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Cipla - 1QFY2013 Result Update - Angel Broking
Posted On : 2012-08-03 20:42:07( TIMEZONE : IST )
For 1QFY2013, Cipla's numbers came better than expected results on the top-line and bottom-line. The net sales and profits for the quarter was Rs.1,917cr and Rs.400cr, registering a growth of 23.7% yoy and 57.9% yoy respectively. However, the major positive highlight of the quarter was the improvement in the OPM's which expanded by 484bps to end the quarter at 26.0%. For FY2013, management has upgraded its revenue guidance from 10% to 12-15%, with the bottom-line growing higher than that. We recommend a Buy on the stock.
Results better than expectations: The 1QFY2013, a reported better than expected numbers. The net sales and profits for the quarter was Rs.1,917cr and Rs.400cr, registering a growth of 23.7% yoy and 57.9% yoy respectively. On the profitability front, the gross margins and operating profits came much higher than expectations. The gross margins and operating margins came in at 61.8% and 26.0%.The expansion in the margins came on the back of the improvement in the product mix. Consequently the net profit came in at Rs.400cr, higher than the expectations mainly on back of the higher than expected sales and OPM.
Outlook and valuation: For FY2013, management has revised its revenue guidance upwards from ~10% to 12-15% growth. We expect the company's net sales to post 14.0% CAGR to Rs.9,130cr and EPS to record an 18.4% CAGR to Rs.20.0 over FY2012-14E.We recommend a Buy on the stock.
