Cipla dips on lower-than-expected Q3 earnings
Q3 net profit at Rs 339 crore against average analysts expectations of Rs 374 crore.
Cipla is trading lower by 2.2% to Rs 396 after reporting a lower-than-expected 25.5% year-on-year (yoy) growth in net profit at Rs 339 crore for the third quarter ended December 31, 2012 (Q3). Analysts on an average had expected profit of Rs 374 crore from the drug maker.
Gross revenues grew by 18% to Rs 2,103 crore from Rs 1,783 crore in the corresponding quarter of previous year, driven mainly by the domestic performance.
“The company’s operating profit grew by 25.4% at Rs 493 crore on yoy basis, while operating margins improved 140 basis points at 23.44% during the recently concluded quarter,” Cipla said in a statement.
The stock opened at Rs 397 and hit a low of Rs 394 on the National Stock Exchange. A combined around 980,000 shares have changed hands on the counter in opening deals on both the exchanges.
Gross revenues grew by 18% to Rs 2,103 crore from Rs 1,783 crore in the corresponding quarter of previous year, driven mainly by the domestic performance.
“The company’s operating profit grew by 25.4% at Rs 493 crore on yoy basis, while operating margins improved 140 basis points at 23.44% during the recently concluded quarter,” Cipla said in a statement.
The stock opened at Rs 397 and hit a low of Rs 394 on the National Stock Exchange. A combined around 980,000 shares have changed hands on the counter in opening deals on both the exchanges.