3QFY2017 Result Update | Pharmaceutical
February 14, 2017
Cipla
SELL
CMP
`581
Performance Highlights
Target Price
`465
Y/E March (` cr)
3QFY2017 2QFY2017
% chg qoq 3QFY2016
% chg yoy
Investment Period
-
Net sales
3,550
3,672
(3.3)
3,070
15.6
Other income
251
106
135.7
149
68.7
Stock Info
Gross profit
2,249
2,342
(4.0)
1,843
22.0
Sector
Pharmaceutical
Operating profit
580
602
(3.5)
382
52.0
Market Cap (` cr)
46,764
Adj. Net profit
375
354
5.8
258
45.2
Net Debt (` cr)
563
Beta
0.6
Source: Company, Angel Research
52 Week High / Low
622/458
Cipla posted numbers lower than expected for 3QFY2017. The company
Avg. Daily Volume
1,70,389
reported sales of `3,550cr v/s `3,737cr expected, registering a yoy growth of
Face Value (`)
2
15.6%, mainly aided by domestic formulations. Domestic at `1,408cr registered
BSE Sensex
28,352
a yoy growth of 19.1%, while exports at `2,239cr posted yoy growth of 13.7%.
Nifty
8,805
On operating front, the EBITDA margins came in at 16.4% (v/s 16.5% expected)
Reuters Code
CIPL.BO
v/s 12.4% in 3QFY2016. Consequently, Adj. PAT came in at `375cr (v/s `498cr
Bloomberg Code
[email protected]
expected) v/s `258cr in 3QFY2016, yoy growth of 45.2%. We maintain our SELL
rating on the stock.
Shareholding Pattern (%)
Promoters
36.7
Results much lower than our expectations: Company posted sales of `3,550cr v/s
MF / Banks / Indian Fls
20.1
`3,737cr expected, registering a yoy growth of 15.6%, mainly aided by domestic
FII / NRIs / OCBs
24.4
formulations. Domestic at `1,408cr registered a yoy growth of 19.1%, while
Indian Public / Others
18.8
exports at `2,239cr posted yoy growth of 13.7%. On operating front, the EBITDA
margins, came in at 16.4% (v/s 16.5% expected) v/s 12.4% in 3QFY2016.
Consequently, Adj. PAT came in at `375cr (v/s `498cr expected) v/s `258cr in
Abs. (%)
3m 1yr
3yr
3QFY2016, yoy growth of 45.2%.
Sensex
5.7
23.3
40.4
Cipla
5.7
10.0
52.6
Outlook and valuation: We expect the company to post a 16.3% CAGR in
net sales to `18,089cr and EPS to record a 14.2% CAGR to `24.5 over
FY2016-18E. We reiterate our SELL stance on the stock.
3-Year Daily Price Chart
800
Key financials (Consolidated)
700
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
600
500
Net sales
11,681
13,372
15,378
18,089
400
% chg
19.8
14.5
15.0
17.6
300
200
Adj. Net profit
1,578
1,506
1,546
1,964
100
% chg
13.6
(4.5)
2.7
27.0
0
EPS (`)
19.6
18.8
19.3
24.5
EBITDA margin (%)
17.7
16.4
15.7
16.8
Source: Company, Angel Research
P/E (x)
29.6
31.0
30.2
23.8
RoE (%)
15.1
13.3
12.3
13.9
RoCE (%)
12.9
10.7
9.8
12.2
P/BV (x)
4.3
3.9
3.5
3.1
Sarabjit Kour Nangra
EV/Sales (x)
4.1
3.8
3.3
2.7
+91 22 3935 7600 Ext: 6806
EV/EBITDA (x)
23.0
23.0
20.7
16.3
[email protected]
Source: Company, Angel Research; Note: CMP as of February 13, 2017
Please refer to important disclosures at the end of this report
1
Cipla | 3QFY2017 Result Update
Exhibit 1: 3QFY2017 ( Consolidated) performance
Y/E March (` cr)
3QFY2017
2QFY2017
% chg QoQ
3QFY2016
% chg yoy 9MFY2017 9MFY2016
% chg yoy
Net sales
3,550
3,672
(3.3)
3,070
15.6
10,778
10,166
6.0
Other income
250.7
106.4
135.7
148.6
68.7
476.2
400.1
19.0
Total income
3,801
3,778
0.6
3,218
18.1
11,254
10,566
6.5
Gross profit
2249
2342
(4.0)
1843
22.0
6776
6463
4.8
Gross margin
63.3
63.8
60.0
62.9
63.6
Operating profit
580
602
(3.5)
382
52.0
1699
2036
(16.5)
OPM (%)
16.4
16.4
12.4
15.8
20.0
Interest
59.3
35.2
31.4
88.9
126
125
0.8
Depreciation
258
229
12.5
177
45.9
691
400
72.7
PBT
514
444
15.9
322
59.4
1359
1911
(28.9)
Provision for taxation
128
72
78.4
50
154.8
255
443
(42.3)
PAT before extra-ordinary item
386
372
3.8
272
41.8
1103
1468
(24.8)
Share of Profit /( loss ) of asso.
(9)
(17)
(3)
25
(7)
Extra-ordinary items/(income)
0
0
9
0
36
PAT after extra-ordinary item
375
354
5.8
261
43.9
1068
1453
(26.5)
Adj. PAT
375
354
5.8
258
45.2
1068
1453
(26.5)
EPS (`)
4.7
4.4
3.2
13.3
18.1
Source: Company, Angel Research
Exhibit 2: 3QFY2017 - Actual vs. Angel estimates
(` cr)
Actual
Estimates
Variance
Net sales
3,550
3,737
(5.0)
Other income
251
117
115.0
Operating profit
580
618
(6.1)
Tax
128
97
32.5
Net profit
375
498
(24.7)
Source: Company, Angel Research
Top-line growth lower than expectation
Company posted sales of `3,550cr v/s `3,737cr expected, registering a yoy
growth of 15.6%, mainly aided by domestic formulations. Domestic formulation at
`1,408cr registered a yoy growth of 19.1%, while exports at `2,239cr, posted yoy
growth of 13.7%.
USA (`662cr) posted a yoy growth of 127%, mainly on the back of acquisitions.
The North America business (excluding the impact of one-offs and acquisitions)
registered growth of ~21% compared to last year in Dollar terms. Invagen
contributed ~50% of US sales. Cipla is now one of the fastest-growing generics
player in the US, strong DTM performance i.e. 8 of the 413 (20%) in IMS are in the
leadership (no 1) share position, while 23 of 41 (56%) products ranked among
Top 3 in their segments. During YTD Dec FY2017, 21 ANDAs have been filed. Of
these, 9 were P-IV with couple of them being FTF.
South Africa (ZAR1,023mn) registered a growth of ~13% over the last year.
Continued leadership position in Respiratory, CNS, Oncology & Musculo Skeletal
System segments with ~30% market share. Post integration of Actavis’ portfolio,
Cipla became the 4th largest pharma company in South Africa. Increased market
February 14, 2017
2
Cipla | 3QFY2017 Result Update
share to 5.8% in private market (IMS MAT Dec’16), up from 5% at the beginning of
the financial year. Focus on higher-margin tenders and exploring in-licensing
opportunities
Emerging market sales (US$110mn) posted an overall de-growth of ~17% yoy in
3QFY2017. Decline of emerging markets (outside of Sub-Saharan Africa and ex-
CGA) was driven by tender normalization. Cipla Global Access (CGA) de-growth
was due to tender phasing.
Exhibit 3: Sales Trend
3,000
2,500
2150
2239
2051
1,948
2,000
1833
1522
1449
1408
1,500
1194
1258
1,000
500
0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Domestic
Export
Source: Company
Operating profit margin just in-line with expectation
On operating front, the EBITDA margins came in at 16.4% (v/s 16.5% expected)
v/s 12.4% in 3QFY2016, mainly on the back of base effect. The other expenses
during the quarter came in at `1,035cr, a rise of 17.4% yoy. Total R&D
investments for this quarter were at 6.2% of revenues v/s 8% in 2QFY2017.
Exhibit 4: OPM Trend
20.0
16.4
16.4
15.0
16.4
14.8
12.0
10.0
5.0
0.0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company
February 14, 2017
3
Cipla | 3QFY2017 Result Update
Net profit lower than expectation
Consequently, Adj. PAT came in at `375cr (v/s `498cr expected) v/s `258cr in
3QFY2016, yoy growth of 45.2%. The Net profit came in lower than expected on
back of higher taxations.
Exhibit 5: Net Profit Trend
800
700
600
500
375
400
343
339
354
300
200
81
100
0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company
Concall takeaways
R&D as % of sales for the quarter stood at 6.2%; it is expected to be at ~8% in
FY2017 as against ~6.5% in FY2016.
In USA, the company expects to file 25 ANDAs in FY2017.
DPCO and Fixed Dosage Combinations ban in domestic market expected to
impact by ~2-3% for FY2017.
Pending ANDAs at end-9MFY2017 stood at ~65 (incl. partnered products).
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 FY2016, with Africa, US
and Latin America constituting more than ~60% of total exports. In the US, Cipla
has a strong product pipeline of 168 ANDAs, out of which, 950 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 US$250mn in FY2017. It will also
provide manufacturing capabilities in the US. Overall, we expect the company’s
exports to grow at a CAGR of 19.1% during FY2016-18E.
February 14, 2017
4
Cipla | 3QFY2017 Result Update
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 FY2016. 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 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 14% over
FY2016-18E.
Valuation: We expect the company to post a 16.3% CAGR in net sales to
`18,089cr and EPS to record a 14.2% CAGR to `24.5 over FY2016-18E. 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
FY2017E
FY2018E
Domestic growth (%)
13.0
15.0
Exports growth (%)
19.1
19.2
Growth in employee expenses (%)
15.0
15.0
Operating margins (excl tech. know-how fees) (%)
15.7
16.8
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 14, 2017
5
Cipla | 3QFY2017 Result Update
Exhibit 8: Recommendation Summary
Company
Reco
CMP Tgt. price Upside
FY2018E
FY16-18E
FY2018E
(`)
(`)
% PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
556
-
-
18.3
2.4
11.4
(10.8)
27.5
25.3
Aurobindo Pharma Buy
664
877
32.1
14.0
2.3
9.8
18.1
22.5
26.1
Cadila Healthcare Accumulate
372
400
7.5
19.4
3.0
13.6
13.4
22.7
25.7
Cipla
Sell
581
465
(20.0)
23.8
2.7
16.3
14.2
12.2
13.9
Dr Reddy's
Neutral
2,965
-
-
20.8
2.7
11.9
1.7
16.2
15.9
Dishman Pharma Neutral
225
-
-
19.9
2.2
9.8
13.3
10.3
10.9
GSK Pharma*
Neutral
2,700
-
-
44.4
6.7
32.6
17.3
35.3
32.1
Indoco Remedies
Reduce
270
240
(11.1)
16.9
2.0
10.8
33.2
19.1
20.1
Ipca labs
Buy
522
613
17.5
26.5
1.8
12.0
36.5
8.8
9.4
Lupin
Buy
1,448
1,809
25.0
20.9
3.4
12.9
17.2
24.4
20.9
Sanofi India
Neutral
4,172
-
-
19.4
3.0
13.6
22.2
25.6
28.8
Sun Pharma
Buy
655
847
29.3
18.6
3.9
11.8
26.5
18.9
20.1
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.
February 14, 2017
6
Cipla | 3QFY2017 Result Update
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
Gross sales
8,196
9,902
11,861
13,587
15,615
18,368
Less: Excise duty
108.7
149.3
179.7
215.0
236.6
278.3
Net sales
8,087
9,753
11,681
13,372
15,378
18,089
Other operating income
193
348
348
306
306
306
Total operating income
8,279
10,100
12,029
13,678
15,684
18,395
% chg
17.9
22.0
19.1
13.7
14.7
17.3
Total expenditure
6,081
7,967
9,612
11,177
12,956
15,055
Net raw materials
2,953
3,875
4,556
5,118
5,890
6,928
Other mfg costs
641
827
993
1,142
1,313
1,510
Personnel
1,036
1,543
2,083
2,447
2,814
3,236
Other
1,451
1,722
1,981
2,470
2,940
3,381
EBITDA
2,005
1,786
2,069
2,195
2,422
3,035
% chg
35.0
(11.0)
15.9
6.1
10.3
25.3
(% of Net Sales)
24.8
18.3
17.7
16.4
15.7
16.8
Depreciation & amort.
330
373
457
542
676
732
EBIT
1,675
1,413
1,613
1,654
1,746
2,303
% chg
42.7
(15.6)
14.1
2.5
5.6
31.9
(% of Net Sales)
20.7
14.5
13.8
12.4
11.4
12.7
Interest & other charges
34
146
85
161
161
161
Other Income
235
266
266
209
209
209
(% of PBT)
11.4
14.1
12.4
10.4
10.0
7.9
Recurring PBT
2,069
1,881
2,141
2,007
2,099
2,656
% chg
39.3
(9.1)
13.8
(6.3)
4.6
26.5
Extraordinary exp./(Inc.)
(26.7)
-
-
-
-
-
PBT (reported)
2,095
1,881
2,141
2,007
2,099
2,656
Tax
544.3
463.4
535.3
439.6
524.8
664.0
(% of PBT)
26.0
24.6
25.0
21.9
25.0
25.0
PAT (reported)
1,551
1,417
1,606
1,567
1,574
1,992
Add: Share of earnings of asso.
(6)
(12)
(12)
(12)
(11)
(10)
Less: Minority interest (MI)
-
16
16
49
17
18
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
1,545
1,388
1,578
1,506
1,546
1,964
ADJ. PAT
1,524
1,388
1,578
1,506
1,546
1,964
% chg
30.0
(8.9)
13.6
(4.5)
2.7
27.0
(% of Net Sales)
19.1
14.2
13.5
11.3
10.1
10.9
Basic EPS (`)
19.0
17.3
19.6
18.8
19.3
24.5
Fully Diluted EPS (`)
19.0
17.3
19.6
18.8
19.3
24.5
% chg
30.0
(8.9)
13.6
(4.5)
2.7
27.0
February 14, 2017
7
Cipla | 3QFY2017 Result Update
Balance sheet (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
SOURCES OF FUNDS
Equity share capital
161
161
161
161
161
161
Preference Capital
-
-
-
-
-
-
Reserves & surplus
8,858
9,890
10,629
11,697
13,055
14,831
Shareholders funds
9,019
10,050
10,801
11,857
13,216
14,992
Minority interest
-
50
180
270
270
270
Total loans
966.9
1,247.9
1,701.8
5,191.4
4,000.0
4,000.0
Other long term liabilities
30.0
32.6
32.6
32.6
32.6
32.6
Long Term Provisions
50.4
77.4
168.4
154.9
154.9
154.9
Deferred tax liability
280.5
309.0
284.6
366.4
366.4
366.4
Total liabilities
10,347
11,767
13,169
17,872
18,039
19,815
APPLICATION OF FUNDS
Gross block
5,318
6,183
6,868
8,100
8,800
9,500
Less: acc. depreciation
1,708
2,180
2,634
3,176
3,852
4,584
Net block
3,610
4,003
4,234
4,924
4,948
4,916
Capital work-in-progress
378
442
442
442
442
442
Goodwill
-
2,493
2,735
5,713
5,713
5,713
Investments
2,532
709
640
757
757
757
Long Term Loans and Adv.
363
301
419
715
475
559
Current assets
4,775
5,340
7,201
8,262
8,318
10,503
Cash
143
175
564
871
168
916
Loans & advances
573
596
701
958
923
1,085
Others
4,058
4,569
5,936
6,432
7,228
8,502
Current liabilities
1,311
1,634
2,501
2,939
2,614
3,075
Net current assets
3,464
3,706
4,700
5,322
5,704
7,428
Mis. Exp. not written off
-
112
-
-
-
-
Total assets
10,347
11,767
13,169
17,872
18,039
19,815
February 14, 2017
8
Cipla | 3QFY2017 Result Update
Cash flow statement (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E FY2018E
Profit before tax
2,095
1,881
2,141
2,007
2,099
2,656
Depreciation
330
373
457
542
676
732
(Inc)/Dec in Working Capital
(667)
(149)
(722)
(611)
(846)
(1,060)
Direct taxes paid
518
431
537
632
-
-
Cash Flow from Operations
1,241
1,673
1,339
1,306
1,929
2,328
(Inc.)/Dec.in Fixed Assets
(698)
(930)
(684)
(1,232)
(700)
(700)
(Inc.)/Dec. in Investments
(1,263)
1,824
69
(117)
-
-
Other income
-
-
-
-
-
-
Cash Flow from Investing
(1,961)
894
(616)
(1,349)
(700)
(700)
Issue of Equity
-
-
-
-
-
-
Inc./(Dec.) in loans
957
311
545
3,476
(1,191)
-
Dividend Paid (Incl. Tax)
(188)
(188)
(188)
(188)
(188)
(188)
Others
4
(2,658)
(692)
(2,938)
(553)
(692)
Cash Flow from Financing
773
(2,535)
(335)
350
(1,932)
(880)
Inc./(Dec.) in Cash
53
32
389
307
(703)
748
Opening Cash balances
90
143
175
564
871
168
Closing Cash balances
143
175
564
871
168
916
February 14, 2017
9
Cipla | 3QFY2017 Result Update
Key Ratio
Y/E March
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
Valuation Ratio (x)
P/E (on FDEPS)
30.6
33.6
29.6
31.0
30.2
23.8
P/CEPS
24.9
26.5
22.9
22.8
21.0
17.3
P/BV
5.2
4.6
4.3
3.9
3.5
3.1
Dividend yield (%)
0.3
0.3
0.3
0.3
0.3
0.3
EV/Sales
5.8
4.9
4.1
3.8
3.3
2.7
EV/EBITDA
23.5
26.6
23.0
23.0
20.7
16.3
EV / Total Assets
4.6
4.0
3.6
2.8
2.8
2.5
Per Share Data (`)
EPS (Basic)
19.0
17.3
19.6
18.8
19.3
24.5
EPS (fully diluted)
19.0
17.3
19.6
18.8
19.3
24.5
Cash EPS
23.4
21.9
25.3
25.5
27.7
33.6
DPS
2.0
2.0
2.0
2.0
2.0
2.0
Book Value
112.3
125.2
134.5
147.7
164.6
186.7
Dupont Analysis
EBIT margin
20.7
14.5
13.8
12.4
13.0
14.4
Tax retention ratio
74.0
75.4
75.0
78.1
75.0
75.0
Asset turnover (x)
0.9
0.9
1.0
0.9
0.9
1.0
ROIC (Post-tax)
14.0
10.1
10.3
8.9
8.8
10.8
Cost of Debt (Post Tax)
5.0
9.9
4.3
3.7
2.6
3.0
Leverage (x)
0.0
0.1
0.0
0.0
1.0
2.0
Operating ROE
14.4
10.1
10.3
8.9
14.9
26.3
Returns (%)
ROCE (Pre-tax)
18.3
12.8
12.9
10.7
11.1
13.5
Angel ROIC (Pre-tax)
19.3
15.3
17.8
16.3
17.7
21.2
ROE
18.3
14.6
15.1
13.3
13.7
15.2
Turnover ratios (x)
Asset Turnover (Gross Block)
1.7
1.8
1.8
1.8
1.9
2.0
Inventory / Sales (days)
93
95
96
101
87
95
Receivables (days)
71
60
74
58
67
73
Payables (days)
46
41
55
74
43
44
WC cycle (ex-cash) (days)
131
124
116
115
116
120
Solvency ratios (x)
Net debt to equity
0.1
0.1
0.1
0.4
0.3
0.2
Net debt to EBITDA
0.4
0.6
0.5
2.0
1.4
0.8
Interest Coverage (EBIT/Int.)
-
-
-
-
-
-
February 14, 2017
10
Cipla | 3QFY2017 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.
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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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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)
February 14, 2017
11