Buy Cipla; target of Rs 1360: Sharekhan

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26 Aug, 2025 12:21

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Cipla’s Q2FY2023 numbers were decent with revenue growing in mid-single digit (6%); OPM stood flat at 22.3% while lower interest expenses aided a 10% growth in PAT. Outlook for US business is strong with a quarterly run-rate of $175-180 million in revenues, while the India consumer business is likely to deliver Rs. 600 crore of revenues in FY23; Overall India to grow ahead of market growth. Excluding one-off COVID provisions, OPM stood at 24%; Management has guided for 21-22% OPM for FY2023.

We maintain a Buy on Cipla Limited with a revised price target of Rs. 1,360. While there are near-term challenges in the form of likely cost pressures in US, the company has strong levers to stay ahead of market in the coming years.

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