Q2FY24 Preview: Cipla: Revenue seen at Rs. 64,229 million, PAT at Rs. 9,389 million

26 Oct 2023 , 11:12 AM

Result date: October 27, 2023

Recommendation: Add

Target price: Rs. 1,160

Analysts at IIFL Capital Services expect Cipla’s Revlimid sales to remain flat sequentially at USD 40 million. They believe weak monsoons could have a bearing on the performance of acute players in the September 2023 quarter. Decline in base business products such as Albuterol is another key monitorable.

EBITDA margin could decline 84 basis points over the year-ago quarter and 59 basis points sequentially.

Cipla could post 7% growth in Profit After Tax (PAT) as compared to the year-ago quarter.

Rs. Million	September 2023 estimates	YoY change	QoQ change
Revenue	64,229	10.2%	1.5%
EBITDA	14,779	6.3%	(1.1)%
EBITDA margin (%)	23.0%	(84) bps	(59) bps
Profit After Tax	9,389	7.1%	(5.7)%

Source: IIFL Research