3QFY2016 Result Update | Pharmaceutical
February 23, 2016
Cipla
BUY
CMP
`523
Performance Highlights
Target Price
`605
Y/E March (` cr)
3QFY2016 2QFY2016
% chg qoq 3QFY2015
% chg yoy
Investment Period
12 Months
Net sales
3,027
3,362
(10.0)
2,625
15.3
Other income
159
117
36.0
181
(12.6)
Gross profit
1,783
2,145
(16.9)
1,635
9.1
Stock Info
Operating profit
364
699
(47.9)
413
(11.8)
Sector
Pharmaceutical
Adj. Net profit
343
431
(20.5)
328
4.7
Market Cap (` cr)
41,984
Source: Company, Angel Research
Net Debt (` cr)
498
Cipla has posted a lower-than-expected set of numbers for 3QFY2016. Sales
Beta
1.0
came in at `3,027cr (V/s `3,367cr expected) V/s `2,625cr in 3QFY2015, a yoy
52 Week High / Low
752/514
growth of 15.3%, mainly led by exports. On the operating front, the OPM came
Avg. Daily Volume
155,311
in at 12.0% V/s 19.9% expected and V/s 15.7% in 3QFY2015. According to the
Face Value (`)
2
Management, the revenues took a 2.5% impact on account of change in
BSE Sensex
23,410
distribution policy and an ~0.7% impact on back of currency impact of ZAR.
Nifty
7,110
Thus, the Adj. net profit came in at `343cr V/s `400cr expected and V/s `328cr
Reuters Code
CIPL.BO
in 3QFY2015, registering a yoy growth of 4.7%. We maintain our Buy on the
Bloomberg Code
[email protected]
stock with a price target of `605.
Results better than expectations on the OPM front: Sales for the quarter came in
Shareholding Pattern (%)
at `3,027cr (V/s `3,367cr expected) V/s `2,625cr in 3QFY2015, a yoy growth of
Promoters
36.8
15.3%, mainly led by exports. Domestic sales (`1,194cr) posted a dip of 0.4%,
MF / Banks / Indian Fls
16.5
while exports (`1,833cr) posted a yoy growth of 28.5%. On the operating front,
FII / NRIs / OCBs
28.2
the OPM came in at 12.0% V/s 19.9% expected and V/s 15.7% in 3QFY2015.
The lower OPM yoy is owing to decline in the GPM which came in at 58.9% V/s
Indian Public / Others
18.5
63.9% expected and V/s 62.3% in 3QFY2015. The R&D expenditure during the
quarter was 8% of sales compared to 6% of sales during the corresponding
Abs. (%)
3m 1yr
3yr
period of last year. Thus, the Adj. net profit came in at `343cr V/s `400cr
Sensex
(9.3)
(19.2)
21.2
expected and V/s `328cr in 3QFY2015, registering a yoy growth of 4.7%.
Cipla
(18.4)
(21.9)
37.4
Outlook and valuation: We expect the company to post an 18.7% CAGR in net
sales to `16,447cr and EPS to record a 18.3% CAGR to `27.5 over FY2015-
3-Year Daily Price Chart
17E. The growth in the top-line would be driven by domestic formulation sales
800
and exports. We maintain our buy recommendation on the stock.
700
600
Key financials (Consolidated)
500
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
400
300
Net sales
9,753
11,681
13,979
16,447
200
% chg
20.6
19.8
19.7
17.7
100
0
Adj. Net profit
1,388
1,578
2,064
2,208
% chg
(8.9)
13.6
30.8
7.0
EPS (`)
17.3
19.6
25.7
27.5
Source: Company, Angel Research
EBITDA margin (%)
18.3
17.7
20.2
18.6
P/E (x)
30.2
26.6
20.3
19.0
RoE (%)
14.6
15.1
17.6
16.1
RoCE (%)
12.8
12.9
17.0
16.6
P/BV (x)
4.2
3.9
3.3
2.9
Sarabjit Kour Nangra
EV/Sales (x)
4.4
3.7
3.0
2.5
+91 22 3935 7600 Ext: 6806
EV/EBITDA (x)
24.0
20.7
14.9
13.4
[email protected]
Source: Company, Angel Research; Note: CMP as of February 23, 2016
Please refer to important disclosures at the end of this report
1
Cipla | 3QFY2016 Result Update
Exhibit 1: 3QFY2016 ( Consolidated) performance
Y/E March (` cr)
3QFY2016
2QFY2016
% chg qoq
3QFY2015
% chg yoy 9MFY2016 9MFY2015
% chg yoy
Net sales
3,027
3,362
(10.0)
2,625
15.3
10,166
7,902
28.7
Other income
158.6
116.6
36.0
181.4
(12.6)
400.1
455.4
(12.1)
Total income
3,186
3,479
(8.4)
2,806
13.5
10,566
8,357
26.4
Gross profit
1783
2145
(16.9)
1635
9.1
6463
4871
32.7
Gross margin
58.9
63.8
62.3
63.6
61.6
Operating profit
364
699
(47.9)
413
(11.8)
2036
1303
56.3
OPM (%)
12.0
20.8
15.7
20.0
16.5
Interest
23.0
50.3
(54.3)
44.7
(48.7)
125
125
(0.3)
Depreciation
137
134
2.6
122
13.1
400
369
8.5
PBT
363
631
(42.6)
428
(15.3)
1911
1264
51.2
Provision for taxation
12
181
(93.4)
94
(87.3)
443
297
49.3
PAT before extra-ordinary item
351
450
(22.1)
334
5.1
1468
967
51.7
Share of Profit /( loss ) of asso.
(10)
(19)
(7)
(7)
(46)
Extra-ordinary items/(income)
0
0
0
36
0
PAT after extra-ordinary item
343
431
(20.5)
328
4.7
1425
921
54.7
Adj. PAT
343
431
(20.5)
328
4.7
1425
921
54.7
EPS (`)
4.3
5.4
4.1
17.7
11.5
Source: Company, Angel Research
Exhibit 2: 3QFY2016 - Actual vs. Angel estimates
(` cr)
Actual
Estimates
Variance
Net sales
3,027
3,367
(10.1)
Other income
159
100
58.6
Operating profit
364
669
(45.5)
Tax
12
168
(92.9)
Net profit
343
400
(14.3)
Source: Company, Angel Research
Top-line growth lower than expected
Sales for the quarter came in at `3,027cr (V/s `3,367cr expected) V/s `2,625cr in
3QFY2015, a yoy growth of 15.3%, mainly led by exports. Domestic sales
(`1,194cr) posted a dip of 0.4%, while exports (`1,833cr) posted a yoy growth of
28.5%.
The growth in the top-line came through a 28.5% yoy growth in exports (`1,833cr)
driven by formulation exports (on back of generic Nexium). API exports on the
other hand posted an 8.2% yoy de-growth during the quarter. Formulation exports
(`1,689.2cr) posted a yoy growth of 33.1%.
Domestic sales de-grew by 0.4% yoy to `1,194cr. Domestic formulations sales
were flat in 3QFY2016 due to change in distribution policy. Excluding impact of
distribution policy changes, domestic business grew at
~11% yoy. The
Management expects this to normalize in the coming quarters.
Overall, the Indian business contributed 39.4% to overall sales, while the balance
60.6% was contributed by exports.
February 23, 2016
2
Cipla | 3QFY2016 Result Update
Exhibit 3: Sales Trend
3,000
2,500
2,000
1,500
1,000
500
0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Domestic
Export
Source: Company
Operating profit margin lower than expected
On the operating front, the OPM came in at 12.0% V/s 19.9% expected and V/s
15.7% in 3QFY2015. The lower OPM yoy was owing to of decline in the GPM
which came in at 58.9% V/s 63.9% expected and V/s 62.3% in 3QFY2015.
According to the Management, the revenues took a 2.5% impact on account of
change in distribution policy and an ~0.7% impact on back of currency impact of
ZAR. In the corresponding period of last year the company had a 2% dip in
margins due to an one-off expenditure. The R&D expenditure during the quarter
was 8% of sales compared to 6% of sales during the corresponding period of last
year.
Exhibit 4: OPM Trend
30.0
25.0
25.5
20.8
20.0
15.7
15.0
12.0
10.0
13.3
5.0
0.0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company
Net profit lower than expectation
The Adj. net profit came in at `343cr V/s `400cr expected and V/s `328cr in
3QFY2015, registering a yoy growth of 4.7%. While the OPM has come in lower
than our expectation, still the Adj. net profit grew on back of an 87.3% yoy dip in
tax expenses.
February 23, 2016
3
Cipla | 3QFY2016 Result Update
Exhibit 5: Net Profit Trend
800
700
651
600
500
431
400
343
328
260
300
200
100
0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company
Concall takeaways
Tax is expected at around 22-23% of PBT in FY2016.
Invagen acquisition is to get completed by 4QFY2016.
Base business EBITDA margin expected to be ~18% in near term.
In 3QFY2016, the US business included base level business of Esomeprazole.
the same is expected to continue, which is significantly lower than that
captured in the first half of the year.
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 53% to the total turnover in FY2015, with Africa, US
and Latin America constituting more than ~60% of total exports. In the US, Cipla
has a strong product pipeline of 147 ANDAs, out of which, 79 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.
During the quarter, the company strengthened its foothold in the US through the
acquisition of InvaGen Pharma and Exelan Pharma. The companies added a
pipeline of ~70 ANDAs, of which 40 are approved (32 marketed) and 30
awaiting approval. The company is likely to add over USD250mn in FY2017. The
deal is expected to conclude by December 2015. It will also provide manufacturing
capabilities in the US. Overall, we expect the company’s exports to grow at a
CAGR of 23.5% during FY2015-17E.
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 43% to the company’s total turnover in FY2015.
The 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
February 23, 2016
4
Cipla | 3QFY2016 Result Update
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 biosimilars, particularly
relating to the oncology, anti-asthmatic and anti-arthritis categories. Overall we
expect the company’s domestic formulation business to post a CAGR of 12.5%
over FY2015-17E, on back of muted 1HFY2016 performance.
Valuation: We expect the company to post an 18.7% CAGR in net sales to
`16,447cr and EPS to record a 18.3% CAGR to `27.5 over FY2015-17E. The
growth in the top-line would be driven by domestic formulation sales and exports.
We maintain our buy stance on the stock.
Exhibit 6: Key assumptions
Key assumptions
FY2016E
FY2017E
Domestic growth (%)
6.0
15.0
Exports growth (%)
28.0
19.2
Growth in employee expenses (%)
20.0
22.0
Operating margins (excl tech. know-how fees) (%)
20.2
18.6
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
February 23, 2016
5
Cipla | 3QFY2016 Result Update
Exhibit 8: Recommendation Summary
Company
Reco
CMP Tgt. price Upside
FY2017E
FY15-17E
FY2017E
(`)
(`)
% PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
618
-
-
21.5
3.0
15.3
38.2
31.3
31.2
Aurobindo Pharma Buy
655
856
30.7
15.3
2.5
10.9
15.6
23.5
30.2
Cadila Healthcare Accumulate
330
352
6.8
18.7
2.8
12.8
24.6
25.2
29.0
Cipla
Buy
523
605
15.8
19.0
2.5
17.7
18.3
16.7
16.1
Dr Reddy's
Buy
3,075
3,933
27.8
17.2
2.6
11.1
17.2
19.1
20.4
Dishman Pharma Neutral
295
-
-
14.8
1.6
7.5
15.9
9.4
11.0
GSK Pharma*
Neutral
3,217
-
-
47.1
8.2
37.2
6.6
33.7
34.3
Indoco Remedies
Neutral
251
-
-
18.5
2.0
11.1
23.0
19.7
19.7
Ipca labs
Buy
622
900
44.8
22.2
2.2
12.1
17.9
11.8
14.0
Lupin
Neutral
1,777
-
-
26.0
4.5
16.6
13.1
29.6
24.7
Sanofi India*
Neutral
4,304
-
-
28.4
3.7
17.7
33.1
27.9
25.5
Sun Pharma
Accumulate
871
950
9.1
32.4
5.8
18.7
8.4
15.8
16.6
Source: Company, Angel Research; Note: * December year ending
Company Background
Cipla is a leading pharmaceutical company 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.
February 23, 2016
6
Cipla | 3QFY2016 Result Update
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Gross sales
6,956
8,196
9,902
11,861
14,194
16,700
Less: Excise duty
108.1
108.7
149.3
179.7
215.0
253.0
Net sales
6,848
8,087
9,753
11,681
13,979
16,447
Other operating income
173
193
348
348
348
348
Total operating income
7,021
8,279
10,100
12,029
14,326
16,795
% chg
11.0
17.9
22.0
19.1
19.1
17.2
Total expenditure
5,362
6,081
7,967
9,612
11,161
13,396
Net raw materials
2,739
2,953
3,875
4,556
5,242
6,414
Other mfg costs
705
641
827
993
1,142
1,313
Personnel
773
1,036
1,543
2,083
2,499
3,049
Other
1,145
1,451
1,722
1,981
2,278
2,620
EBITDA
1,486
2,005
1,786
2,069
2,818
3,051
% chg
9.1
35.0
(11.0)
15.9
36.2
8.3
(% of Net Sales)
21.7
24.8
18.3
17.7
20.2
18.6
Depreciation & amort.
312
330
373
457
502
544
EBIT
1,174
1,675
1,413
1,613
2,316
2,508
% chg
7.8
42.7
(15.6)
14.1
43.6
8.3
(% of Net Sales)
17.1
20.7
14.5
13.8
16.6
15.2
Interest & other charges
38
34
146
85
140
140
Other Income
176
235
266
266
266
266
(% of PBT)
11.9
11.4
14.1
12.4
9.5
8.9
Recurring PBT
1,485
2,069
1,881
2,141
2,790
2,981
% chg
27.2
39.3
(9.1)
13.8
30.3
6.9
Extraordinary exp./(Inc.)
36.9
(26.7)
-
-
-
-
PBT (reported)
1,448
2,095
1,881
2,141
2,790
2,981
Tax
306.5
544.3
463.4
535.3
697.4
745.3
(% of PBT)
21.2
26.0
24.6
25.0
25.0
25.0
PAT (reported)
1,141
1,551
1,417
1,606
2,092
2,236
Add: Share of earnings of asso.
3
(6)
(12)
(12)
(12)
(11)
Less: Minority interest (MI)
-
-
16
16
16
17
Prior period items
-
-
-
-
-
1
PAT after MI (reported)
1,144
1,545
1,388
1,578
2,064
2,208
ADJ. PAT
1,173
1,524
1,388
1,578
2,064
2,208
% chg
18.1
30.0
(8.9)
13.6
30.8
7.0
(% of Net Sales)
16.7
19.1
14.2
13.5
14.8
13.4
Basic EPS (`)
14.6
19.0
17.3
19.6
25.7
27.5
Fully Diluted EPS (`)
14.6
19.0
17.3
19.6
25.7
27.5
% chg
18.1
30.0
(8.9)
13.6
30.8
7.0
February 23, 2016
7
Cipla | 3QFY2016 Result Update
Balance sheet (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
SOURCES OF FUNDS
Equity share capital
161
161
161
161
161
161
Preference Capital
-
-
-
-
-
-
Reserves & surplus
7,478
8,858
9,890
10,629
12,505
14,524
Shareholders funds
7,639
9,019
10,050
10,801
12,665
14,685
Minority interest
-
-
50
180
180
180
Total loans
29.2
966.9
1,247.9
1,701.8
700.0
701.0
Other long term liabilities
30.0
30.0
32.6
32.6
32.6
32.6
Long Term Provisions
31.2
50.4
77.4
168.4
168.4
168.4
Deferred tax liability
233.2
280.5
309.0
284.6
284.6
284.6
Total liabilities
7,963
10,347
11,767
13,169
14,032
16,052
APPLICATION OF FUNDS
Gross block
4,626
5,318
6,183
6,868
7,468
8,068
Less: acc. depreciation
1,411
1,708
2,180
2,634
3,136
3,679
Net block
3,215
3,610
4,003
4,234
4,332
4,388
Capital work-in-progress
371
378
442
442
442
442
Goodwill
-
2,493
2,735
2,735
2,735
Investments
1,269
2,532
709
640
640
640
Long Term Loans and Adv.
378
363
301
419
432
508
Current assets
4,116
4,775
5,340
7,201
7,828
10,135
Cash
90
143
175
564
419
1,418
Loans & advances
568
573
596
701
839
987
Others
3,458
4,058
4,569
5,936
6,570
7,730
Current liabilities
1,387
1,311
1,634
2,501
2,376
2,796
Net current assets
2,729
3,464
3,706
4,700
5,451
7,339
Mis. Exp. not written off
-
-
112
-
-
-
Total assets
7,963
10,347
11,767
13,169
14,032
16,052
February 23, 2016
8
Cipla | 3QFY2016 Result Update
Cash flow statement (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E FY2017E
Profit before tax
1,448
2,095
1,881
2,141
2,790
2,981
Depreciation
312
330
373
457
502
544
(Inc)/Dec in Working Capital
370
(667)
(149)
(722)
(910)
(965)
Direct taxes paid
275
518
431
537
906
-
Cash Flow from Operations
1,855
1,241
1,673
1,339
1,476
2,560
(Inc.)/Dec.in Fixed Assets
(472)
(698)
(930)
(684)
(600)
(600)
(Inc.)/Dec. in Investments
(678)
(1,263)
1,824
69
-
-
Other income
-
-
-
-
-
-
Cash Flow from Investing
(1,150)
(1,961)
894
(616)
(600)
(600)
Issue of Equity
-
-
-
-
-
-
Inc./(Dec.) in loans
(482)
957
311
545
(1,002)
1
Dividend Paid (Incl. Tax)
(187)
(188)
(188)
(188)
(188)
(188)
Others
(42)
4
(2,658)
(692)
168
(774)
Cash Flow from Financing
(711)
773
(2,535)
(335)
(1,022)
(961)
Inc./(Dec.) in Cash
(6)
53
32
389
(145)
999
Opening Cash balances
96
90
143
175
564
419
Closing Cash balances
90
143
175
564
419
1,418
February 23, 2016
9
Cipla | 3QFY2016 Result Update
Key Ratio
Y/E March
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Valuation Ratio (x)
P/E (on FDEPS)
35.8
27.5
30.2
26.6
20.3
19.0
P/CEPS
28.8
22.4
23.8
20.6
16.4
15.3
P/BV
5.5
4.7
4.2
3.9
3.3
2.9
Dividend yield (%)
0.4
0.4
0.4
0.4
0.4
0.4
EV/Sales
6.1
5.3
4.4
3.7
3.0
2.5
EV/EBITDA
28.0
21.2
24.0
20.7
14.9
13.4
EV / Total Assets
5.2
4.1
3.6
3.3
3.0
2.5
Per Share Data (`)
EPS (Basic)
14.6
19.0
17.3
19.6
25.7
27.5
EPS (fully diluted)
14.6
19.0
17.3
19.6
25.7
27.5
Cash EPS
18.1
23.4
21.9
25.3
32.0
34.3
DPS
2.0
2.0
2.0
2.0
2.0
2.0
Book Value
95.1
112.3
125.2
134.5
157.7
182.9
Dupont Analysis
EBIT margin
17.1
20.7
14.5
13.8
16.6
15.2
Tax retention ratio
78.8
74.0
75.4
75.0
75.0
75.0
Asset turnover (x)
0.9
0.9
0.9
1.0
1.1
1.2
ROIC (Post-tax)
12.5
14.0
10.1
10.3
13.6
13.6
Cost of Debt (Post Tax)
10.1
5.0
9.9
4.3
8.7
15.0
Leverage (x)
0.0
0.0
0.1
0.0
0.0
1.0
Operating ROE
12.5
14.4
10.1
10.3
13.6
12.2
Returns (%)
ROCE (Pre-tax)
15.2
18.3
12.8
12.9
17.0
16.7
Angel ROIC (Pre-tax)
16.1
19.3
15.3
17.8
23.3
22.9
ROE
16.4
18.3
14.6
15.1
17.6
16.1
Turnover ratios (x)
Asset Turnover (Gross Block)
1.6
1.7
1.8
1.8
2.0
2.2
Inventory / Sales (days)
104
93
95
96
88
97
Receivables (days)
83
71
60
74
67
74
Payables (days)
57
46
41
55
45
44
WC cycle (ex-cash) (days)
146
131
124
116
117
119
Solvency ratios (x)
Net debt to equity
(0.0)
0.1
0.1
0.1
0.0
(0.0)
Net debt to EBITDA
(0.0)
0.4
0.6
0.5
0.1
(0.2)
Interest Coverage (EBIT/Int.)
-
-
-
-
-
-
February 23, 2016
10
Cipla | 3QFY2016 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 MCX 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 including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. 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. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
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.
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
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Cipla
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
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)
February 23, 2016
11