Cilpla Ltd

Cipla Ltd

Prepared and Edited By-

MY MONEY GURUKUL

Compnay Analysis Report

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Company Analysis Report

Cipla Ltd

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Page

Summay

Latest Result 3

Valuation Matrix 3

ROE Analysis 3

Income Statement 4

Balance Sheet 5

Cash Flow Statement 6

Quarterly Result 7

Growth Analysis 8

Comparative Analysis

Income Statement 9

Balance Sheet 9

Index Analysis

Income Statement 10

Balance Sheet 10

Ratio Analysis

Annual 11

Quarterly 12

TTM Analysis 13

Technical Analysis 14

Description

Table of Contains

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Cipla Ltd



Growth Growth Growth

22.24 741.09 15.16

17.03 500.01 15.03

10.79 500.01 15.03

0.80

0.79

0.99

0.20

0.78

1.19

15%

15%

0.85

0.83

0.99

0.18

0.65

1.47

14%

14%

0.91

0.82

0.98

0.19

0.73

1.53

Sales / Total Assets

19%

17%

0.76

1.58

18%

24%

0.69

0.89

0.96

0.23

Particulars

Reported PAT / PBT

Adjusted PAT / PBT

PBT / PBIT

PBIT / Sales

Total Assets / Net Worth

Reported ROE

Adjusted ROE

0.69

0.89

0.96

0.23

0.76

1.58

18%

24%

Face Vale 2.00

Current Price 390.80

Market Cap(Rs. In Cr) 31378.15

ROE Analysis

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

Compney at a Glance

2120.62

1462.42

1462.42

Latest Results

ResultsSeptember ' 12September ' 12March ' 12

Adjusted PAT

Reported Net Profit

EBDITA

TTMQuarterlyAnnual

1677.17

1123.96

1106.46

741.09

500.01

500.01

Industry Pharmaceuticals

Business Group Cipla GroupPromoter

37%

MF6%

BFI7%

FII's21%

Others10%

General Public

7%

Share Holding

0%

10%

20%

30%

Mar

ch '

08

Mar

ch '

09

Mar

ch '

10

Mar

ch '

11

Mar

ch '

12ROE

Reported ROE

Adjusted ROE

0%

5%

10%

15%

20%

0.00

0.50

1.00

1.50

2.00


ROE Factors

Reported ROE Reported PAT / PBT PBT / PBITPBIT / Sales Sales / Total Assets Total Assets / Net Worth









Cipla Ltd



Operating Profit

Other Income

Operating Expenses

Material Consumed

Manufacturing Expenses

Personnel Expenses

Selling Expenses

Income Statement

Particulars (Rs. In Cr)

Operating Income

March ' 09 March ' 10 March ' 11 March ' 12

Income Tax

Adjusted PAT

Non Recurring Items

Other Non Cash adjustments

March ' 08

4203.29

2121.11

330.80

255.45

284.63

359.13

0.00

3351.12

852.17

64.91

EBDITA

Depreciation

Other Write offs

EBIT

EBT

Adminstrative Expenses

Expenses Capitalised

Total Operating Expenses

1244.84

90.05

1334.89

136.93

631.42

70.01

0.00

701.43

917.08

130.68

0.00

786.40

768.35

5234.29

2399.56

354.36

271.33

375.59

588.61

0.00

3989.45

1334.89

151.79

1006.37

-229.56

0.00

776.81

155.46

151.79

0.00

1183.10

1130.87

124.50

5234.29

2399.56

354.36

271.33

375.59

588.61

0.00

3989.45

6319.35

434.50

464.20

385.53

793.64

0.00

5038.03

1281.32

90.67

1143.13

1132.26

191.00

941.26

19.13

26.42

594.93

2960.16

1371.99

228.86

0.00

-229.56

0.00

776.81

155.46

0.00

0.00

1183.10

1130.87

124.50

1006.37

1244.84

90.05

1403.96

297.50

1106.46

17.05

0.45

698.86

6977.5

2915.19

447.74

644.79

464.87

907.19

0.00

5379.78

1597.72

79.45

1677.17

261.08

0.00

1416.09

0.00

960.39

224.81

Reported Net Profit

Equity Dividend

Preference Dividend

Dividend Tax

Retained Earnings

1123.96

160.58

0.00

26.05

937.33

0.00

36.72

0.00

26.42

594.93

155.46

0.00

26.42

519.55

0%

5%

10%

15%

20%

25%

30%

0

1000

2000

3000

4000

5000

6000

7000

8000


Operating Income & Growth

Operating Income Growth

76%

4%

0%

4%

16%

Expenses break up-% of salesTotal Operating Expenses

Depreciation

Other Write offs

Interest

Income Tax

Adjusted PAT









Cipla Ltd



155.46

0.00

0.00

3591.39

3746.85

16.98

563.55

580.53

4327.38

2201.79

8.97

540.43

1652.39

233.12

94.75

3743.98

1396.86

2347.12

0.00

4327.38

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

Balance Sheet

Unsecured Loans

Total Loan fund

Total

USES OF FUNDS

Fixed Assets

Gross Block

Less : Revaluation Reserve

Less : Accumulated Depreciation

Net Block

SOURCES OF FUNDS

Owner's Fund

Equity Share Capital

Share Application Money

Preference Share Capital

Reserves & Surplus

Total Owners fund

Loan Funds

Secured Loans

Capital Work-in-progress

Investments

Net Current Assets

Current Assets, Loans & Advances

Less : Current Liabilities & Provisions

Total Net Current Assets

Miscellaneous expenses not written

Total

155.46

0.00

0.00

4186.32

4341.78

2.79

937.45

940.24

5282.02

2693.29

8.97

366.32

81.32

4419.57

1568.71

700.80

1983.52

366.32

81.32

4419.57

1568.71

937.45

940.24

5282.02

2693.29

8.97

700.80

1983.52

155.46

0.00

0.00

4186.32

4341.78

2.79

420.73

2850.86

0.00

5282.02

160.58

0.00

0.00

6443.40

6603.98

2.95

438.44

441.39

7045.37

3929.00

8.97

1060.98

2859.05

253.07

570.28

2.20

12.20

7553.51

4298.18

8.97

1295.52

2993.69

160.58

0.00

0.00

7380.73

7541.31

10.00

1035.15

4535.25

1431.31

3103.94

0.00

7553.51

6022.56

2659.59

3362.97

0.00

7045.375282.02

2850.86

0.00

0

500

1000

1500

2000


Profit Levels

Operating Profit EBDITA EBIT EBT Adjusted PAT

-20%

-10%

0%

10%

20%

30%

40%

50%

0

200

400

600

800

1000

1200

March ' 08

March ' 09

March ' 10

March ' 11

March ' 12

Net Profit & Growth(%)

Reported Net Profit Growth









Cipla Ltd



Note : Balance Sheet

Book Value of Unquoted Investments 81.32 1034.79

Market Value of Quoted Investments 0.00 0.00 0

Contingent liabilities 1664.58 730.75 608.8

Number of Equity shares outstanding (in Lacs) 7772.91 7772.91 8029.21

838.36 1421.46

380.20 1645.09

-687.25 -1046.78

254.84 -627.23

-52.21 -28.92

131.49 83.98

79.28 55.06

94.75 81.32

0.00

730.75

7772.91

570.28

0.00

478.26

8029.21

Cash Flow Statement

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

1324.99

1041.68

-562.23

-471.61

7.84

53.00

60.84

901.31

373.27

-578.47

178.92

-26.28

79.28

53.00

Profit Before Tax

Net CashFlow-Operating Activity

Net Cash Used In Investing Activity

NetCash Used in Fin. Activity

Net Inc/Dec In Cash And Equivlnt

1151.39

987.49

-1136.26

172.06

23.29

60.84

84.13

Cash And Equivalnt Begin of Year

Cash And Equivalnt End Of Year

94%

6%

100%

0%

Capital Structure

Total Owners fund Total Loan fund

2012

2011

Net Block 40%


14%

Investments 5%


41%

Application of Capital

380 373

1,042987 1,645

-687 -578

-562

-1,136

-1,047

255 179

-472

172

-627

Net Cash Flow

Net CashFlow-Operating Activity Net Cash Used In Investing Activity

NetCash Used in Fin. Activity

-60 -40 -20 0 20 40

March ' 08

March ' 09

March ' 10

March ' 11

March ' 12

Increase & Decrease in Cash (Rs in Cr)

Net Inc/Dec In Cash And Equivlnt









Cipla Ltd



183.81

0.00

483.68

483.68

741.09

73.96

0.00

667.13

5.36

661.77

0.00

242.61

1031.21

1160.63

64.14

0.00

269.91

1917.38

40.81

1958.19

29.87

550.70

151.85

0.00

213.00

945.42

1012.77

53.06

0.00

472.92

472.92

592.91

72.82

0.00

135.53

0.00

187.47

902.75

855.25

30.16

520.09

1.09

519.00

0.00

536.52

536.52

348.89

75.74

0.00

273.15

3.24

269.91

Quarterly Result : Income Statement

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

Net sales

Other Operating Income

1711.47

46.53

2145.87

45.97

Total Operating Income

Increase/Decrease of stock

Raw Materials Consumption

1731.83

46.19

1778.02

18.85

559.36

1758.00

-31.26

611.01

2191.84

-50.89

655.68

Other Purchases

Power and Fuel

Employees Cost


Operating Profit

Other Income

R&D Expenses

Other Expenses

Total Other Expenses

EBITDA

Depreciation

Provision and contingencies

EBIT

Interest

EBT

Tax

PAT

75.74

133.44

0.00

187.49

899.14

878.88

24.31

0.00

441.27

441.27

461.92

65.62

0.00

396.30

2.38

1711.47

46.53

1758.00

-31.26

611.01

135.53

0.00

187.47

902.75

855.25

30.16

0.00

536.52

536.52

348.89

0.00

273.15

3.24

269.91

0.00

269.91

393.92

84.95

308.97

118.24

400.76

161.76

500.01

September ' 11

December ' 11 March ' 12 June ' 12 September ' 12

Quarterly Profit Levels

EBITDA EBIT EBT Reported PAT

1,732 1,711 1,711

1,917

2,146

0

500

1,000

1,500

2,000

2,500

September ' 11December ' 11December ' 11 June ' 12 September ' 12

Quarterly Net sales









Cipla Ltd



24.53 7.10 7.10 10.67

19.05 5.90 5.90 9.93

46.08 10.93 10.93 13.40

38.73 4.62 4.62 4.13

45.56 10.51 10.51 12.83

16.15 8.87 8.87 14.85

50.45 10.72 10.72 12.48

189.36 -45.82 -45.82 -7.64

47.18 13.33 13.33 12.81

59.38 3.15 3.15 11.87

10.75 39.22 39.22 9.89

0.00 3.29 3.29 0.65

0.00 0.00 0.00 0.00

0.00 0.95 0.95 -0.28

14.51 50.31 50.31 12.53

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

Growth Analysis : Income Statement

Dividend Tax

Retained Earnings

EBT

Operating Income


Operating Profit

Other Income

EBDITA

Depreciation

EBIT

Interest

Adjusted PAT

-4.07

13.49

Reported Net Profit

Equity Dividend

Preference Dividend

10.79

12.37

1.23

0.00

-0.13

18.61

10.41

6.78

24.69

-12.37

22.24

14.08

23.88

11.59

24.00

17.55

17.03

-28.57

0.00

-29.06

34.12

11.86

11.57

14.51

-1.28

13.46

20.57

12.92

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00 Growth Factors(%)

Total Operating Expenses EBDITA EBT Adjusted PAT

0

2

4

6

8

10

12

14

16

Operating Income Total Operating ExpensesOperating Profit EBT Retained Earnings

5 Years CAGR(%)









Cipla Ltd



100.00

79.73

20.27

1.54

21.82

3.11

0.00

18.71

0.43

18.28

3.26

15.02

16.69

3.59

0.00

0.00

82.99

86.58

0.39

13.02

13.42

100.00

50.88

0.21

12.49

38.18

5.39

2.19

86.52

32.28

54.24

0.00

100.00

3.02

14.89

15.20

100.00

77.10

22.90

1.14

24.04

3.74

0.00

20.30

0.17

20.12

4.26

15.86

16.11

79.72

20.28

1.43

21.71

3.62

0.00

18.09

0.17

22.60

1.00

21.61

2.38

19.23

14.84

76.22

23.78

1.72

25.50

2.90

0.00

22.60

1.00


Operating Profit

Other Income

EBDITA

EBIT

EBT

Adjusted PAT

Reported Net Profit

Comparative Analysis : Balance Sheet

21.61

Depreciation

Other Write offs

Interest

Income Tax

17.92

2.38

19.23

14.84

76.22

23.78

1.72

25.50

2.90

0.00

Comparative Analysis : Income Statement

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

Operating Income 100.00100.00100.00

March ' 09 March ' 11 March ' 12

SOURCES OF FUNDS




Reserves & Surplus

Total Owners fund

2.94

0.00

0.00

79.26

82.20

Particulars (%) March ' 08 March ' 09

2.28

0.00

0.00

91.46

93.74

Secured Loans

Unsecured Loans

Total Loan fund

Total

USES OF FUNDS

Fixed Assets

Gross Block



92.78

17.80

100.00

50.99

0.17

13.27

Net Block


Investments

Net Current Assets

37.55

6.94

1.54 8.09

85.48

37.75

53.97

0.00

100.00

2.72

0.00

0.00

97.20

99.91

0.01

0.08

0.09

100.00

48.99

0.15

14.96

33.88

0.05

17.75

11.58

4.49

0.04

6.22

6.26

100.00

56.90

0.12

17.15

39.63

5.57

100.00

55.77

0.13

15.06

40.58

3.59

13.70

60.04

18.95

2.13

0.00

0.00

97.71

99.84

0.13

0.03

0.16





Total 100.00

41.09

0.00

100.00

42.72

50.06

0.00

100.00

47.73

0.00

83.67

29.70









Cipla Ltd



100.00 124.53 133.36 150.34 166.00

100.00 119.05 126.07 150.34 160.54

100.00 146.08 162.05 150.36 187.49

100.00 138.73 145.14 139.69 122.40

100.00 145.56 160.85 149.60 182.88

100.00 116.15 126.45 175.13 199.79

0.00 0.00 0.00 0.00 0.00

100.00 150.45 166.57 145.36 180.07

100.00 289.36 156.79 60.22 67.20

100.00 147.18 166.80 147.36 182.72

100.00 90.92 177.83 139.49 217.26

100.00 159.38 164.41 149.07 175.23

100.00 110.75 154.18 136.92 160.24

100.00 100.00 103.29 103.29 103.29

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

100.00 116.57 159.95 179.41 205.51

100.00 115.88 157.60 176.25 201.27

100.00 16.43 2.41 17.37 58.89

100.00 166.35 0.83 77.80 0.39

100.00 161.96 0.87 76.03 2.10

100.00 122.06 136.58 162.81 174.55

100.00 122.32 131.50 178.45 195.21

100.00 100.00 100.00 100.00 100.00

100.00 129.67 163.62 196.32 239.72

100.00 120.04 121.17 173.03 181.17

100.00 157.14 293.51 108.56 180.48

100.00 85.83 279.79 601.88 1092.51

100.00 118.04 146.46 160.86 121.13

100.00 112.30 180.75 190.40 102.47

100.00 121.46 126.05 143.28 132.24

0.00 0.00 0.00 0.00 0.00

100.00 122.06 136.58 162.81 174.55

Index Analysis : Income Statement


Operating Income


Operating Profit

Other Income

EBDITA

Depreciation

Other Write offs

EBIT

Interest

EBT

Income Tax

Adjusted PAT

Reported Net Profit

Index Analysis : Balance Sheet


SOURCES OF FUNDS




Reserves & Surplus

Total Owners fund

Secured Loans

Unsecured Loans

Total Loan fund

Total

USES OF FUNDS

Fixed Assets

Gross Block



Net Block


Investments

Net Current Assets





Total









Cipla Ltd



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

Ratio Analysis : Yearly










Cipla Ltd



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

Ratio Analysis : Quarterly

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


Per Share Ratio

Net Operating Income Per Share(Rs)

Adjusted E P S (Rs.)

Adjusted Cash EPS (Rs.)

Dividend Per Share

Book Value (Incl Rev Res)Per Share(Rs)


Profit Margin

Net Profit Margin (%) Operating Margin (%)

Adjusted Return On Net Worth (%) Return On long Term Funds (%)


Liquidity Ratio

Current Ratio Quick Ratio

September ' 11 December ' 11 March ' 12 June ' 12 September ' 12

Quarterly Profit Margin

Operating Profit Margin EBIT Margin

PAT Margin EBITDA Margin









Cipla Ltd



Net sales 7174.73 97.49 7588.77 5.77

Other Operating Income 185.05 2.51 184.83 -0.12

Total Operating Income 7359.78 100.00 7773.60 5.62

Increase/Decrease of stock 49.36 0.67 -20.38 -141.29

Raw Materials Consumption 2344.22 31.85 2440.54 4.11

Other Purchases 538.25 7.31 588.62 9.36

Power and Fuel 0.00 0.00 0.00 NA

Employees Cost 769.98 10.46 825.10 7.16

Total Operating Expenses 3701.81 50.30 3833.88 3.57

Operating Profit 3657.97 49.70 3939.72 7.70

Other Income 146.48 1.99 186.31 27.19

R&D Expenses 0.00 0.00 0.00 NA

Other Expenses 1963.00 26.67 2005.41 2.16

Total Other Expenses 1963.00 26.67 2005.41 2.16

EBITDA 1841.45 25.02 2120.62 15.16

Depreciation 284.64 3.87 292.98 2.93

Provision and contingencies 0.00 0.00 0.00 NA

EBIT 1556.81 21.15 1827.64 17.40

Interest 8.96 0.12 11.94 33.26

EBT 1547.85 21.03 1815.70 17.30

Tax 276.47 3.76 353.28 27.78

PAT 1271.38 17.27 1462.42 15.03

Exceptional Item -72.72 -0.99 -72.72 0.00

Extra Ordinary Item 0.00 0.00 0.00 NA

Prior Year Adjustment 0.00 0.00 0.00 NA

Reported PAT 1271.38 17.27 1462.42 15.03

TTM SPS 89.36 94.52 5.77

TTM EPS 15.83 18.21 15.03

2.38

100.00

-0.26

31.40

7.57

0.00

10.61

49.32

TTM Analysis

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

97.62

0.15

23.36

4.54

18.81

-0.94

0.00

0.00

18.81

50.68

2.40

0.00

25.80

25.80

27.28

3.77

0.00

23.51

89.36 94.52

15.83 18.21

June ' 12 September ' 12

TTM EPS & SPS

5.62

7.70

15.16

17.40 17.30

15.03

Total Operating

Income

Operating Profit

EBITDA EBIT EBT PAT

TTM Growth (%)









Cipla Ltd



Price 390.80 AS On:

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

Technical Indicators

27/11/2012

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29-Jun 10-Sep 23-Nov

Price Chart

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

-5.000.005.00

10.0015.0020.00

MACD Signal line

020406080

100

RSI(14)








Cilpla Ltd

Documents

adjusted roe

roe factors roe

ratio analysis

company analysis reportwrite

write offs0

income statement10www

income tax136

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