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Cipla firms up after decent Q1 earnings

Capital Market 

Cipla gained 3.44% to Rs 516.8 at 15:26 IST on the BSE after consolidated net profit rose 6% to Rs 478 crore on 1.3% increase in total revenue from operations to Rs 3989 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during market hours today, 7 August 2019.

Meanwhile, the S&P BSE Sensex was down by 321.44 points or 0.87% at 36,655.41.

On the BSE, 1.84 lakh shares were traded in the counter so far compared with average daily volumes of 66000 shares in the past two weeks. The stock had hit an intraday high of Rs 525.05 and an intraday low of Rs 501so far during the day. The stock hit a 52-week high of Rs 678 on 19 September 2019 and a 52-week low of Rs 483.75 on 29 January 2019.

The company's earnings before interest tax depreciation and amortization (EBITDA) increased 25% to Rs 905 crore in Q1 June 2019 from Rs 726 crore in Q1 June 2018.

Commenting on company Q1 June 2019 performance, Umang Vohra, MD and global CEO, Cipla said, We witnessed a muted first quarter in FY'20 owing to a combination of external volatility and some conscious business decisions taken with the long-term sustainability in mind. Our secondary growth in our flagship therapies in India and in the South Africa private market remained impressive, and our base business in the U.S. saw y-o-y growth with increased revenue from recent high-value launches. Our business fundamentals remain strong, and our overall base business profitability was maintained at healthy levels despite the volatility. Our growth drivers remain on track with sustained expansion of our basket of biosimilars in emerging markets, entry into new markets such as China to set up our respiratory franchise, and further depth in our U.S. specialty pipeline with ZEMDRI

Cipla is a global pharmaceutical company focused on complex generics. The company is engaged in production of respiratory, anti-retroviral, urology, cardiology, anti-infective and CNS segments drug.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 07 2019. 15:29 IST