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Cipla Q3 profit up 7% to Rs 4 bn, India revenue swells 15% to Rs 16 bn

Revenue from North America fell 2 percent due to ongoing pricing pressures in the generics market

Reuters 

Cipla Q3 profit up 7% to Rs 4 bn, India revenue swells 15% to Rs 16 bn

Cipla Ltd, India's fourth-largest drugmaker by revenue, said third-quarter net profit rose 7 percent on strong domestic sales, but fell short of analysts' estimates.

Net profit attributable to shareholders climbed to Rs 4.01 billion ($62.54 million) in the quarter ended Dec. 31, from Rs 3.75 billion a year earlier.

That compared with an average estimate of Rs 4.44 billion in profit drawn from 18 analysts polled by Thomson Reuters.

Including a one-off positive impact of Rs 1.07 billion due to recalculation of deferred tax assets and liabilities on account of the tax reforms in the United States, profit rose about 25 percent from a year earlier, the company said.

Revenue from India, its biggest market, rose 15 percent to Rs 16.01 billion.

Domestic revenue accounted for more than a third of the total revenue, which rose 7 percent to Rs 39.14 billion.

Revenue from North America fell 2 percent due to ongoing pricing pressures in the generics market because of increased competition.

($1 = 64.1150 Indian rupees)

First Published: Wed, February 07 2018. 17:09 IST
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