Cipla Q2 cons net profit dips 26.6% to Rs 358.06 cr

Drug maker Cipla’s consolidated net profit for the July-September quarter dipped 26.6 per cent to Rs 358 crore, following lower margins at its subsidiary Cipla Medpro. However, consolidated sales of the Mumbai-headquartered pharmaceutical company jumped 14 per cent during the quarter to Rs 2,463 crore. In the corresponding quarter last year, the company had reported a consolidated net profit of Rs 488 crore on sales of Rs 2,167 crore.  

“Current year figures include the results of Cipla Medpro and its subsidiaries from the date Cipla Medpro became subsidiary of the company; corresponding figures for the previous period are not comparable,” the company said.

The Street was disappointed as the company fell short of meeting estimates.

In the country, Cipla clocked sales of Rs 1,040 crore during the quarter ended September, registering an increase of 11.6 per cent from the year-ago quarter. “The growth in domestic revenues was largely on account of growth in anti-asthma, urology and chronic obstructive pulmonary disease therapy segments,” the company said.     

The company’s formulations exports grew 15 per cent during July-September at Rs 1,219 crore from Rs 1,061 crore during the corresponding period last year. Exports of active pharmaceutical ingredients or raw material used in manufacturing of formulations grew to Rs 204 crore for the quarter from Rs 174 crore for the same period last year. According to the company, the growth in export revenues was primarily led by anti-retroviral, anti-malaria and anti-allergic segments.

On Wednesday, shares of Cipla closed at Rs 412.55 on the BSE exchange, down two per cent from their previous close.