February 13, 2017 / 14:13 IST
ICICI Direct's research report on Cipla Revenues grew 16% YoY to Rs 3647 crore, (I-direct estimate: Rs 3903 crore) mainly due to strong growth in the US and India. US sales grew 23% YoY to Rs 657 crore (I-direct estimate: Rs 697 crore). Domestic formulation grew 22% YoY to Rs 1458 crore (I-direct estimate: Rs 1433 crore).
Outlook
After frequent restructuring in business models and changes at the management level, we believe the new team is set for a stable and consistent performance as delivered in 9MFY17 especially on the EBITDA front. On the ground, however, challenges persist in the form of margin and return ratio expansion besides pricing pressure. We maintain our target price of Rs 575 based on 18x FY19E EPS of Rs 31.9 as the company remains at the inflexion point.
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