Cadila Healthcare bounces back after healthy Q1 show

Cadila Healthcare rose 0.74% at Rs 903.50 at 15:12 IST, off the day's low after the firm's consolidated profit before tax, excluding one-time income, rose 22% to Rs 266 crore on 30% jump in sales to Rs 1547 crore in Q1 June 2012 over Q1 June 2011.

The result was announced during trading hours today, 6 August 2012. Before the result announcement, the stock had fallen as much as 2.49% at the day's low of Rs 874.50.

Meanwhile, the BSE Sensex was up 240.99 points, or 1.40%, to 17,438.92.

On BSE, 16,000 shares were traded in the counter as against an average daily volume of 14,958 shares in the past one quarter.

The stock hit a high of Rs 910 so far during the day, which is same as the 52-week high of Rs 910 hit on 2 August 2012. The stock hit a low of Rs 874.50 so far during the day. The stock had hit a 52-week low of Rs 629 on 25 Jan 2012.

Cadila Healthcare said in release that in the domestic formulations market, it posted sales of Rs 582 crore, up 27% in Q1 June 2012 over Q1 June 2011. The company launched 30 new products, including line extensions, of which 10 products were the first to be launched in India.

During the quarter, the company's revenues were driven by 50% year-on-year growth in the US business and a 37% growth in Brazil. Exports to the emerging markets grew by 84% in Q1 June 2012 over Q1 June 2011.

With the recent approval from the U S Food and Drug Administration (USFDA) for its facility at Maraiya, the company expects to start getting new product approvals, which will further strengthen its US business. During the quarter, the company launched 3 products in Japan, including one Day-1 launch. All three products have been developed and manufactured in India.

Further strengthening its regulatory pipeline, the company filed 9 Abbreviated New Drug Application (ANDA) including 2 for injectible products, taking the cumulative number of US ANDA filings to 157. The company also filed 5 Drug Master File (DMFs), taking the cumulative filings to 112 DMFs.

During the quarter, the company filed 11 new products dossiers and received 4 new product approvals for the European market, taking the cumulative approvals to 147 approvals. The company also filed 5 additional dossiers for the Brazilian market with the regulatory authority ANVISA and 3 additional dossiers with the regulatory authority COFEPRIS for Mexico, the company said.

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