Angel Broking neutral on Cipla

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26 Aug, 2025 12:21

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Angel Broking's report on Cipla

"Cipla’s 3QFY2015 results were below expectations on the net sales and OPM front, while the net profit came in higher than our expectations on back of higher-than-expected other income. The sales grew by a tepid 2.8% yoy to Rs 2,625cr V/s an expected Rs 3,012cr and V/s Rs 2,553cr in 3QFY2014. On the operating front, the OPM came in at 15.7% (V/s an expected 16.8% and V/s 17.2% in 3QFY2014), a yoy dip of 147bp. The adj. net profit came in at Rs 328cr (V/s an expected Rs 303cr and V/s Rs 284cr in 3QFY2014), a yoy growth of 15.3%. The Management has given a guidance of 15% sales growth from FY2016 onwards."

"We expect the company’s net sales to post a 20.0% CAGR to Rs 14,051cr and EPS to record a 20.7% CAGR to Rs 25.2 over FY2014–16E. The growth in the top-line would be driven by domestic formulation sales and exports. We maintain our Neutral stance on the stock, taking into consideration the near term valuations", says Angel Broking research report.

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