Cipla drops amid volatility after Q2 results

Cipla lost 5.78% to Rs 617.50 at 14:30 IST on BSE, with the stock retracting from 52-week high after reporting Q2 September 2017 results.

The result was announced during market hours today, 7 November 2017.

Meanwhile, the S&P BSE Sensex was down 366.10 points or 1.09% at 33,365.09.

On the BSE, 5.77 lakh shares were traded on the counter so far as against average daily volumes of 1.07 lakh shares in the past one quarter. The stock had hit a high of Rs 663 so far during the day, which is a 52-week high. The stock hit a low of Rs 601.40 so far during the day. The stock had hit a 52-week low of Rs 479 on 26 May 2017.

The stock had outperformed the market over the past one month till 6 November 2017, advancing 12.03% compared with the Sensex's 6.03% rise. The stock had also outperformed the market over the past one quarter, gaining 15.58% as against the Sensex's 4.35% rise. The scrip had, however, underperformed the market over the past one year, advancing 20.37% as against the Sensex's 23.67% rise.

The large-cap company has equity capital of Rs 160.94 crore. Face value per share is Rs 2.

Cipla's consolidated net profit rose 19% to Rs 423 crore on 9% growth in total income from operations to Rs 4082 crore in Q2 September 2017 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 18% to Rs 804 crore in Q2 September 2017 over Q2 September 2016. EBITDA margin edged up to 19.7% from 18.1% a year ago.

Umang Vohra, MD and Global CEO, Cipla, said that the quarterly numbers reflect a progressive recovery for the company, as it recorded strong growth momentum across key markets. Cipla's US growth is getting a major boost with initiation of much-awaited product approvals. The domestic business witnessed significant ramp-up in-line with strong off-take. The company's efforts to improve cost efficiency continue to yield benefits, Vohra added.

Cipla is a global pharmaceutical company. Its portfolio includes products across wide range of therapeutic categories.

Powered by Capital Market - Live News