Mumbai: Drugmaker Cadila Healthcare’s quarterly net profit jumped 50.4 %, substantially beating street estimates, on robust growth in sales coupled with forex gains.
The Ahmedabad-based firm on Friday reported a consolidated net profit of Rs 179 crore on net sales of Rs 1,169 crore for January-March.
A Reuters’ poll of 18 brokerages had forecast a consolidated quarterly net profit of Rs 143 crroe on net sales of Rs 1,030 crore for Cadila.
The company, which has manufacturing and marketing tie-ups with global firms like Abbott Laboratories , Bayer AG, Hospira Inc and unlisted Swiss drugmaker Nycomed, reported a 43.25% rise in January-March net sales, it said.
The rise in profit was also boosted by foreign exchange gains of 160.1 million rupees in January-March versus a loss of Rs 1.11 crore last year, it said.
On Thursday, Cadila’s unit Zydus Wellness reported an 8% rise in net profit to Rs 18.81 crore on net sales of Rs 77.39 crroe in January-March.
At 2:07 p.m., shares of Cadila Healthcare were trading at Rs 873.90, up 2.83% in a firm Mumbai market.