Cilpla Ltd

Compnay Analysis Report

Cipla Ltd
Prepared and Edited By-
MY MONEY GURUKUL

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Cipla Ltd

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Cipla Ltd

Latest Results
Annual Quarterly TTM
Results
March ' 12 Growth September ' 12 Growth September ' 12 Growth
EBDITA 1677.17 22.24 741.09 741.09 2120.62 15.16
Reported Net Profit 1123.96 17.03 500.01 500.01 1462.42 15.03
Adjusted PAT 1106.46 10.79 500.01 500.01 1462.42 15.03

Compney at a Glance

Industry Pharmaceuticals Share Holding
General
Business Group Cipla Group Public
Promoter
7%
37%
Others
Face Vale 2.00 10%

Current Price 390.80
FII's
Market Cap(Rs. In Cr) 31378.15 21% BFI MF
7% 6%

ROE Analysis

Particulars March ' 08 March ' 09 March ' 09 March ' 11 March ' 12

Reported PAT / PBT 0.91 0.69 0.69 0.85 0.80
Adjusted PAT / PBT 0.82 0.89 0.89 0.83 0.79
PBT / PBIT 0.98 0.96 0.96 0.99 0.99
PBIT / Sales 0.19 0.23 0.23 0.18 0.20
Sales / Total Assets 0.73 0.76 0.76 0.65 0.78
Total Assets / Net Worth 1.53 1.58 1.58 1.47 1.19
Reported ROE 19% 18% 18% 14% 15%
Adjusted ROE 17% 24% 24% 14% 15%
2.00 20%
30%
ROE Factors ROE
1.50 15% Reported ROE
20%
1.00 10% Adjusted ROE

10%
0.50 5%

0.00 0% 0%
March ' 08

March ' 09

March ' 10

March ' 11

March ' 12

March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Reported ROE Reported PAT / PBT PBT / PBIT
PBIT / Sales Sales / Total Assets Total Assets / Net Worth


Cipla Ltd

Income Statement

Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12

Operating Income 4203.29 5234.29 5234.29 6319.35 6977.5
Operating Expenses
Material Consumed 2121.11 2399.56 2399.56 2960.16 2915.19
Manufacturing Expenses 330.80 354.36 354.36 434.50 447.74
Personnel Expenses 255.45 271.33 271.33 464.20 644.79
Selling Expenses 284.63 375.59 375.59 385.53 464.87
Adminstrative Expenses 359.13 588.61 588.61 793.64 907.19
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 3351.12 3989.45 3989.45 5038.03 5379.78
Operating Profit 852.17 1244.84 1244.84 1281.32 1597.72
Other Income 64.91 90.05 90.05 90.67 79.45
EBDITA 917.08 1334.89 1334.89 1371.99 1677.17
Depreciation 130.68 151.79 151.79 228.86 261.08
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 786.40 1183.10 1183.10 1143.13 1416.09
EBT 768.35 1130.87 1130.87 1132.26 1403.96
Income Tax 136.93 124.50 124.50 191.00 297.50
Adjusted PAT 631.42 1006.37 1006.37 941.26 1106.46
Non Recurring Items 70.01 -229.56 -229.56 19.13 17.05
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.45
Reported Net Profit 701.43 776.81 776.81 960.39 1123.96
Equity Dividend 155.46 155.46 155.46 224.81 160.58
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 26.42 26.42 26.42 36.72 26.05
Retained Earnings 519.55 594.93 594.93 698.86 937.33

8000 30%
Operating Income & Growth Expenses break up-% of sales
Total Operating Expenses
7000
25%
6000
Depreciation 16%
20%
5000
4%
4000 15% Other Write offs
0%
3000
10% 4%
2000 Interest
5%
1000
Income Tax
0 0% 76%
Adjusted PAT
Operating Income Growth


Cipla Ltd

2000 Net Profit & Growth(%)
Profit Levels 1200 50%
1000 40%
1500
30%
800
20%
1000 600
10%
400
0%
500
200 -10%

0
0 -20%
March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 March ' March ' March ' March ' March '
Operating Profit EBDITA EBIT EBT Adjusted PAT 08 09 10 11 12
Reported Net Profit Growth

Balance Sheet


SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 155.46 155.46 155.46 160.58 160.58
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 3591.39 4186.32 4186.32 6443.40 7380.73
Total Owners fund 3746.85 4341.78 4341.78 6603.98 7541.31
Loan Funds
Secured Loans 16.98 2.79 2.79 2.95 10.00
Unsecured Loans 563.55 937.45 937.45 438.44 2.20
Total Loan fund 580.53 940.24 940.24 441.39 12.20
Total 4327.38 5282.02 5282.02 7045.37 7553.51
USES OF FUNDS
Fixed Assets
Gross Block 2201.79 2693.29 2693.29 3929.00 4298.18
Less : Revaluation Reserve 8.97 8.97 8.97 8.97 8.97
Less : Accumulated Depreciation 540.43 700.80 700.80 1060.98 1295.52
Net Block 1652.39 1983.52 1983.52 2859.05 2993.69
Capital Work-in-progress 233.12 366.32 366.32 253.07 420.73
Investments 94.75 81.32 81.32 570.28 1035.15
Net Current Assets
Current Assets, Loans & Advances 3743.98 4419.57 4419.57 6022.56 4535.25
Less : Current Liabilities & Provisions 1396.86 1568.71 1568.71 2659.59 1431.31
Total Net Current Assets 2347.12 2850.86 2850.86 3362.97 3103.94
Miscellaneous expenses not written 0.00 0.00 0.00 0.00 0.00
Total 4327.38 5282.02 5282.02 7045.37 7553.51

Cipla Ltd

Note : Balance Sheet
Book Value of Unquoted Investments 94.75 81.32 81.32 570.28 1034.79
Market Value of Quoted Investments 0.00 0.00 0.00 0.00 0
Contingent liabilities 1664.58 730.75 730.75 478.26 608.8
Number of Equity shares outstanding (in Lacs) 7772.91 7772.91 7772.91 8029.21 8029.21

Capital Structure Application of Capital
0%
6% 2012 Total Net
Current Net Block
Assets 40%
2011 41%

Capital Work-
Investments
in-progress
5% 14%
94%
100%
Total Owners fund Total Loan fund

Cash Flow Statement


Profit Before Tax 838.36 901.31 1324.99 1151.39 1421.46
Net CashFlow-Operating Activity 380.20 373.27 1041.68 987.49 1645.09
Net Cash Used In Investing Activity -687.25 -578.47 -562.23 -1136.26 -1046.78
NetCash Used in Fin. Activity 254.84 178.92 -471.61 172.06 -627.23
Net Inc/Dec In Cash And Equivlnt -52.21 -26.28 7.84 23.29 -28.92
Cash And Equivalnt Begin of Year 131.49 79.28 53.00 60.84 83.98
Cash And Equivalnt End Of Year 79.28 53.00 60.84 84.13 55.06

Net Cash Flow Increase & Decrease in Cash (Rs in Cr)
172 -60 -40 -20 0 20 40
255 179
March ' 12
1,042 1,645
987
380 373
March ' 11

March ' 10
-562 -1,047
-687 -578 -1,136
March ' 09
-472 -627
March ' 08
Net CashFlow-Operating Activity Net Cash Used In Investing Activity
NetCash Used in Fin. Activity Net Inc/Dec In Cash And Equivlnt


Cipla Ltd

Quarterly Result : Income Statement

Particulars (Rs. In Cr) September ' 11 December ' 11 December ' 11 June ' 12 September ' 12

Net sales 1731.83 1711.47 1711.47 1917.38 2145.87
Other Operating Income 46.19 46.53 46.53 40.81 45.97
Total Operating Income 1778.02 1758.00 1758.00 1958.19 2191.84
Increase/Decrease of stock 18.85 -31.26 -31.26 29.87 -50.89
Raw Materials Consumption 559.36 611.01 611.01 550.70 655.68
Other Purchases 133.44 135.53 135.53 151.85 183.81
Power and Fuel 0.00 0.00 0.00 0.00 0.00
Employees Cost 187.49 187.47 187.47 213.00 242.61
Other Income 24.31 30.16 30.16 53.06 64.14
R&D Expenses 0.00 0.00 0.00 0.00 0.00
Other Expenses 441.27 536.52 536.52 472.92 483.68
Total Other Expenses 441.27 536.52 536.52 472.92 483.68
EBITDA 461.92 348.89 348.89 592.91 741.09
Depreciation 65.62 75.74 75.74 72.82 73.96
Provision and contingencies 0.00 0.00 0.00 0.00 0.00
EBIT 396.30 273.15 273.15 520.09 667.13
Interest 2.38 3.24 3.24 1.09 5.36
EBT 393.92 269.91 269.91 519.00 661.77
Tax 84.95 0.00 0.00 118.24 161.76
PAT 308.97 269.91 269.91 400.76 500.01

Quarterly Profit Levels 2,500
Quarterly Net sales 2,146
2,000 1,917
1,732 1,711 1,711

1,500

1,000

500

September ' December ' 11 March ' 12 June ' 12 September ' 0
11 12 September ' 11 ecember ' 11
D December ' 11 June ' 12 September ' 12
EBITDA EBIT EBT Reported PAT


Cipla Ltd

Growth Analysis : Income Statement

Particulars (%) March ' 09 March ' 10 March ' 11 March ' 12 Average Growth CAGR

Operating Income 24.53 7.10 7.10 10.41 11.86 10.67
Total Operating Expenses 19.05 5.90 5.90 6.78 11.57 9.93
Operating Profit 46.08 10.93 10.93 24.69 14.51 13.40
Other Income 38.73 4.62 4.62 -12.37 -1.28 4.13
EBDITA 45.56 10.51 10.51 22.24 13.46 12.83
Depreciation 16.15 8.87 8.87 14.08 20.57 14.85
EBIT 50.45 10.72 10.72 23.88 12.92 12.48
Interest 189.36 -45.82 -45.82 11.59 -4.07 -7.64
EBT 47.18 13.33 13.33 24.00 13.49 12.81
Adjusted PAT 59.38 3.15 3.15 17.55 10.79 11.87
Reported Net Profit 10.75 39.22 39.22 17.03 12.37 9.89
Equity Dividend 0.00 3.29 3.29 -28.57 1.23 0.65
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 0.00 0.95 0.95 -29.06 -0.13 -0.28
Retained Earnings 14.51 50.31 50.31 34.12 18.61 12.53

70.00 Growth Factors(%) 16 5 Years CAGR(%)
60.00 14
50.00 12
40.00 10
30.00 8
20.00 6

10.00 4

0.00
2
0
-10.00
OperatingTotal Operating Expenses Profit
Income Operating EBT Retained Earnings
-20.00
Total Operating Expenses EBDITA EBT Adjusted PAT


Cipla Ltd

Comparative Analysis : Income Statement

Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12

Other Income 1.54 1.72 1.72 1.43 1.14
EBDITA 21.82 25.50 25.50 21.71 24.04
Depreciation 3.11 2.90 2.90 3.62 3.74
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 18.71 22.60 22.60 18.09 20.30
Interest 0.43 1.00 1.00 0.17 0.17
EBT 18.28 21.61 21.61 17.92 20.12
Income Tax 3.26 2.38 2.38 3.02 4.26
Adjusted PAT 15.02 19.23 19.23 14.89 15.86
Comparative Analysis : Balance Sheet


SOURCES OF FUNDS
Secured Loans 0.39 0.05 0.01 0.04 0.13
Unsecured Loans 13.02 17.75 0.08 6.22 0.03
Total Loan fund 13.42 17.80 0.09 6.26 0.16
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS
Fixed Assets
Gross Block 50.88 50.99 48.99 55.77 56.90
Net Block 38.18 37.55 33.88 40.58 39.63
Investments 2.19 1.54 4.49 8.09 13.70
Net Current Assets
Total 100.00 100.00 100.00 100.00 100.00


Cipla Ltd

Index Analysis : Income Statement


Other Income 100.00 138.73 145.14 139.69 122.40
EBDITA 100.00 145.56 160.85 149.60 182.88
Depreciation 100.00 116.15 126.45 175.13 199.79
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 150.45 166.57 145.36 180.07
Interest 100.00 289.36 156.79 60.22 67.20
EBT 100.00 147.18 166.80 147.36 182.72
Income Tax 100.00 90.92 177.83 139.49 217.26
Adjusted PAT 100.00 159.38 164.41 149.07 175.23
Index Analysis : Balance Sheet


SOURCES OF FUNDS
Secured Loans 100.00 16.43 2.41 17.37 58.89
Unsecured Loans 100.00 166.35 0.83 77.80 0.39
Total Loan fund 100.00 161.96 0.87 76.03 2.10
Total 100.00 122.06 136.58 162.81 174.55
USES OF FUNDS
Fixed Assets
Gross Block 100.00 122.32 131.50 178.45 195.21
Net Block 100.00 120.04 121.17 173.03 181.17
Investments 100.00 85.83 279.79 601.88 1092.51
Net Current Assets
Total 100.00 122.06 136.58 162.81 174.55


Cipla Ltd

Ratio Analysis : Yearly


PER SHARE RATIOS
Adjusted E P S (Rs.) 8.12 12.95 12.93 11.72 13.78
Adjusted Cash EPS (Rs.) 9.8 14.9 14.99 14.57 17.03
Reported EPS (Rs.) 9.02 9.99 13.47 11.96 14
Reported Cash EPS (Rs.) 10.71 11.95 15.53 14.81 17.25
Operating Profit Per Share (Rs.) 10.96 16.02 17.2 15.96 19.9
Book Value(Excl Rev Res)Per Share(Rs) 48.2 55.86 73.55 82.25 93.93
Book Value (Incl Rev Res)Per Share(Rs) 48.32 55.97 73.66 82.36 94.04
Net Operating Income Per Share(Rs) 54.08 67.34 69.82 78.7 86.9
Free Reserves Per Share (Rs.) 46.2 53.86 71.54 80.25 91.92
PROFITABILITY RATIOS
Operating Margin (%) 20.27 23.78 24.63 20.27 22.89
Gross Profit Margin (%) 17.16 20.88 21.68 16.65 19.15
Net Profit Margin (%) 16.43 14.58 18.97 14.98 15.92
Adjusted Cash Margin (%) 17.85 21.75 21.11 18.25 19.37
Adjusted Return On Net Worth (%) 16.85 23.17 17.57 14.25 14.67
Reported Return On Net Worth (%) 18.72 17.89 18.31 14.54 14.9
Return On long Term Funds (%) 18.24 26.79 22.16 17.29 18.77
LEVERAGE RATIOS
Long Term Debt / Equity 0.15 0.01 0 0 0
Total Debt/Equity 0.15 0.21 0 0.06 0
Owners fund as % of total Source 86.58 82.19 99.91 93.73 99.83
Fixed Assets Turnover Ratio 1.91 1.94 1.94 1.61 0.95
LIQUIDITY RATIOS
Current Ratio 2.68 2.82 2.17 2.26 3.17
Current Ratio (Inc. ST Loans) 2.62 1.81 2.17 1.94 3.12
Quick Ratio 1.88 1.93 1.57 1.56 1.89
Inventory Turnover Ratio 3.83 3.79 4.18 3.73 3.88
PAYOUT RATIOS
Dividend payout Ratio (Net Profit) 25.92 23.41 17.31 27.23 16.6
Dividend payout Ratio (Cash Profit) 21.85 19.58 15.01 21.99 13.47
Earning Retention Ratio 71.2 81.93 81.97 72.22 83.14
Cash Earnings Retention Ratio 76.14 84.3 84.44 77.65 86.36
COVERAGE RATIOS
Adjusted Cash Flow Time Total Debt 0.76 0.81 0 0.37 0.01
Financial Charges Coverage Ratio 50.81 25.56 52.13 126.2 138.27
Fin. Charges Cov.Ratio (Post Tax) 47.1 18.78 45.05 110.4 115.18
COMPONENT RATIOS
Material Cost Component(% earnings) 51.44 48.01 47.94 48.83 41.61
Selling Cost Component 6.77 7.17 5.82 6.1 6.66
Long term assets / Total Assets 0.34 0.35 0.34 0.37 0.49
Bonus Component In Equity Capital(%) 97.55 97.55 94.44 94.44 94.44

Cipla Ltd

Per Share Ratio Profit Margin

Net Operating Income Per Share(Rs) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Adjusted E P S (Rs.) Net Profit Margin (%) Operating Margin (%)
Adjusted Cash EPS (Rs.)
Dividend Per Share Adjusted Return On Net Worth (%) Return On long Term Funds (%)
Book Value (Incl Rev Res)Per Share(Rs)

Liquidity Ratio Quarterly Profit Margin

March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 September ' 11 December ' 11 March ' 12 June ' 12 September ' 12

Current Ratio Quick Ratio Operating Profit Margin EBIT Margin
PAT Margin EBITDA Margin

Ratio Analysis : Quarterly

Particulars (%) September ' 11 December ' 11 March ' 12 June ' 12 September ' 12

PER SHARE RATIOS
Operating Income Per Share(Rs.) 22.14 21.90 23.24 24.39 27.30
Operating Profit Per Share(Rs.) 10.95 10.65 11.35 12.61 14.46
Adjusted EPS(Rs.) 3.85 3.36 3.63 4.99 6.23
PROFITABILITY RATIOS
Operating Profit Margin 49.43 48.65 48.84 51.72 52.95
EBITDA Margin 25.98 19.85 23.46 30.28 33.81
EBIT Margin 22.29 15.54 19.69 26.56 30.44
PAT Margin 17.38 15.35 15.64 20.47 22.81


Cipla Ltd

TTM Analysis

Particulars (Rs in Cr) June ' 12 % of Sales September ' 12 % of Sales Growth(%)

Net sales 7174.73 97.49 7588.77 97.62 5.77
Other Operating Income 185.05 2.51 184.83 2.38 -0.12
Total Operating Income 7359.78 100.00 7773.60 100.00 5.62
Increase/Decrease of stock 49.36 0.67 -20.38 -0.26 -141.29
Raw Materials Consumption 2344.22 31.85 2440.54 31.40 4.11
Other Purchases 538.25 7.31 588.62 7.57 9.36
Power and Fuel 0.00 0.00 0.00 0.00 NA
Employees Cost 769.98 10.46 825.10 10.61 7.16
Other Income 146.48 1.99 186.31 2.40 27.19
R&D Expenses 0.00 0.00 0.00 0.00 NA
Other Expenses 1963.00 26.67 2005.41 25.80 2.16
Total Other Expenses 1963.00 26.67 2005.41 25.80 2.16
EBITDA 1841.45 25.02 2120.62 27.28 15.16
Depreciation 284.64 3.87 292.98 3.77 2.93
Provision and contingencies 0.00 0.00 0.00 0.00 NA
EBIT 1556.81 21.15 1827.64 23.51 17.40
Interest 8.96 0.12 11.94 0.15 33.26
EBT 1547.85 21.03 1815.70 23.36 17.30
Tax 276.47 3.76 353.28 4.54 27.78
PAT 1271.38 17.27 1462.42 18.81 15.03
Exceptional Item -72.72 -0.99 -72.72 -0.94 0.00
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustment 0.00 0.00 0.00 0.00 NA
Reported PAT 1271.38 17.27 1462.42 18.81 15.03
TTM SPS 89.36 94.52 5.77
TTM EPS 15.83 18.21 15.03
17.40 17.30
TTM EPS & SPS TTM Growth (%)
15.16 15.03

94.52 7.70
89.36
5.62

15.83 18.21

Total Operating EBITDA EBIT EBT PAT
June ' 12 September ' 12 Operating Profit
Income


Cipla Ltd

Technical Indicators
Price 390.80 AS On: 27/11/2012
EMA(13) 381.72 ADX 19.00
EMA(26) 374.36 DX 11.00
EMA(50) 362.81 +DI 25.00
EMA(200) 334.98 -DI 20.00
RSI(14) 33.00 %K(Fast) 66.96
MACD 7.36 %K(Slow) 30.41
William(%R) -33.04 %d(Slow) 32.96

Price Chart
450 12000000
400
10000000
350
300 8000000
250
6000000
200
150 4000000
100
2000000
50
0 0
29-Jun 10-Sep 23-Nov

Total Traded Quantity Close Price EMA(200) EMA(50)

20.00
15.00
10.00
5.00
0.00
-5.00

MACD Signal line

100
80
60
40
20
0

RSI(14)


Cilpla Ltd

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