Cipla Ltd
Cipla Ltd

Cipla posts 5.7% rise in net profit to 351 crore for fiscal Q3

  • Profit was lower than 431.2 crore estimated by a Bloomberg poll of 24 analysts
  • Consolidated revenue from operations stood at 4,371 crore, up 9.1% from 4,007.54 crore reported a year ago

Mumbai: Pharmaceutical company Cipla Ltd reported a 5.7% year-on-year increase in its consolidated net profit to 351.03 crore for the October-December quarter on the back strong growth across prescription and trade generic businesses.

Profit was, however, lower than 431.2 crore estimated by a Bloomberg poll of 24 analysts.

Consolidated total revenue from operations stood at 4,371 crore for the quarter under review, up 9.1% from 4,007.54 crore reported a year ago, Cipla said in a filing to the BSE. The company's prescription business grew 14% year-on-year (YoY), while trade generics business recorded a 7% growth.

"India business continued its momentum with strong double digit growth in the prescription business, growth coming back in the trade generics business, South Africa’s private market franchise continued to outperform the market significantly and the US generics business retained a healthy share in key assets despite multiple competitive entries," said Cipla MD and CEO Umang Vohra.

"Under our One India vision, we have integrated our formidable prescription & trade generics franchise along with our progressive wellness portfolio of Cipla Health. We have already taken initial actions on portfolio and our leadership structure to leverage the synergies which in the coming quarters will evolve significantly," Vohra said.

Earnings before, interest, tax, depreciation and amortisation (EBITDA) increased 7.16% to 758.33 crore, while EBITDA margin dropped 31 bps YoY to 17.35%.

The company's tax expense stood at 152.82 crore versus 125.68crore, a rise of 27.14% YoY. Spend on research and development in October-December was at 308 crore or 7.05% to sales.

Cipla’s India sales, which make up over a third of the topline, grew 13% to 1,777 crore, driven by performance across both chronic and acute therapies and continued to maintain leadership position across respiratory and urology the company said.

Revenue from the US market rose 13% to $133 million as the company managed to maintain its share in key product categories despite multiple competitors entering the market, and as contribution from Cinacalcet in value terms largely normalized, it said.

Shares of Cipla closed 0.6% lower at 4,446.10 on BSE today.

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