Q2FY11 Cipla (Sept qtr) preview by Centrum,

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Cipla (Rating – Sell; Target Price – Rs300)
􀂁 We expect topline growth of 8.2% YoY to Rs15.6bn, owing to the company’s significant
presence in the acute diseases segment of the domestic market.
􀂁 However, we expect margin pressures to continue and EBIDTA margin to degrow by 340bps on
a YoY basis to 22.5%.
􀂁 We also expect the adjusted PAT to drop 2.2% to Rs2.6bn