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Cipla Ltd.’s Q3 FY22 result was in line with our estimates led by a strong performance in India and the U.S.
Ebitda margin declined 130 basis points YoY to 22.5%. We expect Ebitda margin to stabilize at 22-23% versus earlier levels of 17-19%.
Consolidated revenues grew 6% to Rs 54.8 billion. Adjusted profit after tax declined 2.6% to Rs 7.3 billion.
Cipla has shown a strong performance over past five to six quarters in India business led by Covid-19 portfolio as well as benefits of one India strategy undertaken in FY20 which we believe would help in sustaining above industry growth.
U.S. business is expected to scale up on account of complex launches.
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