Kotak Sec, Cipla: Lower allocations in 2014 ARV tender

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Cipla: Lower allocations in 2014 ARV tender
 Highlights of 2015/17 South African ARV tenders
 Prudent decision to limit allocation and utilize Durban facility

Lower allocations in 2014 ARV tender. The South African government has
announced results of 2015-17 ARV tenders. While full details are yet to emerge, Cipla,
has received allocation of R2 bn (+27%), though on an annualized basis, it represents a
decline of 15% with its share down to 7.2% from 24.5% in the previous tender. With
a bulk of supplies set to be delivered from the unutilized Durban facility, and given our
belief of a skew towards 3-in-1’s, we believe this is a prudent decision by the
management to balance the mix of tenders in the overall mix

LINK
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily24122014an.pdf