12 February 2015
3QFY15 Results Update | Sector:
Healthcare
Cipla
BSE SENSEX
28,534
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel.Per (%)
Avg Val,INRm/Vol ‘000
Free float (%)
Financials & Valuation (INR b)
y/E Mar
Net Sales
EBITDA
AdjEPS (INR)
Gr. (%)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
EV/EBITDA(x)
EV/TON(USD)
2015E 2016E 2017E
111.6 134.7 157.4
22.2
12.1
15.1
-12.5
11.0
14.7
15.5
0.3
29.1
17.8
22.2
47.1
14.1
18.1
11.8
0.3
36.2
23.5
29.3
31.6
15.9
20.5
10.0
0.4
S&P CNX
8,627
CIPLA IN
802.9
711/367
0/37/20
978/191
63.2
CMP: INR662
TP: INR755 (+14%)
Buy
Operationally in line; await revenue scale-up
Cipla’s (CIPLA) 3QFY15 results were operationally in line. Sales at INR27.7b (+7% YoY,
6% miss) was subdued on capacity constraints. However, higher other operating
income (INR1.4b) resulted in stronger EBITDA margin of 20% (19.3% est.), driving 19%
EBITDA growth YoY (INR5.5b, in-line). Hence, PAT at INR3.3b (up 15%) met estimates.
Capacity constraints impacted revenue offtake:
3Q revenue was constrained on
weaker exports (down 6% YoY) due to (a) bottleneck in API sourcing, (b) order
deferment and (c) sub-optimal demand planning. Domestic formulations sustained
healthy growth at 15% YoY. We expect export traction to build up going forward led by
(a) pick-up in gNexium supplies (high margin) to Teva, (b) scale-up of new tender wins
(USD189m over three years), (c) expanded product portfolio in South Africa under JV
with Teva and (d) potential launch of EU inhalers (mdi) over the next 12-18 months.
We est. Cipla’s revenue to post 19% CAGR over FY15E-17E (v/s 11% in FY15E).
Margins to improve on operating leverage:
3Q EBITDA margin surprise was primarily
aided by higher other operating income, including licensing income from Salix.
However, CIPLA is likely to reap the operating leverage emanating from recent front-
end creation (15 markets) in export markets, including US as revenue momentum
builds up. Moreover, improved product mix resulting from gNexium supplies (more
from 1QFY16) and scale-up of inhaler portfolio (UK launch by FY16-end) would aid
margin expansion from 20% in FY15E to 23% by FY17E.
Valuation and view:
Despite the recent stock outperformance, we expect CIPLA to
sustain the premium valuation due to (a) potential earning upgrades on stronger
market share accretion in EU inhaler launches (mainly UK), (b) strong earnings
trajectory (39% EPS CAGR over FY15E-17E), (c) earlier-than-expected benefit from
front-end strategy in key emerging markets (South Africa) and formidable domestic
franchise. We maintain
Buy
rating with an SOTP-based target price of INR755, valuing
the base business at INR730 (25x FY17E EPS) and including adjusted NPV for inhaler
portfolio (INR25).
Key risks:
Delay in launches of inhalers in EU and execution failure in
other markets.
M.Cap. (INR b) / (USD b) 531.5/8.5
137.9 157.5 183.8
Estimate change
TP change
Rating change
Arvind Bothra
(Arvind.Bothra@MotilalOswal.com);+91 22 3982 5584
Amey Chalke
(Amey.Chalke@MotilalOswal.com);+91 22 3982 5423
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Cipla
3Q Result analysis
Exhibit 1: Quarterly sales mix
Revenue split
India Form.
Exp. Form.
Exp. API
Total sales
3Q FY14
10,443
13,520
1570
25,533
2Q FY15
12,510
12,430
1360
26,300
3Q FY15
11,990
12,690
1567
26,247
%YoY
14.8
-6.1
-0.2
2.8
%QoQ
-4.2
2.1
15.2
-0.2
Overall, revenues were 9% below estimates
Source: Company, MOSL
Comments
Domestic growth in line with expectations (9mth
growth at 16%)
Export scale-up impacted by capacity issues
Exhibit 2: Quarterly Profit and Loss statement
(INR m)
Total revenues
Other operating income
Total sales
Cost of revenues
Gross profit
Gross margin (%)
Staff cost
% of Total Revenues
Other expense
% of Total Revenues
EBITDA
EBITDA margin (%)
Depreciation
EBIT
Interest cost
Other income (net)
PBT
Income tax
Effective tax rate (%)
Reported Profit
Share of profits
Minority Interest
Adjusted Net Profit
3Q FY14
25,526
282
25,808
9,991
15,536
60.9
4,028
15.8
7,116
27.9
4,673
18.1
912
3,761
333
524
3,952
987
25.0
2,965
-61.1
61.1
2,843
2Q FY15
26,298
1,375
27,673
10,159
16,139
61.4
4,735
18.0
7,194
27.4
5,584
20.2
1,220
4,364
469
233
4,128
1007
24.4
3,121
-50.2
84.2
2,987
3Q FY15
26,247
1,408
27,655
9,898
16,350
62.3
5,055
19.3
7,164
27.3
5,538
20.0
1,216
4,322
447
407
4,282
944
22.1
3,337
6.3
65.2
3,279
%YoY
2.8
400.0
7.2
-0.9
5.2
143 bp
25.5
348 bp
0.7
(58)bp
18.5
192 bp
33.4
14.9
34.5
-22.4
8.3
-4.3
(292)bp
12.5
-110.3
6.7
15.3
%QoQ
-0.2
2.4
-0.1
-2.6
1.3
92 bp
6.7
125 bp
-0.4
(6)bp
-0.8
(15)bp
-0.4
-1.0
-4.6
74.5
3.7
-6.2
(234)bp
6.9
-112.5
-22.6
9.8
Adjusted PAT was in line
Source: Company, MOSL
Tax rates slightly below forecasts (24%)
PBT was in line with expectations
EBITDA was in line with expectations
Margins surprised positively (19.3% est)
Includes recent acquisition impact
Cost rationalization aided margins
Addition of front-ends drove increased manpower
costs
Improved business mix aided gross margins
Includes licensing income from Salix (rifaximin)
Higher other operating income aided topline (6%
miss)
Comments
12 February 2015
2

Cipla
Operating metrics
Exhibit 3: Key operating metrics
4QFY12
Revenue Mix (%)
India
Exports form
Exports API
Revenue Gr. (%)
India
Exports form
Exports API
As % of sales
Raw material
Staff cost
Other expenses
Tax Rate
Margins (%)
Gross Margins
EBITDA Margins
EBIT Margins
PAT margins
57.4
21.4
20.2
36.3
61.8
27.6
27.1
58.1
63.3
30.9
31.1
54.3
60.7
23.8
23.1
25.6
60.9
20.8
20.4
(8.3)
58.7
27.4
29.1
18.6
61.6
22.5
22.3
(28.4)
60.9
18.1
16.8
(16.1)
58.7
16.2
15.7
(2.6)
61.3
19.9
17.3
61.4
20.2
17.5
62.3
20.0
18.0
42.6
11.2
28.2
20.1
38.2
11.1
24.7
22.8
36.7
11.3
22.5
24.4
39.3
12.7
25.7
26.2
39.1
13.4
29.3
28.1
41.3
13.4
23.6
24.0
38.4
14.7
25.9
27.0
39.1
15.8
27.9
25.0
41.3
17.6
27.9
21.7
38.7
18.1
25.4
24.1
38.6
18.0
27.4
24.4
37.7
19.3
27.3
22.1
41.0
46.5
12.5
13.0
15.5
15.1
(1.0)
49.8
41.6
8.6
23.8
30.4
23.0
(1.7)
44.2
47.8
8.0
23.7
13.5
38.2
9.0
46.4
47.0
6.7
19.0
10.2
38.0
(16.0)
41.3
49.6
9.1
4.5
5.2
11.5
(24.0)
48.9
44.7
6.3
18.7
16.7
27.7
(13.1)
42.2
49.5
8.3
13.3
8.1
17.3
17.6
40.9
53.0
6.1
23.7
9.1
39.5
14.2
37.4
52.8
9.8
26.4
14.5
34.4
36.8
48.7
46.0
5.3
14.5
13.9
17.7
(4.2)
47.6
47.3
5.2
6.8
20.3
2.0
(33.5)
45.7
48.3
6.0
2.8
14.8
(6.1)
(0.2)
1QFY13
2QFY13
3QFY13
4QFY13 1QFY14 2QFY14
3QFY14 4QFY14
1QFY15 2QFY15
3QFY15
(38.0)
(16.6)
15.3
Source: Company; MOSL
Valuation and view
CIPLA has sharply re-rated in the last six months on elevated expectations from
monetization of its inhaler portfolio in the developed markets. It is also transforming
its business model towards front-end exposure in exports market (vs partnership
model currently). Cipla currently trades at 29.8x FY16E and 22.6x FY17E (P/E). We
believe that earnings acceleration, potential upgrades upon successful EU inhaler
portfolio monetization would help it sustain current multiples atleast (25x 1 yr
forward P/E).
We value CIPLA on a sum of the parts basis, ascribing INR 25/sh value to inhaler
pipeline (10 yr NPV, at 50% discount) and INR 730/sh for base business.
We assign a target P/E of 25x on FY17E core EPS, at par with large cap peers (one-
year forward P/E) and its 3 yr trading history (P/E multiple) which takes into
account:
n
Strong earnings recovery: 39% EPS CAGR over FY15-17E (vs -13% in FY15).
n
Improvement in return ratios: RoCE up from 14.7% in FY15E to 20.5% in FY17E
n
Strong balance sheet (D/E of 0.1x).
12 February 2015
3

Cipla
Key catalysts to drive stock’s performance over the medium term are:
n
n
n
Launch of combination inhaler in UK market (USD 450m mkt size, few players)
Margin improvement in Medpro operations (acquired in July 2014)
Sustained strong growth in domestic formulations (42% of sales)
Exhibit 4: PER Band
49
P/E (x)
15 Yrs Avg(x)
5 Yrs Avg(x)
10 Yrs Avg(x)
31.3
25.1
19
22.9
22.4
34
4
Source: Company; MOSL
12 February 2015
4

Cipla
Story in charts
Exhibit 5: Muted sales growth…
23
23
18
Sales (INR b)
26
20
5
20
22
21
25
25
26
25
15
Growth YoY (%)
28
25
10
27
10
28
Exhibit 6: Respiratory driven India business
Domestic formulations (INR b)
30.4
13.5
7
28
10
10
10.2
10
8
5.2
11
16.7
8.1
10
9.1
10
14.5 13.9
9
13
20.3
14.8
12
Growth YoY (%)
13
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: Supply issues restricting export growth
Export formulations (INR b)
Growth YoY (%)
39.5 34.4
38.2 38.0
27.7
23.0
17.7
17.3
11.5
12 13
2.0
-6.1
10
8
10 10
10 12 14 13 12
Exhibit 8: Exports API sales trend
Export APIs (INR b)
9.0
(16.0)
2
1
(24.0)
2
(13.1)
1
2
2
2
17.6 14.2
(4.2)
1
1
(33.5)
Growth YoY (%)
36.8
(0.2)
2
(1.7)
2
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: EBITDA margins trend
EBITDA (INR b)
27.6
30.9
23.8
20.8
4
27.4
22.5
EBITDA Margin (%)
Exhibit 10: Gross margins steady at 60-62% levels
63.3
61.8
18.1 16.2 19.9 20.2 20.0
5
4
5
6
6
12
14
Gross profit (INR b)
60.7 60.9
58.7
12
12
13
15
16
61.6
60.9
58.7
14
16
16
16
Gross margin (%)
61.3 61.4
62.3
5
7
5
7
6
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: EU inhaler market – Cipla likely to launch MDI products over next 12-18 months
MDI (USD m)
232
498
432
361
64
UK
France
248
44
Spain
293
52
Italy
226
40
Germany
DPI (USD m)
166
Others
Source: Company, MOSL
12 February 2015
5

Cipla
Exhibit 12: Formulation led sales growth
Formulations (INR b)
API (INR b)
24.1%
7
8
21.7%
Exhibit 13: EBITDA growth improving with export growth
EBITDA (INR b)
26.5%
23.6%
EBITDA Margin
21.1% 19.9% 21.6%
23.0%
6
45
6
48
7
55
7
62
7
75
7
90
6
102
124
146
14
FY10
14
FY11
17
22
21
22
29
36
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
FY12
FY13
FY14
FY15E FY16E FY17E
Source: Company, MOSL
Exhibit 14: Inhaler launches and ARV tenders to drive exports Exhibit 15: Stronger earnings growth ahead
Export Formulations (INR b)
27.1
15.3
6.8
23
FY10
27
FY11
10.9
30
FY12
38
FY13
49
FY14
29.6
YoY Growth (%)
25.8
18.3
10.6
54
68
80
12.1
12.6
12.0
0.6
13.6
5.0
14.2
0.0
17.3
0.0
15.1
22.2
29.3
Core EPS (INR/ share)
0.0
FY15E FY16E FY17E
Source: Company, MOSL
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
Exhibit 16: Steady ramp up in India formulation business
DF Revenue (INR b)
14.0
14.6
12.0
YoY Growth (%)
16.0
17.0
17.0
Exhibit 17: Better inventory management to improve cash
cycle
Inventory Days
Creditor Days
166
177
185
184
191
Debtor Days
Cash conv. cycle Days
192
157
10.2
12.2
25
FY10
28
FY11
32
FY12
37
41
48
56
65
117
119
FY13
FY14
FY15E
FY16E
FY17E
FY09
FY10
FY11
FY12
FY13
FY14 FY15E FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 18: Return ratios to remain under pressure
22.3
22.4
17.2
RoE (%)
20.8
15.3
14.4
16.4
14.3
15.5
13.1
13.8
13.7
16.6
ROIC (%)
20.3
Exhibit 19: Intangible asset on account of Medpro acquisition
Tangible Assets (INR b)
Intangible Assets (INR b)
26
14.1
15.9
0
24
0
27
0
34
0
36
0
40
43
26
26
26
12.7
11.0
44
44
45
FY09
FY10
FY11
FY12
FY13
FY14 FY15E FY16E FY17E
Source: Company, MOSL
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
12 February 2015
6

Cipla
Financials and valuations
Key assumption
Segment growth
India
Exports form
Exports API
Total sales
Expenses
Raw material
Staff cost
EBITDA Margins
2010
10.2
6.8
-0.3
7.5
43.9
5.7
24.1
2011
12.2
15.3
17.1
14.1
43.9
8.9
21.7
2012
14.0
10.9
6.6
11.9
39.0
11.0
23.6
2013
14.6
27.1
-9.7
17.4
35.7
12.5
26.5
2014
12.0
29.6
13.3
20.3
38.4
15.3
21.1
2015E
16.0
10.6
-16.0
10.8
36.9
17.5
19.9
2016E
17.0
25.8
18.0
21.5
36.0
17.5
21.6
2017E
17.0
18.3
5.0
17.0
34.7
17.5
23.0
Income Statement
Y/E March
Net Income
Change (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT before EO Items
Extra Ordinary Expense
PBT but after EO Exp.
Tax
Tax Rate (%)
Minority Interest
Income from associates
Reported PAT
Adj PAT
Change (%)
Margin (%)
2010
56,249
7.7
42,717
13,532
10.7
24.1
1,878
11,654
237
883
12,300
-808
13,107
2,293
17.5
2011
63,238
12.4
49,546
13,692
1.2
21.7
2,733
10,959
173
711
11,497
-90
11,586
1,914
16.5
2012
70,207
11.0
53,619
16,589
21.2
23.6
3,122
13,466
238
722
13,950
-369
14,319
2,907
20.3
2013
82,793
17.9
60,815
21,979
32.5
26.5
3,305
18,674
276
1,323
19,721
-1,233
20,954
5,443
26.0
0.0
-62
15,449
11,440
4.7
13.8
2014
101,004
22.0
79,673
21,331
-2.9
21.1
3,726
17,604
711
1,500
18,393
-408
18,800
4,634
24.6
159.3
-123
13,884
13,859
21.1
13.7
2015E
111,558
10.4
89,396
22,161
3.9
19.9
4,956
17,205
1,624
1,444
17,024
0
17,024
4,304
25.3
322.2
-265
12,133
12,133
-12.5
10.9
2016E
134,655
20.7
105,569
2017E
157,373
16.9
121,177
10,815
10,149
4.6
18.0
9,673
9,598
-5.4
15.2
11,412
10,927
13.9
15.6
29,085
36,196
31.2
24.4
21.6
23.0
5,460
5,645
23,625
30,551
1,186
956
1,775
2,100
24,214
31,695
0
0
24,214
31,695
5,811
7,607
24.0
24.0
380.0
400.0
-175
-200
17,848
23,488
17,848
23,488
47.1
31.6
13.3
14.9
Source: Company, MOSL
12 February 2015
7

Cipla
Financials and valuations
Balance Sheet
Y/E March
Equity Share Capital
Reserves
Net Worth
Loans
Deferred Liabilities
Minority Interst
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
2010
1,606
57,410
59,106
51
1792
60,948
28,973
8,861
20,112
6,842
2,464
43,673
15,126
15,666
621
12,260
12,143
9,980
2,164
31,530
60,948
2011
1,606
64,966
66,661
5,410
2131
0
74,202
42,406
11,464
30,942
2,853
5,908
46,263
19,061
14,908
960
11,334
11,764
9,562
2,203
34,499
74,202
2012
1,606
74,694
76,389
135
2332
0
78,856
46,269
14,111
32,158
3,712
12,688
44,945
18,501
15,536
905
10,003
14,646
12,214
2,432
30,299
78,856
2013
1,606
88,491
90,187
9,971
2805
0
102,963
53,279
17,076
36,203
3,674
25,324
51,376
23,871
16,688
1,430
9,387
13,615
10,791
2,824
37,761
102,963
2014
1,606
98,808
100,504
12,609
3090
496
116,698
87,604
21,757
65,847
3,536
7,086
57,535
28,953
16,389
1,752
10,442
17,306
13,882
3,424
40,229
116,698
2015E
1,606
109,126
110,822
12,309
3119
496
126,745
92,604
26,713
65,891
3,536
7,086
78,353
26,913
27,555
12,701
11,184
28,121
22,668
5,453
50,232
126,745
2016E
1,606
124,860
126,556
10,309
3119
496
140,479
98,104
32,173
65,930
3,536
7,086
2017E
1,606
146,000
147,696
8,309
3119
496
159,619
105,104
37,819
67,285
3,536
7,086
97,030
119,321
31,655
35,659
33,260
38,871
20,115
31,890
12,001
12,900
33,103
37,608
26,662
30,035
6,441
7,574
63,927
81,712
140,479
159,619
Source: Company, MOSL
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Fixed Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Working Capital (Days)
Leverage Ratio (x)
Current Ratio
Debt/Equity
2010
12.6
15.0
73.5
0.2
19.8
2011
12.0
15.4
82.9
0.3
30.8
2012
13.9
13.6
17.5
95.0
0.2
14.4
48.6
37.8
7.0
7.6
32.0
0.0
17.2
20.6
2.8
102
98
201
3.6
0.0
14.4
15.7
2.5
86
110
194
3.9
0.1
14.3
18.0
2.2
81
96
153
3.1
0.0
2013
14.2
18.4
112.2
2.0
12.2
46.5
36.0
5.9
6.5
24.6
0.3
12.7
19.4
2.4
74
105
160
3.8
0.1
2014
17.3
21.9
125.1
2.0
13.5
38.4
30.2
5.3
5.4
25.4
0.3
13.8
16.4
2.0
59
105
136
3.3
0.1
2015E
15.1
21.3
137.9
2.0
15.5
43.8
31.1
4.8
4.8
24.0
0.3
11.0
14.7
1.7
90
88
150
2.8
0.0
2016E
22.2
29.0
157.5
2.2
11.8
29.8
22.8
4.2
3.9
17.9
0.3
14.1
18.1
2.0
90
86
173
2017E
29.3
36.3
183.8
2.5
10.0
22.6
18.2
3.6
3.2
14.0
0.4
15.9
20.5
2.4
90
83
190
2.9
3.2
-0.1
-0.2
Source: Company, MOSL
12 February 2015
8

Cipla
Financials and valuations
Cash Flow Statement
Y/E March
Op. Profit/(Loss) before Tax
Interest/Dividends Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
EO expense
CF from Oper. incl EO Expense
(inc)/dec in FA
(Pur)/Sale of Investments
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2010
13,532
883
-2,143
-1,310
10,962
-808
11,770
-5,244
-1,664
-6,908
6,994
-9,352
-237
-2,145
-35
-4,775
87
534
621
2011
13,692
711
-1,574
-2,630
10,199
-90
10,289
-9,574
-3,444
-13,018
866
5,359
-173
-2,983
-1
3,068
339
621
960
2012
16,589
722
-2,706
4,145
18,750
-369
19,119
-5,197
-6,780
-11,977
-39
-5,275
-238
-1,645
1
-7,197
-55
960
905
2013
21,979
1,323
-4,970
-6,937
11,395
-1,233
12,627
-7,313
-12,636
-19,949
228
9,836
-276
-1,879
-62
7,847
526
905
1,430
2014
21,331
1,500
-4,349
-2,147
16,334
-408
16,741
-33,232
18,239
-14,993
-1,689
2,638
-711
-1,879
213
-1,427
321
1,430
1,751
2015E
22,161
1,444
-4,276
947
20,276
0
20,276
-5,000
0
-5,000
64
-300
-1,624
-1,879
-587
-4,326
10,950
1,752
12,701
2016E
29,085
1,775
-5,811
-6,281
18,767
0
18,767
-5,500
0
-5,500
0
-2,000
-1,186
-2,114
-555
-5,854
7,413
12,701
20,115
2017E
36,196
2,100
-7,607
-6,009
24,680
0
24,680
-7,000
0
-7,000
0
-2,000
-956
-2,348
-600
-5,904
11,776
20,115
31,890
12 February 2015
9

Cipla
Corporate profile: Cipla
Company description
Cipla is the largest player in the domestic
formulations market and has a presence across
most therapeutic areas. The company also has
robust exports to several markets including US,
Europe, South Africa, Australia and the Middle
East. Cipla's strategy for regulated markets (Europe
and US) exports is built around supply tie-ups with
global players.
Exhibit 20: Sensex rebased
Exhibit 21: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
36.8
11.4
25.7
26.2
Sep-14
36.8
12.1
23.7
27.4
Dec-13
36.8
10.6
24.9
27.7
Exhibit 22: Top holders
Holder Name
LIC of India
Oppenheimer Developing Markets Fund
Virtus Emerging Markets Opportunities Fund
Vontobel India Fund
Vontobel Fund A/C Vontobel Fund Emerging
% Holding
6.7
2.8
1.6
1.1
1.1
Note: FII Includes depository receipts
Exhibit 23: Top management
Name
Y K Hamied
M K Hamied
Subhanu Saxena
Rajesh Garg
Designation
Chairman
Vice Chairman
Managing Director & CEO
Executive Director & CFO
Exhibit 24: Directors
Name
Y K Hamied
M K Hamied
Subhanu Saxena
Ashok Sinha*
Peter Mugyenyi*
Name
Rajesh Garg
Punita Lal*
Nachiket Mor*
S Radhakrishnan
Adil Zainulbhai
*Independent
Exhibit 25: Auditors
Name
R G N Price & Co
V Sankar Aiyar & Co
D H Zaveri
Type
Statutory
Statutory
Cost Auditor
Exhibit 26: MOSL forecast v/s consensus
EPS
(INR)
FY15
FY16
FY17
MOSL
forecast
15.1
22.2
29.3
Consensus
forecast
17.3
23.5
30.0
Variation
(%)
-12.7
-5.7
-2.4
12 February 2015
10

Cipla
NOTES
12 February 2015
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