Angel Broking neutral on Cipla

Angel Broking has maintained its neutral view on Cipla in its July 21, 2008 research report. "Cipla’s 1QFY2009 numbers have come in well ahead of street expectations. For 1QFY2009, the company posted Net Sales and Profits of Rs 1,170.6 crore and Rs 140 crore, registering a yoy growth of 32.9% and 16.8%, respectively. The Net Profit growth during the period would have been higher but for the forex losses posted by the company."

"Over FY2008-10E, we expect Net Sales to post a CAGR growth of 14.4% and Net Profits to post a CAGR of 11.2%. Given the trends in the macro environment, at current valuations, we remain Neutral on the stock," says Angel's research report.

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