InCred Equities - Cipla Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	227,531	257,741	275,831	302,093
Operating EBITDA (Rsm)	50,270	62,910	72,042	78,911
Net Profit (Rsm)	28,019	41,343	49,789	53,563
Core EPS (Rs)	36.3	53.0	61.7	66.4
Core EPS Growth	12.3%	45.9%	16.4%	7.6%
FD Core P/E (x)	40.00	27.41	23.54	21.88
DPS (Rs)	8.5	5.5	6.0	6.0
Dividend Yield	0.59%	0.38%	0.41%	0.41%
EV/EBITDA (x)	23.09	17.72	15.16	13.33
P/FCFE (x)	22.05	16.96	21.69	13.45
Net Gearing	(3.6%)	(19.4%)	(23.7%)	(31.6%)
P/BV (x)	5.01	4.39	3.75	3.25
ROE	13.2%	17.1%	17.2%	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	275,831	302,093
Gross Profit	145,008	169,545	186,540	203,981
Operating EBITDA	50,270	62,910	72,042	78,911
Depreciation And Amortisation	(11,721)	(10,510)	(10,800)	(12,000)
Operating EBIT	38,549	52,400	61,242	66,911
Financial Income/(Expense)	(1,095)	(899)	(650)	(900)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	4,755	7,466	7,750	7,500
Profit Before Tax (pre-EI)	42,208	58,967	68,342	73,511
Exceptional Items	(1,824)	(1,948)
Pre-tax Profit	40,384	57,019	68,342	73,511
Taxation	(12,029)	(15,466)	(18,452)	(19,848)
Exceptional Income - post-tax
Profit After Tax	28,355	41,553	49,889	53,663
Minority Interests	(336)	(211)	(100)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	28,019	41,343	49,789	53,563
Recurring Net Profit	29,300	42,762	49,789	53,563
Fully Diluted Recurring Net Profit	29,300	42,762	49,789	53,563

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	50,270	62,910	72,042	78,911
Cash Flow from Invt. & Assoc.
Change In Working Capital	(5,594)	(8,061)	(18,971)	(10,406)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(12,299)	(13,510)	(18,552)	(19,948)
Net Interest (Paid)/Received	(1,095)	(899)	(650)	(900)
Tax Paid	(15,958)	(20,077)	(25,652)	(26,548)
Cashflow From Operations	32,377	41,339	34,519	48,557
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	19,519	38,557
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	8,643	7,574
Cash Flow From Financing	(3,598)	41,100	4,201	2,727
Total Cash Generated	17,172	68,868	23,720	41,284
Free Cashflow To Equity	53,147	69,107	54,038	87,114
Free Cashflow To Firm	54,242	70,006	54,688	88,014

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	15,722	56,822	80,543	121,826
Total Debtors	40,570	47,707	55,166	60,419
Inventories	51,564	52,380	60,683	66,460
Total Other Current Assets	64,893	37,506	41,375	45,314
Total Current Assets	172,750	194,414	237,766	294,019
Fixed Assets	57,398	60,469	64,669	62,669
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	136,964	134,964
Short-term Debt	5,204	2,470	2,470	2,470
Current Portion of Long-Term Debt
Total Creditors	24,571	24,740	28,138	30,673
Other Current Liabilities	21,323	25,248	22,511	24,539
Total Current Liabilities	51,097	52,458	53,119	57,682
Total Long-term Debt	2,088	2,254	3,797	4,772
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	8,240	9,215
Total Provisions
Total Liabilities	57,497	59,155	61,359	66,897
Shareholders Equity	234,078	267,064	312,312	360,927
Minority Interests	3,058	959	1,059	1,159
Total Equity	237,135	268,023	313,371	362,086

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	4.5%	13.3%	7.0%	9.5%
Operating EBITDA Growth	11.8%	25.1%	14.5%	9.5%
Operating EBITDA Margin	22.1%	24.4%	26.1%	26.1%
Net Cash Per Share (Rs)	10.45	64.56	92.04	141.99
BVPS (Rs)	290.06	330.93	387.00	447.25
Gross Interest Cover	35.19	58.30	94.22	74.35
Effective Tax Rate	29.8%	27.1%	27.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	60.01	62.51	68.06	69.83
Inventory Days	232.36	215.09	231.09	236.50
Accounts Payables Days	109.80	102.04	108.08	109.40
ROIC (%)	12.7%	18.3%	19.3%	20.4%
ROCE (%)	16.5%	20.3%	20.7%	19.4%
Return On Average Assets	11.0%	14.2%	14.4%	13.5%

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

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Market Data

Source: Bloomberg