Cipla reported a good set of numbers for Q4FY19. The consolidated revenue grew by 19.1% yoy to Rs4,404cr against median consensus estimate of Rs4,005cr. EBITDA grew by Rs72.6% yoy to Rs961cr against median consensus estimates of Rs697cr. EBITDA margin expanded by 676bps yoy to 21.8%. Reported PAT grew by 105.6% yoy to Rs367cr against median consensus estimate of Rs299cr.
Gross margins stood at 66.3% in Q4FY19 vs. 64.0% in Q4FY18 and 63.5% in Q3FY19.
Employee cost grew 1.9% yoy, while other expenses grew 11.9% yoy in Q3FY19.
Other income was at Rs95cr vs. Rs40cr in Q4FY18 and Rs79cr in Q3FY19.
Tax rate stood at 26.3% in Q4FY19 vs. 23.1% in Q4FY18.
Depreciation increased by 79.2% yoy on account of impairment of certain product related intangible assets of US generics business arising out of increased competitive headwinds and adverse regulatory developments.
India business grew by 11% on yoy basis to Rs1,500cr.
North America business grew by 53% yoy to Rs1,143cr driven by new launches.
Revenue in SAGA segment i.e. South Africa, Sub-Saharan and Cipla Global Access business, was flattish (+1% yoy) at Rs823cr.
Within the SAGA segment, South Africa (SA) business declined 3% yoy.
Revenue in Europe grew 73% yoy to Rs236cr, while revenue from API business grew by 29% yoy to Rs174cr.
The board of directors have approved raising upto a total of Rs6,000cr (Rs3,000cr via ADR/GDR/FCCB etc. and Rs3,000cr via issue of non-convertible debenture).
Cipla Ltd is currently trading at Rs. 567, up by 8.25 points or 1.48% from its previous closing of Rs. 558.75 on the BSE.
The scrip opened at Rs. 560.50 and has touched a high and low of Rs. 571.90 and Rs. 551.70 respectively. So far 41,36,840 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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