Cipla

November 06, 2012
Financial Results
Particulars
Qtr Ending
Qtr Ending
Current Price:
STOCK DATA
VALUE PARAMETERS
Quarterly Performance
Robust growth in Sales – Driven by Lexapro Sales, other drivers are intact in near
term: Net sales grew by robust 24% YoY to `2145.87 crore for the quarter ended September
Latest Bookvalue (cons.) -Unit Curr.
2012 driven by sharp 33% YoY growth in Export business (56% of sales) to `1212.70crore. The growth in export revenues was primarily due to growth in anti-depressants, anti-ulcerant and anti-asthma segments. Also, the Lexapro Sales contributed significantly to the export sales during the quarter. But the contribution from the Vancocin is insignificant during the quarter. Going forward Lexapro and Dymista should drive the growth in the Export business in the near term. On Dymista, it indicated that export supplies are started during the quarter and expects SHARE HOLDING PATTERN (%)
more visibility from the next quarter.
Description as on
% of Holding
Also, the Revenues from domestic business (44% of sales) grew by 14% YoY to `962 crore after 30/09/2012
strong growth in the Q1, which is slightly lower than the Indian Pharmaceuticals market growth during the quarter. The growth in domestic revenues was largely on account of growth in anti- asthma, anti-biotics and cardiovascular therapy segments. Also, the branded formulation grew by 14% and the generic-generic grew by 14% in domestic market for the same period. Further, the generic-generic business contributed 15% of the domestic sales. It expects the domestic market growth will be same or in line with the market growth going forward.
Margins are Peak high – part of it's due to Lexapro, part of it sustainable: The
Company margins were peak high at 30.9% (up by sharp 660 bps YoY and 330 bps QoQ). This is on account of fall in other expenses (360 bps YoY to 21.6% of adjusted sales) and Consumption cost (210 bps YoY to 37.4% of adjusted sales) as percentage to the sales and the net of stock adjustments. Also, the margins expansion was also on the back of higher margin contribution to Lexapro supplies to the export market. Eventually, operating profit jumped by 58% YoY to Revenue Break-up
Particulars
Qtr Ending
Qtr Ending
Domestic
Total Exports
PAT grew by robust 62%: After the strong 96% growth in the other income to `64.14 crore,
EBIDTA grew by 60% YoY to `741.09 crore. With the meager interest cost (`5.36 crore vis-à-vis `2.38 crore) and after the 13% increase in depreciation to `73.96 crore, PBT jump by 68% YoY to `661.77 crore. Further, after the 290 bps rise in effective tax rate YoY to 24.4% (guided 24% tax rate for FY'13) PAT grew by robust 62% YoY to `500.01 crore.
Cipla has out beat the markets on all fronts once again and outperformance during the quarter was driven largely by export business, which in turn driven by the Lexapro Sales. Also, The near term growth drivers for Export business are intact as the Lexapro may contribute for one more quarter and also Dymista (Meda's Spray) supplies have already started and expect contribute significantly to the Q3'FY 13 export sales. On Domestic business, it has grown slightly lower than the market growth and this growth will continue or grow with the market pace going forward. Overall, The Cipla's growth story is intact and guided for 15% growth in revenues for E-mail: [email protected] Corporate Office:
Mumbai Office:
Kolkata Office:
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