Cipla was trading at Rs 950.80, down Rs 3.40, or 0.36 percent, in the morning session on June 1, as the pharma company announced that the proposed sale of stake in Cipla Quality Chemical Industries Limited (CQCIL), the step-down subsidiary in Uganda, would be completed on or before July 31, 2023.
The timeline is subject to getting regulatory approvals and satisfaction of conditions as agreed in the share purchase agreement (SPA) signed between the parties and may be further extended as mutually agreed between the parties, the company said.
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The pharmaceutical company recorded a consolidated net profit of Rs 525.65 crore for January-March, 45.3 percent higher than Rs 362.07 crore in the year-ago period.
Revenue also grew 9.1 percent on year to Rs 5,739.30 crore, from Rs 5,260.33 crore seen in the same quarter of the previous year.
During the quarter the EBIDTA (earnings before interest, taxes, depreciation and amortisation) margin expanded to 20.5 percent in the fourth quarter from 14.3 percent in the year-ago period. The improved operating metric is primarily driven by a better product mix, the company said.
The share touched a 52-week high of Rs 1,185.20 on November 1, 2022 and a 52-week low of Rs 852 and March 22, 2023. It is trading 19.78 percent below its 52-week high and 11.6 percent above its 52-week low.
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