- 05 Nov 2022
- ICICIdirect Research
Cipla reported strong set of numbers which were in line with I-direct estimatesCIPLA - 887 Change: 9.70 (1.11 %)
Revenues grew 5.6% YoY to Rs 5828.5 crore (I-direct estimate Rs 5820 crore) driven by robust traction in core portfolio across therapies in India and launch of gRevlimid in US. US business grew ~35.1% YoY to Rs 1432 crore (I-direct estimate Rs 1254.9 crore) the growth was driven by the launch of gRevlimid and continued market share expansion in Lanreotide 505b2.India business witnessed YoY growth of 6.1 % to Rs 2563 crore (I-direct estimate Rs 2706 crore) driven by double digit growth across all therapies Healthy mix of price, volume, and contribution from new launches. After adjusting covid base growth was at 15%. South Africa de-grew 15.8% YoY at Rs 598 crore (I-direct estimate Rs 625 crore), Cipla launched 6 products in this geography across multiple therapies. RoW markets witnessed de-growth of 6.7% YoY at 1032 crore ( I-direct estimate Rs 1028 crore). APIs witnessed YoY de-growth of 11% to Rs 153 crore Gross Margins increased by ~165 bps over previous year to 62.9%. EBITDA margins increased 12 bps YoY to 22.3% (I-direct estimate 21.6 %), due to lower logistic costs and effective management Adjusted PAT increased 10.5% YoY to Rs 786 crore (I-direct estimate 745.2 crore)
Cipla numbers were in line with our expectations. India business continued its strong performance on the back of strong growth across all therapies, respiratory being the top performer, acute therapies has also done well in this quarter due to seasonality. U.S business performed well driven by solid execution on differentiated portfolio in the US including the launch of gRevlimid. South Africa private market recovery is on track and has grown in double digits sequentially. International markets maintained steady growth, even after getting affected by currency headwinds. API’s continued growth in emerging markets . We remain positive on the growth story specially relying on the new complex launches in U.S and continuing momentum in Domestic business.