Drug maker Cipla on Friday reported a 35 per cent dip in profit before tax to Rs 327.9 crore for the March quarter, and announced its plan to raise funds by up to Rs 3,000 crore through issue of equity shares or foreign currency convertible bonds or other financial instruments.
The net profit came down 33 per cent to Rs 246 crore, lower than Street expectations. Emkay Global had expected a 3 per cent dip in profit for the quarter. The total revenue from operation was down marginally (1 per cent) to Rs 4,376 crore. It posted a 33 per cent dip in Ebitda for the quarter to Rs 652 crore.
Cipla’s domestic business did reasonably well in a quarter hit by Covid-19. The India business posted a decent 12 per cent year-on-year jump during the quarter, while it grew by about 5 per cent in the full financial year. This was a third straight quarter that the India prescription business clocked double-digit growth.
The company is in the process of integrating the three business verticals in India — prescription, generic and consumer businesses.