India's top pharmaceutical company, Cipla, is well known worldwide. Chemical Industrial & Pharmaceutical Laboratories Ltd., the company's original name when it was created in 1935, was replaced with its current name in 1984. Cipla is a multinational pharmaceutical firm with more than 1,500 products in over 50 dosage forms across 65 therapeutic categories.
On July 29, 2022, Cipla released its Q1FY23 results. They revealed a slight, single-digit fall in revenue and profits year over year. Analysts thought that margins were better than expected as the company prepared for difficult launches in the US market while reporting such YoY de-growth. Following the release of the Q1FY23 results, Cipla's stock price increased by almost 6% on the stock exchanges. It is now trading close to 5% below its 52-week high. So let's take a closer look at their Q1FY23 performance to determine where Cipla Ltd is headed going forward.
Key highlights of Cipla's Q1FY23 results:
- Sales for Q1FY23 fell 2.3% YoY to Rs 5375, while they went up slightly by 2.1% QoQ in Q1FY23.
- Cipla saw a 3.96% YoY drop in consolidated net profit at Rs 686.40 crore in Q1FY23, while it rose 90% QoQ.
- Cipla drives around 46% of its revenue from India while rest 54% from the rest of the world, with North America as the second highest contributor followed by SAGA (South Africa, Sub-Saharan Africa, and Cipla Global Access) and international markets.
- Cipla saw a 9% YoY growth in One-India, which is ex-covid, while it saw a robust 10% YoY growth in North America due to steady momentum in the core formulation business led by contributions from respiratory and peptide products.
- While SAGA saw a negative growth of 8%, a recovery is expected in Q2FY23. International markets grew the most, up 18%, led by strong DTM2 growth across geographies.
- API saw a 57% YoY de-growth in Q1FY23, which can be attributed to a higher Q1FY22 base due to a one-time profit share on an API supply.
- EBITDA fell 15% YoY to Rs 1143 crores, while on a sequential basis it grew 52%.
- Margin % came out at 21% in Q1FY23 as compared to 24% in Q1FY22 and 14% in Q1FY23.
Our View:
With the help of strong growth in both acute and chronic medications, new brands, and likely development in the consumer business, Cipla predicts outperforming industry growth in domestic markets. Advancements on unique consumer-centric products across emerging channels are being made in order to further accelerate the trajectory of their Global Consumer Wellness franchise in South Africa and India.
Cipla also wants to enhance its market share through smart and strategic acquisitions and to produce higher levels of revenue and profit in the upcoming years, making it an advantageous investment choice for long-term investors in this industry.
Read more at https://univest.in/cipla-q1fy23-numbers-better-than-expected-by-the-street/
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