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Systematix Research Report
A high base on account of Covid, led to low single-digit YoY decline in Cipla Ltd.'s revenue.
India business sales declined 8.4% YoY, but rose 13.7% QoQ, as Q4 was a seasonally weak quarter for Cipla's portfolio. Excluding Covid product sales, India business grew at 9%.
North America sales were up 10% YoY on a constant currency basis, but declined QoQ due to price erosion in the market. South Africa, Sub-Saharan Africa, Uganda and Cipla Global Access business was affected by lower South Africa private market sales, but is expected to recover in Q2 FY23.
Sequentially, profit after tax grew on the back of lower research and development spend during the quarter. R&D expense as a percentage of sales in FY23 is estimated at 5.5-6%.
Gross margin expanded 315 basis points QoQ to 62.3%, as the previous quarter had expenses related to inventory write offs.
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