864 11,163 14,846 18,589 22,655 27,416
-1064 -828 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042
6,774 6,980 5,822 10,121 13,804 17,547 21,613 26,374

-6300 -4,408 -4,753 -5,178 -4,423 -3,777 -3,226 -2,756

-131 -57 -2 0 0 0 0 0

-100 -
- -25
- -12 -49 0 0 0 0 0
-12892 -16,024 -22,460 694 -2,810 -2,458 -7,509 -11,840
13831 14,917 21571 - - - - -
- - - - - - - -

891 620 263 263 263 263 263 263

9123 10,775 21,460 -694 2,810 2,458 7,509 11,840
-8706 -12,067 -22,145 - - - - -
-4,284 -6,281 -6,115 -4,915 -4,160 -3,514 -2,963 -2,493

7 8- - - - - -
-2677 -3,811 - - - - - -
- 5,153 - - - - - -
-241 - - - - - - -
-12 - - - - - - -
1057 -450 -58 -293 -260 -230 -204 -181
-43 -43 -80 0 -75 0 -303 0
 -346 -277 -175 -175 -175 -175 -175 -175
-2255 580 -313 -468.2016 -509.8939 -405.37 -682.1999 -356.0028
 NIFTY 50 Syngene
Date Price Daily Return Date Price Daily Return
### 14,132.90 1/4/2021 637.05
### 14,199.50 0.47% 1/5/2021 630.90 -0.97%
### 14,146.25 -0.38% 1/6/2021 616.95 -2.21%
### 14,137.35 -0.06% 1/7/2021 615.10 -0.30%
### 14,347.25 1.48% 1/8/2021 603.05 -1.96%
### 14,484.75 0.96% 1/11/2021 600.25 -0.46%
### 14,563.45 0.54% 1/12/2021 615.85 2.60%
### 14,564.85 0.01% 1/13/2021 617.95 0.34%
### 14,595.60 0.21% 1/14/2021 614.25 -0.60%
### 14,433.70 -1.11% 1/15/2021 603.05 -1.82%
### 14,281.30 -1.06% 1/18/2021 585.70 -2.88%
### 14,521.15 1.68% 1/19/2021 599.35 2.33%
### 14,644.70 0.85% 1/20/2021 611.80 2.08%
### 14,590.35 -0.37% 1/21/2021 609.75 -0.34%
### 14,371.90 -1.50% 1/22/2021 584.45 -4.15%
### 14,238.90 -0.93% 1/25/2021 585.95 0.26%
### 13,967.50 -1.91% 1/27/2021 588.50 0.44%
### 13,817.55 -1.07% 1/28/2021 587.70 -0.14%
### 13,634.60 -1.32% 1/29/2021 566.40 -3.62%
### 14,281.20 4.74% 2/1/2021 561.65 -0.84%
### 14,647.85 2.57% 2/2/2021 566.40 0.85%
### 14,789.95 0.97% 2/3/2021 577.40 1.94%
### 14,895.65 0.71% 2/4/2021 569.65 -1.34%
### 14,924.25 0.19% 2/5/2021 577.40 1.36%
### 15,115.80 1.28% 2/8/2021 580.75 0.58%
### 15,109.30 -0.04% 2/9/2021 584.50 0.65%
### 15,106.50 -0.02% 2/10/2021 574.20 -1.76%
### 15,173.30 0.44% 2/11/2021 584.40 1.78%
### 15,163.30 -0.07% 2/12/2021 582.15 -0.39%
### 15,314.70 1.00% 2/15/2021 590.00 1.35%
### 15,313.45 -0.01% 2/16/2021 591.90 0.32%
### 15,208.90 -0.68% 2/17/2021 590.70 -0.20%
### 15,118.95 -0.59% 2/18/2021 589.20 -0.25%
### 14,981.75 -0.91% 2/19/2021 580.00 -1.56%
### 14,675.70 -2.04% 2/22/2021 555.50 -4.22%
### 14,707.80 0.22% 2/23/2021 561.35 1.05%
### 14,982.00 1.86% 2/24/2021 567.90 1.17%
### 15,097.35 0.77% 2/25/2021 562.00 -1.04%
### 14,529.15 -3.76% 2/26/2021 559.15 -0.51%
### 14,761.55 1.60% 3/1/2021 558.15 -0.18%
### 14,919.10 1.07% 3/2/2021 552.50 -1.01%
### 15,245.60 2.19% 3/3/2021 550.80 -0.31%
### 15,080.75 -1.08% 3/4/2021 551.85 0.19%
### 14,938.10 -0.95% 3/5/2021 544.30 -1.37%
### 14,956.20 0.12% 3/8/2021 536.65 -1.41%
 ### 15,098.40 0.95% 3/9/2021 539.55 0.54%
### 15,174.80 0.51% 3/10/2021 541.05 0.28%
### 15,030.95 -0.95% 3/12/2021 550.65 1.77%
### 14,929.50 -0.67% 3/15/2021 541.00 -1.75%
### 14,910.45 -0.13% 3/16/2021 532.85 -1.51%
### 14,721.30 -1.27% 3/17/2021 529.55 -0.62%
### 14,557.85 -1.11% 3/18/2021 502.20 -5.16%
### 14,744.00 1.28% 3/19/2021 507.55 1.07%
### 14,736.40 -0.05% 3/22/2021 500.70 -1.35%
### 14,814.75 0.53% 3/23/2021 517.70 3.40%
### 14,549.40 -1.79% 3/24/2021 522.90 1.00%
### 14,324.90 -1.54% 3/25/2021 529.80 1.32%
### 14,507.30 1.27% 3/26/2021 534.40 0.87%
### 14,845.10 2.33% 3/30/2021 534.55 0.03%
### 14,690.70 -1.04% 3/31/2021 543.45 1.66%
### 14,867.35 1.20% 4/1/2021 557.95 2.67%
### 14,637.80 -1.54% 4/5/2021 564.95 1.25%
### 14,683.50 0.31% 4/6/2021 559.55 -0.96%
### 14,819.05 0.92% 4/7/2021 550.65 -1.59%
### 14,873.80 0.37% 4/8/2021 557.95 1.33%
Friday, April 9, 2021 14,834.85 -0.26% 4/9/2021 559.90 0.35%
### 14,310.80 -3.53% 4/12/2021 550.35 -1.71%
### 14,504.80 1.36% 4/13/2021 564.30 2.53%
### 14,581.45 0.53% 4/15/2021 572.80 1.51%
### 14,617.85 0.25% 4/16/2021 589.40 2.90%
### 14,359.45 -1.77% 4/19/2021 595.80 1.09%
### 14,296.40 -0.44% 4/20/2021 598.10 0.39%
### 14,406.15 0.77% 4/22/2021 605.35 1.21%
### 14,341.35 -0.45% 4/23/2021 599.80 -0.92%
### 14,485.00 1.00% 4/26/2021 598.95 -0.14%
### 14,653.05 1.16% 4/27/2021 603.55 0.77%
### 14,864.55 1.44% 4/28/2021 608.60 0.84%
### 14,894.90 0.20% 4/29/2021 575.60 -5.42%
### 14,631.10 -1.77% 4/30/2021 553.75 -3.80%
### 14,634.15 0.02% 5/3/2021 567.95 2.56%
### 14,496.50 -0.94% 5/4/2021 570.35 0.42%
### 14,617.85 0.84% 5/5/2021 567.00 -0.59%
### 14,724.80 0.73% 5/6/2021 588.05 3.71%
Friday, May 7, 2021 14,823.15 0.67% 5/7/2021 573.00 -2.56%
### 14,942.35 0.80% 5/10/2021 587.10 2.46%
### 14,850.75 -0.61% 5/11/2021 592.70 0.95%
### 14,696.50 -1.04% 5/12/2021 582.70 -1.69%
### 14,677.80 -0.13% 5/14/2021 566.45 -2.79%
### 14,923.15 1.67% 5/17/2021 572.15 1.01%
### 15,108.10 1.24% 5/18/2021 583.80 2.04%
### 15,030.15 -0.52% 5/19/2021 585.30 0.26%
### 14,906.05 -0.83% 5/20/2021 575.50 -1.67%
 ### 15,175.30 1.81% 5/21/2021 570.70 -0.83%
### 15,197.70 0.15% 5/24/2021 573.20 0.44%
### 15,208.45 0.07% 5/25/2021 578.60 0.94%
### 15,301.45 0.61% 5/26/2021 580.70 0.36%
### 15,337.85 0.24% 5/27/2021 603.80 3.98%
### 15,435.65 0.64% 5/28/2021 588.30 -2.57%
### 15,582.80 0.95% 5/31/2021 584.25 -0.69%
### 15,574.85 -0.05% 6/1/2021 584.15 -0.02%
### 15,576.20 0.01% 6/2/2021 587.35 0.55%
### 15,690.35 0.73% 6/3/2021 589.25 0.32%
Friday, June 4, 2021 15,670.25 -0.13% 6/4/2021 589.00 -0.04%
### 15,751.65 0.52% 6/7/2021 585.80 -0.54%
### 15,740.10 -0.07% 6/8/2021 593.10 1.25%
### 15,635.35 -0.67% 6/9/2021 585.50 -1.28%
### 15,737.75 0.65% 6/10/2021 590.85 0.91%
### 15,799.35 0.39% 6/11/2021 590.70 -0.03%
### 15,811.85 0.08% 6/14/2021 587.30 -0.58%
### 15,869.25 0.36% 6/15/2021 586.10 -0.20%
### 15,767.55 -0.64% 6/16/2021 584.00 -0.36%
### 15,691.40 -0.48% 6/17/2021 577.60 -1.10%
### 15,683.35 -0.05% 6/18/2021 573.15 -0.77%
### 15,746.50 0.40% 6/21/2021 583.65 1.83%
### 15,772.75 0.17% 6/22/2021 586.10 0.42%
### 15,686.95 -0.54% 6/23/2021 577.20 -1.52%
### 15,790.45 0.66% 6/24/2021 582.55 0.93%
### 15,860.35 0.44% 6/25/2021 581.45 -0.19%
### 15,814.70 -0.29% 6/28/2021 584.15 0.46%
### 15,748.45 -0.42% 6/29/2021 584.05 -0.02%
### 15,721.50 -0.17% 6/30/2021 583.30 -0.13%
### 15,680.00 -0.26% 7/1/2021 584.30 0.17%
Friday, July 2, 2021 15,722.20 0.27% 7/2/2021 588.60 0.74%
### 15,834.35 0.71% 7/5/2021 587.45 -0.20%
### 15,818.25 -0.10% 7/6/2021 584.70 -0.47%
### 15,879.65 0.39% 7/7/2021 582.95 -0.30%
### 15,727.90 -0.96% 7/8/2021 585.65 0.46%
Friday, July 9, 2021 15,689.80 -0.24% 7/9/2021 582.10 -0.61%
### 15,692.60 0.02% 7/12/2021 580.55 -0.27%
### 15,812.35 0.76% 7/13/2021 583.85 0.57%
### 15,853.95 0.26% 7/14/2021 581.05 -0.48%
### 15,924.20 0.44% 7/15/2021 614.35 5.73%
### 15,923.40 -0.01% 7/16/2021 668.15 8.76%
### 15,752.40 -1.07% 7/19/2021 670.00 0.28%
### 15,632.10 -0.76% 7/20/2021 651.45 -2.77%
### 15,824.05 1.23% 7/22/2021 627.70 -3.65%
### 15,856.05 0.20% 7/23/2021 628.15 0.07%
### 15,824.45 -0.20% 7/26/2021 628.85 0.11%
### 15,746.45 -0.49% 7/27/2021 613.50 -2.44%
### 15,709.40 -0.24% 7/28/2021 628.45 2.44%
### 15,778.45 0.44% 7/29/2021 625.70 -0.44%
### 15,763.05 -0.10% 7/30/2021 638.80 2.09%
### 15,885.15 0.77% 8/2/2021 633.80 -0.78%
### 16,130.75 1.55% 8/3/2021 629.60 -0.66%
### 16,258.80 0.79% 8/4/2021 621.60 -1.27%
### 16,294.60 0.22% 8/5/2021 616.50 -0.82%
### 16,238.20 -0.35% 8/6/2021 619.35 0.46%
### 16,258.25 0.12% 8/9/2021 621.90 0.41%
### 16,280.10 0.13% 8/10/2021 616.45 -0.88%
### 16,282.25 0.01% 8/11/2021 624.95 1.38%
### 16,364.40 0.50% 8/12/2021 622.35 -0.42%
### 16,529.10 1.01% 8/13/2021 621.70 -0.10%
### 16,563.05 0.21% 8/16/2021 628.25 1.05%
### 16,614.60 0.31% 8/17/2021 625.80 -0.39%
### 16,568.85 -0.28% 8/18/2021 629.50 0.59%
### 16,450.50 -0.71% 8/20/2021 625.55 -0.63%
### 16,496.45 0.28% 8/23/2021 609.50 -2.57%
### 16,624.60 0.78% 8/24/2021 594.65 -2.44%
### 16,634.65 0.06% 8/25/2021 592.10 -0.43%
### 16,636.90 0.01% 8/26/2021 615.25 3.91%
### 16,705.20 0.41% 8/27/2021 617.75 0.41%
### 16,931.05 1.35% 8/30/2021 630.10 2.00%
### 17,132.20 1.19% 8/31/2021 641.35 1.79%
### 17,076.25 -0.33% 9/1/2021 629.75 -1.81%
### 17,234.15 0.92% 9/2/2021 631.25 0.24%
### 17,323.60 0.52% 9/3/2021 629.60 -0.26%
### 17,377.80 0.31% 9/6/2021 628.80 -0.13%
### 17,362.10 -0.09% 9/7/2021 620.85 -1.26%
### 17,353.50 -0.05% 9/8/2021 613.90 -1.12%
### 17,369.25 0.09% 9/9/2021 630.55 2.71%
### 17,355.30 -0.08% 9/13/2021 668.80 6.07%
### 17,380.00 0.14% 9/14/2021 667.10 -0.25%
### 17,519.45 0.80% 9/15/2021 667.20 0.01%
### 17,629.50 0.63% 9/16/2021 659.10 -1.21%
### 17,585.15 -0.25% 9/17/2021 646.90 -1.85%
### 17,396.90 -1.07% 9/20/2021 643.55 -0.52%
### 17,562.00 0.95% 9/21/2021 656.70 2.04%
### 17,546.65 -0.09% 9/22/2021 662.40 0.87%
### 17,822.95 1.57% 9/23/2021 658.65 -0.57%
### 17,853.20 0.17% 9/24/2021 644.55 -2.14%
### 17,855.10 0.01% 9/27/2021 634.90 -1.50%
### 17,748.60 -0.60% 9/28/2021 616.30 -2.93%
### 17,711.30 -0.21% 9/29/2021 612.05 -0.69%
### 17,618.15 -0.53% 9/30/2021 599.90 -1.99%
### 17,532.05 -0.49% 10/1/2021 615.40 2.58%
### 17,691.25 0.91% 10/4/2021 626.85 1.86%
### 17,822.30 0.74% 10/5/2021 631.45 0.73%
### 17,646.00 -0.99% 10/6/2021 620.60 -1.72%
### 17,790.35 0.82% 10/7/2021 621.70 0.18%
### 17,895.20 0.59% 10/8/2021 624.70 0.48%
### 17,945.95 0.28% 10/11/2021 622.20 -0.40%
### 17,991.95 0.26% 10/12/2021 614.95 -1.17%
### 18,161.75 0.94% 10/13/2021 616.45 0.24%
### 18,338.55 0.97% 10/14/2021 612.75 -0.60%
### 18,477.05 0.76% 10/18/2021 613.15 0.07%
### 18,418.75 -0.32% 10/19/2021 610.20 -0.48%
### 18,266.60 -0.83% 10/20/2021 605.95 -0.70%
### 18,178.10 -0.48% 10/21/2021 595.65 -1.70%
### 18,114.90 -0.35% 10/22/2021 578.65 -2.85%
### 18,125.40 0.06% 10/25/2021 560.80 -3.08%
### 18,268.40 0.79% 10/26/2021 549.60 -2.00%
### 18,210.95 -0.31% 10/27/2021 549.30 -0.05%
### 17,857.25 -1.94% 10/28/2021 543.55 -1.05%
### 17,671.65 -1.04% 10/29/2021 540.80 -0.51%
### 17,929.65 1.46% 11/1/2021 545.25 0.82%
### 17,888.95 -0.23% 11/2/2021 539.55 -1.05%
### 17,829.20 -0.33% 11/3/2021 545.15 1.04%
### 17,916.80 0.49% 11/4/2021 553.00 1.44%
### 18,068.55 0.85% 11/8/2021 547.45 -1.00%
### 18,044.25 -0.13% 11/9/2021 553.10 1.03%
### 18,017.20 -0.15% 11/10/2021 543.55 -1.73%
### 17,873.60 -0.80% 11/11/2021 545.60 0.38%
### 18,102.75 1.28% 11/12/2021 554.65 1.66%
### 18,109.45 0.04% 11/15/2021 593.20 6.95%
### 17,999.20 -0.61% 11/16/2021 602.75 1.61%
### 17,898.65 -0.56% 11/17/2021 609.05 1.05%
### 17,764.80 -0.75% 11/18/2021 605.05 -0.66%
### 17,416.55 -1.96% 11/22/2021 606.50 0.24%
### 17,503.35 0.50% 11/23/2021 585.10 -3.53%
### 17,415.05 -0.50% 11/24/2021 577.45 -1.31%
### 17,536.25 0.70% 11/25/2021 588.60 1.93%
### 17,026.45 -2.91% 11/26/2021 589.75 0.20%
### 17,053.95 0.16% 11/29/2021 587.30 -0.42%
### 16,983.20 -0.41% 11/30/2021 596.15 1.51%
### 17,166.90 1.08% 12/1/2021 588.45 -1.29%
### 17,401.65 1.37% 12/2/2021 589.15 0.12%
### 17,196.70 -1.18% 12/3/2021 594.65 0.93%
### 16,912.25 -1.65% 12/6/2021 569.85 -4.17%
### 17,176.70 1.56% 12/7/2021 575.15 0.93%
### 17,469.75 1.71% 12/8/2021 594.55 3.37%
### 17,516.85 0.27% 12/9/2021 597.20 0.45%
### 17,511.30 -0.03% 12/10/2021 602.25 0.85%
### 17,368.25 -0.82% 12/13/2021 623.00 3.45%
### 17,324.90 -0.25% 12/14/2021 609.40 -2.18%
### 17,221.40 -0.60% 12/15/2021 607.45 -0.32%
### 17,248.40 0.16% 12/16/2021 609.00 0.26%
### 16,985.20 -1.53% 12/17/2021 585.65 -3.83%
### 16,614.20 -2.18% 12/20/2021 579.75 -1.01%
### 16,770.85 0.94% 12/21/2021 582.80 0.53%
### 16,955.45 1.10% 12/22/2021 595.30 2.14%
### 17,072.60 0.69% 12/23/2021 613.60 3.07%
### 17,003.75 -0.40% 12/24/2021 591.05 -3.68%
### 17,086.25 0.49% 12/27/2021 585.60 -0.92%
### 17,233.25 0.86% 12/28/2021 597.15 1.97%
### 17,213.60 -0.11% 12/29/2021 606.10 1.50%
### 17,203.95 -0.06% 12/30/2021 613.95 1.30%
### 17,354.05 0.87% 12/31/2021 619.90 0.97%
### 17,625.70 1.57% 1/3/2022 612.00 -1.27%
### 17,805.25 1.02% 1/4/2022 617.80 0.95%
### 17,925.25 0.67% 1/5/2022 628.80 1.78%
### 17,745.90 -1.00% 1/6/2022 626.55 -0.36%
### 17,812.70 0.38% 1/7/2022 631.45 0.78%
### 18,003.30 1.07% 1/10/2022 628.30 -0.50%
### 18,055.75 0.29% 1/11/2022 630.00 0.27%
### 18,212.35 0.87% 1/12/2022 626.20 -0.60%
### 18,257.80 0.25% 1/13/2022 633.40 1.15%
### 18,255.75 -0.01% 1/14/2022 632.80 -0.09%
### 18,308.10 0.29% 1/17/2022 624.75 -1.27%
### 18,113.05 -1.07% 1/18/2022 610.95 -2.21%
### 17,938.40 -0.96% 1/19/2022 593.85 -2.80%
### 17,757.00 -1.01% 1/20/2022 608.00 2.38%
### 17,617.15 -0.79% 1/21/2022 597.40 -1.74%
### 17,149.10 -2.66% 1/24/2022 581.05 -2.74%
### 17,277.95 0.75% 1/25/2022 572.75 -1.43%
### 17,110.15 -0.97% 1/27/2022 554.80 -3.13%
### 17,101.95 -0.05% 1/28/2022 567.65 2.32%
### 17,339.85 1.39% 1/31/2022 570.10 0.43%
### 17,576.85 1.37% 2/1/2022 577.65 1.32%
### 17,780.00 1.16% 2/2/2022 585.35 1.33%
### 17,560.20 -1.24% 2/3/2022 578.05 -1.25%
### 17,516.30 -0.25% 2/4/2022 567.55 -1.82%
### 17,213.60 -1.73% 2/7/2022 574.45 1.22%
### 17,266.75 0.31% 2/8/2022 572.50 -0.34%
### 17,463.80 1.14% 2/9/2022 586.80 2.50%
### 17,605.85 0.81% 2/10/2022 597.95 1.90%
### 17,374.75 -1.31% 2/11/2022 587.80 -1.70%
### 16,842.80 -3.06% 2/14/2022 567.55 -3.45%
### 17,352.45 3.03% 2/15/2022 587.80 3.57%
### 17,322.20 -0.17% 2/16/2022 571.30 -2.81%
### 17,304.60 -0.10% 2/17/2022 577.50 1.09%
 ### 17,276.30 -0.16% 2/18/2022 563.50 -2.42%
### 17,206.65 -0.40% 2/21/2022 548.05 -2.74%
### 17,092.20 -0.67% 2/22/2022 543.25 -0.88%
### 17,063.25 -0.17% 2/23/2022 548.75 1.01%
### 16,247.95 -4.78% 2/24/2022 530.00 -3.42%
### 16,658.40 2.53% 2/25/2022 542.40 2.34%
### 16,793.90 0.81% 2/28/2022 541.75 -0.12%
### 16,605.95 -1.12% 3/2/2022 539.45 -0.42%
### 16,498.05 -0.65% 3/3/2022 537.60 -0.34%
### 16,245.35 -1.53% 3/4/2022 536.70 -0.17%
### 15,863.15 -2.35% 3/7/2022 537.45 0.14%
### 16,013.45 0.95% 3/8/2022 539.40 0.36%
### 16,345.35 2.07% 3/9/2022 553.50 2.61%
### 16,594.90 1.53% 3/10/2022 564.60 2.01%
### 16,630.45 0.21% 3/11/2022 578.80 2.52%
### 16,871.30 1.45% 3/14/2022 575.25 -0.61%
### 16,663.00 -1.23% 3/15/2022 571.80 -0.60%
### 16,975.35 1.87% 3/16/2022 572.15 0.06%
### 17,287.05 1.84% 3/17/2022 592.30 3.52%
### 17,117.60 -0.98% 3/21/2022 583.95 -1.41%
### 17,315.50 1.16% 3/22/2022 588.50 0.78%
### 17,245.65 -0.40% 3/23/2022 604.55 2.73%
### 17,222.75 -0.13% 3/24/2022 588.95 -2.58%
### 17,153.00 -0.40% 3/25/2022 579.05 -1.68%
### 17,222.00 0.40% 3/28/2022 591.15 2.09%
### 17,325.30 0.60% 3/29/2022 583.95 -1.22%
### 17,498.25 1.00% 3/30/2022 599.00 2.58%
### 17,464.75 -0.19% 3/31/2022 597.60 -0.23%
Friday, April 1, 2022 17,670.45 1.18% 4/1/2022 597.30 -0.05%
### 18,053.40 2.17% 4/4/2022 614.50 2.88%
### 17,957.40 -0.53% 4/5/2022 614.15 -0.06%
### 17,807.65 -0.83% 4/6/2022 609.35 -0.78%
### 17,639.55 -0.94% 4/7/2022 610.15 0.13%
Friday, April 8, 2022 17,784.35 0.82% 4/8/2022 648.35 6.26%
### 17,674.95 -0.62% 4/11/2022 663.60 2.35%
### 17,530.30 -0.82% 4/12/2022 646.30 -2.61%
### 17,475.65 -0.31% 4/13/2022 637.65 -1.34%
### 17,173.65 -1.73% 4/18/2022 639.40 0.27%
### 16,958.65 -1.25% 4/19/2022 614.50 -3.89%
### 17,136.55 1.05% 4/20/2022 627.45 2.11%
### 17,392.60 1.49% 4/21/2022 630.05 0.41%
### 17,171.95 -1.27% 4/22/2022 625.90 -0.66%
### 16,953.95 -1.27% 4/25/2022 633.35 1.19%
### 17,200.80 1.46% 4/26/2022 627.50 -0.92%
### 17,038.40 -0.94% 4/27/2022 617.45 -1.60%
### 17,245.05 1.21% 4/28/2022 624.55 1.15%
### 17,102.55 -0.83% 4/29/2022 626.95 0.38%
 ### 17,069.10 -0.20% 5/2/2022 620.15 -1.08%
### 16,677.60 -2.29% 5/4/2022 609.05 -1.79%
### 16,682.65 0.03% 5/5/2022 603.20 -0.96%
Friday, May 6, 2022 16,411.25 -1.63% 5/6/2022 585.95 -2.86%
### 16,301.85 -0.67% 5/9/2022 565.20 -3.54%
### 16,240.05 -0.38% 5/10/2022 567.50 0.41%
### 16,167.10 -0.45% 5/11/2022 543.90 -4.16%
### 15,808.00 -2.22% 5/12/2022 538.90 -0.92%
### 15,782.15 -0.16% 5/13/2022 526.65 -2.27%
### 15,842.30 0.38% 5/16/2022 533.55 1.31%
### 16,259.30 2.63% 5/17/2022 559.85 4.93%
### 16,240.30 -0.12% 5/18/2022 556.55 -0.59%
### 15,809.40 -2.65% 5/19/2022 542.10 -2.60%
### 16,266.15 2.89% 5/20/2022 559.50 3.21%
### 16,214.70 -0.32% 5/23/2022 559.95 0.08%
### 16,125.15 -0.55% 5/24/2022 547.45 -2.23%
### 16,025.80 -0.62% 5/25/2022 527.95 -3.56%
### 16,170.15 0.90% 5/26/2022 528.45 0.09%
### 16,352.45 1.13% 5/27/2022 531.95 0.66%
### 16,661.40 1.89% 5/30/2022 559.70 5.22%
### 16,584.55 -0.46% 5/31/2022 572.50 2.29%
### 16,522.75 -0.37% 6/1/2022 546.90 -4.47%
### 16,628.00 0.64% 6/2/2022 550.60 0.68%
Friday, June 3, 2022 16,584.30 -0.26% 6/3/2022 537.75 -2.33%
### 16,569.55 -0.09% 6/6/2022 533.20 -0.85%
### 16,416.35 -0.92% 6/7/2022 531.25 -0.37%
### 16,356.25 -0.37% 6/8/2022 528.70 -0.48%
### 16,478.10 0.74% 6/9/2022 535.70 1.32%
### 16,201.80 -1.68% 6/10/2022 535.00 -0.13%
### 15,774.40 -2.64% 6/13/2022 537.20 0.41%
### 15,732.10 -0.27% 6/14/2022 546.10 1.66%
### 15,692.15 -0.25% 6/15/2022 557.55 2.10%
### 15,360.60 -2.11% 6/16/2022 536.05 -3.86%
### 15,293.50 -0.44% 6/17/2022 538.20 0.40%
### 15,350.15 0.37% 6/20/2022 539.30 0.20%
### 15,638.80 1.88% 6/21/2022 555.85 3.07%
### 15,413.30 -1.44% 6/22/2022 556.10 0.04%
### 15,556.65 0.93% 6/23/2022 555.40 -0.13%
### 15,699.25 0.92% 6/24/2022 568.20 2.30%
### 15,832.05 0.85% 6/27/2022 568.25 0.01%
### 15,850.20 0.11% 6/28/2022 567.90 -0.06%
### 15,799.10 -0.32% 6/29/2022 561.80 -1.07%
### 15,780.25 -0.12% 6/30/2022 554.75 -1.25%
Friday, July 1, 2022 15,752.05 -0.18% 7/1/2022 561.75 1.26%
### 15,835.35 0.53% 7/4/2022 556.90 -0.86%
### 15,810.85 -0.15% 7/5/2022 550.95 -1.07%
### 15,989.80 1.13% 7/6/2022 546.45 -0.82%
 ### 16,132.90 0.89% 7/7/2022 573.30 4.91%
Friday, July 8, 2022 16,220.60 0.54% 7/8/2022 572.95 -0.06%
### 16,216.00 -0.03% 7/11/2022 573.10 0.03%
### 16,058.30 -0.97% 7/12/2022 570.85 -0.39%
### 15,966.65 -0.57% 7/13/2022 592.40 3.78%
### 15,938.65 -0.18% 7/14/2022 587.50 -0.83%
### 16,049.20 0.69% 7/15/2022 613.20 4.37%
### 16,278.50 1.43% 7/18/2022 624.15 1.79%
### 16,340.55 0.38% 7/19/2022 614.00 -1.63%
### 16,520.85 1.10% 7/20/2022 604.65 -1.52%
### 16,605.25 0.51% 7/21/2022 598.90 -0.95%
### 16,719.45 0.69% 7/22/2022 572.65 -4.38%
### 16,631.00 -0.53% 7/25/2022 569.25 -0.59%
### 16,483.85 -0.88% 7/26/2022 570.70 0.25%
### 16,641.80 0.96% 7/27/2022 575.25 0.80%
### 16,929.60 1.73% 7/28/2022 573.10 -0.37%
### 17,158.25 1.35% 7/29/2022 567.95 -0.90%
### 17,340.05 1.06% 8/1/2022 574.90 1.22%
### 17,345.45 0.03% 8/2/2022 563.80 -1.93%
### 17,388.15 0.25% 8/3/2022 557.75 -1.07%
### 17,382.00 -0.04% 8/4/2022 570.40 2.27%
### 17,397.50 0.09% 8/5/2022 563.15 -1.27%
### 17,525.10 0.73% 8/8/2022 576.15 2.31%
### 17,534.75 0.06% 8/10/2022 577.80 0.29%
### 17,659.00 0.71% 8/11/2022 582.55 0.82%
### 17,698.15 0.22% 8/12/2022 591.70 1.57%
### 17,825.25 0.72% 8/16/2022 595.60 0.66%
### 17,944.25 0.67% 8/17/2022 590.10 -0.92%
### 17,956.50 0.07% 8/18/2022 595.85 0.97%
### 17,758.45 -1.10% 8/19/2022 583.85 -2.01%
### 17,490.70 -1.51% 8/22/2022 583.40 -0.08%
### 17,577.50 0.50% 8/23/2022 595.70 2.11%
### 17,604.95 0.16% 8/24/2022 614.10 3.09%
### 17,522.45 -0.47% 8/25/2022 603.85 -1.67%
### 17,558.90 0.21% 8/26/2022 600.05 -0.63%
### 17,312.90 -1.40% 8/29/2022 604.40 0.72%
### 17,759.30 2.58% 8/30/2022 600.55 -0.64%
### 17,542.80 -1.22% 9/1/2022 600.00 -0.09%
### 17,539.45 -0.02% 9/2/2022 594.05 -0.99%
### 17,665.80 0.72% 9/5/2022 578.35 -2.64%
### 17,655.60 -0.06% 9/6/2022 565.25 -2.27%
### 17,624.40 -0.18% 9/7/2022 571.15 1.04%
### 17,798.75 0.99% 9/8/2022 575.25 0.72%
### 17,833.35 0.19% 9/9/2022 571.85 -0.59%
### 17,936.35 0.58% 9/12/2022 569.50 -0.41%
### 18,070.05 0.75% 9/13/2022 569.75 0.04%
### 18,003.75 -0.37% 9/14/2022 568.60 -0.20%
### 17,877.40 -0.70% 9/15/2022 570.05 0.26%
### 17,530.85 -1.94% 9/16/2022 566.05 -0.70%
### 17,622.25 0.52% 9/19/2022 566.85 0.14%
### 17,816.25 1.10% 9/20/2022 569.90 0.54%
### 17,718.35 -0.55% 9/21/2022 564.25 -0.99%
### 17,629.80 -0.50% 9/22/2022 563.90 -0.06%
### 17,327.35 -1.72% 9/23/2022 556.00 -1.40%
### 17,016.30 -1.80% 9/26/2022 555.15 -0.15%
### 17,007.40 -0.05% 9/27/2022 551.05 -0.74%
### 16,858.60 -0.87% 9/28/2022 546.30 -0.86%
### 16,818.10 -0.24% 9/29/2022 556.40 1.85%
### 17,094.35 1.64% 9/30/2022 560.60 0.75%
### 16,887.35 -1.21% 10/3/2022 557.45 -0.56%
### 17,274.30 2.29% 10/4/2022 564.35 1.24%
### 17,331.80 0.33% 10/6/2022 568.55 0.74%
### 17,314.65 -0.10% 10/7/2022 564.10 -0.78%
### 17,241.00 -0.43% 10/10/2022 561.45 -0.47%
### 16,983.55 -1.49% 10/11/2022 564.90 0.61%
### 17,123.60 0.82% 10/12/2022 555.15 -1.73%
### 17,014.35 -0.64% 10/13/2022 549.80 -0.96%
### 17,185.70 1.01% 10/14/2022 550.80 0.18%
### 17,311.80 0.73% 10/17/2022 538.20 -2.29%
### 17,486.95 1.01% 10/18/2022 554.25 2.98%
### 17,512.25 0.14% 10/19/2022 589.25 6.31%
### 17,563.95 0.30% 10/20/2022 579.70 -1.62%
### 17,576.30 0.07% 10/21/2022 578.65 -0.18%
### 17,730.75 0.88% 10/24/2022 575.05 -0.62%
### 17,656.35 -0.42% 10/25/2022 589.30 2.48%
### 17,736.95 0.46% 10/27/2022 594.90 0.95%
### 17,786.80 0.28% 10/28/2022 613.20 3.08%
### 18,012.20 1.27% 10/31/2022 631.30 2.95%
### 18,145.40 0.74% 11/1/2022 628.00 -0.52%
### 18,082.85 -0.34% 11/2/2022 643.40 2.45%
### 18,052.70 -0.17% 11/3/2022 639.15 -0.66%
### 18,117.15 0.36% 11/4/2022 621.45 -2.77%
### 18,202.80 0.47% 11/7/2022 625.70 0.68%
### 18,157.00 -0.25% 11/9/2022 619.35 -1.01%
### 18,028.20 -0.71% 11/10/2022 606.25 -2.12%
### 18,349.70 1.78% 11/11/2022 616.60 1.71%
### 18,329.15 -0.11% 11/14/2022 622.35 0.93%
### 18,403.40 0.41% 11/15/2022 628.05 0.92%
### 18,409.65 0.03% 11/16/2022 608.45 -3.12%
### 18,343.90 -0.36% 11/17/2022 611.25 0.46%
### 18,307.65 -0.20% 11/18/2022 601.05 -1.67%
### 18,159.95 -0.81% 11/21/2022 600.20 -0.14%
### 18,244.20 0.46% 11/22/2022 600.25 0.01%
### 18,267.25 0.13% 11/23/2022 617.35 2.85%
 ### 18,484.10 1.19% 11/24/2022 609.75 -1.23%
### 18,512.75 0.15% 11/25/2022 608.75 -0.16%
### 18,562.75 0.27% 11/28/2022 602.60 -1.01%
### 18,618.05 0.30% 11/29/2022 600.80 -0.30%
### 18,758.35 0.75% 11/30/2022 607.60 1.13%
### 18,812.50 0.29% 12/1/2022 608.80 0.20%
### 18,696.10 -0.62% 12/2/2022 602.60 -1.02%
### 18,701.05 0.03% 12/5/2022 600.55 -0.34%
### 18,642.75 -0.31% 12/6/2022 598.70 -0.31%
### 18,560.50 -0.44% 12/7/2022 590.05 -1.44%
### 18,609.35 0.26% 12/8/2022 586.65 -0.58%
### 18,496.60 -0.61% 12/9/2022 585.40 -0.21%
### 18,497.15 0.00% 12/12/2022 591.50 1.04%
### 18,608.00 0.60% 12/13/2022 579.95 -1.95%
### 18,660.30 0.28% 12/14/2022 580.55 0.10%
### 18,414.90 -1.32% 12/15/2022 578.20 -0.40%
### 18,269.00 -0.79% 12/16/2022 578.00 -0.03%
### 18,420.45 0.83% 12/19/2022 575.30 -0.47%
### 18,385.30 -0.19% 12/20/2022 573.50 -0.31%
### 18,199.10 -1.01% 12/21/2022 578.30 0.84%
### 18,127.35 -0.39% 12/22/2022 574.70 -0.62%
### 17,806.80 -1.77% 12/23/2022 578.90 0.73%
### 18,014.60 1.17% 12/26/2022 574.95 -0.68%
### 18,132.30 0.65% 12/27/2022 574.60 -0.06%
### 18,122.50 -0.05% 12/28/2022 580.80 1.08%
### 18191 0.38% 12/29/2022 577.50 -0.57%
### 18105.3 -0.47% 12/30/2022 585.55 1.39%
44928 18197.45
44929 18232.55
Covariance between stock and market 0.0000630 Value
Variance of Market 0.000108766152 Debt 790
Beta of Stock 0.579478562212 MV of Equity (Mcap) 23,273.17
Total Capital Employed 24062.77
Market Return (Rm) 13.24%
Risk Free Rate (Rf) 6.10%
Cost of Equity (Ke) 10.24%
Cost of Debt (Kd) 6.51%
Tax Rate 23% Libor one year 5.55%

WACC 10.06%
Weight
0.03281418
0.96718582
 Historical Results Forecast Period
 Year Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
EBIT 4,951 5,058 7,843 10,082 12,921 16,430 20,695
Tax Rate 12.87% 17.38% 20.99% 21.97% 22.96% 23.95% 24.95%
NOPAT 4,314 4,179 6,196 7,867 9,955 12,494 15,532

Add: Depreciation 2,745 3,097 3,852 4,498 5,049 5,519 5,921

Less: Change in WC 348 -1766 -1007.316 -208.7684 144.1793 231.0978 324.6903
Less: Capital Expenditure 4,301 4,004 9,030 8,920 8,826 8,746 8,677

Time Periods 1 2 3 4 5
Free Cash Flow 2,410 5,038 2,026 3,653 6,033 9,037 12,451
Discount Factor 0.908554 0.825471 0.749985 0.681402 0.619091
Discounted Cash Flow 1840.472 3015.716 4524.669 6157.864 7708.461

WACC 10.06%
Risk Free Rate 6.10%
Terminal Growth Rate 5.00%

Intrinsic Value
Enterprise Value 183048.1
Less: Debt 7,896
Add: Cash 2,590
Equity Value 177742.1
Equity Value/ Share 443.4682
Target Price 488.1032
Terminal Value
258121.966411
0.61909056441
159800.873873
 P/E Sales No. of shares Price P/S Market cap Debt
Gland Pharma 25.25 44007.1 1.643 1577 0.035835 259730 64.8
Aurobindo Pharma 18.45 112871.4 5.85 441.2 5.392807 258500 18999.2
Glaxosmith 53.52 32175.1 16.94 1303.75 3.837129 220870 2706.3
IPCA labs 33.7 53993.6 2.537 850.2 0.818912 215700 8193.8
Laurus Labs 25.77 47070.4 107.74 377.75 7.3573 203480 17899.2
Pfizer 38.12 26109.9 4.575 4392.2 18.75501 200940 2224.6
Syngene International 60.04876 26,014 400.8 590 0.02268 232,731.70 7,896

Median 29.735 4.614968

Average 32.46833 6.032833

Infobeans
EPS 13.73503
EBITDA
Book Value
Sales/ Share 67.71707

EV( Median)
EV(Average)
Cash
Debt

Fair Price ( Median) 408.4111 312.5121

Fair Price (Average) 445.9535 408.5257
Cash EBITDA EV EV/EBITDA
30858 17345.9 228936.8 13.198323523
60.85 20696.8 277438.4 13.404891094
24791.1 21575.8 198785.2 9.2133408726
5929.7 13028.3 217964.1 16.730049201
405.6 13067.5 220973.6 16.910166443
16333.3 8985.9 186831.3 20.791606851
2,590 7219.468 233408.2 32.330391456

15.067470147
15.041396331

8506

128163.90107
127942.11719
2270
0

325.43388492
324.88053191
Company : Infobeans
Historical Results
 Year Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Stock Price(last traded day of financial year) 298.6 297.65 240.15 542.97 597.07
P/E 14.742 18.001 23.631 53.799 60.768
P/B 3.472 3.026 4.418 7.706 7.269
Dividend Yield (%) - - - - -
Market Cap 59720 59530 96060 217188 239305.66

Growth ratios (%)

Net Sales 14231 18256 20119 21794 26014
EBIT 3270.8949 4260.2002 4192.9926 4057.3697 4122.4682
EBITDA 4584.8949 5902.2002 6385.9926 6802.3697 7219.4682
Net profit 4,051 3,307 4,065 4,037 3,938
EPS - Basic (Rs) 20.255 16.535 10.1625 10.0925 9.8253493
DPS - (Rs) - - - - -
BVPS (Rs) 86 98 54 70 82

Profitability and return ratios (%)

EBITDA margin 32.22% 32.33% 31.74% 31.21% 27.75%
EBIT margin 22.98% 23.34% 20.84% 18.62% 15.85%
Net profit margin 28.47% 18.11% 20.20% 18.52% 15.14%
RoE 21.97% 15.97% 16.28% 13.21% 10.97%
ROA 12.71% 8.93% 9.77% 8.28% 7.08%

Working Capital & Liquidity Ratios

Current ratio (x) 2.1949445 1.5617579 1.0463636 1.5932413 1.7893626
Quick ratio (x) 2 2 1 2 2
DSO 68.43 67.72 72.24 79.45 71.31
DSI 82.24 29.82 17.71 41.32 87.42
DOP 194.50 153.54 156.57 165.76 114.67
Operating Cycle 150.67 97.53 89.95 120.77 158.73

Solvency Ratios
D/E 0.39 0.27 #VALUE! 0.27 0.24
Interest Coverage ratio 14.41 13.19 12.12 14.65 17.11
D/A 0.21 0.15 #VALUE! 0.16 0.14
 Forecast Period
Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

443.72685 443.98566 444.24461 444.50371 444.76297

29.863 23.334 18.330 14.539 11.658
4.575 3.827 3.167 2.602 2.128
- - - - -
177845.72 177949.45 178053.24 178157.09 178261

30789.296 35678.613 41344.351 47909.803 55517.844

5384.3945 6205.9964 7354.6484 8853.6078 10734.009
9236.7889 10703.584 12403.305 14372.941 16655.353
5,955 7,626 9,714 12,253 15,291
14.858782 19.02736 24.235542 30.572587 38.150256
- - - - -
97 116 140 171 209

30.00% 30.00% 30.00% 30.00% 30.00%

17.49% 17.39% 17.79% 18.48% 19.33%
19.34% 21.37% 23.49% 25.58% 27.54%
13.95% 14.85% 15.58% 16.10% 18.26%
9.82% 11.44% 13.25% 14.51% 15.35%

1.7165151 1.9984042 2.284658 3.0278648 4.185376

2 2 2 3 4
48.50 39.08 33.72 29.10 25.11
93.71 93.37 93.08 92.83 92.61
106.07 91.20 78.46 67.52 58.13
142.21 132.45 126.80 121.93 117.73

0.18 0.12 0.04 0.02 0.02

22.34 25.75 30.52 36.74 44.54
0.12 0.08 0.03 0.02 0.01
 Historical Results Forecast Perio
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit Margin (Net Income/Sales) 28.47% 18.11% 20.20% 18.52% 15.14% 19.34%
Asset Turnover (Sales/Assets) 0.45 0.49 0.48 0.45 0.47 0.51
Financial Leverage (Asset/Equity) 1.9 1.0 1.5 1.4 1.8 1.7

Return on Equity 24% 9% 14% 11% 13% 17%

 Forecast Period
Mar-24 Mar-25 Mar-26 Mar-27
Dupont Analysis
21.37% 23.49% 25.58% 27.54%
0.54 0.56 0.57 0.56 30.00% 2.00
1.6 1.6 1.5 1.5 1.80
25.00% 1.60
20.00% 1.40
19% 21% 22% 23% 1.20
15.00% 1.00
0.80
10.00% 0.60
5.00% 0.40
0.20
0.00% 0.00
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27

Net Profit Margin (Net Income/Sales) Return on Equity

Asset Turnover (Sales/Assets) Financial Leverage (Asset/Equity)
s
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
an-24 Jan-25 Jan-26 Jan-27

eturn on Equity
inancial Leverage (Asset/Equity)