Cipla inches up on posting 44% jump in net profits

Shares of Mumbai-based drug maker Cipla have inched up after the company posted a jump of 44% in its net profit to to Rs 431 crore ($65.56 million) in the quarter ended September 2015 on the back of growth in exports as against a net profit of Rs 299 crore in the same period last year.

However, the company missed the street expectations by a narrow margin.

Meanwhile, the revenue grew 25% to Rs 3452 crore in the quarter under review and the exports of formulations and active pharmaceutical ingredients grew over 50% and 60% respectively but domestic sales remained flat.

Cipla said the Q2 results included one off revenue from the US market but did not share additional details. The company has made $ 550 million acquisition of two generic drug makers in the US but is yet to conclude the deal.

The stock opened at Rs 655 and touched high of Rs 672 on the BSE. A total of 130,875 shares have changed hands on the BSE so far.