Cadila Healthcare shrugs off weak Q1 results

Cadila Healthcare rose 4.67% to Rs 363.20 at 10:19 IST on BSE after consolidated net profit fell 22.6% to Rs 356.20 crore on 4% decline in total income from operations to Rs 2287.10 crore in Q1 June 2016 over Q1 June 2015.

Meanwhile, the S&P BSE Sensex was up 51.37 points, or 0.19%, to 27,748.88.

On BSE, so far 2 lakh shares were traded in the counter, compared with an average daily volume of 91,886 shares in the past one quarter. The stock hit a high of Rs 366.80 and a low of Rs 349.80 so far during the day. The stock hit a record high of Rs 454.40 on 23 October 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had outperformed the market over the past one month till 3 August 2016, rising 5.71% compared with 2.04% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 8.12% as against Sensex's 9.78% rise.

The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Re 1.

Shares of Cadila Healthcare dropped ahead of Q1 results. The stock fell 5.2% in three trading sessions to settle at Rs 347 yesterday, 3 August 2016, from its close of Rs 366.05 on 29 July 2016.

The decline in topline and bottom line in Q1 June 2016 was partly due to base effect. The company's top line in Q1 June 2015 was boosted by consideration of Rs 66.70 crore received by its wholly owned subsidiary Zydus Pharmaceuticals (USA) Inc. on sale and transfer of ownership interest in certain Abbreviated New Drug Applications for generic drug products.

Cadila Healthcare is a global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.

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