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Cipla Ltd Research Report - 11th Nov 2016

Pharmaceutical | Published on Nov 11th 2016

IT

Cipla posted numbers lower than expected for 2QFY2017. The company posted sales of Rs3,672cr vs. Rs3,737cr expected, registering a yoy growth of 8.7%, mainly aided by domestic formulations. Domestic formulation (Rs1,522cr) grew by 11.3% yoy, while exports (Rs2150cr) grew by 7.5% yoy. On the operating front, the EBITDA margin came in at 16.4% vs. 16.5% expected vs. 21.0% in 2QFY2016, mainly on back of base effect. Consequently, the Adj. PAT came in at Rs354cr vs. Rs498cr expected vs. Rs543cr in 2QFY2016, a yoy de-growth of 34.7%. We maintain our Reduce rating on the stock.

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CMP 564
Target Price 490
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)47,592.55
MCAP NSE (Rs in Cr)47,656.91
P/E (x)45.63
EPS (Rs.)12.97
BV (Rs.)153.07
Div Yield (%)0.34
FV (Rs.)2.00
P/BV (x)3.87
EV/Sales (x)3.81
EV/EBITDA (x)20.34

Shareholding Pattern (%)

Promoter37.0
Foreign26.0
Public & Others17.0
Institution16.0
Corporate4.0
Grand Total100.0

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