Cipla slips after weak Q1 results

Cipla fell 1.16% to Rs 442.80 at 9:16 IST on BSE after consolidated net profit declined 39.17% to Rs 295 crore on 13.6% growth in net sales to Rs 2647 crore in Q1 June 2014 over Q1 June 2013.

The result was announced after market hours on Thursday, 14 August 2014. The stock market was closed on Friday, 15 August 2014, on account of Independence Day.

Meanwhile, the BSE Sensex was up 25.39 points, or 0.10%, to 26,128.62.

On BSE, so far 2,420 shares were traded in the counter, compared with an average volume of 2.07 lakh shares in the past one quarter.

The stock hit a high of Rs 447.50 and a low of Rs 443.80 so far during the day. The stock hit a record high of Rs 462.65 on 31 July 2014. The stock hit a 52-week low of Rs 366.70 on 24 February 2014.

The stock had underperformed the market over the past one month till 14 August 2014, rising 3.55% compared with 4.38% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.39% as against Sensex's 9.61% rise.

The large-cap company has an equity capital of Rs 160.58 crore. Face value per share is Rs 2.

Cipla's income from operations rose 8.3% to Rs 2720 crore in Q1 June 2014 over Q1 June 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) declined 21.44% to Rs 542 crore in Q1 June 2014 over Q1 June 2013. EBITDA in Q1 June 2013 includes certain large one-off items.

Domestic sales rose 17% to Rs 1289 crore in Q1 June 2014 over Q1 June 2013, largely driven by growth in respiratory, anti-infective and cardiac therapies, Cipla said in a statement.

Exports and formulations rose 12.7% to Rs 1218 crore in Q1 June 2014 over Q1 June 2013. Exports of APIs declined 5.4% to Rs 140 crore in Q1 June 2014 over Q1 June 2013. The growth in export revenues was primarily due to growth in anti-retroviral, anti-asthma and anti-allergic segments, Cipla said in a statement.

Cipla said that the current year figures include the relevant results of Cipla's subsidiaries from the date they became subsidiary of the company and therefore the corresponding figures for the previous period are not comparable.

Cipla is a global pharmaceutical company. Its portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.

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