Cipla shares tank over 6% as Q3 earnings lag estimates

Shares of drug major Cipla today slumped by over 6 per cent after the company posted a lower than estimated consolidated net profit of Rs 284.31 crore for the third quarter ended December 31, 2013.
After making a weak opening, the scrip further lost 6.11 per cent to Rs 387.55 on the BSE.
At the NSE, Cipla's scrip tanked 6.17 per cent to Rs 387.25.
The stock was the top loser among the blue-chips on both Sensex and Nifty during the morning trade.
The company announced results after market hours yesterday.
"Cipla posted numbers that were above expectations on sales front, while net profit came below expectations," Angel Broking said in a report.

The company had posted a net profit of Rs 340.31 crore during the same period of the previous fiscal.

Consolidated net sales of the company stood at Rs 2,552.63 crore for the third quarter. It had stood at Rs 2,070.53 crore in the same period of previous fiscal, Cipla Ltd said yesterday.
"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," it added.
During the period under review, the company's domestic revenues stood at Rs 1,044 crore as against Rs 927 crore during the same period of previous fiscal.