Cipla is trading higher by 4% at Rs 427 on reporting better than expected 32% year-on-year (yoy) growth in net profit at Rs 485 crore for the quarter ended June 30, 2013 (Q1 FY14), on back of higher other income and net sales. The pharmaceutical company had profit of Rs 367 crore in year ago quarter.
The company’s net sales for the quarter grew by 19.4% yoy to Rs 2,308 crore, mainly driven by the domestic and exports, which posted a growth of 16.7% and 20.6% yoy during the period. The other income during the quarter was at Rs 246 crore against Rs 132 crore in Q1FY13.
Analyst on an average had expected net profit of Rs 338 crore on back of Rs 2,139 crore net sales for the quarter.
OPM (excluding technical knowhow fees) came in line with expectation at 22.2%, down by 410bp from the last corresponding period, mainly on back of the 46.5%yoy rise in the employee cost, says analyst at Angel Broking in note.
The stock opened at Rs 427 and hit a high of Rs 429 on BSE. A combined around 1.32 million shares changed hand on the counter till 0955 hours on BSE and NSE.
The company’s net sales for the quarter grew by 19.4% yoy to Rs 2,308 crore, mainly driven by the domestic and exports, which posted a growth of 16.7% and 20.6% yoy during the period. The other income during the quarter was at Rs 246 crore against Rs 132 crore in Q1FY13.
Analyst on an average had expected net profit of Rs 338 crore on back of Rs 2,139 crore net sales for the quarter.
OPM (excluding technical knowhow fees) came in line with expectation at 22.2%, down by 410bp from the last corresponding period, mainly on back of the 46.5%yoy rise in the employee cost, says analyst at Angel Broking in note.
The stock opened at Rs 427 and hit a high of Rs 429 on BSE. A combined around 1.32 million shares changed hand on the counter till 0955 hours on BSE and NSE.
