Cipla has dipped nearly 5% to Rs 395 after reporting 17% year-on-year (yoy) fall in consolidated net profit at Rs 284 crore for the third quarter ended December 31, 2013 (Q3FY14), due to higher cost. The pharmaceutical company had profit of Rs 340 crore in the same quarter last fiscal.
Its consolidated revenues however, were up 22% yoy to Rs 2,581 crore for the December 2013 quarter on the back of a strong exports performance.
Analysts on an average had expected profit of Rs 392 crore on revenue of Rs 2,587 crore for the quarter.
EBITDA was lower by 10% yoy at Rs 467 crore, while margins for the quarter were down 660 basis points to 18% due to exposure to lower margin anti-retroviral segment, higher employee costs and other expenses.
The company’s material cost was at 39.1% of net sales in Q3 FY14 as compared to 37.8% in Q3 FY13. While, employee costs were up 46% to Rs 402 crore, and other expenses were up 33% to Rs 711 crore, Cipla said in a statement.
The stock opened at Rs 391 and touched a low of Rs 390 on the BSE. A combined 3.52 million shares changed hands on the counter so far on the BSE and NSE.
Its consolidated revenues however, were up 22% yoy to Rs 2,581 crore for the December 2013 quarter on the back of a strong exports performance.
Analysts on an average had expected profit of Rs 392 crore on revenue of Rs 2,587 crore for the quarter.
EBITDA was lower by 10% yoy at Rs 467 crore, while margins for the quarter were down 660 basis points to 18% due to exposure to lower margin anti-retroviral segment, higher employee costs and other expenses.
The company’s material cost was at 39.1% of net sales in Q3 FY14 as compared to 37.8% in Q3 FY13. While, employee costs were up 46% to Rs 402 crore, and other expenses were up 33% to Rs 711 crore, Cipla said in a statement.
The stock opened at Rs 391 and touched a low of Rs 390 on the BSE. A combined 3.52 million shares changed hands on the counter so far on the BSE and NSE.
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