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Research
Cipla - 4QFY2015 Result Update - Angel Broking
Posted On : 2015-06-06 09:16:38( TIMEZONE : IST )
For 4QFY2015, Cipla's top-line came in well above our expectations, while the OPM and net profit came in below our expectations. Sales came in at Rs. 2,981cr V/s an expected Rs. 2,672cr and V/s Rs. 2,429cr in 4QFY2014, i.e a yoy growth of 22.7%. On the operating front, the EBITDA margin was impacted by a 34.3% yoy rise in other expenditure. The EBITDA margin came in at 13.3% V/s an expected 15.1% and V/s 13.1% in 4QFY2014, an expansion of 14bp yoy. This was inspite of a 243bp yoy expansion in the GPM. The GPM for the quarter stood at 61.1% V/s 58.7% in 4QFY2014. Adj. PAT came in at Rs. 260cr V/s an expected Rs. 312cr and V/s Rs. 261cr in 4QFY2014, a yoy de-growth of 0.4%. This was on account of 29.2% rise in deprecation and only 3% rise in other income. We maintain our Neutral rating on the stock.
Results lower than expectations on OPM and Net Profit front: For 4QFY2015, Cipla's top-line came in well above our expectations, while the OPM and net profit came in below our expectations. Sales came in at Rs. 2,981cr V/s an expected Rs. 2,672cr and V/s Rs. 2,429cr in 4QFY2014, i.e. a yoy growth of 22.7%. On the operating front, the EBITDA margin was impacted by a 34.3% yoy rise in other expenditure. The EBITDA margin came in at 13.3% V/s an expected 15.1% and V/s 13.1% in 4QFY2014, an expansion of 14bp yoy. This was inspite of a 243bp yoy expansion in the GPM. The GPM for the quarter stood at 61.1% V/s 58.7% in 4QFY2014. Adj. PAT came in at Rs. 260cr V/s an expected Rs. 312cr and V/s Rs. 261cr in 4QFY2014, a yoy de-growth of 0.4%. This was on account of 29.2% rise in deprecation and only 3% rise in other income.
Outlook and valuation: We expect the company's net sales to post a 18.9% CAGR to Rs. 16,515cr and EPS to record a 21.2% CAGR to Rs. 28.9 over FY2015-17E. The growth in the top-line would be driven by domestic formulation sales and exports. We maintain our Neutral stance on the stock, taking into consideration the near term valuations.
Shares of CIPLA LTD. was last trading in BSE at Rs.623.65 as compared to the previous close of Rs. 629.75. The total number of shares traded during the day was 136345 in over 3188 trades.
The stock hit an intraday high of Rs. 637 and intraday low of 621. The net turnover during the day was Rs. 85838688.
