Cipla - Q4FY13 Result Review - Angel Broking

Cipla posted below expected numbers during the quarter. Cipla posted a growth in net sales by 5.1% to Rs. 1,906cr V/s expected Rs. 2,057cr. The low growth during the quarter on sales front, was on account of the low growth in domestic formulation, which grew by 5.2% yoy, while exports grew by 4.0%, on account of the 24% dip in the API exports. On the operating front, the OPM (excluding technical know-how fees) came in at 18.3%, down by 80bp over the corresponding period of last year. This along with the 684% rise in the interest expenses aided the net profit to dip by 8.3% yoy to Rs. 268cr.

The number and rating of the company are under review.

Source : Equity Bulls

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