How Indian Pharma Industry Performed in the Last Decade? Impact of a Non-macroeconomic Variable and Financial Distress

Pooja Singh, Anindita Chakraborty
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Abstract

The pharmaceutical industry in India is a significant part of the country’s international commerce, providing appealing channels and prospects for investment. The non-macroeconomic variable, like the COVID-19 pandemic, had a significant impact on the pharmaceutical industry, as well as other industries. This study examines the financial situation of pharma firms and the overall pharma industry using the Altman Z-score before and during the COVID period. Hence, the study is undertaken in three window periods. The study further describes the pharma industry’s stock return to market return and finally, the impact of overall Z-score and its ratios impact on stock return by panel data modeling. The result depicted an improved financial situation in the pharma sector due to improved investors’ confidence and higher beta in pharma stocks compared to market movement during the COVID period. Lastly, it has been analysed that Working Capital to Total Assets (WC/TA) is the significant ratio in predicting the stock return.
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印度制药业在过去十年的表现如何?非宏观经济变量的影响与金融危机
印度的制药业是该国国际贸易的重要组成部分,为投资提供了有吸引力的渠道和前景。非宏观经济变量,如COVID-19大流行,对制药行业以及其他行业产生了重大影响。本研究使用Altman Z-score检查了制药公司和整个制药行业在COVID之前和期间的财务状况。因此,本研究分三个窗口期进行。本研究通过面板数据建模,进一步描述了医药行业的股票收益率对市场收益率的影响,最后,总体z得分及其比值对股票收益率的影响。结果显示,由于投资者信心增强,制药股贝塔系数高于新冠肺炎期间的市场走势,制药行业的财务状况有所改善。最后,分析了营运资本与总资产比率(WC/TA)是预测股票收益的重要比率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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