Year Company Name PUS NS CCE CCEUS

2001 Aarti Drugs Ltd. 0.15 1,386.70 52.40 0.04

2002 Aarti Drugs Ltd. 0.16 1,602.50 61.70 0.04
2003 Aarti Drugs Ltd. 0.14 1,738.00 69.30 0.04
2004 Aarti Drugs Ltd. 0.13 2,169.50 71.50 0.03
2005 Aarti Drugs Ltd. 0.15 2,414.90 70.80 0.03
2006 Aarti Drugs Ltd. 0.14 2,529.40 75.00 0.03
2007 Aarti Drugs Ltd. 0.13 2,825.10 89.60 0.03
2008 Aarti Drugs Ltd. 0.14 3,107.30 98.80 0.03
2009 Aarti Drugs Ltd. 0.16 3,764.90 112.30 0.03
2010 Aarti Drugs Ltd. 0.16 4,714.30 147.80 0.03
2011 Aarti Drugs Ltd. 0.13 4,964.20 178.90 0.04
2012 Aarti Drugs Ltd. 0.12 6,592.60 231.40 0.04
2013 Aarti Drugs Ltd. 0.15 8,248.40 279.00 0.03
ME AE TSME TSMEUS PBDITA NW TOL TA
16.10 3.10 19.20 0.01 212.10 468.90 906.60 1,429.40
21.80 7.20 29.00 0.02 259.20 570.60 955.80 1,569.30
20.90 6.90 27.80 0.02 251.70 583.80 1,112.10 1,812.00
20.00 4.60 24.60 0.01 287.50 619.70 1,602.00 2,432.00
26.20 3.10 29.30 0.01 359.70 731.80 1,879.90 2,871.60
20.40 3.50 23.90 0.01 347.70 850.10 2,318.10 3,433.20
32.00 2.90 34.90 0.01 370.40 973.00 2,345.60 3,457.60
21.30 2.70 24.00 0.01 424.30 1,090.20 2,693.00 3,957.20
41.50 3.50 45.00 0.01 594.20 1,201.90 2,457.30 3,867.50
46.30 5.70 52.00 0.01 749.10 1,411.00 2,415.70 4,086.50
41.20 5.20 46.40 0.01 652.00 1,565.20 3,306.60 5,159.90
52.30 4.70 57.00 0.01 815.00 1,764.80 4,026.50 6,126.20
60.90 11.90 72.80 0.01 1,237.20 2,076.10 4,678.70 7,197.30
LNTA LEV RND RNDUS
7.27 0.63 10.90 0.01
7.36 0.61 21.50 0.01
7.50 0.61 14.80 0.01
7.80 0.66 18.20 0.01
7.96 0.65 20.80 0.01
8.14 0.68 4.20 0.00
8.15 0.68 15.00 0.01
8.28 0.68 25.90 0.01
8.26 0.64 29.50 0.01
8.32 0.59 45.50 0.01
8.55 0.64 43.80 0.01
8.72 0.66 46.30 0.01
8.88 0.65 52.10 0.01
Variable Description
Year Year of collecting the data
Company Name Name of the company
PUS Gross Profit Upon Sales
NS Net Sales
CCE Compensation to employees
CCEUS Compensation to employees Upon Sales
ME Marketing Expenses
AE Advertisement Expenses
TSME Total Sales and marketing Expenses
TSMEUS Total Sales and marketing Expenses Upon Sales
PBDITA Profit before dep, interest, tax and amort.
NW Net Worth
TOL Total Outside Liabilities
TA Total Assets
LNTA Log of total assets
LEV Leverage
RND Research and development expenses
RNDUS Research and development expenses upon sales
Formulae

(PBDITA/Net Sales)

(CCE/Net Sales)

(ME + AE)
(TSME/Net Sales)

(TOL/TA)

(RND/Net Sales)
Dependent Variable Explanatory Variables
PUS LNTA, LEV, CCEUS, TSMEUS, RNDUS