Cipla Q3 Review - Strong Growth In India, RoW; Better Margins: ICICI Direct
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ICICI Direct Report
Cipla Ltd.’s Q3 revenues grew 18.2% YoY to Rs 5169 crore led by strong growth in domestic and Rest of World markets.
Domestic sales grew 25.5% YoY to Rs 2231 crore.
RoW markets business grew 47.2% YoY to Rs 823 whereas South Africa business fell 2.5% YoY to Rs 579 crore. U.S. grew 9.6% YoY to Rs 1037 crore.
Ebitda margins expanded 647 basis points YoY to 23.8% mainly due to significantly lower other expenditure. Hence, Ebitda grew 62.3% YoY to Rs 1231 crore.
Profit after tax more than doubled to Rs 748 crore versus Rs 351 crore in Q3 FY20.
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