Cipla net profit falls 68% to Rs81 crore
Total income in the quarter increases 8% to Rs3,206 crore from Rs2,980 crore a year ago
Mumbai: Cipla Ltd, India’s second-largest drug maker by sales, on Tuesday posted a decline of 68% in net profit for the quarter ended 31 March from a year ago.
Net profit fell to ₹ 80.87 crore in the three months from ₹ 259.66 crore in the year-ago quarter, the company said.
Revenue increased to ₹ 3,206 crore from ₹ 2,980 crore, an increase of 8%.
Cipla shares closed at ₹ 494.9 on the BSE, down 0.5%, on a day the benchmark Sensex rose 0.3% to 25,305.47 points.
For the year ended 31 March, net profit rose to ₹ 1,506 crore from ₹ 1,181 crore. Revenue increased to ₹ 13,372.4 crore from ₹ 10,882 crore.
The company’s domestic business contributed 40% to overall annual sales. Cipla has a share of 5.3% in the Indian pharmaceutical market, the company said.
Domestic sales grew 16% to ₹ 1,258 crore in the March quarter, from ₹ 1,086 crore a year ago. Exports of formulations increased 3.2% to ₹ 1,744 crore, from ₹ 1,690 crore during the quarter.
Cipla, for which the US makes up less than 10% of revenue, has been expanding its presence in the world’s biggest pharma market through multiple acquisitions, with plans to double revenue from the country to 15-20% of its total by 2020.
In September, Cipla EU Ltd acquired two US-based companies—InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc—for $550 million.
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