CIPLA LIMITED - Quarterly Result Update Q4'25

Cipla Q4FY25 Results: OP up 16.85%, in line with estimates. On consolidated basis Quarter ended March 2025 compared with Quarter ended March 2024. Net sales (including other operating income) of Cipla has increased 9.19% to Rs 6729.69 crore. Sales of Phamaceuticals segment has gone up 8.46% to Rs 6,503.63 crore (accounting for 95.75% of total sales). Sales of New Ventures segment has gone up 35.44% to Rs 288.48 crore (accounting for 4.25% of total sales). Inter-segment sales rose Rs 46.13 crore to Rs 62.42 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 18.91% to Rs 1,518.32 crore. PBIT of Phamaceuticals segment rose 18.87% to Rs 1,572.06 crore (accounting for 103.54% of total PBIT). PBIT of New Ventures segment fell 17.85% to Rs -53.74 crore (accounting for -3.54% of total PBIT). PBIT margin of Phamaceuticals segment rose from 22.05% to 24.17%. PBIT margin of New Ventures segment rose from negative 21.41% to negative 18.63%. Overall PBIT margin rose from 20.56% to 22.35%. Operating profit margin has jumped from 21.35% to 22.85%, leading to 16.85% rise in operating profit to Rs 1,537.59 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 20.52% to 20.08%. Purchase of finished goods cost rose from 12.10% to 14.70%. Employee cost decreased from 17.76% to 17.71%. Other expenses fell from 28.06% to 25.42%. Other income rose 16.10% to Rs 289.46 crore. PBIDT rose 16.73% to Rs 1827.05 crore. Provision for interest fell 20.30% to Rs 14.02 crore. Loan funds declined from Rs 559.41 crore as of 31 March 2024 to Rs 438.19 crore as of 31 March 2025. Inventories rose to Rs 5,642.11 crore as of 31 March 2025 from Rs 5,237.95 crore as of 31 March 2024. Sundry debtors were higher at Rs 5,506.37 crore as of 31 March 2025 compared to Rs 4,770.66 crore as of 31 March 2024. Cash and bank balance declined from Rs 874.97 crore as of 31 March 2024 to Rs 799.84 crore as crore as of 31 March 2024.