Cipla Q2 Profit Soars 19 per Cent To Rs 423 Crore On Higher Domestic Sales

Cipla posted its second straight rise in quarterly profit, slightly above analysts' estimate, boosted by strong domestic sales.

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Cipla Q2 Profit Soars 19 per Cent To Rs 423 Crore On Higher Domestic Sales

Cipla's Q2 profit rose 19 per cent to Rs 423 crore

Cipla Ltd, India's second largest drugmaker by market capitalisation, posted its second straight rise in quarterly profit, slightly above analysts' estimate, boosted by strong domestic sales.
Revenue from India, its biggest market, rose 12 per cent to Rs 1,646 crore ($253.45 million) in the quarter. Domestic revenue accounted for 40 percent of total revenue, which rose 9 per cent to Rs 4,082 crore.

"The domestic business witnessed significant ramp-up in line with strong offtake," said Umang Vohra, global chief executive of Cipla.

However, revenue from North America fell 7 percent to 6.18 billion rupees. Sales have been hit by increased regulatory scrutiny over pricing of generic drugs.

Profit rose 19 per cent to Rs 423 crore in the quarter ended Sept. 30, the company said. That compares with an average expectation of Rs 420 crore in profit, drawn from 18 analysts polled by Thomson Reuters.

Cipla's stock was down 5.6 per cent as of 2.29 pm in a broader Indian market that was 0.96 per cent lower.

© Thomson Reuters 2017


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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