Moneycontrol Bureau
Mumbai-based healthcare firm Cipla's third quarter (October-December) standalone net profit fell 23 percent year-on-year to Rs 260.8 crore on higher expenses and weak operational performance.
Net sales grew 10 percent to Rs 2,281 crore from Rs 2,079 crore during the same period while total expenses jumped 18 percent to Rs 1,961 crore compared to a year-ago period.
According to CNBC-TV18 poll, analysts had expected the company to report net profit of Rs 359.6 crore on revenues of Rs 2,526 crore for the quarter.
Earnings before interest, tax, depreciation and amortisation slipped 18 percent on yearly basis to Rs 403 crore and operating profit margin declined 610 basis points to 17.7 percent during October-December quarter.
Domestic business revenues grew 12.6 percent year-on-year to Rs 1,044 crore on account of growth in respiratory, anti-infectives and cardiology, the company said in its filing.
Exports of formulations rose 34.4 percent to Rs 1,352 crore during Q3FY14, up from Rs 1,006 crore in a year-ago period. The company said previous year’s results include one-time profit share revenues from Escitalopram through US partner.
Exports of APIs grew 14 percent to Rs 157 crore. "The growth in export revenues was primarily due to growth in anti-retroviral, anti-cancer, anti-allergic and anti-biotic segments," the company reasoned.
Meanwhile, the board of directors of the company today appointed Dr Peter Mugyenyi as an additional director with effect from today to hold office as an independent director of the company.
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