CIPLA · Healthcare
Cipla Ltd. reported revenue of ₹7,073 cr for October to December 2024, +7.1% on the year and +0.3% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹1,989 cr, a margin of 28.1%, +165 bps on the year and +137 bps on the quarter. It is the widest margin of the last 7 quarters (range 21.4% to 28.1%). Operating costs grew +4.7% against revenue growth of +7.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,575 cr, +47.5% on the year and +20.7% on the quarter, with earnings per share of ₹19.45. Profit before other income, one-offs and tax grew 14.2%, so 33 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 27% over the previous 6 quarters, which lifted profit this quarter.
On earnings per share of ₹61.79 over the last four quarters, the stock at ₹1,321.60 trades at 21.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +47.5% on the year; profit before other income, exceptional items and tax +14.2%.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.0% against 27.0% over the previous quarters, worth about ₹192 cr of profit.
Source: Quarterly statements
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.
| 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 ₹7,073 cr (+7.1% on the year) and net profit of ₹1,575 cr (+47.5% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +14.2% on the year, against +47.5% for reported profit.
2 checks raised a question: Headline profit grew much faster than core profit. What made up the difference?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.