Cipla Q3 PAT zooms 113% YoY to Rs 748 cr

On a consolidated basis, the drug major's net profit surged 113% to Rs 748.15 crore on 21.7% rise in net sales to Rs 5154.17 crore in Q3 FY21 over Q3 FY20.

Profit before tax jumped 101.7% year-on-year to Rs 1021.47 crore in Q3 FY21. Current tax expense was steeply higher at Rs 260.42 crore in Q3 FY21 as compared to Rs 114.21 in Q3 FY20.

EBITDA jumped 69% year on year to Rs 1281 crore in Q3 FY21 as against Rs 758 crore in Q3 FY20. The drug major's EBITDA margin stood at 24.8% in Q3 FY21, higher than 17.3% in Q3 FY20.

Cipla's India business grew by 22% YoY with strong growth across the three businesses. The prescription business grew by 25% on a YoY basis led by covid-19 portfolio, healthy traction in respiratory and chronic therapies, recovery in hospital and acute businesses with opening-up of OPDs. Trade generics business grew at an adjusted 7% on a YoY basis led by healthy seasonal demand across regions. Consumer health business: strong demand for organic products and continued traction in consumer brands transferred from trade generics business.

The drug company's South Africa Sub-Saharan Africa And Global Access business was in-line with last year in ZAR terms. The business grew by 6% on a year-on-year basis in dollar terms.

North America business grew by 6% year on year led by continued expansion in market share of Albuterol and other assets along with growth in the institutional channel. The emerging market business grew by 46% on a year-on-year basis in dollar terms led by continued demand across all regions. The European operations grew by 28% on a YoY basis in USD terms led by consistent in-market performance and market share gains in key DTMs.

Commenting on company's Q3 performance, Umang Vohra MD & CEO of Cipla said, "I am pleased to see the strong execution across our markets and continued efforts on cost optimisation helping us drive revenue growth of 18% YoY and a healthy EBITDA margin of 24.8%. In India, we have maintained market beating performance across our core therapies as contribution from the Covid-19 portfolio normalises in line with the reduction in infection cases. In the US, happy to see continued expansion in market share for Albuterol. Our businesses in South Africa and other international markets continued the momentum driven by strong demand in the base business and ramp-up in new launches."

The company's cash and cash equivalents were at Rs 2,746 crore as on 31 December 2020 as against Rs 3,623 crore as on 30 September 2020.

Cipla is a global pharmaceutical company focused on complex generics, and deepening its portfolio in the markets of India, South Africa, North America, and key regulated and emerging markets.

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