Export pushes Cipla Q1 profit up by 10%

Mumbai-based Cipla Limited has posted a 10 per cent growth in its net profit at Rs 485 crore for the first quarter of FY 14, against Rs 440 crore in the corresponding quarter of the last financial year, on the back of strong growth in export.

Exports of formulations grew 20 per cent to Rs 1,034 crore, up from Rs 810 crore during the year ago period. The growth in export revenues was primarily due to growth in anti-retroviral (ant-AIDS), anti-asthma and anti-allergic segments.

However, exports of active pharmaceutical ingredients (APIs) fell by 13 per cent to Rs 146 crore, from Rs 168 crore in the year ago period.

Net sales for the quarter also grew by 20 per cent to Rs 2,308 crore, up from Rs 1,917 crore. On Thursday, shares of Cipla on the BSE closed at Rs 410.70, up 5.09 per cent.

Domestic revenues grew by 17 per cent to Rs 1,132 crore during the first quarter of the current financial year, largely on account of growth in anti-asthma, anti-biotics/infectives, and cardiovascular therapy segments, said a company statement.

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

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