Cipla Q4FY23 PAT up 45.2% yoy at Rs526 crore on 54% EBITDA growth and 600 bps higher EBITDA margins

Cipla Ltd reported 9.1% growth in total revenues for the March 2023 quarter on consolidated basis at Rs5,739cr. On a sequential basis, the revenues were down -1.22%. India business saw yoy growth of 16% in the fourth quarter while the US business grew 27% on record revenues. The African market faced headwinds due to supply chain constraints in the quarter. 

Much of the profit boost came from EBITDA growing 54% to Rs1,174 crore and the EBITDA margins expanding by 600 bps from 14.5% to 20.5% in Q4FY23. India still dominates the revenue mix of Cipla for Q4FY23 at 39% followed by the US at 29%. API sales marked a 3% contraction under pricing pressures. In terms of yoy growth, only African market saw negative growth in the quarter.

Financial highlights for Mar-23 compared yoy and sequentially

 Cipla Ltd    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 5,739

₹ 5,260

9.11%

₹ 5,810

-1.22%

Operating Profit (Rs cr)

₹ 962

₹ 523

83.82%

₹ 1,250

-23.02%

Net Profit (Rs cr)

₹ 526

₹ 362

45.18%

₹ 801

-34.37%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 6.51

₹ 4.48

 

₹ 9.92

 

OPM

16.76%

9.95%

 

21.51%

 

Net Margins

9.16%

6.88%

 

13.79%

 

 

For the full year FY23, the EBITDA grew 10% while the EBITDA margins expanded by 106 basis points. For Fy23, the PAT margins also expanded by 75 bps to 12.3%. The board has declared a final dividend of Rs8.50 per share to the shareholders on a face value of Rs2 per share.

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