(“In INR Crores")

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Player FY 2019 FY 2020 FY 2021
Apollo Pharmac NA NA NA
MedPlus 97.2 334.7 508.1
Wellness Forever -4.4 23:2 91.9
API Holdings NA 348.2 341.9
Tata 1 mg 279.0 157.0 89.3
Netmeds 31.0 -39.0 NA
Source: DRHP, MCA, & Annual Reports, Primary Research, Secondary Research, Company filings, Technopak Analysis;
Net Working Capital = Current Asset — Current Liability
INVENTORY TURNOVER RATIO
Player FY 2019 FY 2020 FY 2021
Apollo Pharmac’ NA NA NA
MedPlus 49 45 3.5
Wellness Forever 49 5.2 47
API Holdings NA 7A 8.3
Tata 1 mg 11.4 15.6 14.1
Netmeds 11.7 9.3 NA

 

 

 

 

Inventory Turnover Ratio = COGS / Total Inventories at the beginning of the

RECEIVABLES TURNOVER RATIO

Source: DRHP, MCA, & Annual Reports, Primary Research, Secondary Research, Company filings, Technopak Analysis;
year plus total inventories at the end of the year divided by 2) . COGS is the total
of purchases of traded goods, cost of material consumed and increase in inventories of finished goods and work in progress)

 

 

 

 

 

 

 

Player FY 2019 FY 2020 FY 2021
Apollo Pharmac NA NA NA
MedPlus 238 379 522
Wellness Forever 32 39 36
API Holdings NA 7 9
Tata 1 mg 16 22 30
Netmeds 13 10 NA

 

Receivables Turnover Ratio = Revenue from operations/ Opening balance of

PAYABLES TURNOVER RATIO

Source: DRHP, MCA, & Annual Reports, Primary Research, Secondary Research, Company filings, Technopak Analysis;
Trade Receivables plus closing balance of trade receivables divided by 2)

 

 

 

 

 

 

 

Player FY 2019 FY 2020 FY 2021
Apollo Pharmac NA NA NA
MedPlus 12.8 14.6 16
Wellness Forever 14.5 16.9 16.2
API Holdings NA 12.3 9.9
Tata 1 mg 7A 8.0 3.4
Netmeds 12.5 5.3 NA

 

Payables Turnover ratio = Revenue from operations/ (opening balance of trai

Source: DRHP, MCA, & Annual Reports, Primary Research, Secondary Research, Company filings, Technopak Analysis;
ide payables plus closing balance of trade payables divided by 2)

 

 

 

 

 

 

 

 

 

 

 

NET DEBT TO EQUITY RATIO
Player FY 2019 FY 2020 FY 2021
Apollo Pharmac NA NA NA
MedPlus 0.2 -0.1 0.0
Wellness Forever 0.6 0.3 0.1
API Holdings NA 0.5 0.1
Tata 1 mg -1.5 -11 -1.1
Netmeds 0.4 2.4 NA

 

 

Source: DRHP, MCA, & Annual Reports, Primary Research, Secondary Research, Company filings, Technopak Analysis;

Net Debt to Equity Ratio = Net Debi/ Total Equity, Net Debt = Borrowings ~ (Cash and cash equivalents plus bank balances other than cash and cash

equivalents)

NET DEBT SERVICE COVERAGE RATIO

144
