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Cipla Q1FY22 Results | Yadnya Investment Academy

Cipla Q1FY22 Results | Yadnya Investment Academy

Published on 06 August 2021 Views 15 Comments 0

Financial Results

  • Revenue From operations stood at 5504 crores rising 27% YOY from 4346 crores & 19.5% QOQ. YoY growth led by strong growth in India and South African markets
  • Expenses also rose at par with revenue @27% YOY from 3232 crores to 4093 crores & 7% QOQ
  • EBITDA stood at 1411 crores rising 27% YOY from 1114 crores & 64% QOQ
  • EBITDA margin stood at 26% being flat YOY & rising 7% QOQ. Low margins Covid products and lower contribution by international markets offset by one-time profit sharing from API
  • Profit After Tax stood at 715 crores rising 24% YOY from 578 crores & 73% QOQ. YoY PAT growth on the back of strong operational performance.
  • PAT margin also was flat YOY but rose 4% QOQ and stood at 13%
  • EPS stood at 8.8 Rs rising 24% YOY from 7 Rs & 72% QOQ
  • Net Cash Balance stood at 2964 crores from 1921 crores YOY
  • Net cash/equity stood at 0.15 from 0.10 YOY
  • R&D investments stand at INR 264 crore;

Business Highlights

  • Geographical Revenue Breakup: India:49%, North America:19% SAGA:15%, International Markets: 11%, API:5% Others: 1%
  • ANDA & NDA: 263, Approved:171, Tentatively Approved:18, Under Approval: 74
  • Indian branded formulations business accounts for ~40% of revenues and enjoys leadership in therapies like respiratory, anti-infective, cardiac, gynecology & gastro-intestinal
  • Cipla derives 21% of its export revenues from the US followed by 12% from South Africa, 5% from Europe and 16% from RoW markets
  • International Markets degrew from 920 Lakhs $ to 790 lakhs $, a degrowth of 14%. Emerging markets business impacted by timing deferral pertaining to in-country currency allocation for our middle eastern supplies; recovery expected in Q2FY22
  • API Business grew 69% from 240 Lakh $ to 410 Lakh $. Sales momentum supported by strong customer relationships & Revenue include one-time profit share on the commercial supply of an API to a partner
  • The management expects to keep R&D spend to 7% of sales

One India:

  • Overall business grew by 68% YoY with strong volume traction in core therapies and Covid-19 portfolio contribution.
  • Overall Chronic Therapy: Cipla grew 16% vs Market Growth 12%                                                                                                    Respiratory Therapy: Cipla grew 14% vs Market Growth 4%,                                                                                                       Urology Therapy: Cipla grew 7% versus Market Growth 10%, Anti Infective Therapy: Cipla grew 10% vs Market Growth 9%, Cardiac Therapy: Cipla grew 10% versus Market Growth 15%                          
  • Consumer Brands Growth YOY: Omnigel 31% Growth YOY, CIPCAL: 65% Growth, Nicotex: 3%,Cofsils: 111%
  • Emerging Consumer Brands YOY: Prolyte ORS: 128%, Cipladine:150% YOY, Cloclip: 69%, Maxirich: 195%

SAGA: South Africa, Sub-Saharan Africa & Global Access

  • Continued market beating growth in South Africa private business; SAGA grew 13% YoY in USD terms
  • South Africa Private business grew from 470 lakh $ to 640 lakh $ & Tender Business degrew from 250 lakhs to 220 lakhs in $
  • Double digit growth and market share gain in Antiretroviral and oncology private market
  • The company moved up three places to 3rd in systemic anti-infectives private market
  • South Africa Private Market Grew 5.1% where Cipla Market grew 7.6% & South Africa OTC market overall grew 12.2% whereas Cipla business grew by 8.5%
  • South Africa Consumer Brands Growth YOY: Coryx: 22%, Broncol: 41%, Entiro: 45%, Flomist:8%, Acurate: 6%

US business:

  • Reported USD 1410 Lakhs Revenue and 5% YoY growth led by continued expansion in market share of Albuterol
  • New approval: Arformoterol Tartrate Inhalation Solution 15 mcg / 2 mL
  • The company entered into the top 10 generic companies in the US by prescriptions in FY21 driven by unlocking of respiratory franchise as well as strong limited competition launches over the last 2-3 years
  • Quality Focus: Working with USFDA on Goa plant observations; Infrastructure for virtual audit in place
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