Cipla Ltd

Cipla Ltd

₹ 1,471 -0.75%
04 Mar 3:59 p.m.
About

Cipla is engaged in the Business of Pharmaceuticals.(Source : 202003 Annual Report Page No:157)

Key Points

Market Leadership
Cipla is the 3rd largest pharmaceutical player in India and leader in therapies such as respiratory and urology. It also ranks 2nd in the overall chronic business. It continues to be the 3 rd largest player in the South African private market with 7.5% market share, growing ~4.3% greater than market. [1] It is the 2nd largest Indian exporter in emerging markets. [2]

  • Market Cap 1,18,783 Cr.
  • Current Price 1,471
  • High / Low 1,494 / 852
  • Stock P/E 30.1
  • Book Value 307
  • Dividend Yield 0.57 %
  • ROCE 18.0 %
  • ROE 12.8 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 19.1%

Cons

  • The company has delivered a poor sales growth of 8.47% over past five years.
  • Company has a low return on equity of 13.2% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.23%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
5,169 4,606 5,504 5,520 5,479 5,260 5,375 5,829 5,810 5,739 6,329 6,678 6,604
3,938 3,810 4,158 4,294 4,248 4,511 4,232 4,526 4,403 4,566 4,835 4,944 4,856
Operating Profit 1,231 796 1,346 1,226 1,231 750 1,143 1,302 1,408 1,174 1,494 1,734 1,748
OPM % 24% 17% 24% 22% 22% 14% 21% 22% 24% 20% 24% 26% 26%
87 60 -60 61 91 7 103 123 114 -48 136 176 -10
Interest 48 27 30 38 21 18 18 26 32 34 16 26 30
Depreciation 248 285 261 253 247 290 254 299 272 346 239 290 233
Profit before tax 1,021 544 996 996 1,054 448 975 1,100 1,218 745 1,375 1,594 1,474
Tax % 26% 24% 28% 28% 28% 16% 28% 28% 34% 30% 28% 28% 28%
752 412 710 709 757 371 706 797 808 522 998 1,155 1,068
EPS in Rs 9.28 5.13 8.86 8.82 9.03 4.49 8.51 9.78 9.92 6.51 12.33 14.01 13.08
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
7,021 8,279 10,173 11,345 13,790 14,394 15,156 16,362 17,132 19,160 21,763 22,753 25,350
5,325 6,065 8,026 9,183 11,310 11,898 12,329 13,265 13,926 14,907 17,211 17,726 19,201
Operating Profit 1,696 2,214 2,147 2,163 2,480 2,496 2,826 3,097 3,206 4,252 4,553 5,027 6,149
OPM % 24% 27% 21% 19% 18% 17% 19% 19% 19% 22% 21% 22% 24%
103 245 251 164 208 208 280 477 344 266 99 293 255
Interest 38 34 146 168 207 159 114 168 197 161 106 110 107
Depreciation 312 330 373 505 754 1,323 1,323 1,326 1,175 1,068 1,052 1,172 1,109
Profit before tax 1,448 2,095 1,880 1,654 1,727 1,222 1,669 2,079 2,178 3,290 3,493 4,038 5,188
Tax % 21% 26% 25% 24% 19% 15% 15% 27% 29% 27% 27% 30%
1,144 1,545 1,404 1,229 1,383 1,035 1,417 1,492 1,500 2,389 2,547 2,833 3,743
EPS in Rs 14.25 19.24 17.29 14.71 16.93 12.51 17.52 18.96 19.18 29.82 31.19 34.71 45.93
Dividend Payout % 14% 10% 12% 14% 12% 16% 17% 16% 21% 17% 16% 24%
Compounded Sales Growth
10 Years: 11%
5 Years: 8%
3 Years: 10%
TTM: 14%
Compounded Profit Growth
10 Years: 6%
5 Years: 16%
3 Years: 26%
TTM: 48%
Stock Price CAGR
10 Years: 15%
5 Years: 22%
3 Years: 23%
1 Year: 69%
Return on Equity
10 Years: 11%
5 Years: 12%
3 Years: 13%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 161 161 161 161 161 161 161 161 161 161 161 161 161
Reserves 7,478 8,858 9,890 10,641 11,356 12,383 14,068 14,851 15,602 18,165 20,680 23,246 24,664
29 967 1,248 1,703 5,202 4,113 4,098 4,316 2,816 2,014 1,056 803 961
1,682 1,672 2,102 3,166 4,331 4,213 4,346 4,433 4,843 4,514 4,960 5,089 5,591
Total Liabilities 9,350 11,658 13,400 15,670 21,049 20,869 22,673 23,762 23,423 24,855 26,857 29,300 31,377
3,215 3,610 6,496 6,830 9,368 9,492 9,950 9,608 9,683 9,516 9,683 9,160 9,397
CWIP 371 378 442 581 2,061 1,683 981 676 825 969 766 1,093 791
Investments 1,269 2,532 709 640 759 973 1,259 2,554 1,471 2,710 2,551 3,662 4,272
4,494 5,138 5,753 7,620 8,862 8,721 10,483 10,923 11,444 11,661 13,857 15,384 16,917
Total Assets 9,350 11,658 13,400 15,670 21,049 20,869 22,673 23,762 23,423 24,855 26,857 29,300 31,377

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,713 1,398 1,563 1,173 1,741 2,382 1,463 1,691 3,068 3,755 3,326 3,238
-965 -2,063 -1,265 -950 -4,533 -1,304 -834 -1,688 114 -2,374 -1,858 -2,376
-753 718 -266 165 3,104 -1,326 -385 -349 -2,949 -1,240 -1,600 -958
Net Cash Flow -6 53 33 388 312 -248 243 -345 234 141 -132 -97

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 81 74 59 64 62 65 75 93 83 66 57 65
Inventory Days 247 295 273 329 273 239 271 250 267 232 230 228
Days Payable 92 102 92 126 106 108 142 123 139 103 108 109
Cash Conversion Cycle 235 266 239 267 230 196 204 220 211 195 180 184
Working Capital Days 136 142 126 133 121 111 129 143 122 106 103 122
ROCE % 20% 24% 19% 15% 13% 7% 9% 11% 12% 17% 17% 18%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
36.73% 36.72% 36.12% 36.11% 33.63% 33.61% 33.61% 33.61% 33.55% 33.46% 33.46% 33.46%
23.26% 24.83% 24.80% 24.36% 26.65% 27.65% 27.69% 28.39% 27.42% 25.49% 25.74% 25.73%
17.17% 16.24% 21.03% 21.52% 21.99% 21.33% 21.47% 20.87% 21.83% 24.05% 23.90% 24.05%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21%
22.84% 22.21% 18.05% 18.01% 17.73% 17.40% 17.00% 16.91% 16.99% 16.76% 16.68% 16.53%
No. of Shareholders 3,64,7964,08,4014,10,8314,51,3654,18,5844,18,9103,88,8644,04,1824,75,2934,66,5154,26,8634,25,731

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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