News: Cipla Q1FY24 revenues grew 18% to Rs 6329 crore, led by 12% growth in the domestic segment to Rs 2772 crore and 52% growth in North America to Rs 1822 crore. EBITDA margins expanded 233 bps to 23.6%, which led to 31% growth in absolute EBITDA to Rs 1494 crore. Subsequently, PAT grew 45% to Rs 996 crore.
Views: Domestic growth driven by chronic portfolio (grew from 58% to 62% of dom. revenues), whereas US growth was driven by momentum in differentiated portfolio. In South Africa market, Cipla has become second largest prescription player. The management expects to maintain FY24 EBITDA at 24% and the guided capex is at 4-5% of revenues (Rs 1000-1050 crore).
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