BackCipla Q3 profit rises about 7% to Rs401 crore
Cipla net profit rose to Rs401 crore in the third quarter ended 31 December, from Rs375 crore a year earlier
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Bengaluru: Cipla Ltd, India’s fourth-largest drugmaker by revenue, said third-quarter net profit rose 7% on strong domestic sales, but fell short of analysts’ estimates.
Net profit attributable to shareholders climbed to Rs401 crore ($62.54 million) in the quarter ended on 31 December, from Rs375 crore a year earlier.
That compared with an average estimate of Rs444 crore in profit drawn from 18 analysts polled by Thomson Reuters I/B/E/S.
Including a one-off positive impact of Rs107 crore due to recalculation of deferred tax assets and liabilities on account of the tax reforms in the United States, profit rose about 25% from a year earlier, the company said.
Revenue from India, its biggest market, rose 15% to Rs1,601 crore. Domestic revenue accounted for more than a third of the total revenue, which rose 7% to Rs3,914 crore.
Revenue from North America fell 2% due to ongoing pricing pressures in the generics market because of increased competition.
At 2.29pm, Cipla shares were down 0.74% to Rs561.45 on BSE. Reuters
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