Cipla Q1 net profit jump 10%, revenue rise by 19%

Drug major Cipla surprised the street by posting 10 percent increase in consolidated net profit for April-June at Rs 485 crore as against Rs 440 crore in the year ago period.

The Mumbai based company’s consolidated net sales too rose by 19% year-on-year to Rs 2307 crore. 

Analysts on an average expected the company to report a fall of 17 Y-o-Y fall in consolidated net profit at Rs 332 crore, according to a CNBC-TV18 poll. Revenues were seen rising 9 percent year-on-year to Rs 2,141 crore during the quarter.

Also read: Sun Pharma posts Rs 1276 cr loss in Q1 on Pfizer settlement

Cipla’s consolidated Earnings before interest, taxes, depreciation, and amortization (Ebitda) was at Rs 512 crore vesrus Rs 508 crore in the year-ago period. It’s EBITDA margins however dropped to 22 percent from 26.3 percent due to higher reaserch and development cost. Analyst had expected the company to post operating margin of 23 percent.

Cipla said its domestic revenues grew by 16.7 per cent to Rs 1,132 crore during the first quarter, compared to Rs 970 crore in the year-ago period. "The growth in domestic revenues was largely on account of growth in anti-asthma, anti-biotics, infectives and cardiovascular therapy segments," the company said.

Exports of formulations in Q1 grew by 27.7 per cent to Rs 1,034 crore, up from Rs 810 crore in Q1, 2012-13. "The growth in export revenues was primarily due to growth in anti-retroviral, anti-asthma and anti-allergic segments," the drug firm said.

Cipla said exports of active pharma ingredients (API) fell by 13.1 per cent to Rs 146 crore, compared to Rs 168 crore during the same period of previous financial year.