The company's CEO, Subhanu Saxena, in an exclusive conversation with CNBC-TV18's Archana Shukla says the focus is on building the company for the long term.
One of the country's oldest and largest drugmaker Cipla has been often spoken as an acquisition target by MNCs wanting to expand in India. The company's CEO, Subhanu Saxena, in an exclusive conversation with CNBC-TV18's Archana Shukla however, denies any talks and says the focus is on building the company long term.
Below is the verbatim transcript of Subhanu Saxena's interview with Archana Shukla.
Q: Cipla is often spoken as an acquisition target by MNCs wanting to expand in India, your comments?
A: In these kind of roles, in these companies, I think you hear different rumours every three days in five different directions and you just learn to ignore them and stay focused on the mission. Dr Hamied has said three things to me when I came to the company, first was build the company for the next 80 years, don't get distracted by all this noise, the second was don't bet the house. No need to take crazy risks. Cipla is a company with very low levels of debt, we don't need to take crazy risks, we have a lot already in our hands to execute and the third was focus on long-term decisions, don't get sidetracked by quarterly numbers and make sure we make the right decisions that build a strong company for the long term. So, people always speak and speculate, I never react to those.
Q: You think all of this has been entirely speculation and rumours?
A: Absolutely.
Q: There have been suitors for Cipla you are saying?
A: What we have been discussing are partnerships. So, we have done in licensing deals. So, what we have been doing is working with multi-nationals where it makes sense to in licence the medicines for India. So, during my time I have received no formal offer. We know what we need to do and we are going to stay focused on our mission.
Q: No suitors for Cipla, but is Cipla eyeing some company, would that be on the radar to expand and grow from where you are?
A: As I said earlier, we don't see the need to do any kind of mega transformational deal. If I am looking it will be for specific platforms or geographies that may complement what we are already doing but I have said already 70 percent of our growth is going to be organic, from what is in our hands today and the rest more what I call semi-inorganic through partnerships.
Cipla stock price
On September 29, 2014, Cipla closed at Rs 615.90, up Rs 4.40, or 0.72 percent. The 52-week high of the share was Rs 639.05 and the 52-week low was Rs 366.70.
The company's trailing 12-month (TTM) EPS was at Rs 15.51 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 39.71. The latest book value of the company is Rs 125.69 per share. At current value, the price-to-book value of the company is 4.90.
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