Cadila Healthcare records 27% fall in Q3 net profit

Cadila Healthcare reported 26.8% fall in consolidated net profit to Rs 373.90 crore in Q3 December 2019 (Q3 FY20) from Rs 510.70 crore in Q3 December 2018 (Q3 FY19).

Profit before tax declined 31.9% to Rs 457.10 crore at the end of the December quarter as against Rs 671.70 crore reported in the same period last year.

Net sales in December quarter rose 0.5% to Rs 3534.50 crore from Rs 3516.10 in Q3 FY19.

Total expenditures increased 7.6% to Rs 2946.50 crore in Q3 FY20 compared with Rs 2738 crore reported in the year ago period.

Financing costs of the firm stood at Rs 80.50 crore in Q3 FY20, up by 76.9% from Rs 45.50 crore in Q3 FY19.

Earnings before interest, depreciation and tax (EBIDTA) stood Rs 693 crore in Q3 FY20, up 11% on a quarter-on-quarter (q-o-q) basis.

The company's formulations business in the US posted sales of Rs 1675 crore, up 16% on a q-o-q basis.

The Indian branded human formulations business of the company grew by 9.6% on a y-o-y basis.

The company's rest of the world business comprising of multiple emerging markets grew by 21% on a sequential basis.

During the quarter, the company launched 9 new products in the US which included a Day One launch. The company filed 14 additional ANDAs with the USFDA taking the cumulative number of filings to 386. The company received 8 new product approvals (including 2 tentative approvals) from the USFDA during the quarter.

Cadila Healthcare is a research-oriented, technology-driven pharmaceutical company focused on the areas of biotechnology, formulations and active pharmaceutical ingredients (APIs).

Shares of Cadila Healthcare were currently trading 4.35% higher at Rs 283, extending its rising streak. The stock has added 8.74% in three sessions from its recent closing low of Rs 260.25 reported on 3 February 2020.

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