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Cipla: The API effect - Views on News from Equitymaster
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Cipla: The API effect
Apr 27, 2007

Cipla has announced mixed results for the fourth quarter and full year ended March 2007. Revenue growth of 20% YoY during the year has been led by the strong performance of its domestic and international formulation businesses. However, API exports witnessed a decline during the year with the impact being more severe in the fourth quarter. While operating margins for the fourth quarter have shrunk due to a rise in raw material costs (as percentage of sales), they have remained almost stable for the full year. Bottomline growth for the full year has been relatively slower than the topline growth due to the reduction in other income and increase in depreciation and tax charges.

Financial performance: A snapshot
(Rs m) 4QFY06 4QFY07 Change FY06 FY07 Change
Net sales 8,826 9,385 6.3% 29,859 35,721 19.6%
Expenditure 6,922 7,915 14.3% 23,061 27,494 19.2%
Operating profit (EBIDTA) 1,904 1,470 -22.8% 6,798 8,227 21.0%
Operating profit margin (%) 21.6% 15.7%   22.8% 23.0%  
Other income 367 221 -39.9% 1,216 891 -26.7%
Interest 33 13 -60.8% 114 70 -39.1%
Depreciation 250 261 4.3% 802 1,041 29.8%
Profit before tax 1,988 1,417 -28.7% 7,098 8,008 12.8%
Tax 80 160 99.4% 1,022 1,400 37.0%
Profit after tax/ (loss) 1,908 1,257 -34.1% 6,076 6,608 8.8%
Net profit margin (%) 21.6% 13.4%   20.4% 18.5%  
No. of shares (m) 299.9 777.2   299.9 777.2  
Diluted earnings per share (Rs)*         8.5  
P/E ratio (x)*         29.9  

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