Export growth pushes Cipla's Q1 PAT up 18%

The Mumbai-based Cipla Limited has posted 18% growth in its net profit at Rs 475 crore for the first quarter of FY 14, against Rs 401 crore, on back of strong growth in its export business.

Exports of formulations grew by 28% to Rs 1034 crore during Q1 FY13-14, up from Rs 810 crore during Q1 FY12-13. The growth in export revenues was primarily due to growth in anti-retroviral (anti-AIDS), anti-asthma and anti-allergic segments. However, exports of active pharmaceutical ingredients (APIs) fell by 13% to Rs 146 crore, from Rs 168 crore.

Gross revenues for the quarter also grew by 25% to Rs 2492 crore, up from Rs 1989 crore. On Thursday, shares of Cipla were closed at Rs 410.70, up by 5.09% on BSE.

As per brokerage houses, Cipla's Q1 PAT was estimated at a fall of 15-18% in range of Rs 328-340 crore.

Domestic revenues grew by 17% Rs 1132 crore during Q1 FY13-14, up from Rs 970 cr during, largely on account of growth in anti-asthma, anti-biotics/infectives, and cardiovascular therapy segments, said the company statement.

The material cost is at 41% of total sales in Q1 FY13-14 as compared to 38% in Q1 FY1213.

With a turnover of over $ 1.5 billion, Cipla distributes drugs over 170 countries.