Published on 12/08/2017 11:32:20 AM | Source: Angel Broking Pvt Ltd

We maintain our Sell rating on Cipla Ltd 1QFY2018 Results - Angel Broking

Below is The View On Cipla Ltd 1QFY2018 Results by Ms. Sarabjit Kour Nangra (VP Research- Pharma, Angel Broking):

“Cipla posted poor set of numbers, sales came in at INR 3,432cr V/s INR 3,789cr expected V/s INR 3,500cr in 1QFY2017, a YoY de-growth of 1.9%, mainly driven by the Indian formulation sales dip. Indian formulation sales (INR 1,271cr), a YoY dip of 12.3% mainly on back of GST implementation. Its other market USA (US$100mn), posted 2.0% YoY growth. South Africa (ZAR 998mn), posted a 10.0% YoY growth. On operating front, the EBITDA margins came in at 16.1% V/s 15.5% expected V/s 14.8% in 1QFY2017, mainly on back of lower than expected sales during the quarter and an 11.2% rise in the other expenses. Gross margins came in at 65.7% V/s 60.8% in 1QFY2017. Thus, the PAT came in at INR 425cr V/s INR 346cr expected V/s INR 370cr in 1QFY2017, a YoY growth of 14.9%. We maintain our SELL rating on the stock, with a price target of INR 461.”


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