{"id":29725,"date":"2024-05-27T06:06:24","date_gmt":"2024-05-27T00:36:24","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29725"},"modified":"2024-05-27T09:04:26","modified_gmt":"2024-05-27T03:34:26","slug":"alpha-cipla-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-cipla-ltd-equity-research-desk\/29725","title":{"rendered":"Alpha | Cipla Ltd. – Equity Research Desk"},"content":{"rendered":"\n
\"\"<\/a><\/figure>\n\n\n\n

Introduction<\/span><\/h2>\n\n\n\n

Established in 1935 and headquartered in Mumbai, Cipla Ltd. is a global pharmaceutical company renowned for its strong presence in key markets such as India, South Africa, North America, and other regulated and emerging regions. Cipla is dedicated to providing high-quality, affordable medications and has a diverse portfolio that includes treatments for respiratory, cardiovascular, and infectious diseases, among others. With a commitment to innovation and sustainability, Cipla continues to make significant strides in improving healthcare access and outcomes worldwide.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Product Portfolio<\/span><\/h2>\n\n\n\n

– Generics and branded generics<\/p>\n\n\n\n

– Over-the-counter (OTC) products<\/p>\n\n\n\n

– Specialty and consumer health products<\/p>\n\n\n\n

– Respiratory drugs<\/p>\n\n\n\n

– Anti-retroviral medications<\/p>\n\n\n\n

– Urology, cardiology, anti-infective, CNS, and other therapeutic segments<\/p>\n\n\n\n

– 1500+ products in 65 therapeutic categories available in over 50 dosage forms<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Subsidiaries as of FY23:<\/span><\/h2>\n\n\n\n

– 45 subsidiaries<\/p>\n\n\n\n

– 8 associate companies<\/p>\n\n\n\n

Growth Strategies of CIPLA<\/span><\/h2>\n\n\n\n

– Cipla has achieved sales exceeding $500 million in the past four years, positioning it as the fastest-growing US generic pharmaceutical company among its competitors.<\/p>\n\n\n\n

– The company’s Indian operations have experienced robust growth of 10% in FY24, driven by increased demand for branded prescription medications and trade generics.<\/p>\n\n\n\n

-Cipla boosted its market share in North America by 15.5% in FY24, driven by significant shares in key markets such as Lanreotide and Albuterol.<\/p>\n\n\n\n

-South Africa’s Private Market witnessed exceptional year-on-year growth of 26% in local currency terms, surpassing overall market growth rates.<\/p>\n\n\n\n

-Strategic filings include 5 respiratory assets, including gSymbicort and gQvar, with launches expected within the next three years.<\/p>\n\n\n\n

-The company has filed 12 assets in peptides and complex generics, slated for launch over the next 2-4 years, illustrating a focused expansion into specialized segments.<\/p>\n\n\n\n

CIPLA Ltd Financial Highlights<\/span><\/h2>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

Q4FY24<\/span> <\/strong><\/h2>\n\n\n\n

– Revenue: Rs.6,163 crore (7% increase YoY)<\/p>\n\n\n\n

– Operating profit: Rs.1,316 crore (12% increase YoY)<\/p>\n\n\n\n

– Net profit: Rs.932 crore (79% increase YoY)<\/p>\n\n\n\n

– Operating profit margin: 21% (54 bps YoY improvement)<\/p>\n\n\n\n

– Net profit margin: 15% (587 bps YoY improvement)<\/p>\n\n\n\n

– R&D expenditure: Rs.444 crore (19% YoY increase)<\/p>\n\n\n\n

FY24 <\/span><\/strong><\/h2>\n\n\n\n

– Revenue: Rs.25,455 crore (14% increase YoY)<\/p>\n\n\n\n

– Operating profit: Rs.6,233 crore (26% increase YoY)<\/p>\n\n\n\n

– Net profit: Rs.4,106 crore (47% increase YoY)<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Financial Performance (FY19-24)<\/span><\/strong><\/h2>\n\n\n\n

– Revenue and PAT CAGR: 10% and 25%<\/p>\n\n\n\n

– Average 5-year ROE: 14%<\/p>\n\n\n\n

– Average 5-year ROCE: 17%<\/p>\n\n\n\n

– Debt-to-equity ratio: 0.02<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

 Industry Outlook<\/span><\/h2>\n\n\n\n

– India is the largest provider of generic drugs globally<\/p>\n\n\n\n

– Indian pharmaceutical industry: 3rd largest by volume, 14th largest by value<\/p>\n\n\n\n

– Projected CAGR of over 10% to reach US$ 130 billion by 2030 and US$ 450 billion by 2047<\/p>\n\n\n\n

– Largest number of USFDA-compliant pharmaceutical plants outside the US<\/p>\n\n\n\n

– 2,000+ WHO-GMP approved facilities serving demand from 150+ countries<\/p>\n\n\n\n

Growth Drivers<\/span><\/h2>\n\n\n\n

– 100% FDI allowed through automatic route for Greenfield pharmaceuticals projects<\/p>\n\n\n\n

– Rs.1,000 crore (US$ 120 million) earmarked for promotion of bulk drug parks in FY25<\/p>\n\n\n\n

– PLI scheme for pharmaceuticals with a total outlay of Rs. 15,000 crore (US$ 2.04 billion) from 2020-21 to 2028-29<\/p>\n\n\n\n

Competitive Advantage<\/span><\/h2>\n\n\n\n

Compared to competitors like Sun Pharmaceuticals Industries Ltd and Lupin Ltd, Cipla stands out as an undervalued stock with significant potential for P\/E expansion, supported by its strong margin and earnings growth<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Outlook<\/span><\/h2>\n\n\n\n
  1. Cipla Ltd. has been crucial in making affordable HIV treatment accessible from India.<\/li>
  2. Cipla is developing new products including inhaled insulin and plazomicin, with more in the pipeline.<\/li>
  3. The company aims to rank 2nd in OTC markets and launch peptide assets in FY25.<\/li>
  4. Cipla is developing complex ANDA products for its future portfolio.<\/li>
  5. Cipla plans to invest Rs.1,500 crore to enhance manufacturing and sustainability, with an EBITDA guidance of 24.5% to 25.5%.<\/li><\/ol>\n\n\n\n
    \"\"<\/a><\/figure>\n\n\n\n

    Valuation<\/span><\/h2>\n\n\n\n

    With an improved product mix, deepening distribution network, and technological innovations, Cipla is expected to see considerable growth in revenue and margins. A BUY rating is recommended with a target price (TP) of Rs. 1,776, 32x FY26E EPS.<\/strong><\/p>\n\n\n\n

    Risks<\/span><\/h2>\n\n\n\n

    – Forex risk due to significant operations in foreign markets.<\/p>\n\n\n\n

    – Regulatory risk, including scrutiny by regulatory agencies like the USFDA.<\/p>\n\n\n\n

    \"\"<\/a><\/p>\n\n\n\n

    Recap of our previous recommendations (As on 24 May 2024)<\/span><\/strong><\/h2>\n\n\n\n
    \"\"<\/a><\/figure>\n\n\n\n

    Indus Towers Ltd<\/a><\/p>\n\n\n\n

    Gulf Oil Lubricants India Ltd<\/a><\/p>\n\n\n\n

    Aurobindo Pharma Ltd<\/a><\/p>\n\n\n\n

    Man Infraconstruction Ltd<\/a><\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Introduction Established in 1935 and headquartered in Mumbai, Cipla Ltd. is a global pharmaceutical company renowned for its strong presence in key markets such as India, South Africa, North America, and other regulated and emerging regions. Cipla is dedicated to providing high-quality, affordable medications and has a diverse portfolio that includes treatments for respiratory, cardiovascular, […]<\/p>\n","protected":false},"author":14,"featured_media":29727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1053,108,746,1033,745,897,892,648,1046,870],"yoast_head":"\nCIPLA Limited Stock Analysis (MAY 2024) | ALPHA<\/title>\n<meta name=\"description\" content=\"CIPLA Ltd, established in 1935 and based in Mumbai, is a pharmaceutical company with over 1.5k products and 47 manufacturing facilities in 6 countries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-cipla-ltd-equity-research-desk\/29725\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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