Profitability is used as a prime indicator to measure the sustainable performance of an organization. The current study made an attempt to apply the DuPont model to investigate the multilevel profitability determinants for the pharmaceutical industry of India. The study also estimates an empirical model to predict the association of profitability with factors such as profit margin, asset utilization, leverage, interest load and tax load of firms in the pharmaceutical industry of India. For this purpose, a dataset for 170 companies from 2010–2011 to 2018–2019 was analysed initially by using panel data regression followed by stepwise panel data regression. The study successfully applied and tested the DuPont model with respect to the firms of the pharmaceutical industry in India. It was found that the factors such as profit margin, asset utilization and leverage had a significant positive effect on the firms’ profitability and the factor interest load had a significant negative effect on the firms’ profitability. The tax load does not have an impact on the profitability of the pharmaceutical firms in India. These findings are expected to provide a guide for understanding the profitability of the firms in a better way.

盈利能力被用作衡量组织可持续绩效的主要指标。当前的研究试图应用杜邦模型来研究印度制药业的多级盈利决定因素。该研究还估计了一个经验模型，以预测盈利能力与印度制药行业公司的利润率，资产利用率，杠杆，利息负担和税收负担等因素的关联。为此，首先使用面板数据回归，然后使用逐步面板数据回归分析了2010-2011年至2018-2019年间170家公司的数据集。该研究针对印度制药行业的公司成功地应用和测试了杜邦模型。发现诸如利润率，资产利用率和杠杆率对企业的盈利能力具有显着的正向影响，要素利率负荷对企业的盈利能力具有显着的负向影响。税收负担不会影响印度制药公司的盈利能力。这些发现有望为更好地理解企业的盈利能力提供指导。