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ICICI Securities Report
Cipla Ltd.'s Q1 FY23 performance was above our estimates mainly on the margin front. Revenue declined 2.3% YoY to Rs 53.8 billion; however, excluding Covid-related sales in the base, growth was ~6% YoY.
Ebitda margin stood at 21.3% (up 700 basis points QoQ) in Q1 FY23, higher than our estimates of 16.0%. Adjusted profit after tax declined 14.6% YoY at Rs 6.9 billion.
It has shown strong performance over the past several quarters in its India business aided by its ‘One India' strategy. We believe this should continue and help sustain above-industry growth for Cipla.
U.S. business is also expected to scale up on account of complex launches including Revlimid, Advair and Abraxane.
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