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Dolat Capital Report
Cipla Ltd.’s Q4 FY23 revenue was inline while Ebitda and profit after tax came above our estimates on higher than expected gross margins and lower other expenses.
Revenues at Rs 57.4 billion (+9.1% YoY) was inline. Strong U.S. sales at $204 million (27% YoY, 14% QoQ) was led by traction in core respiratory formulation.
Cipla's Ebitda at Rs 11.7 billion (+23.6% YoY) and Ebitda margin at 20.5%, (+ 240 bps YoY) on account of 182 bps YoY expansion in gross margins. Adjusted for one time goodwill impairment loss of Rs 1.8 billion, adjusted profit after tax stood at Rs 7.0 billion (+14% YoY) above our estimates on better than expected operating performance.
We downgrade our earnings estimates by 12.7%/15.9% in FY24E/FY25E assuming delay in gAdvair launch and higher than expected operating cost.
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