Stock Verdict Cipla 2024-03-14

Report as on 14 March 2024 at 11:45 AM
LOW DEBT
Healthy Growth in Cipla
Long Term Operating Profits
Buy
3 Consecutive
Positive Results
CMP: 1,474.50
Bullish STOCK INFO:
Technical Trend BSE – 500087/ NSE – CIPLA
Market Cap - Large Cap (Rs. 1,18,901 cr)
Sector – Pharma
Attractive 52 w H/L (Rs.) – 1519/852
Dividend Yield: 0.58%
Valuation Debt Equity: -0.16%
Return on Equity: 14.43%
Price to Book: 4.78
www.marketsmojo.com
Cipla
CMP: 1,474.50 Buy 78
Report as on 14 March 2024 at 11:45 AM
Strong Sell Sell Hold Buy Strong Buy
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WHY IT’S A BUY? IS THIS STOCK FOR YOU?

Medium Risk, High Return (1 Year)
Company has a low Debt to Equity ratio (avg) at
0.03 times Absolute Risk Volatility
Adjusted
Healthy long term growth as Operating profit Cipla 69.06% 2.98 23.18%
has grown by an annual rate 20.72% SENSEX 26.51% 2.67 9.92%
The company has declared Positive results for How much should you buy? -
the last 3 consecutive quarters Overall Portfolio exposure to Cipla should be less than
-ROCE(HY) Highest at 20.26 % 10%
-PBDIT(Q) Highest at Rs 1,747.53 cr. Overall Portfolio exposure to Pharma should be less
-OPERATING PROFIT TO NET SALES(Q) Highest at than 30%
26.46% (If sector exposure > 30%, please use optimiser tool to
see which are the best stocks to hold in Pharma)
Stock is technically in a Bullish range When to exit? - We will constantly monitor the company
-The technical trend has improved from Mildly and suggest at the appropriate time to exit from the
Bullish on 02-Jan-24 and has generated 15.06% stock
returns since then
-Multiple factors for the stock are Bullish like MACD, RETURNS SUMMARY (Price + Dividend)
KST, DOW and OBV The stock gave a total returns of 70.03% in the last 1 year
Outperforming Sensex returns of 26.51%
With ROE of 14.4, it has a Attractive valuation 100%
with a 4.8 Price to Book Value
-The stock is trading at a fair value compared to its 50%
average historical valuations
-Over the past year, while the stock has generated a 0%
return of 69.06%, its profits have risen by 48% ; the

-50%
PEG ratio of the company is 0.6
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Cipla Ltd. SENSEX
Investors Returns (3 years) –
Period 6M 1Y 2Y 3Y
Stock (%) 19.47% 70.03% 41.93% 85.2%
Sector (%) 20.99% 20.99% 42.56% 53.21%
Sensex (%) 8.49% 26.51% 29.68% 44.21%
MOJO PROFESSIONAL 1
Cipla BUY | Report as on 14 March 2024 at 11:45 AM
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MOJO PROFESSIONAL 2
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MANAGEMENT RISK
AVERAGE LONG TERM FUNDAMENTAL

STRENGTH WITH AN AVERAGE RETURN ON
EQUITY (ROE) OF 11.56%
ROE
The company has been able to generate a Return on Equity
11.56% ROE
(avg) of 11.56% signifying average profitability per unit of
shareholders funds
Dividend Payout Ratio

An average Dividend Pay-out ratio of 24.49% may signify the
24.49%
Dividend Payout Ratio
company is not able to payback profits to shareholders at this
point
Tax Ratio
High Tax Ratio signifies that the profits generated by the
29.79% Tax Ratio
company are real and it is making adequate contributions
towards by paying due taxes
Institutional Holding
High Institutional Holdings at 49.52%- These investors have
49.52%Institutional Holding
better capability and resources to analyse fundamentals of
companies than most retail investors
MOJO PROFESSIONAL 3
CAPITAL STRUCTURE
COMPANY HAS A LOW DEBT TO EQUITY

RATIO (AVG) AT 0.03 TIMES
Total Debt Debt to Equity Ratio
Low Debt to Equity Ratio Dec 2023 1,067.66 -0.06
Company’s average Debt to Equity ratio over the past few years Dec 2022 1,350.37 0.00
is low at -0.06 times
Dec 2021 3,169.30 0.07
No clear trend in Debt to Equity Ratio numbers Dec 2020 - 0.15
Total Debt Debt to EBITDA Ratio

Low Debt to EBITDA Ratio Dec 2023 1,067.66 0.15
Company’s average Debt to EBITDA ratio over the past few Dec 2022 1,350.37 0.23
years is low at 0.57 times
Dec 2021 3,169.30 0.42
No clear trend in Debt to EBITDA Ratio numbers Dec 2020 - 0.74
Total Debt EBIT to Interest

Healthy EBIT to Interest Dec 2023 1,067.66 21.75
Company has healthy average EBIT to Interest ratio of 21.75 Dec 2022 1,350.37 21.12
times
Dec 2021 3,169.30 15.61
No clear trend in EBIT to Interest numbers Dec 2020 - 10.84
MOJO PROFESSIONAL 4
GROWTH
HEALTHY LONG TERM GROWTH AS

OPERATING PROFIT HAS GROWN BY AN
ANNUAL RATE 20.72%
High Growth in Net Sales 30000Cr
of 10.1% CAGR 25,350
10.1% Company has experienced an increase

21,109
22,274
CAGR in its Net Sales in each of the past 4

20000Cr
16,932
18,929
consecutive years
Company’s Net Sales growth has 10000Cr
increased in each of the past 4
consecutive years
Net Sales has seen a high growth of 0Cr
13.81% over previous period Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
High Growth in Operating 6000Cr
Profit of 25.9% CAGR 5,040
25.9% Operating Profit has seen a high

CAGR growth of 44.58% over previous
4000Cr 3,552 3,486
2,961
period
2,194
2000Cr
0Cr
Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Net Profit of 23.3% CAGR 5000Cr
23.3%
3,977
Company has experienced an increase 4000Cr
in its Net Profit in each of the past 4
CAGR consecutive years 3000Cr 2,657 2,686
2,237
Company’s Net Profit growth has
2000Cr
increased in each of the past 4 1,667
consecutive years
1000Cr
Net Profit has seen a high growth of
48.06% over previous period 0Cr
Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
MOJO PROFESSIONAL 5
FINANCIAL TREND
Positive
THE COMPANY HAS DECLARED

results for
POSITIVE RESULTS FOR THE LAST 3 3

CONSECUTIVE QUARTERS consecutive
quarters
The company has displayed

increased efficiency by generating
20.3% higher profit on overall capital 18.4
17.27 17.89
20.26
16.19
ROCE - Half (equity and debt)
Yearly
ROCE (%)
Highest at 20.26 %
in the last five half yearly periods
Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023
Near term Operating Profit trend 1 733.75 1 747.53
Rs 1,747.5 is positive
1 493.91
1 407.55
1 173.74
cr Operating Profit (Rs Cr)
Highest at Rs 1,747.53 cr.
Operating Profit in the last five quarters
- Quarterly
Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Company's efficiency has 25.96 26.46
improved
24.23 23.6
26.5% 20.45
Operating Profit to Sales

Operating Profit Highest at 26.46%
Margin - in the last five quarters
Quarterly
MOJO PROFESSIONAL 6
FINANCIAL TREND
Near term PBT trend is positive

30.4%
1 484
PBT less Other Income (Rs Cr) 1 417.91
1 238.31
At Rs 1,484.00 cr has Grown at 30.4 % 1 103.62
PBT Growth over average PBT of the previous four quarters of Rs 793.16
1,138.25 Cr
Near term PAT trend is positive

1 197.14
33.7%
1 130.91
PAT (Rs Cr) 995.7
At Rs 1,197.14 cr has Grown at 33.7 % 800.96
PAT Growth over average PAT of the previous four quarters of Rs 653.68
895.31 Cr
Dec'23 Sep'23 Change%

Net Sales 6,603.8 6,678.2 -1.1%
Key Operating Profit (PBDIT) excl Other Income 1,747.5 1,733.8 0.8%
Result Interest 30.1 25.8 16.7%
Highlights Exceptional Items -194.8 0.0 0.0%
Consolidated Net Profit 1,055.9 1,130.9 -6.6%
Operating Profit Margin (Excl OI) 26.9 26.3 0.6%
Consolidate- figures in Rs
Cr
MOJO PROFESSIONAL 7
TECHNICALS
STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average
1,474.50 1,402.19 1,217.28
Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Mildly Bullish (weekly)
Bollinger Band Mildly Bullish (monthly)
KST Bullish (weekly)
KST Bullish (monthly)
Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
82.90%
22.41%
69.06%
56.99%
37.75%
4.91%
Stock BSE 500 Stock BSE 500 Stock BSE 500
MOJO PROFESSIONAL 8
VALUATION
WITH ROE OF 14.4, IT HAS A ATTRACTIVE

VALUATION WITH A 4.8 PRICE TO BOOK
VALUE
Expensive
Attractive Divi's Lab.
valuation
Sun Pharma.Inds.
Valuation Zydus Lifesci.
Dr Reddy's
Cipla Labs
as compared to its Fundamentals

Attractive
Weak Fundamental Strong
Price to Book Value vs ROE
Fair 16 6.4
Fundamental
Valuation
as compared to its 8 3.2
past valuations 0 0
9
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Cipla Attractive 4.8 29.9 0.6 0.6%
Valuation
Multiples Sun Pharma.Inds. Expensive 6.2 39.8 2.6 0.8%
vs Peers
Dr Reddy's Labs Attractive 4.1 20.1 0.5 0.6%
Zydus Lifesci. Fair 5.2 28.8 0.5 0.6%
Divi's Lab. Very Expensive 7.3 66.7 0 0.9%
MOJO PROFESSIONAL 9
SHAREHOLDING
INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 50.07 % OF THE COMPANY
These investors have better capability and resources 60%
to analyse fundamentals of companies than most 49.42% 49.52% 49.52% 49.83% 49.93% 50.07%
retail investors.
40%
20%
0%
Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23
FIIs
25.73%
Shareholding Snapshot : Dec 23
Insurance Other Majority shareholders : Promoters
Companies 0.21%
5.34% Pledged Promoter Holdings : None
Non Instit…
Mutual Fu…
16.66%
16.46%
Mutual Funds : Held in 36.00 Schemes (16.66%)
Other DIIs
2.34% FIIs : Held by 861 FIIs (25.73%)
Promoters Promoter with highest holding : Yusuf Khwaja Hameid (18.68%)
33.47%
Highest Public shareholder : Sbi Arbitrage Opportunities Fund (4.68%)
Individual Investors Holdings : 14.33%
MF
20%
16.48% 16.66%
holding has increased by 15% 14.09%

15.00% 15.35%
0.18%
Number of MFs holding stake in the company has 10%
increased to 36 from 34
5%
0%
MOJO PROFESSIONAL 10
RETURNS
MARKET BEATING PERFORMANCE IN

LONG TERM AS WELL AS NEAR TERM
Along with generating 100%
69.06% returns in the last 1
year, the stock has 50%
69.06% outperformed BSE 500 in

the last 3 years, 1 year 0%
UP and 3 months -50%
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Cipla Ltd. BSE500
Inconsistent Performance against Large Cap

companies
Cipla Ltd. has not been a consistent
performer in the last 1 year
1st
Quartile
4th
Quartile
2ndQuartile
Stock has been in the 4th quartile in 2023
and in 1st in 1Y period
1Y 2023 2022
17.99% 15.97% 13.85%
Company 1 Month 3 Month 1 Year 3 Years

Cipla 3.43% 22.41% 69.06% 82.9%
Return Sun Pharma.Inds. 2.44% 26.61% 62.82% 154.25%
Comparison
Dr Reddy's Labs 0.26% 12.66% 44.31% 41.76%
with Peers
Closest peers by Zydus Lifesci. 13.23% 52.72% 108.85% 122.09%
market cap Divi's Lab. -6.33% -5.46% 26.33% -0.83%
SIZE
SECOND BIGGEST COMPANY IN THE

INDUSTRY PHARMA.
Cipla is 6.66% of the entire Pharma Industry (by market cap)
Contribution to Industry Size
Contribution to Industry Size 150
100 100 100 100

100
Cipla has been the second largest company in the
industry for the past 1 years
50 94.01 94.06 92.31 93.34
5.99 5.94 7.69 6.66

0
DEC-2020 DEC-2021 DEC-2022 DEC-2023
Rest industry Cipla
Cipla contributes 6.93% of the industry’s

93.07% 91.75%
Sales and 8.25% of Profits
6.93% 8.25%
Cipla Rest of the Industry
Companies which form a sizable part of the industry generally enjoy a competitive edge due to the scale of their business
RESULT
ANALYSIS 
QUARTERLY VARIANCE
QUARTER RESULTS VARIANCE ANALYSIS

Dec'23 Sep'23 QoQ Dec'22 YoY Comments
Total Operating income 6,604 6,678 -1.1% 5,810 13.7%
Total Expenditure (Excl Depreciation) 4,856 4,944 -1.8% 4,403 10.3%
Operating Profit (PBDIT) excl Other Income 1,748 1,734 0.8% 1,408 24.2% QoQ and YoY increase
Other Income 185 176 4.7% 114 61.3% QoQ and YoY increase
Operating Profit (PBDIT) 1,932 1,910 1.2% 1,522 27% QoQ and YoY increase
Interest 30 26 16.7% 32 -5.4%
Exceptional Items -195 0 0% 0 0%
Depreciation 233 290 -19.5% 272 -14.2% Fall in previous quarter and same
quarter last year
Profit Before Tax 1,474 1,594 -7.6% 1,218 21%
Tax 405 438 -7.6% 410 -1.2% QoQ and YoY decrease
Provisions and contingencies 0 0 0% 0 0%
Net Profit 1,069 1,156 -7.6% 808 32.2%
Share in Profit of Associates -0 -0 -77.8% -0 -54.6% Fall in previous quarter and same
quarter last year
Minority Interest 13 24 -48.9% 7 82.1%
Other related items 0 0 0% 0 0%
Consolidated Net Profit 1,056 1,131 -6.6% 801 31.8%
Consolidate results triggered in Rs Cr
Margins
Dec'23 Sep'23 Jun'23 Mar'23 Dec'22 Avg. (4 Comments
Qtrs)
OPM 26.9% 26.3% 23.8% 20.7% 24.6% 23.9% Higher than average (4 Qtrs) – Promising
GPM 26.2% 28.6% 25.7% 19.3% 26.0% 24.9% Higher than average (4 Qtrs) – Promising
NPM 16.4% 17.5% 15.9% 9.2% 14.1% 14.2% Higher than average (4 Qtrs) – Promising
ANNUAL RESULT
NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 4.55% VS 13.59% IN MAR 2022
Consolidated Net Profit: YoY Growth in year ended Mar 2023 is 11.33% vs 4.65% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is
10.42% vs 7.06% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is 3.00% vs -33.82% in Mar 2022 4.55%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has improved from NET SALES
Mar 2022
Mar'23 Mar'22 Change(%)

Net Sales 22,753.12 21,763.34 4.55%
Key Operating Profit (PBDIT) excl Other Income 5,026.97 4,552.78 10.42%
Annual Interest 109.54 106.35 3.00%
Results Exceptional Items -182.42 0.00
Consolidated Net Profit 2,801.91 2,516.75 11.33%
Operating Profit Margin (Excl OI) 22.37 21.05 1.32%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year
Net Sales-YoY Growth in year ended Mar 2023 is 4.55% vs Consolidated Net Profit-YoY Growth in year ended Mar 2023
13.59% in Mar 2022 is 11.33% vs 4.65% in Mar 2022
40000 4000
2,801.91
2,404.87 2,516.75
21,763.34 22,753.12
17,131.99 19,159.59
20000 16,362.41 2000 1,527.70 1,546.52
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is 10.42% vs 7.06% in Mar 2022 Mar 2023 has improved from Mar 2022
10000 40
5,026.97 22.39 21.05 22.37

4,552.78 19.39 19.20
5000 4,252.43 20
3,097.31 3,205.99
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Figures in Rs Crore
BALANCESHEET AND CASHFLOW
BALANCE SHEET AND CASH FLOW

ANALYSIS
-36.86% Borrowings
Mar'23
520.36
Mar'22
824.14
Change%
-36.86%
Increase
Other Long Term Liabilities 374.63 310.11 20.81%
Fixed Assets 9,382.64 9,679.20 -3.06%
Investments 632.35 417.05 51.62%
in Borrowings in quarter Current Assets 16,805.06 14,710.83 14.24%
ended Mar 2023 vs in
Figures in Rs Cr
Mar 2022
Other Long Term Liabilities: YoY Growth in year ended Mar 2023 is 20.81% vs -13.77% in Mar 2022
Fixed Assets: YoY Growth in year ended Mar 2023 is -3.06% vs 0.55% in Mar 2022
Investments: YoY Growth in year ended Mar 2023 is 51.62% vs -23.54% in Mar 2022
Current Assets: YoY Growth in year ended Mar 2023 is 14.24% vs 11.37% in Mar 2022
Cash From Operation - YoY Growth in year ended Mar

-2.65% 2023 is -2.65% vs -11.43% in Mar 2022
Mar'23 Mar'22 Change%
GROWTH Cash Flow from Operating Activities 3,237.65 3,325.90 -2.65%
Figures in Rs Cr
4000 3,755.20
3,325.90 3,237.65
3,068.45
2000 1,691.15
0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
PEER COMPARISION
PEER COMPARISON
Cipla Sun Dr Reddy's Labs Zydus Lifesci. Divi's Lab.
Pharma.Inds.
Size
Market Cap (Cr.) 119,078 372,233 104,550 99,034 92,172
Annual Sales (TTM) (Cr.) 25,350 47,445 27,213 19,024 7,493
Annual Net Profit (TTM) (Cr.) 3,977 9,382 5,228 3,404 1,383
Growth Factors (TTM)
Net Sales Growth 1 year 13.8% 11.9% 14.2% 16.9% -10.1%
Operating Profit Growth 1 year 44.6% 16.4% 55.2% 64.8% -39.9%
Net Profit Growth 1 year 48% 15.2% 43.5% 63.8% -42.3%
Net Sales Growth 5 year 10.1% 10.5% 12.7% 8.5% 9.2%
Operating Profit Growth 5 year 25.9% 14.4% 28.5% 11.9% -0.3%
Net Profit Growth 5 year 23.3% 15.4% 24.2% 11.5% 2%
Capital Structure Factors
EBIT to Interest 47.3 39.6 42.2 57.5 1589
Debt to EBITDA 0.2 0.2 0.2 0 -
Net Debt to Equity -0.2 -0.2 -0.2 -0.1 -0.3
Sales to Capital Employed 1.2 1 1.3 1.1 0.8

Management Quality Factors
ROCE (latest) 22.3% 20.7% 30.8% 23.8% 16.7%
ROE(latest) 14.4% 15% 20% 17.4% 10.5%
Tax Ratio 29.8% 9% 25.5% 22.7% 23%
Operating CF to Net Profit 110.5% 57.5% 130.6% 112.1% 135%
Dividend Payout Ratio 24.5% 32.6% 14.8% 31% 26.9%
Valuation Factors
PE Ratio 29.9 39.8 20.1 28.8 66.7
Price to Book 4.8 6.2 4.1 5.2 7.3
PEG Ratio 0.6 2.6 0.5 0.5 -
Dividend Yield 0.6% 0.8% 0.6% 0.6% 0.9%
EV to EBITDA 18.7 28.2 13.1 19.3 45.3
EV to Capital Employed 5.5 7.7 5 5.6 9.8
Shareholding
Promoter Holdings 33.5% 54.5% 26.7% 75% 51.9%
Promoter Pledged Holdings - 2.4% - - -
Total Institutional Holding 50.1% 36.6% 62.6% 18% 36.7%
FII Holdings 25.7% 17.1% 28.6% 5% 14.9%
Returns
1 Month 3.4% 1.8% 0.1% 13.2% -6.6%
3 Months 22.4% 25.9% 12.5% 52.7% -5.7%
YTD 18.3% 23% 8.1% 42.6% -11%
1 Year 69% 61.8% 44.1% 108.9% 26%
3 Years 82.9% 152.7% 41.6% 122.1% -1.1%
COMPANY BACKGROUND
COMPANY BACKGROUND
About the Company

Cipla Ltd is one of the leading pharmaceutical companies in India. The Company is
INDUSTRY : Pharma in the business of manufacturing, developing, and marketing wide range of
branded and generic formulations and Active Pharmaceutical Ingredients (APIs).
Cipla's product portfolio spans complex generics as well as drugs in the
118,901 cr (Large Cap) respiratory, anti-retroviral, urology, cardiology, anti-infective, CNS, and various
other key therapeutic segments.
Part of NIFTY 50
Board of Directors
Y K Hamied Chairman (Non-Executive)
M K Hamied Vice Chairman
S Radhakrishnan Non-Exec & Non-Independent Dir
Ashok Sinha Non-Exec. & Independent Dir.
Peter Mugyenyi Non-Exec. & Independent Dir.
8 more board of directors
Company Coordinates
Company Details: Registrat Details:

Cipla House Peninsula Buss Par, Ganpatrao Kadam Mg Lower Karvy Computershare Pvt Ltd, Plot No 17-24 , Near Image
Parel Mumbai Maharashtra : 400013 Hospital,, Reliance Cybervilae,Vithalrao Nagar,, Madhapur,
Tel: 91-22-24826000 Hyderabad
Fax: 91-22-24826120 Fax: 91-040-23420814
Email: cosecretary@cipla.com Email: mailmanager@karvy.com
Website: http://www.cipla.com
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Stock Verdict Cipla 2024-03-14

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Stock Verdict Cipla 2024-03-14

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Report as on 14 March 2024 at 11:45 AM

WHY IT’S A BUY? IS THIS STOCK FOR YOU?

return of 69.06%, its profits have risen by 48% ; the

Cipla Ltd. SENSEX

Investors Returns (3 years) –

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis Report was

Some factors/data, as well as the buy/sell/hold call

To access the LATEST version of this report.

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

AVERAGE LONG TERM FUNDAMENTAL

Dividend Payout Ratio

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

COMPANY HAS A LOW DEBT TO EQUITY

Total Debt Debt to EBITDA Ratio

Total Debt EBIT to Interest

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

HEALTHY LONG TERM GROWTH AS

High Growth in Net Sales 30000Cr

of 10.1% CAGR 25,350

10.1% Company has experienced an increase

CAGR in its Net Sales in each of the past 4

High Growth in Operating 6000Cr

Profit of 25.9% CAGR 5,040

25.9% Operating Profit has seen a high

Net Profit of 23.3% CAGR 5000Cr

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

THE COMPANY HAS DECLARED

POSITIVE RESULTS FOR THE LAST 3 3

The company has displayed

Near term Operating Profit trend 1 733.75 1 747.53

Company's efficiency has 25.96 26.46

Operating Profit to Sales

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

Near term PBT trend is positive

Near term PAT trend is positive

Dec'23 Sep'23 Change%

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

STOCK IS TECHNICALLY IN A BULLISH

1,474.50 1,402.19 1,217.28

Factors with upward momentum

Consistent Returns over the last 3 years

Stock BSE 500 Stock BSE 500 Stock BSE 500

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

WITH ROE OF 14.4, IT HAS A ATTRACTIVE

Attractive Divi's Lab.

Valuation Zydus Lifesci.

as compared to its Fundamentals

Price to Book Value vs ROE

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

INSTITUTIONAL INVESTORS COLLECTIVELY

holding has increased by 15% 14.09%

Cipla BUY | Report as on 14 March 2024 at 11:45 AM

MARKET BEATING PERFORMANCE IN

69.06% outperformed BSE 500 in

UP and 3 months -50%

Inconsistent Performance against Large Cap