Views on Cipla 4QFY2015 Results - Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking) on Cipla 4QFY2015 Results:

"For 4QFY2015, Cipla posted numbers well above expectations, while the OPM and net profit came in below expectations. Sales came in at INR 2981cr V/s INR 2672cr expected and INR 2429cr in 4QFY2014, a yoy growth of 22.7%. The domestic sales (INR 1086cr) posted a yoy growth of 20.7% and exports (INR 1895cr) posted a yoy growth of 22.8%.

On the operating front, the EBITDA margins came in at 13.3% V/s 15.1% expected and 13.1% in 4QFY2014, an expansion of 14bps yoy. This was inspite of a 243bps yoy expansion, which aided the GPM to end the period at 61.1% V/s 58.7%, mainly on back of 34.3% yoy rise in other expenditure. On the Adj. PAT level the company reported INR 260cr V/s INR 312cr expected and INR 261cr in 4QFY2014, a yoy de-growth of 0.4%. This was on account of 36.8% rise in deprecation and only 3% rise in other income. Though we might change our estimates, our rating on the stock remains NEUTRAL."

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.

Source : Equity Bulls

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