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International Journal of Exclusive Management Research August 2011-Vol 1 Issue 3

ISSN 2249 2585

AN EMPIRICAL ANALYSIS OF CORPORATE DIVIDEND PERFORMANCE IN


SELECT PHARMACEUTICAL COMPANIES IN INDIA
*M. Krishna Moorthi
**Dr. M. Ramesh
*Research Scholar, Manonmaniam Sundaranar University, Tirunelveli, India.
**Associate Professor, Department of Business Administration, Annamalai University.

ABSTRACT
Dividend decision of the firms is considered as one of the important decisions that the
firm would make. It must be depends upon what portion of earnings is to be retained by
the firm and what portion is to be paid off. There is always an inverse relationship
between these two larger intentions such as investment decision and financial decision
making of the firm. Pharmaceutical industries shows an impressive growth figures over
the recent years, the major objectives of this study is to determine the performance of
dividends declaration policies of select pharmaceutical companies in India for the
purpose of analysis five companies under took with past six years of their financial
statements, datas are mostly belongs to the secondary data collected from selected
companies official websites and official website of NSE India. The datas are analyzed
using statistical tools such as Trend analysis, Mean, Standard deviation and hypothesis
was tested using by ANOVA and its conclude that companies belong to the same industry
adopted a different dividend policies among themselves.
Key words: Dividend per share, Earnings per share, Dividend policy, Dividend payout ratio.

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INTRODUCTION
Medicines contribute extremely to the health of the nation. The discovery,
development and effective use of drugs have improved many peoples quality of life and
reduced the need for surgical intervention and length of time spend in hospital and saved
many lives. Over the years pharmacy has grown in the form of pharmaceuticals sciences
through research and development processes. It is related to product as well as to services.
The various drugs discovered and developed are its products and the healthcare it provides
comes under the category of services.
The role of pharmaceutical industry in India GDP is immense. For the past few years
the Indian pharmaceutical industry is performing very well. The varied functions such as
contract research and manufacturing, clinical research, research and development pertaining
to vaccines are the strengths of the Pharmacy Industry in India. Multinational pharmaceutical
corporations outsource these activities and help the growth of the sector. Dividend decision of
the firms is considered as one of the important decisions that the firm would make. It must be
depends upon what portion of earnings is to be retained by the firm and what portion is to be
paid off. The profits of a firm can be used for reinvestment within the firm by investing in
research and development, investment made in augmenting firms activities such as
purchasing new plant and machinery, expanding inventories and the like, and also the
decision pertain to the distribution of profit of the company is also considered as vital one.
There is always an inverse relationship between these two larger intentions such as
Investment decision and financial decision making of the firm.
STATEMENT OF THE PROBLEM
Dividend policy of a firm, thus affects both the long-term financing and the wealth of
shareholders. As a result, the firms decision to pay dividends must be reached in such a
manner so as to equitably apportion the distributed profits and retained earnings. Since
dividend is a right of shareholders to participate in the profits and surplus of the company for
their investment in the share capital of the company, they should receive fair amount of the
profits. The company should, therefore, distribute a reasonable amount as dividends (which
should include a normal rate of interest plus a return for the risks assumed) to its members
and retain the rest for its growth and survival. In the present study made an attempt to study
on the analysis of corporate dividend performance in select pharmaceutical companies in
India and made necessary suggestions regarding the same in order to provide suitable
suggestion to improve their dividend policies to enrich and retain their investors/shareholders.
REVIEW OF LITERATURE
Lintner (1956) After conducting interviews with the personnel of numerous large,
well established firms of united states of America, linter concluded- 1.That the primary
determinants of changes in dividends payout were the most recent earnings and the past
dividends paid, 2.That management focused on the change in the dividends rather then
amount, 3.That changes were only made when management felt secure that the new level of
dividends could be maintained, 4. That there was propensity to move toward some target
payout ratio for most firms, but the speed of adjustment towards the level of differed greatly
among companies and 5. Those investment requirements generally had little effects on
dividend behavior.

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Brittain (1966) used the cash flow version of the lintners model. The model was
proposed by lintner and obtained statically statistically significant results, but at the same
time, he found that better results could be obtained by certain modifications and adjustments.
Brittain argues that cash flow is a more appropriate measure of the companys capacity to pay
dividends as it more reflects faithfully, true earnings. Further, dividend payment is considered
as a charge prior to depreciation and hence, which is the ultimate basis of ability to pay
dividend. Brittain (1966) uses the cash flow version of lintners model in his study entitled
Corporate Dividend Policy.
Fama and Babiak, (1968) studies the various determinants of dividend payment of
individual firms. They tried to test the validity of the lintners model and other known models
on corporate dividend policy. Their study revealed that Lintners models continued to explain
dividend behavior quite well and that a slightly different model with lagged earnings as well
as lagged dividends did a slightly better job in that it had higher explanatory power
I.M. Pandey and Ramesh Bhat, (1994) The dividend payout behavior of firms is a
well-studied subject in finance. In recent times, the influence of macro economic factors and
understanding their implications far corporate financial decisions has assumed significant
importance. He results show that Indian firms have lower target ratios and higher adjustment
factors. The finding suggests that the restricted monetary policies have a significant influence
on the dividend payout behaviour of Indian firms; they cause about a 5-6 per cent reduction
in the payout ratios.
Manickam & Naleson (2008) studied 10 major industries which have been selected
on the basic of convince sampling method for the period of 10 years during 1992-2001. They
found in the frequency distribution of dividend per share that maximum numbers of
companies are distributed in the medium category of chemical, cotton, textiles, electrical,
metal and alloy, paper, sugar and synthetic textiles industries. Among the selected 10
industries, more no. of companies in the automobile, chemical and electrical industries have
paid maximum dividend of Rs.2 and above more no companies in the cement, engineering
and metal and Alloy industrie s have paid minimum dividend of below Rs.0.5 frequency class
intervals, the study concluded that maximum no of companies has paid dividend per share of
below Rs.5.
Lalitha Mani & Priya (2010) studied dividend behaviour of five Indian steel
companies are considered for the analysis using the statistical tools such as ANOVA, Trend
Analysis, Coefficient Variation, Mean, and Standard Deviation. The study revealed that Tata
steel has highest earnings per share with high dividend amount declaration. SAIL which has
the impressive growth rate during the study.
OBJECTIVES OF THE STUDY
Primary Objectives
To determine the performance of dividends declaration policies of select pharmaceutical
companies in India
Secondary Objectives
To find out the Dividend trend level of select pharmaceutical companies in India.
To determine the Earnings Per Share (EPS) of the company.
To estimate the Dividend amount (DPS) allotted to the each equity share holder of the
company.
To find out the dividend policy adopted by the different pharmaceutical companies in India.
To estimate the growth rate of each firm
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RESEARCH METHODOLOGY
For this Empirical analysis, Data has been collected from the official NSE website
and selected pharmacy companys financial reports. The Pharmacy Companies which
satisfied the following criteria have been short listed for further research.
Share holders population should be greater then 5,000
Availability of data for at least for the period of 5 years
Declaration of dividend for at least two years to the period of the study.
Companies that meet the above conditions are
Ranbaxy Laboratories Ltd.
Dr. Reddy's Laboratories
Cipla
Piramal
Glaxo Smithkline
Statistical Tools Used

Mean, Standard Deviation, Coefficient of Variations


Trend Analysis
Method of Least Square
Anova

ANALYSIS AND INTERPRETATION:


Table-1: Performance of EPS, DPS, and DPR of Ranboxy Laboratories
Year

EPS

DPS

2005
5.70
0
2006
2.59
2.5
2007
16.56
0
2008
-27.29
0
2009
13.61
0
2010
27.30
2
Source- Secondary data

Trend Pattern of Linear


EPS
DPS
-0.49
0.571
2.27
0.642
5.03
0.7143
7.79
0.7857
10.55
0.8571
13.31
0.9285

DPR
96.52
7.32

EPS- Earning Per Share, DPS- Dividend per Share, DPR- Dividend Payout Ratio
Fig. (1.a) - DPS

Fig. (1.b) - EPS


T re n d A n a ly s is fo r E P S

T re n d A n a ly s is fo r D P S
3

40

2 .5

30
20
10

DP S

1 .5

Lin ea r D P S

1
0 .5

EPS

DPS

EPS

0
-10

2 00 5 2 006 2007 200 8 2 009 201 0

L inear E P S

-20

-30
200 5 20 06 2 00 7 20 08 200 9 2 01 0
Y e a rs

DPS- Dividend Per Share


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-40
Ye a rs

EPS- Earning Per Share


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International Journal of Exclusive Management Research August 2011-Vol 1 Issue 3

Dividends are declared only in the 2nd year (2006 & 2010) of the five years of study.
The EPS of the company has shown a increasing and decreasing pattern for the years up to
2009, after that it shows the increasing pattern. It even attains the negative level in the year of
2008. Fig (1a) illustrated the trend line of DPS, where it has been parallel to X axis, which
has indicated the Ranboxy laboratories Ltd following a constant dividend policy. Where Fig
(1b), it has shown the trend line of EPS of the company has sloped in upward in direction,
which has led to expect the company will have a very high growth in EPS in the future.
Table-2: Performance of EPS, DPS, and DPR of Cipla Limited
Trend Pattern of
Linear
Year
EPS
DPS
DPR
EPS
DPS
2005
13.66
3.5
25.62
10.07
2.591
2006
8.11
2
24.66
10.24
2.321
2007
8.61
2
23.22
10.42
2.051
2008
9.02
10.59
1.781
2009
9.99
2
20.02
10.77
1.511
2010
13.69
2
14.60
10.95
1.241
Source- Secondary data
Fig. (2.a) DPS

Fig. (2.b) EPS


T re n d A n a ly s is fo r E P S

DPS

T ren d An alysis for D P S

EPS

4
3.5
3
2.5
2
1.5
1
0.5
0

DP S
Linear D P S

16
14
12
10
8
6
4
2
0

EPS
Linear E P S

2005
2005

2006

2007

2008

2009

2010

2006

2007

2008

2009

2010

Ye a rs

Ye a rs

DPS- Dividend per Share


EPS- Earning Per Share
Table-2 has shown that there has been moderate fluctuation in EPS, DPS and DPR of
Cipla limited. EPS of the company initially got decreased in 2006 after that it got steeply
increasing pattern. DPS of the company was initially declared as Rs.3.5 after that it maintains
a stable dividend policy of Rs.2 for the successive years except in the year 2008 dividend was
not declared. Similarly EPS of the Cipla limited was shown a decreasing pattern in their
trend. In Fig (2a) shown that decreasing trend pattern in their DPS, In Fig (2b) EPS trend
pattern was almost parallel to the X axis. From that it interprets that company maintains
stable dividend policy.

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Table-3: Performance of EPS, DPS, and DPR of Dr.Reddys Laboratories Ltd
DPS

DPR

Trend Pattern of
Linear
EPS
DPS

2005
8.55
5
2006
27.58
2007
74.23
3.75
2008
28.27
3.75
2009
33.32
6.25
2010
50.15
11.25
Source- Secondary data

58.47
5.05
13.26
18.75
22.43

24.22
29.34
34.46
39.58
44.7
49.82

Year

EPS

Chart (3.a) - DPS

Chart (3.b) - EPS


Trend Analysis for D P S
12
10

EPS
Linear E P S

8
DPS

EPS

T re n d A n alysis fo r E P S
80
70
60
50
40
30
20
10
0

1.43
2.858
4.286
5.74
7.142
8.57

DP S

Linear DP S

4
2
0

20 05

2006

2007

2008

2009

2010

2005

Ye a rs

2006

2007

2008

2009

2010

Ye a rs

DPS- Dividend per Share

EPS- Earning Per Share

The table No.3 shows that the EPS of the Dr. Reddys company was steeply
increasing pattern Peaked in the year of 2010 with the amount of Rs.50.15. Similarly DPS of
the company was also shown increasing pattern except in the year 2006 were dividend was
not declared. For the years of 2005 & 2006 same amount of dividend was declared and get
peak amount in the year 2010 with the amount of Rs.11.25. From the charts of 3 a & b shows
the increasing trend pattern in EPS and DPS of the company, which interprets that the
company follows a constant dividend policy.
Table-4: Performance of EPS, DPS, and DPR of Glaxo Smithkline Pharmaceuticals Ltd
Year
EPS
DPS
DPR
Trend Pattern of
Linear
EPS
DPS
2005
58.50
14
2006
42.70
3.1
2007
63.50
36
2008
68.10
40
2009
60.50
30
2010
66.60
Source- Secondary data

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23.93
7.2589
56.69
58.73
49.58
-

52.93
55.75
58.57
61.39
64.21
67.03

19.46
19.88
20.3
20.72
21.14
21.56

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Fig.4a DPS

Fig.4b - EPS

45
40
35
30
25
20
15
10
5
0

T ren d Ana ly sis for E P S

Linear DP S
DPS

2006

2007

2008

2009

EPS

DPS

Trend An alysis fo r D P S

2005

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80
70
60
50
40
30
20
10
0

2010

EPS
Linear EP S

2005

2006

Ye a rs

2007

2008

2009

2010

Ye a rs

DPS- Dividend per Share

EPS- Earning Per Share

The above table -4 shows that gradual increase and decrease in their Earnings per
share, DPS and dividend pay out ratio of the b Smithkline Pharmaceuticals Ltd. EPS of the
company was get slumped in the year of 2006 and once again in the year of 2009 after that it
showed a gradual increasing pattern. Similarly DPS of the company showed a gradual zig zag
increasing and decreasing pattern. Corresponding to EPS, DPS of the company was declared
Rs3.1 and Rs.30 during slumping period. From the charts 4a & b shown the trend line of DPS
of the company which is almost parallel to the X axis, Where EPS trend line was gradual
increasing pattern which shows the company followed a Stable dividend policy.
Table 5: Performance of EPS, DPS, and DPR of Piramal Health care Ltd
Year
EPS
DPS
DPR
Trend Pattern of
Linear
EPS
DPS
2005
2006
2007
2008
2009
2010

8.80
8.20
8.90
14.30
13.20
21.20

3
3
3.5
4.2
4.2
5.4

34.09
36.58
39.32
29.37
31.81
25.47

Fig.5a - DPS

6.58
8.92
11.26
13.6
15.94
18.28

Fig.5b - EPS

Trend Analysis for DPS

Trend Analysis for EPS

25

5
DPS

Linear DPS

EPS

20

4
DPS

2.715
3.181
3.647
4.113
4.579
5.045

15

EPS

10

Linear EPS

1
0

0
2005

2006

2007

2008

2009

2010

Years

DPS- Dividend per Share

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2005

2006

2007

2008

2009

2010

Years

EPS- Earning Per Share

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Table-5 has shown that gradual increase in the value of EPS, DPS and DPR of the
Piramal Healthcare Ltd. EPS of the company was get gradually increased till in the year
2008, in the year 2009 its earnings were declined into Rs.13.20 after that it was steeply
increased into the amount of Rs.21.20. Where in case of DPS of company showed a gradual
increasing pattern in their dividend amount. During the periods of 2008 and 2009 it
maintained the constant dividend payment amount. In Fig (5a) shown the trend line pattern of
DPS of the company which showed a gradual increasing pattern. Similarly in the fig (5b)
trend line pattern of EPS of the company also showed a gradual increasing pattern .From that
it clears that the company adopted a constant dividend policy.
Table-6: Mean Standard deviation and Coefficient Variation of DPS:
Companies
Mean
S.D
C.V
Ranboxy Limited
0.75
1.070
142.67
Cipla Limited
1.9167
1.0166
53.03
Dr Reddys Limited
5
3.385
67.70
Glaxo Smithkline
20.5167
15.68
76.42
Limited
Piramal Health care
3.8833
0.8374
21.58
Limited
Sources : Calculated values
SD-Standard Deviation, C.V- Coefficient Variation
Table 6 has shown that the Ranboxy Laboratories Ltd was maintained a mean
dividend amount of Rs.0.75, standard deviation of 1.070 and coefficient of variation of DPS
lies in 142.67. Cipla Ltd showed the Mean dividend payment of per equity share holder
Rs.1.9167, standard deviation of 1.0166 and coefficient of variation of 53.03. Dr.Reddys
Laboratories Ltd has paid the mean dividend amount of Rs.5, standard deviation of 15.68 and
Coefficient of variation of DPS is 67.70. Glaxo Smithkline Ltd had paid the mean dividend
amount of Rs 20.5167, standard deviation of DPS of the company lies in 15.68 and
coefficient variation has the value of 76.42. Piramal Healthcare Ltd, Last sample of the study
paid mean dividend payment amount of Rs.3.8833, Standard deviation of the company lies in
0.8374 and coefficient of variation of the company for the six years of the study showed a
value of 21.58.
Table-7: ANOVA
Source
Between
Companies
Within
Companies
Total

Degrees of
Freedom
4

Sum of
Squares
1557.58

Mean
Squares
389.39

F
6.23

25

1562.03

62.48

4.18

29

3119.61

451.87

Significant
level
1%

Sources : Calculated values


In order to find out whether the mean values of DPS of the companies differ from
each other, Hypothesis of the study was formulated like that

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Hypothesis
Ho = There is no significant difference among the mean values of dividend per share among
the companies
H1 = There is significant difference among the mean values of dividend per share among
the companies
Table-7 has shown that, there is significant difference among the mean values of DPS
among the companies. The calculated F value has been greater than the table value at 5 %
Level of significance. Hence Null hypothesis was rejected.
It can be clear that the companies belonging to the same Pharmaceutical industry have
adopted different Dividend declaration policy among themselves.
FINDINGS
There been large fluctuations in EPS, DPS, and DPR of Ranboxy Laboratories Ltd.
After that dividends are declared only in 2 years (2006 & 2010) in the five years of
study, the EPS of the company shown a increasing and decreasing pattern for the
years up to 2009, after that it shows the increasing pattern. It even attains the negative
level in the year of 2008.
There has been moderate fluctuation in EPS, DPS and DPR of Cipla Ltd. EPS of the
company initially got decreased in 2006 after that it got steeply increasing pattern.
DPS of the company was initially declared as Rs.3.5 after that it maintains a stable
dividend policy of Rs.2 for the successive years except in the year 2008 dividend was
not declared.
Dr. Reddys Laboratories Ltd has been shown that increasing trend in their earning
par share, DPS and EPS of the company. The EPS of the company was steeply
increasing pattern Peaked in the year of 2010 with the amount of Rs.50.15. Similarly
DPS of the company was also shown increasing pattern except in the year 2006 were
dividend was not declared. For the years of 2005 & 2006 same amount of dividend
was declared and get peak amount in the year 2010 with the amount of Rs.11.25.
Gradual increase and decrease in their EPS, DPS and DPR of the Glaxo Smithkline
Pharmaceuticals Ltd. EPS of the company was get slumped in the year of 2006 and
once again in the year of 2009 after that it showed a gradual increasing pattern.
Similarly DPS of the co shown a gradual zig zag increase and decrease.
Corresponding to EPS and DPS of the company was Rs.3.1 and Rs. 30 during
slumping period.
Gradual increase in the value of EPS, DPS and DPR of the Piramal Healthcare Ltd for
the five years of the study. EPS of the company was get gradually increased till in the
year 2008, in the year 2009 its earnings were declined into Rs.3.20 after that it was
steeply increased into the amount of Rs.21.20. Where in case of DPS of company
showed a gradual increasing pattern in their dividend amount. During the periods of
2008 and 2009 it maintained the constant dividend payment amount.
Ranboxy Laboratories Ltd was maintained a mean dividend amount of Rs.0.75,
standard deviation of 1.070 and coefficient of variation of DPS lies in 142.67.
Cipla Ltd showed the Mean dividend payment of per equity share holder Rs.1.9167,
standard deviation of 1.0166 and coefficient of variation of 53.03.

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Dr.Reddys Laboratories Ltd has paid the mean dividend amount of Rs.5, standard
deviation of 15.68 and Coefficient of variation of DPS is 67.70.
Glaxo Smithkline Ltd had paid the mean dividend amount of Rs.20.5167, standard
deviation of DPS of the company lies in 15.68 and coefficient variation has the value
of 76.42.
Piramal Health Care Ltd, Last sample of the study paid mean dividend payment
amount of Rs 3.8833, Standard deviation of the company lies in 0.8374 and
coefficient of variation of the company for the six years of the study showed a value
of 21.58.
There is significant difference among the mean values of DPS among the companies.
The calculated F value has been greater than the table value at 5 % Level of
significance. Hence Null hypothesis was rejected.
It can be clear that the companies belonging to the same Pharmaceutical industry have
adopted different dividend policy among themselves.
CONCLUSION
Cipla and Glaxo Smithkline Ltd have followed a stable dividend policy, and the trend
of both the companies does not follow its earnings and were as the other selected companies
like Ranboxy, Dr.Reddys laboratories and Piramal healthcare limited has followed a
constant DPS policy. Its DPS depends upon its earnings. The mean value Glaxo Smithkline
Ltd has high EPS of Rs.59.98, and it has declared a high dividend of Rs.20.51 per share
which has the highest in pharmaceutical industries adopted for a study, and it has been found
that Piramal Healthcare Ltd which has declared dividend for almost all the years of the study,
with sustained growth rate in its DPS and EPS. From the ANOVA result we can conclude
that companies belong to the same industry followed a different dividend declaration policy
during the study period.

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