Pharma major Cipla on May 10 reported a consolidated net profit of Rs 939 crore for the quarter ended March 2024, making a 78 percent spike over last year's Rs 525.6 crore.
A Moneycontrol poll of eight brokerages pegged the net profit at Rs 891 crore.
Consolidated revenue from operation for the quarter under review stood at Rs 6082 crore, up 4 percent as against Rs 5,793.3 crore in the corresponding period a year ago. A Moneycontrol poll of brokerages pegged the revenue from operations at Rs 6,224 crore.
At the operating level, EBITDA rose 12 percent to Rs 1316 crore as against Rs 1173 crore last fiscal. EBITDA margin stood at 21.3 percent as compared to 20.5 percent in the same period last fiscal.
The India business grew 7 percent YoY backed by branded prescription and trade generics, the company said. Revenue in North American region was at $ 226 million up 11 percent YoY supported by continued growth in key differentiated assets as well as base portfolio, the company said.
The R&D expenses for the quarter are higher by 19 percent YoY at Rs 444 crore or 7.2 percent of the revenue, driven by product filing costs and developmental efforts. On a full year basis, the costs were Rs 1,571 crore or 6.2 percent of the revenue.
During the year, cash outflow towards capital expenditure at Cipla was Rs 1,315 crore spent for growth and improving our capacities and capabilities.
Incorporated in 1935, Cipla was promoted by the late Dr KA Hamied and is currently spearheaded by Dr YK Hamied. The promoter group holds a 33.40 percent equity stake in the company as on June 30, 2023. It is engaged in the manufacturing of formulations and APIs, with over 97 percent of the sales being contributed from the formulation segment in FY23.
Cipla has a diversified product portfolio of more than 1,500 drugs, catering to various segments such as anti-infective, cardiac, gynaecology, and gastrointestinal, in over 80 markets across the world.
Shares of the company reacted negatively to the results. Shares were down 1.18 percent in NSE at Rs 1341.90 at 2.56 pm on May 10.
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