Cipla Ltd — Q1 FY24
Cipla delivered a strong Q1 FY24 with 18% YoY revenue growth to INR 6,329 crore, driven by record performance in India (12% growth) and the US ($222 million, +43% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
What drove QoQ US improvement? Revlimid contribution?
Asked by Saion Mukherjee, Nomura Securities
CEO directly stated Revlimid contribution not significant and attributed growth to base business.
Read the exchange
Question
this quarter-on-quarter improvement in the US, how, what do you ascribe this to? Is there a big Revlimid contribution, and in the next few quarters, you know, how we should think about it?
Umang Vohra, Managing Director and Global CEO
I don't think the Revlimid contribution, quarter-on-quarter is significant, Sayan. I think the base business has also grown very impressively between quarter four and quarter one.
Partial answer
High priority
Pipeline peptides and Abraxane bottleneck?
Asked by Saion Mukherjee, Nomura Securities
Answered Abraxane specifically but gave no details on peptide potential.
did not quantify peptide potential
Read the exchange
Question
How should we think about the potential of this peptides, and also particularly on Abraxane, is the bottleneck just around the site, or are there any queries on the file that we need to address there?
Umang Vohra, Managing Director and Global CEO
on Abraxane, we have received notification that, the only thing pending on the file is the site.
Answered
Medium priority
What is guided CapEx for FY24?
Asked by Rohan Vora, Purnartha Investment Advisers
Provided specific percentage and range for CapEx.
Read the exchange
Question
what would be the guided CapEx for FY 2024 for Cipla?
Umang Vohra, Managing Director and Global CEO
We said about 5% of the revenue, 4%-5%. Somewhere in the range of INR 1,000-INR 1,500 per annum is what you could take as the CapEx.
Answered
Medium priority
Split between maintenance and growth CapEx?
Asked by Rohan Vora, Purnartha Investment Advisers
Provided a 50/50 split after initial reluctance.
Read the exchange
Question
What part of this CapEx would be attributable to solely maintenance... Even a broad range would be fine, workable, just a broad range would also do. What would be the maintenance and the normal CapEx split?
Umang Vohra, Managing Director and Global CEO
You can take about 50/50, roughly, of maintenance and growth.
Answered
High priority
What drives US growth besides Revlimid?
Asked by Prashant, Motilal Oswal Financial Services
Listed multiple factors driving growth without evasion.
Read the exchange
Question
What is driving the growth in terms of? Is it because the competitors are having the regulatory issue, and that's why we are able to gain market? Or is it because the price erosion itself is getting limited?
Umang Vohra, Managing Director and Global CEO
I think it's a combination of various factors. Price compression is obviously lesser than before. At the same time, we are seeing... a rebalancing of the supply chain happening.
Partial answer
High priority
What changed to raise EBITDA margin guidance to 23%?
Asked by Prashant, Motilal Oswal Financial Services
Attributed to good Q1 but did not detail specific drivers.
no specific drivers given
Read the exchange
Question
Compared to previous, in the previous quarter guidance of 22%, and now we are talking for 23%. Broadly, what has changed, you know, that gives the confidence of 23% of the demand?
Umang Vohra, Managing Director and Global CEO
We've had a good quarter, in this quarter one, so it gives us some confidence that we can take up that target of delivering 23% for the year.
Answered
High priority
Advair amendment type and timeline?
Asked by Kunal Dhamesha, Macquarie
Clearly stated it will be a major amendment and not yet filed.
Read the exchange
Question
I believe that we would need to be filing some amendment to our initial ANDA. Some color as to whether that would be a major amendment or minor amendment, and have you already filed it with the US FDA?
Umang Vohra, Managing Director and Global CEO
No, it will be expected to be filed. We are still in the transfer stage right now. Yes, the chances are it will be a major amendment.
Answered
High priority
Is Advair opportunity beyond FY25?
Asked by Damayanti Kerai, HSBC
Gave a clear timeline: not beyond FY25.
Read the exchange
Question
Broadly, should we assume this opportunity is now beyond FY 2025?
Umang Vohra, Managing Director and Global CEO
No, not beyond FY 2025. Beyond this year, if Indore is not cleared, yes, but not beyond FY 2025.
Answered
High priority
Is US base of $210-215M before new launches?
Asked by Neha Manpuria, Bank of America
Confirmed the base number explicitly.
Read the exchange
Question
On the US number that you mentioned, $210 million-$215 million. Just to clarify, this is the base that I should assume on top of which we add the new launches...
Umang Vohra, Managing Director and Global CEO
Yes, broadly, Neha. Broadly, yes.
Answered
Medium priority
How many US launches contributed to Q1 growth?
Asked by Krishnendu Saha, Quantum AMC
Provided specific numbers on launches and meaningful ones.
Read the exchange
Question
how many launches did we have last year, that does contribute a high amount for this Q1 with the launches, heavy launches last year, besides the huge launches?
Umang Vohra, Managing Director and Global CEO
over the last two years, our average will be sub 10 in each year. Of the seven or eight that we have launched in the last year, my guess is that about three to four of them have been very meaningful for us.
Answered
Medium priority
Is US growth due to higher primary vs secondary sales?
Asked by Kunal Randeria, Nuvama
Directly denied the hypothesis with reasoning.
Read the exchange
Question
Would one of the factors be higher primary sales than secondary sales? By that, I mean, wholesalers accumulating more stock because of fear of shortage.
Umang Vohra, Managing Director and Global CEO
No, I don't think so, because our, you know, we do our regular audit processes for chargebacks, and inventory in trade is an input into that validation, and we haven't seen inventory holding going up.
Answered
Medium priority
What is field force split chronic vs acute in India?
Asked by Abdulkader Puranwala, ICICI Securities
Provided clear percentage split.
Read the exchange
Question
Would it be possible to quantify the amount of field force, what do we have on the chronic versus on the acute side?
Umang Vohra, Managing Director and Global CEO
I think about 80%-- 75%-80% of our work, of our people are on the chronic side. 20% or so are on the acute side.