February 13, 2017 / 10:46 IST
KR Choksey's research report on Cipla Cipla’s earnings were marginally below our estimates on revenue and EBITDA front with a beat on the topline. Revenues for Q3FY17 stood at INR 36.5bn, showcasing a robust growth of 16% Y-o-Y mainly on account of robust domestic sales. Domestic sales grew 19% YoY to INR 14bn in Q3FY17. North America revenues grew by a whopping 13% from USD 44mn in Q3FY16 to USD 98mn in Q3FY17 on account of integration of InvaGen revenues coupled with base business growth of 21%.
Outlook
We maintain our ‘BUY’ rating and introduce FY19E earnings; valuing the company using SOTP valuation with the base business of the company at 20xFY19E EPS of INR 32.5 and Inhaler portfolio at INR 40 to arrive at a target price of INR 690 (earlier INR 616).
For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
