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Cipla Q3 Review - In-Line Results, Robust Outlook: ICICI Securities

Cipla Q3 Review - In-Line Results, Robust Outlook: ICICI Securities

An employee holds Ramipril capsules for a photograph inside a coating unit at the Lupin Ltd. pharmaceutical plant in Salcette, Goa, India. (Photographer: Dhiraj Singh/Bloomberg)
An employee holds Ramipril capsules for a photograph inside a coating unit at the Lupin Ltd. pharmaceutical plant in Salcette, Goa, India. (Photographer: Dhiraj Singh/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Cipla Ltd.’s Q3 FY22 result was in line with our estimates led by a strong performance in India and the U.S.

Ebitda margin declined 130 basis points YoY to 22.5%. We expect Ebitda margin to stabilize at 22-23% versus earlier levels of 17-19%.

Consolidated revenues grew 6% to Rs 54.8 billion. Adjusted profit after tax declined 2.6% to Rs 7.3 billion.

Cipla has shown a strong performance over past five to six quarters in India business led by Covid-19 portfolio as well as benefits of one India strategy undertaken in FY20 which we believe would help in sustaining above industry growth.

U.S. business is expected to scale up on account of complex launches.

Click on the attachment to read the full report:

ICICI Securities Cipla Q3FY22 Result Update.pdf

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