Cipla Q4 net up 36% at Rs 291.74 cr

Drug major Cipla today reported 36.32% increase in net profit to Rs 291.74 crore for the fourth quarter ended March 31, 2012.

The company had posted a net profit of Rs 214 crore for the quarter ended March 31,2011, Cipla said in a filing to BSE.

Total income of the company stood at Rs 1,865.57 crore for the quarter ended March 31, 2012 as against Rs 1,667.74 crore for the corresponding period previous fiscal.

The company's net profit for the year ended March 31, 2012, rose to Rs 1,123.96 crore from Rs 960.39 crore for the year ago period.

Total income of the company rose to Rs 6,977.50 crore for the year ended March this year from Rs 6,331.09 crore for corresponding period last year.

The company has not considered necessary to make provision in respect of notice of demand aggregating to Rs 1,654.92 crore inclusive of interest for the period July 1995 to April 2009 by National Pharmaceutical Pricing Authority (NPPA), as it has been legally advised that there is no possibility of demand crystallising, Cipla said.

Cipla had recently created ripples across the industry by slashing the prices by up to 76% of its generic drugs, used in treating cancers of brain, lung and kidney.

It had cut the price of 'Soranib' used for treating kidney cancer by 76% to Rs 1,710 "for a month's therapy", from Rs 6,990.

Brain cancer drug 'Temoside' in 250 mg strength would be available at Rs 5,000 against Rs 20,250 earlier. While lung cancer drug 'Gefticip 250 Mg' in packs of 30 tablets is priced at Rs 4,250 against Rs 10,200 Cipla had said at that time.

Shares of Cipla today closed at Rs 325.55 on BSE, up 0.91% from its previous close.