Cipla Q1 Review - Covid-19, Operational Efficiency Drives Earnings: Motilal Oswal

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Motilal Oswal Report

Cipla Ltd. delivered better-than-expected Q1 FY22 earnings, led by a superior product mix, operational cost efficiency, a healthy off-take of Covid-19 related products, and one-time income from the active pharma ingredient segment.

Cipla is poised to outperform the domestic formulation market and is progressing well on building a complex product pipeline for North America.

We raise our earnings per share estimate by 6%/4% for FY22E/FY23E, factoring in-

1. strong traction in prescription, trade generics in the domestic formulation segment,

2. an extended benefit from cost savings, and

3. lower research and development spend.

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