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Corporates
Pharmaceuticals
Cipla Limited
Full Rating Report

Key Rating Drivers
Comfortable Leverage: India Ratings & Research (Ind-Ra) assigned Cipla Limited’s (Cipla)
INR10,000m commercial paper/short-term debt programme a Short-Term Rating of ‘IND A1+’ on 29 April 2013. The rating reflects Cipla’s low leverage (adjusted debt net of cash/EBITDAR) of below 1.5x over FY09-FY12 (year end March) providing it headroom to take on additional Financial Data
debt. Despite investments in capex, free cash flows (FCF) were positive and debt was minimal Cipla Limited
over the same period. Ind-Ra expects growth in EBITDA, coupled with limited capex spends and no major deterioration in working capital cycle, to result in liquidity remaining comfortable. Robust Growth Prospects: The rating also factors Cipla’s growth in revenue and profitability
in FY13 led by a favourable demand for low-cost generics and its readily available regulatory approved large manufacturing facilities. For FY13, Cipla’s revenue grew 18% yoy, led by growth in export revenue of 20% to INR44bn and domestic revenue growth of 15% yoy to INR37bn. Export growth was supported by the overall growth in most of the markets coupled with one-time benefits from the drug Escitalopram and rupee depreciation. One-time benefits also positively impacted EBITDAR margins which stood at 27% versus 24% in the prior period. Leading Domestic Formulations Player: Cipla is one of the top players in the Indian
formulation market with a field force of about 8,000 representatives and strong penetration in the semi-urban market. With a rise in disposable income, growing investments in healthcare and continuous launch of products, domestic revenue will continue grow over the medium term. However, growth could see moderation on account of the impact of the new drug pricing policy. Growth in Exports: Cipla’s export revenue in the past has largely relied on a partnership
based model; wherein it would sell generics to foreign partners. However, the company is looking at building its own front-end network in select geographies. In FY13, the company announced the acquisition of Cipla Medpro South Africa Ltd. for USD512m. The deal, which has received shareholder approval and is pending regulatory approval, will provide Cipla with its own front-end in the South African market that contributes significantly to its export revenue. The company is building its own product pipeline in the US market. As on date, it has a total of five ANDA (abbreviated new drug application) filings with the USFDA (US Food and Drug Administration). It is looking at increasing its filings year on year, the benefits of which are likely Rating Sensitivities
Liquidity: Any unexpected and significant deterioration in liquidity led by a decline in EBITDAR
and/or higher-than-expected cash outflow on account of acquisitions/capex could lead to a Liquidity and Debt Structure
Comfortable Liquidity: Cipla will fund the USD512m acquisition’s major portion via internal
Analysts
Debt: As on FYE12, Cipla’s total adjusted debt stood at INR16.8m, 98% of which was in the
form of a contingent liability. Cipla has some pending legal cases of alleged overcharging with respect to a certain drugs under Drug Price Control Order. The total amount of demand notices Corporates
Business Background
Established in 1935, Cipla is a global pharmaceutical company with a strong presence in the domestic formulation market. The company has a wide product portfolio with over 2,000 products covering 65 therapeutic segments and over 40 dosage forms. The company has 34 manufacturing facilities that have been approved by various regulatory authorities and exports to several markets including the US, Europe, South Africa, Australia and the Middle East. Figure 1
Shareholder Pattern as on 31 March 2013
Shareholder category

Holding (%)

Management Strategy
Cipla is actively looking at a shift in its export strategy. So far, Cipla’s exports have largely relied on a partnership model that supplies low-cost generic drugs to its foreign partners. However, going forward, the company is looking at actively building a front-end presence in In terms of capital expenditure, the company is not looking at creating any additional significant capacities in the medium term. The existing capacities are yet to be fully utilised and would be sufficient for growth over the medium term. However, acquisitions, given its strategy to set up a In November 2012, Cipla offered to buy 51% of CiplaMedpro at 8.55 South African Rands (Rand) a share. In February 2013, Cipla raised it to 10 Rands a share (total offer price USD512m) to buy 100% of CiplaMedpro. The deal would allow Cipla to have its own front-end in the African market that contributes 40% to its export revenues. This is a concrete step and a significant shift in Cipla’s export strategy. In addition to the African market, Cipla is also looking at an active front end presence in the US markets, benefits of which would accrue over a long term. The company has started to file abbreviated new drug applications in its own name as opposed to its usual practice of filing applications in its partners’ name due to the partnership agreements. The company has five filings of its own and is targeting to file a minimum of 10-15 applications annually. Given the high competition in the US market, Cipla is planning to launch niche and difficult to manufacture products as opposed to me-too products. The company also has a basket of inhalation (respiratory) products, pending approval. In India, wherein the company is a market leader, it is focusing on penetrating in semi-urban cities, increasing institutional selling given the rise in private hospitals and is looking at launching products in high growth segments such as central nervous system and Oncology. Financial Analysis
Over FY09-FY12, Cipla’s revenue grew at a CAGR of 12% to INR70bn. However, during FY10, Cipla reported a lower revenue growth due to the non-availability of imported raw materials, lower tender business and un-favorable currency movements. Post FY10, growth has been modest driven by new products in the domestic market and growth in export revenues. Related Criteria
Corporates
Coupled with revenue growth, EBITDA, during the past three years, grew by 19%. Margins improved in FY10 due to lower low margin tender business, reduction in material costs and other expenses. In FY11, Cipla’s margins were impacted by low fixed cost absorption of its SEZ which commenced operations in April 2010. Margins were also impacted by the absence of operating income i.e. technical fees, export incentives and processing fees (FY10: INR2.6bn, FY09: INR2.7bn). In FY12, margin improvement was guided by the benefit of certain rationalisation measures undertaken in FY11, measures undertaken include to cut off small business, rationalization of Cipla’s antiretroviral drug portfolio, etc. Over FY09-FY12, capex worth INR25bn was incurred mainly to set up manufacturing capacities for formulations, active pharmaceutical ingredients and R&D facilities. The company has also undertaken certain small but targeted acquisitions. High margin of above 20%, coupled with a qualified institutional proceeds issue (INR6.7bn) in FY10 has been used to fund the company’s capex spends and investments. High margin has also resulted in healthy cash flow generation, despite significant investments. Thus, the company has no long-term debt on its books. Debt, if any, is mostly short-term, undertaken for working capital requirements. Over FY09-FY12, Cipla’s working capital cycle has lengthened consistently. This is mainly due to its high inventory days. Given its large product portfolio and in-house manufacturing of certain raw materials, the company has to maintain a certain level of inventory. For debtors, Cipla’s receivable cycle has seen a yoy improvement. For its domestic business, the debtor period is 21-30 days, whereas for exports it is 90 days. Despite a lengthy gross working capital cycle and a reduction in credit period, Cipla’s liquidity is comfortable as reflected in consistent positive cash from operations and minimal utilisation of working capital limits (INR682m within consortium and INR20bn outside consortium). Liquidity is also supported by minimal interest outgo and no major debt repayments. As on FYE12, the company’s cash balance, which includes liquid mutual fund investments, was INR10bn. Corporates
Figure 2
Financial Summary
(INRm)

Summary income statement
Operating EBITDA (before income from associates) Summary balance sheet
Summary cash flow statement
Total non-operating/non-recurring cash flow Coverage ratios
Leverage ratios
Total adjusted net debt/operating EBITDAR Total debt with equity credit/operating EBITDA Corporates
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