Cipla Ltd. share price target

Considering a healthy pipeline of niche products and superior execution in the
branded generics segment, we value Cipla on SOTP basis (24x 12M forward
earnings and NPV of INR30 for g-Revlimid) to arrive at our TP of INR1,700. We
maintain BUY rating on the stock.

Strong traction in North America business and consistent performance in One-India; South Africa and Global Access business stabilising

We have BUY on the stock

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership

The company launching new products in the market. gSynbicort and one Peptide ($300-400 Mn) product have been already launched in the last quarter and the company has planned to launch 4 more peptides in FY25E.