Q1FY24 Preview: Cipla: Revenue seen at Rs. 62,303 million, PAT at Rs. 8,422 million

25 Jul 2023 , 09:44 AM

Result date: 26th July, 2023 Recommendation: Add Target price: Rs. 1,000  Cipla could report Revlimid sales of $32 million in the June 2023 quarter versus $28 million in the March 2023 quarter. Delayed monsoons in India could lead to muted revenue growth in the domestic market for acute players. Analysts at IIFL Capital Services expect the company’s revenue to grow 8.6% sequentially.  Margin could improve on the back of improved product mix, gRevlimid/lanriotide benefit and improved domestic sales. Cipla’s Profit After Tax (PAT) could grow 18.9% on a sequential basis.

	June 2023 estimates	QoQ change	YoY change
Revenue (US$ mn)	205	0.5%	31.7%
Revenue (Rs. mn)	62,303	8.6%	15.9%
EBITDA (Rs. mn)	13,933	18.7%	21.9%
EBITDA margin	22.4%	191 bps	109 bps
Profit After Tax (Rs. mn)	8,422	18.9%	22.7%

Source: IIFL Research