External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Cipla delivered in-line 1QFY25 performance.</li><li>It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of USD250m.</li><li>However, the benefit was partly offset by a temporary disruption in the trade generics segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cipla delivered in-line 1QFY25 performance.It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of USD250m.However, the benefit was partly offset by a temporary disruption in the trade generics segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cipla - The US and Emerging Markets Drive Earnings

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>gAdvair and gAbraxane are expected to contribute to revenue growth in FY25E, as regulatory challenges ease.</li><li>gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in FY25E.</li><li>Cipla has demonstrated success in launching peptides over the past year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

gAdvair and gAbraxane are expected to contribute to revenue growth in FY25E, as regulatory challenges ease.gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in FY25E.Cipla has demonstrated success in launching peptides over the past year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIPLA Ltd - Strong Gross Margins Led by Healthy Product Mix

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In Q1FY25, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> posted 7% YoY revenue growth to INR66.9B. Despite surging R&amp;D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.</li>
<li>Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.</li>
<li>Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&amp;A. Valuation still looks reasonable.</li>
</ul>


In Q1FY25, Cipla Ltd (CIPLA IN) posted 7% YoY revenue growth to INR66.9B. Despite surging R&amp;D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.
Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.
Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&amp;A. Valuation still looks reasonable.


Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

<ul>
<li>In Q4FY24, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> posted 10% YoY revenue growth to INR61.6B. Despite surging R&amp;D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.</li>
<li>New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.</li>
<li>Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.</li>
</ul>


In Q4FY24, Cipla Ltd (CIPLA IN) posted 10% YoY revenue growth to INR61.6B. Despite surging R&amp;D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.
New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.
Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.


Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sharekhan's research report on Cipla We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus on complex products.</li><li>Cipla’s growth in the IPM February 2024 stood at 8.1% (IPM growth of 9%) and 9.9% on MAT basis (IPM growth of 6.7% on a MAT basis).</li><li>We expect EBITDA margins to rise to 26% by FY26E driven by higher chronic share in the domestic business, new product launches in the complex generics in the US and completion of acquisition of Actor Pharma in South Africa.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report on Cipla We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus on complex products.Cipla’s growth in the IPM February 2024 stood at 8.1% (IPM growth of 9%) and 9.9% on MAT basis (IPM growth of 6.7% on a MAT basis).We expect EBITDA margins to rise to 26% by FY26E driven by higher chronic share in the domestic business, new product launches in the complex generics in the US and completion of acquisition of Actor Pharma in South Africa.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

Cipla - The US and Emerging Markets Drive Earnings

Cipla delivered in-line 1QFY25 performance. It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of...

Motilal Oswal

CIPLA Ltd - Strong Gross Margins Led by Healthy Product Mix

gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in...

Axis Direct

Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

In Q1FY25, Cipla posted 7% YoY revenue growth to INR66.9B. EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%, ahead...

Tina Banerjee

Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Tina Banerjee

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus...

Sharekhan

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Market Cap (USDm)

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Cipla - The US and Emerging Markets Drive Earnings

Cipla delivered in-line 1QFY25 performance. It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of...

Motilal Oswal

CIPLA Ltd - Strong Gross Margins Led by Healthy Product Mix

gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in...

Axis Direct

Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

In Q1FY25, Cipla posted 7% YoY revenue growth to INR66.9B. EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%, ahead...

Tina Banerjee

Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

​Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Tina Banerjee

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus...

Sharekhan

Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...