InCred Equities - Cipla Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	257,741	275,476	300,874	322,016
Operating EBITDA (Rsm)	62,910	71,279	73,438	77,200
Net Profit (Rsm)	41,343	52,725	50,050	52,378
Core EPS (Rs)	53.0	65.3	62.0	64.9
Core EPS Growth	45.9%	23.3%	(5.1%)	4.7%
FD Core P/E (x)	28.39	23.02	24.25	23.18
DPS (Rs)	5.5	6.0	6.0	6.5
Dividend Yield	0.37%	0.40%	0.40%	0.43%
EV/EBITDA (x)	18.38	15.83	15.19	13.58
P/FCFE (x)	17.57	14.56	34.06	8.63
Net Gearing	(19.4%)	(25.6%)	(26.0%)	(39.4%)
P/BV (x)	4.55	3.89	3.40	3.00
ROE	17.1%	18.2%	15.0%	13.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	257,741	275,476	300,874	322,016
Gross Profit	169,545	186,186	201,513	213,168
Operating EBITDA	62,910	71,279	73,438	77,200
Depreciation And Amortisation	(10,510)	(11,070)	(12,500)	(13,700)
Operating EBIT	52,400	60,210	60,938	63,500
Financial Income/(Expense)	(899)	(620)	(600)	(550)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	7,466	8,619	7,500	8,000
Profit Before Tax (pre-EI)	58,967	68,208	67,838	70,950
Exceptional Items	(1,948)
Pre-tax Profit	57,019	68,208	67,838	70,950
Taxation	(15,466)	(15,298)	(17,638)	(18,447)
Exceptional Income - post-tax
Profit After Tax	41,553	52,911	50,200	52,503
Minority Interests	(211)	(185)	(150)	(125)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	41,343	52,725	50,050	52,378
Recurring Net Profit	42,762	52,725	50,050	52,378
Fully Diluted Recurring Net Profit	42,762	52,725	50,050	52,378

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	62,910	71,279	73,438	77,200
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,061)	(6,655)	(31,060)	17,670
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(13,510)	(14,575)	(17,788)	(18,572)
Net Interest (Paid)/Received	(899)	(620)	(600)	(550)
Tax Paid	(20,077)	(22,573)	(24,688)	(26,022)
Cashflow From Operations	41,339	50,050	24,590	76,298
Capex	(13,151)	(15,148)	(13,539)	(12,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(420)	(1,606)
Other Investing Cashflow
Cash Flow From Investing	27,768	33,296	11,051	64,298
Debt Raised/(repaid)
Proceeds From Issue Of Shares	0	(403)
Shares Repurchased
Dividends Paid	(6,862)	(364)	(4,848)	(4,850)
Preferred Dividends
Other Financing Cashflow	47,961	24,875	13,141	8,401
Cash Flow From Financing	41,100	24,109	8,293	3,550
Total Cash Generated	68,868	57,404	19,344	67,848
Free Cashflow To Equity	69,107	83,345	35,641	140,595
Free Cashflow To Firm	70,006	83,965	36,241	141,145

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	56,822	80,931	100,275	168,123
Total Debtors	47,707	55,064	57,166	64,403
Inventories	52,380	56,421	87,254	61,183
Total Other Current Assets	37,506	40,470	45,131	51,523
Total Current Assets	194,414	232,885	289,825	345,232
Fixed Assets	60,469	65,863	66,902	65,202
Total Investments	6,422	6,395	6,395	6,395
Intangible Assets	47,130	49,864	49,864	49,864
Total Other Non-Current Assets	18,743	18,863	18,863	18,863
Total Non-current Assets	132,764	140,985	142,025	140,325
Short-term Debt	2,470	801	801	801
Current Portion of Long-Term Debt
Total Creditors	24,740	28,375	31,064	32,058
Other Current Liabilities	25,248	25,664	29,511	33,745
Total Current Liabilities	52,458	54,840	61,376	66,604
Total Long-term Debt	2,254	120	6,361	7,311
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	4,443	6,019	6,019	6,019
Total Non-current Liabilities	6,697	6,138	12,379	13,330
Total Provisions
Total Liabilities	59,155	60,978	73,755	79,934
Shareholders Equity	267,064	311,935	356,987	404,389
Minority Interests	959	958	1,108	1,233
Total Equity	268,023	312,893	358,095	405,622

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	13.3%	6.9%	9.2%	7.0%
Operating EBITDA Growth	25.1%	13.3%	3.0%	5.1%
Operating EBITDA Margin	24.4%	25.9%	24.4%	24.0%
Net Cash Per Share (Rs)	64.56	99.14	115.38	198.28
BVPS (Rs)	330.93	386.54	442.36	501.10
Gross Interest Cover	58.30	97.10	101.56	115.45
Effective Tax Rate	27.1%	22.4%	26.0%	26.0%
Net Dividend Payout Ratio
Accounts Receivables Days	62.51	68.08	68.07	68.90
Inventory Days	215.09	222.38	263.89	248.87
Accounts Payables Days	102.04	108.56	109.17	105.83
ROIC (%)	18.3%	19.4%	17.2%	19.4%
ROCE (%)	20.3%	20.5%	17.9%	16.3%
Return On Average Assets	14.2%	15.2%	12.6%	11.5%

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

More Reports

Market Data

Source: Bloomberg