2QFY2018 Result Update | Pharmaceutical
November 20, 2017
Cipla
SELL
CMP
`609
Performance Highlights
Target Price
`462
Y/E March (` cr)
2QFY2018
1QFY2018
% chg qoq 2QFY2017
% chg yoy
3,988
3,432
16.2
3,672
8.6
Investment Period
-
Net sales
207
244
(15.0)
106
95.0
Other income
Gross profit
2,435
2,256
8.0
2,342
4.0
Stock Info
Sector
Pharmaceutical
Operating profit
710
554
28.2
602
18.0
Market Cap (` cr)
48,978
Adj. Net profit
422
409
3.3
354
19.2
Net Debt (` cr)
3,488
Source: Company, Angel Research
Beta
0.7
Cipla posted lower than expected results on all fronts for 2QFY2018. In Rupee
52 Week High / Low
622/479
A vg. Daily Volume
69,441
terms, revenues came in at `3,988r v/s. `4,243cr expected, up 8.6% yoy. Domestic
Face Value (`)
2
sales posted a growth of 10.2% yoy; while exports grew by 7.5% yoy. On the
BSE Sensex
33,343
operating front, the EBITDA margin came in at 17.8% (19.7% expected) v/s. 16.4%
Nifty
10,284
in 2QFY2017; a yoy expansion of 140bps. Consequently, PAT came in at `422cr
Reuters Code
CIPL.BO
v/s. `499cr expected, a growth of 19.2% yoy. We maintain our Sell rating.
Bloomberg Code
[email protected]
Results lower than our expectations: Sales came in at `3,988cr (`4,243cr
Shareholding Pattern (%)
expected) v/s. `3,672cr in 2QFY2017, a yoy growth of 8.6%. Indian formulation
Promoters
36.7
MF / Banks / Indian Fls
17.9
sales posted (`1,677cr) a yoy growth of 10.2%, while exports grew by 7.5% yoy.
FII / NRIs / OCBs
26.9
USA sales at US$96mn, posted a yoy de-growth of 3.0%, South Africa, Sub-
Indian Public / Others
18.5
Saharan Africa and Cipla Access sales at US$143mn, posted a growth of 9.0%. On
operating front, the EBITDA margins came in at 17.8% (19.7% expected) v/s. 16.4%
Abs. (%)
3m 1yr
3yr
in 2QFY2017. Thus, the PAT came in at `422cr (`499cr expected) v/s. `354cr in
Sensex
#
27.1
18.3
2QFY2017, a yoy growth of 19.2%.
Cipla
#
11.7
(0.7)
Outlook and valuation: We expect the company to post a 14.5% CAGR in
net sales to
`18,711cr and EPS to record a
39.3% CAGR to
`24.3 over
3-Year Daily Price Chart
FY2017-19E. We re-iterate our SELL stance on the stock.
900
750
Key financials (Consolidated)
600
Y/E March (` cr)
FY2016
FY2017
FY2018E
FY2019E
450
Net sales
13,494
14,281
16,163
18,711
300
% chg
15.5
5.8
13.2
15.8
150
Adj. Net profit
1,360
1,006
1,665
1,953
0
(13.8)
(26.0)
65.4
17.3
% chg
16.9
12.5
20.7
24.3
EPS (`)
EBITDA margin (%)
16.2
14.9
16.6
16.9
Source: Company, Angel Research
P/E (x)
36.0
48.6
29.4
25.0
RoE (%)
12.2
8.4
12.6
13.1
RoCE (%)
9.1
4.4
9.8
10.9
P/BV (x)
4.2
3.9
3.5
3.1
Sarabjit Kour Nangra
3.9
3.6
3.2
2.7
+91 22 3935 7600 Ext: 6806
EV/Sales (x)
24.2
24.4
19.1
16.0
[email protected]
EV/EBITDA (x)
Source: Company, Angel Research; Note: CMP as of November 17, 2017
Please refer to important disclosures at the end of this report
1
Cipla | 2QFY2018 Result Update
Exhibit 1: 2QFY2018 ( Consolidated) performance
Y/E March (` cr)
2QFY2018 1QFY2018
% chg qoq 2QFY2017 % chg yoy 1HFY2018 1HFY2017
% chg yoy
Net sales
3,988
3,432
16.2
3,672
8.6
7,421
7,228
2.7
Other income
207.5
244.1
(15.0)
106.4
95.0
451.6
225.5
100.3
Total income
4,196
3,676
14.1
3,778
11.0
7,872
7,454
5.6
Gross profit
2435
2256
8.0
2342
4.0
4691
4527
3.6
Gross margin
61.1
65.7
63.8
63.2
62.6
Operating profit
710
554
28.2
602
18.0
1264
1119
12.9
OPM (%)
17.8
16.1
16.4
17.0
15.5
Interest
42.0
27.9
50.8
35.2
19.5
70
67
4.3
Depreciation
302
213
41.6
229
31.9
516
433
19.1
PBT
573
557
3.0
444
29.2
1130
845
33.8
Provision for taxation
137
131
5.1
72
-
268
127
111.2
PAT before extra-ordinary item
436
426
2.3
372
17.2
862
718
20.1
Share of Profit /( loss ) of asso.
13
17
15
29
20
Extra-ordinary items/(income)
0
0
0
PAT after extra-ordinary item
422
409
3.3
354
19.2
831
693
19.9
Adj. PAT
422
409
3.3
354
19.2
831
693
19.9
EPS (`)
5.3
5.1
3.3
4.4
19.2
10.3
8.6
19.9
Source: Company, Angel Research
Exhibit 2: 2QFY2018 - Actual vs. Angel estimates
(` cr)
Actual
Estimates
Variance
Net sales
3,988
4,243
(6.0)
Other income
207
106
95.0
Operating profit
710
837
(15.1)
Tax
137
159
(13.4)
Net profit
422
499
(15.4)
Source: Company, Angel Research
Top-line growth lower than expectation
Sales came in at `3,988cr (`4,243cr expected) v/s. `3,672cr in 2QFY2017, a yoy growth
of 8.6%, mainly driven by Indian formulation sales. Indian formulation sales
registered (`1,677cr) a yoy growth of 10.2%, while exports (`2,311cr) posted a yoy
growth of 7.5%.
USA (US$96mn) posted a yoy de-growth of 3% in $ terms. Cipla is now one of the
fastest growing generics players in the US, strong DTM performance i.e. 10 of the
47 (21%) in IMS are in the leadership (no 1) position; while 30 of 47 (64%) products
ranked among Top 3 in their segments. 5 ANDAs have been filed, during the
quarter, with 20-25 expected to be filed in FY2018.
South Africa (SA) (US$143mn) registered a yoy growth of ~9% over the last
year. As per IMS MAT (Sept’2017), Cipla grew at 11.3% in the private market
v/s. 9.5% market growth. Cipla maintained its overall ranking in SA as the 4th
largest pharmaceutical company, and including the tender business, Cipla is
the 3rd largest pharmaceuticals company in SA. Emerging market sales
(US$71mn) posted a 15% yoy growth.
November 20, 2017
2
Cipla | 2QFY2018 Result Update
Exhibit 3: Sales Trend
3,500
3,000
2,500
2254
2311
2239
2240
2150
2,000
1522
1677
1408
1,500
1247
1271
1,000
500
0
2QFY2017
3QFY2017
4QFY2017
1QFY2018
2QFY2018
Domestic
Export
Source: Company
Operating profit margin lower than expectation
On operating front, the EBITDA margins came in at 17.8% (19.7% expected) v/s.
16.4% in 2QFY2017, mainly on the back of lower than expected sales during the
quarter and 2.1% dip in the other expenses. Gross margins came in at 61.1% v/s.
63.8% in 2QFY2017.
Exhibit 4: OPM Trend
20.0
17.8
16.4
16.1
15.0
16.4
11.8
10.0
5.0
2QFY2017
3QFY2017
4QFY2017
1QFY2018
2QFY2018
Source: Company
November 20, 2017
3
Cipla | 2QFY2018 Result Update
Net profit lower than expectation; aided by lower than expected OPM
Thus, the PAT came in at ` 422cr (`499cr expected) v/s. `354cr in 2QFY2017, a yoy
growth of 19.2%. This was mainly on back of the lower than expected OPM.
However, on yoy growth in the PAT was higher than sales growth on back of the
expansion in the OPM. This was also aided by the other income during the quarter,
which came in at `208cr v/s. `106cr during the last corresponding period. Also Tax
as % of PBT was 23.6% and 16.0% in 2QFY2017.
Exhibit 5: Net Profit Trend
600
500
422
375
409
400
354
300
212
200
100
0
2QFY2017
3QFY2017
4QFY2017
1QFY2018
2QFY2018
Source: Company
Concall Takeaways
R&D is expected to remain at 8% in 2HFY2018E, and not more than 9% in
coming years.
On track to file 20-25 ANDAs in FY2018 (filed 8 in H1FY2018).
Targets to improve EBITDA by 100 bps annually led by cost-saving initiatives.
Tax rate expected to be 25% of PBT in FY2018E.
Capex expected to be around `800-850cr in FY2018.
Recommendation rationale
Export segment to be the growth driver: Cipla exports to more than 180
countries, with growth coming through marketing alliances and distribution tie-ups
in various markets. Exports contributed 60% to the total turnover in FY2017, with
Africa, US and Latin America constituting more than ~60% of total exports. In the
US, Cipla has a strong product pipeline of 238 ANDAs, out of which, 142 are
approved. Another long term growth driver for the company is the launch of the
CFC-free inhalers in the regulated markets. CFC-free inhalers in Europe and US
address a potential market size of more than US$3bn. Overall, we expect the
company’s exports to grow at a CAGR of 15.4% during FY2017-19E.
Increasing penetration in the domestic market: Cipla is one of the largest players
in the domestic formulation market with a market share of around 5.3%. Domestic
formulations contributed 40% to the company’s total turnover in FY2017. The
November 20, 2017
4
Cipla | 2QFY2018 Result Update
company is the market leader in key therapeutic areas such as respiratory care, anti-
viral and urological. Cipla’s distribution network in India consists of a field force of
around 7,000-8,000 employees. The company plans to increase its focus on
domestic markets with new therapies such as oncology and neuro-psychiatry in the
offing. The company plans to focus on growing its market share and sales by
increasing penetration in the Indian market, especially in rural areas, and plans to
expand its product portfolio by launching biosimilar, particularly related to the
oncology, anti-asthmatic and anti-arthritis categories. Overall, we expect the
company’s domestic formulation business to post a CAGR of 13.0% over FY2017-
19E.
Valuation: We expect the company to post a 14.5% CAGR in net sales to `18,711cr
and EPS to record a 39.3% CAGR to `24.3 over FY2017-19E. The growth in the top-
line would be driven by domestic formulation sales and exports. We maintain our
SELL stance on the stock.
Exhibit 6: Key assumptions
Key assumptions
FY2018E
FY2019E
Domestic growth (%)
12.0
14.0
Exports growth (%)
14.0
16.9
Growth in employee expenses (%)
15.0
15.0
Operating margins (excl tech. know-how fees) (%)
16.6
16.9
Source: Company, Angel Research
Exhibit 7: One-year forward PE band
800
700
600
500
400
300
200
100
-
Price
10x
15x
20x
25x
Source: Company, Angel Research
November 20, 2017
5
Cipla | 2QFY2018 Result Update
Exhibit 8: Recommendation Summary
Company
Reco
CMP Tgt. price Upside
FY2019E
FY17-19E
FY2019E
PE
EV/Sales
EV/EBITDA
RoCE
RoE
(`)
(`)
%
CAGR in EPS (%)
(x)
(x)
(x)
(%)
(%)
Alembic Pharma
Buy
514
600
16.8
21.5
2.5
12.9
5.7
20.6
18.4
Aurobindo Pharma Buy
708
823
16.3
13.8
2.1
9.6
14.2
25.3
22.7
Cadila Healthcare
Reduce
446
411
(7.9)
21.7
3.5
17.3
18.9
16.5
22.2
Cipla
Sell
609
426
(24.1)
25.0
2.7
16.0
39.3
10.9
13.1
Dr Reddy's
Reduce
2,325
2,040
(12.3)
22.8
2.8
13.7
18.5
10.8
12.4
Dishman Pharma
Under Review
301
-
-
19.3
2.7
11.5
23.3
4.5
4.4
GSK Pharma
Sell
2,511
2000
(20.4)
51.4
6.4
37.7
19.3
25.8
23.5
Indoco Remedies
Sell
267
153
(42.8)
16.7
2.1
14.9
16.2
10.1
14.5
Ipca labs
Neutral
529
-
-
22.1
1.7
11.2
24.7
12.4
11.0
Lupin
Buy
829
1,091
31.6
16.7
2.1
9.7
(6.6)
13.7
13.7
Sanofi India*
Neutral
4,485
-
-
27.4
3.2
17.1
12.8
25.8
27.5
Sun Pharma
Accumulate
517
558
7.9
20.9
3.5
15.4
(12.9)
12.3
15.2
Source: Company, Angel Research; Note: * December year ending
Company Background
Cipla is a leading pharmaceutical company in India with a strong presence in both,
the export and domestic markets. On the exports front, where it follows the
partnership model, it has 5,700 product registrations in around 180 countries. Cipla
is a market leader in the domestic formulation market with ~5.3% market share.
The company is likely to continue on the growth trajectory owing to its entry into
the inhalers market in the EU and potential new long-term manufacturing contracts
with Global Innovators.
November 20, 2017
6
Cipla | 2QFY2018 Result Update
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY2014 FY2015 FY2016 FY2017 FY2018E FY2019E
Gross sales
9,902
11,861
13,709
14,497
16,415
19,005
Less: Excise duty
149.3
179.7
215.0
216.4
251.8
294.5
Net sales
9,753
11,681
13,494
14,281
16,163
18,711
Other operating income
348
348
296
349
349
349
Total operating income
10,100
12,029
13,790
14,630
16,513
19,060
% chg
22.0
19.1
14.6
6.1
12.9
15.4
Total expenditure
7,967
9,612
11,310
12,154
13,477
15,544
Net raw materials
3,875
4,556
5,090
5,317
6,029
6,979
Other mfg costs
827
993
1,142
1,313
1,510
1,736
Personnel
1,543
2,083
2,434
2,634
3,029
3,483
Other
1,722
1,981
2,645
2,891
2,909
3,346
EBITDA
1,786
2,069
2,184
2,126
2,686
3,166
% chg
(11.0)
15.9
5.5
(2.6)
26.3
17.9
(% of Net Sales)
18.3
17.7
16.2
14.9
16.6
16.9
Depreciation & amort.
373
457
754
1,323
848
944
EBIT
1,413
1,613
1,430
803
1,839
2,223
% chg
(15.6)
14.1
(11.4)
(43.8)
128.8
20.9
(% of Net Sales)
14.5
13.8
10.6
5.6
11.4
11.9
Interest & other charges
146
85
207
159
159
159
Other Income
266
266
209
229
229
229
(% of PBT)
14.1
12.4
12.1
18.7
10.1
8.7
Recurring PBT
1,881
2,141
1,728
1,222
2,257
2,641
% chg
(9.1)
13.8
(19.3)
(29.3)
84.7
17.0
Extraordinary exp./(Inc.)
-
-
-
-
-
-
PBT (reported)
1,881
2,141
1,728
1,222
2,257
2,641
Tax
463.4
535.3
331.6
179.8
564.3
660.3
(% of PBT)
24.6
25.0
19.2
14.7
25.0
25.0
PAT (reported)
1,417
1,606
1,396
1,042
1,693
1,981
Add: Share of earnings of asso.
(12)
(12)
(12)
(7)
(10)
(9)
Less: Minority interest (MI)
16
16
23
29
18
19
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
1,388
1,578
1,360
1,006
1,665
1,953
ADJ. PAT
1,388
1,578
1,360
1,006
1,665
1,953
% chg
(8.9)
13.6
(13.8)
(26.0)
65.4
17.3
(% of Net Sales)
14.2
13.5
10.1
7.0
10.3
10.4
Basic EPS (`)
17.3
19.6
16.9
12.5
20.7
24.3
Fully Diluted EPS (`)
17.3
19.6
16.9
12.5
20.7
24.3
% chg
(8.9)
13.6
(13.8)
(26.0)
65.4
17.3
November 20, 2017
7
Cipla | 2QFY2018 Result Update
Balance sheet (Consolidated)
Y/E March (` cr)
FY2014
FY2015 FY2016 FY2017 FY2018E FY2019E
SOURCES OF FUNDS
Equity share capital
161
161
161
161
161
161
Preference Capital
-
-
-
-
-
-
Reserves & surplus
9,890
10,629
11,356
12,365
13,841
15,606
Shareholders funds
10,050
10,801
11,516
12,525
14,002
15,767
Minority interest
50
180
350
438
438
438
Total loans
1,247.9
1,701.8
5,191.4
4,112.6
4,112.6
4,112.6
Other long term liabilities
32.6
32.6
32.6
32.6
32.6
32.6
Long Term Provisions
77.4
168.4
255.6
263.5
263.5
263.5
Deferred tax liability
309.0
284.6
897.0
588.8
588.8
588.8
Total liabilities
11,767
13,169
18,243
17,961
19,438
21,202
APPLICATION OF FUNDS
Gross block
6,183
6,868
8,293
9,999
11,199
12,399
Less: acc. depreciation
2,180
2,634
3,388
4,711
5,559
6,503
Net block
4,003
4,234
4,905
5,288
5,640
5,896
Capital work-in-progress
442
442
442
442
442
442
Goodwill
2,493
2,735
6,084
5,427
5,427
5,427
Investments
709
640
757
973
973
973
Long Term Loans and Adv.
301
419
603
773
874
1,012
Current assets
5,340
7,201
8,259
7,900
9,314
11,194
Cash
175
564
871
624
1,071
1,652
Loans & advances
596
701
958
857
970
1,123
Others
4,569
5,936
6,429
6,419
7,274
8,420
Current liabilities
1,634
2,501
2,806
2,841
3,233
3,742
Net current assets
3,706
4,700
5,453
5,059
6,082
7,452
Mis. Exp. not written off
112
-
-
-
-
-
Total assets
11,767
13,169
18,243
17,961
19,438
21,202
November 20, 2017
8
Cipla | 2QFY2018 Result Update
Cash flow statement (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017 FY2018E FY2019E
Profit before tax
1,881
2,141
1,728
1,222
2,257
2,641
Depreciation
373
457
754
1,323
848
944
(Inc)/Dec in Working Capital
(149)
(722)
(629)
(23)
(678)
(927)
Direct taxes paid
431
537
632
-
-
-
Cash Flow from Operations
1,673
1,339
1,221
2,522
2,427
2,658
(Inc.)/Dec.in Fixed Assets
(930)
(684)
(1,426)
(1,706)
(1,200)
(1,200)
(Inc.)/Dec. in Investments
1,824
69
(117)
(216)
-
-
Other income
-
-
-
-
-
-
Cash Flow from Investing
894
(616)
(1,543)
(1,922)
(1,200)
(1,200)
Issue of Equity
-
-
-
-
-
-
Inc./(Dec.) in loans
311
545
3,577
(1,071)
-
-
Dividend Paid (Incl. Tax)
(188)
(188)
(188)
(188)
(188)
(188)
Others
(2,658)
(692)
(2,760)
412
(592)
(689)
Cash Flow from Financing
(2,535)
(335)
629
(847)
(780)
(877)
Inc./(Dec.) in Cash
32
389
307
(247)
447
581
Opening Cash balances
143
175
564
871
624
1,071
Closing Cash balances
175
564
871
624
1,071
1,652
November 20, 2017
9
Cipla | 2QFY2018 Result Update
Key Ratio
Y/E March
FY2014 FY2015 FY2016 FY2017 FY2018E FY2019E
Valuation Ratio (x)
P/E (on FDEPS)
35.2
31.0
36.0
48.6
29.4
25.0
P/CEPS
27.7
24.0
23.1
21.0
19.5
16.9
P/BV
4.9
4.5
4.2
3.9
3.5
3.1
Dividend yield (%)
0.3
0.3
0.3
0.3
0.3
0.3
EV/Sales
5.1
4.3
3.9
3.6
3.2
2.7
EV/EBITDA
27.8
24.0
24.2
24.4
19.1
16.0
EV / Total Assets
4.2
3.8
2.9
2.9
2.6
2.4
Per Share Data (`)
EPS (Basic)
17.3
19.6
16.9
12.5
20.7
24.3
EPS (fully diluted)
17.3
19.6
16.9
12.5
20.7
24.3
Cash EPS
21.9
25.3
26.3
29.0
31.3
36.1
DPS
2.0
2.0
2.0
2.0
2.0
2.0
Book Value
125.2
134.5
143.3
155.9
174.3
196.3
Dupont Analysis
EBIT margin
14.5
13.8
10.6
5.6
11.4
11.9
Tax retention ratio
75.4
75.0
80.8
85.3
75.0
75.0
Asset turnover (x)
0.9
1.0
0.9
0.8
0.9
1.0
ROIC (Post-tax)
10.1
10.3
7.9
4.0
7.9
9.0
Cost of Debt (Post Tax)
9.9
4.3
4.8
2.9
2.9
2.9
Leverage (x)
0.1
0.0
0.0
1.0
2.0
3.0
Operating ROE
10.1
10.3
7.9
5.2
17.9
27.1
Returns (%)
ROCE (Pre-tax)
12.8
12.9
9.1
4.4
9.8
10.9
Angel ROIC (Pre-tax)
15.3
17.8
14.1
7.2
15.3
17.0
ROE
14.6
15.1
12.2
8.4
12.6
13.1
Turnover ratios (x)
Asset Turnover (Gross Block)
1.8
1.8
1.8
1.6
1.6
1.6
Inventory / Sales (days)
95
96
100
87
91
94
Receivables (days)
60
74
58
66
69
72
Payables (days)
41
55
73
49
51
51
WC cycle (ex-cash) (days)
124
116
115
112
104
104
Solvency ratios (x)
Net debt to equity
0.1
0.1
0.4
0.3
0.2
0.2
Net debt to EBITDA
0.6
0.5
2.0
1.6
1.1
0.8
Interest Coverage (EBIT/Int.)
-
-
-
-
-
-
November 20, 2017
10
Cipla | 2QFY2018 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits
and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
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While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
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or in connection with the use of this information.
Disclosure of Interest Statement
Cipla
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
November 20, 2017
11