Cipla Q4 loss narrows to Rs 62 crore

Analysts on average had expected the firm would report a profit of Rs 345 crore

Cipla, India's fifth-largest drugmaker by sales, reported a smaller quarterly loss, in the fourth quarter (Q) of the financial year (FY) 2016-17.

The company's net loss in Q4 narrowed to Rs 61.79 crore ($9.56 million) from a loss of Rs 92.83 crore in the corresponding period of the previous FY.

Consolidated total income of the company rose to Rs 3,604.79 crore for the quarter under consideration as against Rs 3,373.91 crore for the same period a year ago.

In FY17, the net profit of the company stood at Rs 1,006.39 crore. It was Rs 1,359.99 crore for the year-ago period.

Total income of the company stood at Rs 14,858.93 crore in FY17 as against Rs 13,998.31 crore in FY16.

The quarter includes a one-off non-cash impairment charge of Rs 2,142 crore related to litigation expenses, and the company also took a provision of Rs 56 crore related to its unit Cipla Biotech in the quarter, it said in a statement.

In another filing, the company said its board has recommended a dividend of Rs 2 per equity share for the year 2016-2017.

Shares of Cipla closed 3.12 per cent lower at Rs 504.10 per scrip on BSE on Thursday.