Cipla’s Kamil Hamied back on board; Q2 net profit rises 15% to ₹1,303 crore
The Mumbai-based firm’s consolidated revenue from operations rose to ₹7,051.02 crore in the September quarter, up from ₹6,678.15 crore a year ago.
Mumbai: Drugmaker Cipla Ltd is set to see promoter Kamil Hamied make a re-entry on its board of directors starting 1 November. The 42-year-old Hamied, who will return after more than nine years, will be a non-executive director, continuing to represent the promoter family.
In a press briefing on Tuesday, the firm clarified his role as a promoter who will manage the value systems, growth and relevance of Cipla. “It's going to be similar to the role that most promoters play in other entities,” Cipla managing director and global chief executive Umang Vohra told reporters.
‘Role is more about shepherding value systems, growth agenda’
“At least what we've heard…this is not a role where the role runs the day-to-day operations of the company. The role is more about shepherding the value systems and the growth agenda for the company,” Vohra added.
The press briefing was called to announce the quarterly results, which were in line with expectations. Cipla on Tuesday reported a consolidated net profit of ₹1,303.53 crore in the fiscal second quarter (Q2FY25), up 15.2% from ₹1,131 crore a year ago. Sequentially, the consolidated net profit was up 10.6%.
Also Read | Cipla Q2 Results: Net profit rises 15.2% YoY to ₹1,303 crore, revenue up 10.5%
The Mumbai-based firm’s consolidated revenue from operations rose to ₹7,051.02 crore in the September quarter, up from ₹6,678.15 crore a year ago.
Its earnings before interest, taxes, depreciation, and amortization increased 11.6% year-on-year to ₹1,886 crore. Its One India Business grew 5% year-on-year, driven by a robust branded prescription business, which continued to outpace the market in key chronic therapies. The firm’s North America revenue rose 4% on the back of its cancer drug Lanreotide and respiratory drug Albuterol.
Also Read: Cipla promoters plan to sell 2.53% stake
Meanwhile, Hamied, once the heir apparent at the pharma major, was previously chief strategy officer of Cipla. He stepped down from the role in 2015 to pursue personal interests. His resumption on the board was announced this year in September, coinciding with his father M.K. Hamied’s resignation announcement.
M.K. Hamied, 83, announced his departure citing health and age. His daughter Samina Hamied also stepped down as Cipla’s executive vice-chairperson on 31 March 2024 citing “personal and family commitments”. In a letter to the board, M.K. Hamied wrote “I am pleased to see that Kamil Hamied will be joining the Board as a Non-Executive Director to maintain continuity while representing the promoter family”.
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Business NewsCompaniesCipla’s Kamil Hamied back on board; Q2 net profit rises 15% to ₹1,303 crore
First Published:29 Oct 2024, 08:26 PM IST
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