Mumbai:Drug maker Cadila Healthcare Ltd on Monday reported a 39% rise in quarterly net profit bolstered by exports to the US and Europe, beating analysts’ estimates and lifting the shares.
For the quarter ended 30 June, the Ahmedabad-based drug maker’s net profit was Rs1.25 billion, better than analysts’s estimates for Rs1.06 billion. Total income for the quarter rose 27% to Rs9.08 billion.
“These are very good set of numbers,” said Sarabjit Kour Nangra, vice president - research, pharmaceuticals at Angel Broking. “Formulations exports have grown much above expectations.”
A 66% rise in formulations exports was driven by an 81% leap in US sales to Rs1.48 billion, Cadila said in a statment. In May, it launched mycophenolate mofetil tablets and capsules, used to prevent the rejection of transplanted organs, in the US.
Europe sales rose 39% to Rs638 million, while its domestic formulations business rose 13%, it added.
Shares in the company have risen 39% in the April-June quarter faster than the BSE healthcare index’s.
On Monday, the company’s shares reached a record Rs402 immediately after the result announcement and retreated slightly to close 3.3% higher at Rs401.85.