Cipla's Q3 net profit jumps by 44% to Rs 375 cr

Homegrown pharma major Cipla Ltd on Wednesday reported 44 per cent jump in consolidated net profit at Rs 375 crore for the third quarter ended December 31, 2016.

The company had posted a consolidated net profit of Rs 260.57 crore in the same period last financial year, Cipla said in a BSE filing.

Net sales during the quarter under review stood at Rs 3,550.02 crore as against Rs 3,069.89 crore in the corresponding period last year, up 15.63 per cent.

The company's profit was boosted by other income of Rs 153.49 crore during the quarter as compared to Rs 67.53 crore in the third quarter last year.

On plans to raise Rs 4,000 crore via issue of securities in both domestic and global markets, Cipla said its Board of Directors at their meeting held today has decided "to seek approval of the shareholders in future at an appropriate time depending upon the funding requirements and investment opportunities".

It also said that as part of a planned transition, Company Secretary, Key Managerial Personnel and Compliance Officer Mital Sanghvi will relinquish his post and is moving into a senior business finance role within the company.

Subsequently, Rajendra Chopra will be the new Company Secretary and Key Managerial Personnel with effect from February 9, 2017, the company said.