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ICICI Direct Report
Cipla Ltd.'s Q1 FY21 revenues grew 9.0% YoY to Rs 4,346 crore due to 15.9% YoY growth in domestic formulations to Rs 1,608 crore. U.S. revenues declined 8.8% YoY to Rs 1,021 crore.
Rest of world markets grew 53.1% YoY to Rs 672 crore due to base effect. Europe grew 19.4% YoY to Rs 240 crore.
Ebitda margins improved 145 basis points YoY to 24.1% on account of a sharp drop in other expenditure amid Covid-19 lockdown, partly offset by lower gross margins due to higher contribution from margin dilutive trade generics segment.
Subsequently, Ebitda grew 15.9% YoY to Rs 1,049 crore. Net profit grew 21.4% YoY to Rs 578 crore in line with the operational performance.
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