1. Pharma Sector Q2FY10 Result Prognosis

2. Sector View Global Pharma industry increased by 4.8% to USD 773.1bln in FY08. US and European market grew by 1.4% and 5.8% respectively. Indian Pharma industry grew by 10% for FY08 and is expected to grow by 12-13% in FY09.

3. Indian Pharma Indian Pharma Generics CRAMSMNCsAPIs

4. Piramal Healthcare ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales 966688933281137959 Expenditure 779170662617630367 EBIDTA 1875182766357592 Interest 248170838940 Depreciation 37028811961475 PAT 109675131884669 Net Sales Growth 8.7%17%16%15% PAT Growth 46%42%(5%)48% EBIDTA Margin 19.420.520.220 PAT Margin 11.38.49.612.3 EPS 5.243.615.322.3

5. Biocon ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales 528344231371816309 Expenditure 423235011285319391 EBIDTA 105192232343865 Interest 5842177257 Depreciation 33129011031323 PAT 63824410022417 Net Sales Growth(%) 19.458.55322 PAT Growth(%) 161(54)(78)141 EBIDTA Margin(%) 19.920.820.119.7 PAT Margin(%) 11.695.655.812.3 EPS 3.13.512.3712.08

6. Dishman Pharma ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales 260725561062412264 Expenditure 2047202280099198 EBIDTA 56153426153066 Interest 13687459543 Depreciation 176139639743 PAT 2262714621629 Net Sales Growth(%) 2373215 PAT Growth(%) 724(90)2211 EBIDTA Margin(%) 222124.625 PAT Margin(%) 9113.813.3 EPS 2.80.3417.920.1

7. Jubilant Organosys ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales 987594053518039926 Expenditure 826676322841432195 EBIDTA 1610177367667730 Interest 41022110701569 Depreciation 36141116321443 PAT 720104626994525 Net Sales Growth(%) 5524113 PAT Growth(%) (3)1.342960 EBIDTA Margin(%) 16.318.819.219.4 PAT Margin(%) 712811 EPS 15.926.6

8. Recommendation COMPANYCMPRECOTARGET Piramal HealthcareBuy Jubilant OrganosysBuy BioconBuy DishmanHold