Cipla on May 10 reported a consolidated profit after tax (PAT) of Rs 362 crore for the quarter ended March, a decline of 12 percent from a year ago. The company had registered a PAT of Rs 729 crore in the previous quarter.
Cipla
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Cipla share price fell in early trade a day after the company announced its March quarter results.
Cipla on May 10 reported a consolidated profit after tax (PAT) of Rs 362 crore for the quarter ended March, a decline of 12 percent from a year ago. The company had registered a PAT of Rs 729 crore in the previous quarter.
Consolidated revenues stood at Rs 5,260 crore, up 14 percent from previous year. Revenue in the December quarter stood at Rs 5,479 crore.
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Here is what brokerages have to say about the stock and the company after earnings:
Goldman Sachs
The foreign research house has kept a sell rating on Cipla and slashed target price to Rs 850 per share.
Sales/EBITDA grew 14/-6% year on year which was well below consensus, while higher US/India sales were partially offset by weakness in bulk drug business.
The US revenue improved on back of momentum in Albuterol & Arformoterol.
The research firm lowered FY23-24 earnings per share (EPS) estimates by 2-11%, CNBC-TV18 reported.
Morgan Stanley
The brokerage house has kept an overweight rating on Cipla with a target of Rs 1,122 per share.
Morgan Stanley expects mid-teen growth for branded generics business and mid-teen growth for high-value complex launches in the US.
The company continues to build a robust pipeline of inhalers and keeps building complex injectables and peptides for the longer term, CNBC-TV18 reported.
Citi
The research house has maintained a buy rating and raised the target price to Rs 1,170 from Rs 1,120 per share.
“It was a healthy quarter and margin guidance appears soft but can be revised in the future,” it said.
Pricing tailwinds in India and the US launches can help revise up numbers, CNBC-TV18 reported.
Credit Suisse
The brokerage house has kept an outperform rating on Cipla and cut the target price to Rs 1,100 from Rs 1,150 per share.
The FY23 margin guidance is a tad lower as Advair approval is still expected.
The FY22-24 EPS compound annual rate is strong at 17%, CNBC-TV18 reported.
Jefferies
The broking firm has maintained a buy rating on Cipla but cut the target price to Rs 1,165 from Rs 1,205 per share.
The revenue/adjusted EBITDA was 5/6% above estimates.
FY23 US outlook is healthy with Revlimid, Abraxane and Advair generics in pipeline, CNBC-TV18 reported.
Prabhudas Lilladher
“Cipla’s performance was broad based with strong show in domestic formulation and US sales.
“We continue to remain positive on growth across key segments including India and US.
“We expect 15% EPS compound annual rate over FY22-24 from base business (excluding Revlimid) given resilient earnings, improving visibility from the US and strong free cash flow generation. Our FY23/24 estimates stands reduced by 5/2%,” it said.
Maintain ‘Buy’ rating with target price of Rs 1085 per share based on 24x FY24 EPS plus Rs 20 per share for Revlimid.
Motilal Oswal
“We lower our FY23/FY24 EPS estimate by 7% each to factor in higher expenditure on R&D and operational cost related to procurement and supply chain.
“We expect a 14% earnings compound annual rate led by a 21/5/10% sales compound annual rate in US generics/DF/SAGA over FY22-24.
“We value the stock at 23x 12-month forward earnings and add Rs 35/share of gRevlimid NPV to arrive at our target price of Rs 880. We maintain our neutral rating as current valuations adequately factor in an upside from earnings growth,” it said.
At 09:15 hrs Cipla was quoting at Rs 919, down Rs 7.25 or 0.78 percent on the BSE.
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