CIPLA · Healthcare
Cipla Ltd. reported revenue of ₹7,051 cr for July to September 2024, +5.6% on the year and +5.3% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹1,886 cr, a margin of 26.7%, +78 bps on the year and +111 bps on the quarter. It is the widest margin of the last 6 quarters (range 21.4% to 26.7%). Operating costs grew +4.5% against revenue growth of +5.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,305 cr, +13.0% on the year and +11.1% on the quarter, with earnings per share of ₹16.13. Profit before other income, one-offs and tax grew 12.7%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average.
On earnings per share of ₹55.42 over the last four quarters, the stock at ₹1,321.60 trades at 23.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,678 cr | ₹6,604 cr | ₹6,163 cr | ₹6,694 cr | ₹7,051 cr | ₹7,073 cr | ₹6,730 cr | ₹6,957 cr | ₹7,589 cr | ₹7,074 cr | ₹6,541 cr | ₹7,119 cr |
| YoY | — | — | — | +6% | +6% | +7% | +9% | +4% | +8% | +0% | −3% | +2% |
| EBITDA margin | 26.0% | 26.5% | 21.4% | 25.6% | 26.7% | 28.1% | 22.9% | 25.6% | 25.0% | 17.7% | 14.6% | 16.7% |
| Other income, % of PBT | 11% | −1% | 20% | 10% | 11% | 12% | 19% | 15% | 15% | −8% | 21% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 28% | 26% | 27% | 27% | 17% | 19% | 27% | 27% | 24% | 22% | 27% |
| Net profit | ₹1,155 cr | ₹1,068 cr | ₹932 cr | ₹1,175 cr | ₹1,305 cr | ₹1,575 cr | ₹1,214 cr | ₹1,292 cr | ₹1,353 cr | ₹674 cr | ₹543 cr | ₹786 cr |
| YoY | — | — | — | +18% | +13% | +47% | +30% | +10% | +4% | −57% | −55% | −39% |
| Core profit YoY | — | — | — | +17% | +13% | +14% | +20% | +4% | −1% | −43% | −54% | −42% |
| EPS | ₹14.01 | ₹13.08 | ₹11.63 | ₹14.58 | ₹16.13 | ₹19.45 | ₹15.13 | ₹16.06 | ₹16.73 | ₹8.37 | ₹6.87 | ₹9.77 |
| Flags | · | · | · | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cipla Ltd. reported revenue of ₹7,051 cr (+5.6% on the year) and net profit of ₹1,305 cr (+13.0% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +12.7% on the year, against +13.0% for reported profit.
None of the 7 checks that could run raised a question.
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