InCred Equities - Cipla Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	257,741	275,476	297,799	323,369
Operating EBITDA (Rsm)	62,910	71,279	71,834	77,195
Net Profit (Rsm)	41,343	52,725	49,603	52,374
Core EPS (Rs)	53.0	65.3	61.5	64.9
Core EPS Growth	45.9%	23.3%	(5.9%)	5.6%
FD Core P/E (x)	29.72	24.10	25.62	24.26
DPS (Rs)	5.5	6.0	6.0	6.5
Dividend Yield	0.35%	0.38%	0.38%	0.41%
EV/EBITDA (x)	19.28	16.63	16.30	14.34
P/FCFE (x)	18.39	15.25	35.53	9.35
Net Gearing	(19.4%)	(25.6%)	(26.4%)	(39.2%)
P/BV (x)	4.76	4.07	3.56	3.15
ROE	17.1%	18.2%	14.8%	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	297,799	323,369
Gross Profit	169,545	186,186	199,715	216,536
Operating EBITDA	62,910	71,279	71,834	77,195
Depreciation And Amortisation	(10,510)	(11,070)	(12,500)	(13,700)
Operating EBIT	52,400	60,210	59,334	63,495
Financial Income/(Expense)	(899)	(620)	(600)	(550)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	7,466	8,619	8,500	8,000
Profit Before Tax (pre-EI)	58,967	68,208	67,234	70,945
Exceptional Items	(1,948)
Pre-tax Profit	57,019	68,208	67,234	70,945
Taxation	(15,466)	(15,298)	(17,481)	(18,446)
Exceptional Income - post-tax
Profit After Tax	41,553	52,911	49,753	52,499
Minority Interests	(211)	(185)	(150)	(125)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	41,343	52,725	49,603	52,374
Recurring Net Profit	42,762	52,725	49,603	52,374
Fully Diluted Recurring Net Profit	42,762	52,725	49,603	52,374

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	62,910	71,279	71,834	77,195
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,061)	(6,655)	(29,621)	15,355
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(13,510)	(14,575)	(17,631)	(18,571)
Net Interest (Paid)/Received	(899)	(620)	(600)	(550)
Tax Paid	(20,077)	(22,573)	(25,531)	(26,021)
Cashflow From Operations	41,339	50,050	24,582	73,979
Capex	(13,151)	(15,148)	(13,401)	(12,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(420)	(1,606)
Other Investing Cashflow
Cash Flow From Investing	27,768	33,296	11,181	61,979
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	14,132	8,400
Cash Flow From Financing	41,100	24,109	9,284	3,550
Total Cash Generated	68,868	57,404	20,466	65,529
Free Cashflow To Equity	69,107	83,345	35,764	135,958
Free Cashflow To Firm	70,006	83,965	36,364	136,508

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	56,822	80,931	101,396	166,926
Total Debtors	47,707	55,064	56,582	64,674
Inventories	52,380	56,421	86,362	61,440
Total Other Current Assets	37,506	40,470	44,670	51,739
Total Current Assets	194,414	232,885	289,009	344,778
Fixed Assets	60,469	65,863	66,764	65,064
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	141,886	140,186
Short-term Debt	2,470	801	801	801
Current Portion of Long-Term Debt
Total Creditors	24,740	28,375	30,809	31,994
Other Current Liabilities	25,248	25,664	29,268	33,678
Total Current Liabilities	52,458	54,840	60,878	66,472
Total Long-term Debt	2,254	120	6,352	7,302
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	12,370	13,321
Total Provisions
Total Liabilities	59,155	60,978	73,248	79,793
Shareholders Equity	267,064	311,935	356,540	403,939
Minority Interests	959	958	1,108	1,233
Total Equity	268,023	312,893	357,648	405,172

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	13.3%	6.9%	8.1%	8.6%
Operating EBITDA Growth	25.1%	13.3%	0.8%	7.5%
Operating EBITDA Margin	24.4%	25.9%	24.1%	23.9%
Net Cash Per Share (Rs)	64.56	99.14	116.78	196.81
BVPS (Rs)	330.93	386.54	441.81	500.54
Gross Interest Cover	58.30	97.10	98.89	115.44
Effective Tax Rate	27.1%	22.4%	26.0%	26.0%
Net Dividend Payout Ratio
Accounts Receivables Days	62.51	68.08	68.42	68.43
Inventory Days	215.09	222.38	265.67	252.49
Accounts Payables Days	102.04	108.56	110.12	107.28
ROIC (%)	18.3%	19.4%	16.9%	19.3%
ROCE (%)	20.3%	20.5%	17.5%	16.3%
Return On Average Assets	14.2%	15.2%	12.5%	11.6%

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

More Reports

Market Data

Source: Bloomberg