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Shares of drug maker Cipla are trading over 2% lower to Rs 609 on the BSE after the company posted 16% drop in consolidated net profit at Rs 299 crore for the quarter ended September 30, 2014 compared with Rs 358 crore during the same period of last year. Meanwhile, analysts had estimated a net profit of around Rs 354 crore for the September quarter.
The company reported a drop in the exports of active pharmaceutical ingredients. Exports of APIs declined to Rs 136 crore during the second quarter from Rs 206 crore in the same period of previous financial year.
However, Cipla’s exports of formulations grew by 0.4% to Rs 1,243 crore during the second quarter, from Rs 1,239 crore during the same period of previous year.
According to BSE, net sales of the company stood at Rs 2,630 crore for the second quarter as compared to Rs 2,483 crore during the same period of previous year.
The Mumbai-based firm said its domestic sales during the second quarter grew by 21% to Rs 1,251 crore, up from Rs 1,039 cr during the same period of previous year. The growth in domestic sales was largely on account of growth in pediatrics, respiratory, spectracare and and urology therapies.
The stock opened at Rs 615, touched a high of Rs 629 and a low of Rs 609 on the BSE. A total of 201,673 shares have been exchanged on the BSE so far.
