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Motilal Oswal Report
Cipla Ltd.’s sales for the quarter were largely in line with our estimates. However, it delivered a strong beat on earnings owing to significant reduction in operating expense.
Covid-19-led disruption has enthused the company to re-imagine the business, to sustain cost saving and enhance resource productivity.
Domestic sales grew to Rs 16.1 billion (up 16% YoY, 37% of sales). Branded formulations sales in India were up by 9% on a YoY basis and trade generics by a strong 46% YoY. South Africa Global Access revenue grew 10% YoY to Rs 7.6 billion (18% of sales).
Emerging market sales rose 64% YoY to Rs 4.6 billion (11% of sales). Europe sales grew 19% YoY to Rs 2.4 billion (6% of sales).
North America sales were down 9% YoY to Rs 10 billion ($135 million, 23% of sales) on the high base of the past year.
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