Export pushes Cipla net 62%

Cipla, India's second largest pharma company by value, has posted a 62 per cent growth in net profit for the quarter ended September 30. The company’s profit after tax grew to Rs 500 crore, up from Rs 309 crore a year before, on the back of increased growth in formulation exports. Exports of formulations grew 38 per cent to Rs 1,039 crore, up from Rs 752 crore. On Monday, shares of Cipla closed at Rs 380.45, up 0.9 per cent on the BSE.

The Rs 7,000-crore Cipla's gross revenues for the second quarter grew 24 per cent to Rs 2,220 crore, up from Rs 1,796 crore in Q2 FY 11-12. Material cost, at 36 per cent of total sales, also decreased by 4.2 per cent during Q2, said the company statement.

Domestic revenues grew by 14 per cent to Rs 962 crore during Q2 FY 12-13, up from Rs 847 crore. The growth in domestic revenues was largely on account of growth in the anti-asthma, antibiotics and cardiovascular therapy segments, added the company statement.

Exports of active pharmaceuticals ingredients (APIs) grew nine per cent to Rs 174 crore during Q2 FY 12-13, from Rs 159 crore. The growth in export revenues was primarily due to growth in anti-depressant, anti-ulcerant and anti-asthma segments, according to the statement.