Thursday, May 5, 2011

Result Flash - Cipla - 4QFY2011 - Buy

Dear All,

 

Forwarding you the Result Flash on Cipla for 4QFY2011 with a Buy recommendation and a Target Price of `397 (12 months).

 

 

4QFY2011 Financials Snapshot:

 

 

Y/E March
(Rs cr)

4QFY2011

3QFY2011

% chg qoq

4QFY2010

% chg yoy

Net sales

1,615

1,501

7.6

1,317

22.6

Other income

74

78

(4.7)

102

(27.3)

Gross profit

815

806

1.2

707

15.4

Operating profit

248

266

(6.7)

201

23.5

Net profit

214

233

(8.1)

276

(22.4)

 

4QFY2011 Financials Actuals v/s Estimates

 

 

Rs cr

Actual

Estimates

Variance

Net Sales

1,615

1,478

9.3

Other income

74

83

-11.0

Operating profit

248

302

-18.0

Tax

37

55

-32.8

Net profit

213.9

268.7

-20.4

 

4QFY2011 Consolidated Financial Result Highlights-  

 

·         The Net sales during the quarter stood at `1615.2cr (`1317.5cr) an increase of 22.6% above our estimates of `1478cr. The domestic formulations sales grew by 14.7% at `652.23cr compared to `568.78cr on a comparative basis. The overall exports grew by 28.2% at `974.9cr (`760.2cr).

 

·         The gross margins came in at 50.5% (53.6%) during the quarter. The OPM came in at 15.4% ( 15.2%) yoy, lower than our estimates of 20.5% for the quarter. The raw material costs increased by 23.3% for the quarter higher than our estimated numbers.          

 

·         The depreciation cost also increased by 40.8% to `69.7cr (`49.5cr) factoring the commissioning of the Indore SEZ. There was an increase in the interest cost during the quarter to `1.8cr (`0.5cr) which also affected the bottom-line performance.

 

·         The net profit came in at `214cr (`181cr), increase of 18.5%, lower than our estimates of `269cr during the quarter. The PAT after the extra-ordinary items dropped by 22.4% at `214cr (`276cr) due to the one time exceptional item in 4QFY2010.

 

4QFY2011 Consolidated Financial Performance:

 

 

4QFY2011 Performance (Consolidated)

Y/E March (`cr)

4QFY2011

3QFY2011

% chg qoq

4QFY2010

% chg yoy

FY2011

FY2010

% chg yoy

Net sales

1,615

1,501

7.6

1,317

22.6

6,124

5,360

14.3

Other income

74.3

78.0

(4.7)

102.3

(27.3)

273.6

353.7

(22.7)

Total income

1,690

1,579

7.0

1,420

19.0

6,397

5,713

12.0

Gross profit

815

806

1.2

707

15.4

3209

2877




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