Drug major Cipla today reported a 34.74 percent slide in its consolidated net profit to Rs 354.34 crore for the second quarter ended September 2016, mainly on account of increase in expenditure.
The company had posted a net profit after taxes, minority interest and share of profit/loss of the associates of Rs 543.02 crore for the same period a year ago, Cipla said in a filing to BSE.
Consolidated total income from operations, however, rose to Rs 3,751.02 crore for the quarter under review as against Rs 3,455.09 crore a year earlier.
Cipla MD and Global CEO Umang Vohra said: "The performance reflects improvement in the quality of the base business, endorsing our strategic intent of investing in future through increased R&D efforts." The company continues to stay focused on building operational efficiencies and strengthening its presence in priority markets.
The company launched six new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said.
The integration plan of InvaGen Pharmaceuticals Inc and Exelan Pharmaceuticals Inc is on track, it added.
The stock today closed at Rs 528.10 on BSE, down 1.52 percent from its previous close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
