InCred Equities - Cipla Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	227,531	257,741	272,850	301,260
Operating EBITDA (Rsm)	50,270	62,910	68,001	78,123
Net Profit (Rsm)	28,019	41,343	46,073	52,988
Core EPS (Rs)	36.3	53.0	57.1	65.7
Core EPS Growth	12.3%	45.9%	7.7%	15.0%
FD Core P/E (x)	40.53	27.77	25.78	22.41
DPS (Rs)	8.5	5.5	6.0	6.0
Dividend Yield	0.58%	0.37%	0.41%	0.41%
EV/EBITDA (x)	23.40	17.96	16.31	13.71
P/FCFE (x)	22.34	17.18	22.26	14.30
Net Gearing	(3.6%)	(19.4%)	(23.6%)	(31.1%)
P/BV (x)	5.07	4.45	3.85	3.33
ROE	13.2%	17.1%	16.0%	15.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	227,531	257,741	272,850	301,260
Gross Profit	145,008	169,545	182,057	201,065
Operating EBITDA	50,270	62,910	68,001	78,123
Depreciation And Amortisation	(11,721)	(10,510)	(11,000)	(12,000)
Operating EBIT	38,549	52,400	57,001	66,123
Financial Income/(Expense)	(1,095)	(899)	(750)	(900)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	4,755	7,466	7,000	7,500
Profit Before Tax (pre-EI)	42,208	58,967	63,251	72,723
Exceptional Items	(1,824)	(1,948)
Pre-tax Profit	40,384	57,019	63,251	72,723
Taxation	(12,029)	(15,466)	(17,078)	(19,635)
Exceptional Income - post-tax
Profit After Tax	28,355	41,553	46,173	53,088
Minority Interests	(336)	(211)	(100)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	28,019	41,343	46,073	52,988
Recurring Net Profit	29,300	42,762	46,073	52,988
Fully Diluted Recurring Net Profit	29,300	42,762	46,073	52,988

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	50,270	62,910	68,001	78,123
Cash Flow from Invt. & Assoc.
Change In Working Capital	(5,594)	(8,061)	(16,645)	(11,879)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(12,299)	(13,510)	(17,178)	(19,735)
Net Interest (Paid)/Received	(1,095)	(899)	(750)	(900)
Tax Paid	(15,958)	(20,077)	(23,428)	(26,335)
Cashflow From Operations	32,377	41,339	34,178	46,508
Capex	(11,355)	(13,151)	(15,000)	(10,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(251)	(420)
Other Investing Cashflow
Cash Flow From Investing	20,770	27,768	19,178	36,508
Debt Raised/(repaid)
Proceeds From Issue Of Shares	1	0
Shares Repurchased
Dividends Paid	(4,035)	(6,862)	(4,442)	(4,848)
Preferred Dividends
Other Financing Cashflow	436	47,961	7,719	7,563
Cash Flow From Financing	(3,598)	41,100	3,277	2,715
Total Cash Generated	17,172	68,868	22,456	39,223
Free Cashflow To Equity	53,147	69,107	53,357	83,017
Free Cashflow To Firm	54,242	70,006	54,107	83,917

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	15,722	56,822	79,278	118,501
Total Debtors	40,570	47,707	54,570	60,252
Inventories	51,564	52,380	60,027	66,277
Total Other Current Assets	64,893	37,506	40,928	45,189
Total Current Assets	172,750	194,414	234,802	290,219
Fixed Assets	57,398	60,469	64,469	62,469
Total Investments	5,725	6,422	6,422	6,422
Intangible Assets	45,140	47,130	47,130	47,130
Total Other Non-Current Assets	13,620	18,743	18,743	18,743
Total Non-current Assets	121,883	132,764	136,764	134,764
Short-term Debt	5,204	2,470	2,470	2,470
Current Portion of Long-Term Debt
Total Creditors	24,571	24,740	28,486	30,883
Other Current Liabilities	21,323	25,248	22,789	24,707
Total Current Liabilities	51,097	52,458	53,746	58,060
Total Long-term Debt	2,088	2,254	3,723	4,686
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	4,313	4,443	4,443	4,443
Total Non-current Liabilities	6,401	6,697	8,166	9,129
Total Provisions
Total Liabilities	57,497	59,155	61,912	67,189
Shareholders Equity	234,078	267,064	308,596	356,636
Minority Interests	3,058	959	1,059	1,159
Total Equity	237,135	268,023	309,655	357,795

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	4.5%	13.3%	5.9%	10.4%
Operating EBITDA Growth	11.8%	25.1%	8.1%	14.9%
Operating EBITDA Margin	22.1%	24.4%	24.9%	25.9%
Net Cash Per Share (Rs)	10.45	64.56	90.56	137.97
BVPS (Rs)	290.06	330.93	382.40	441.93
Gross Interest Cover	35.19	58.30	76.00	73.47
Effective Tax Rate	29.8%	27.1%	27.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	60.01	62.51	68.41	69.56
Inventory Days	232.36	215.09	225.95	230.06
Accounts Payables Days	109.80	102.04	106.99	108.14
ROIC (%)	12.7%	18.3%	18.2%	20.2%
ROCE (%)	16.5%	20.3%	19.4%	19.4%
Return On Average Assets	11.0%	14.2%	13.4%	13.5%

(91) 22 4161 1552 praful.bohra@incredresearch.com

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg