Cipla Q4 net profit more than doubles to Rs 358 crore

Global pharmaceutical company Cipla said on Wednesday its consolidated profit more than doubled to Rs 358 crore in the fourth quarter of 2018-19 from Rs 153 crore in the same quarter of previous year.

Consolidated sales rose over 22 per cent to Rs 4,271 crore from Rs 3,496 crore in the same period.

In the entire FY 19, net profit rose to Rs 1,492 crore against Rs 1,416 crore in FY 18. Consolidated sales totalled Rs 15,971 crore in 2018-19 from Rs 14,751 crore in the previous fiscal.

The company board recommended a dividend payout of Rs 3 per share on face value of Rs 2.

In a separate statement, the company said its board of directors has approved a fund raising proposal of up to Rs 3,000 crore by issue of equity shares or American depository receipts or global depository receipts.

The board also approved additional Rs 3,000 crore fund raising by issue of non-convertible debentures.

With over 25,000 employees, Cipla is strengthening its global focus by consolidating and deepening presence in the key markets of India, South Africa, the United States and other economies of the emerging world.

In April, the company acquired 30 per cent stake in South African company Brandmed at a cost of Rs 32 crore to increase its exposure to the connected healthcare segment.

Earlier, it had announced a similar partnership in India with Wellthy Therapeutics to offer a clinically-validated digital disease management platform to patients in cardio-metabolic health.

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