Latest News | Cipla Q2 Consolidated Net Up 7 Pc at Rs 711 Cr
Get latest articles and stories on Latest News at LatestLY. Drug major Cipla on Tuesday said its consolidated profit after tax (PAT) rose by 7 per cent to Rs 711 crore for the second quarter ending September, aided by strong performance in the domestic as well as international markets.
New Delhi, Oct 26 (PTI) Drug major Cipla on Tuesday said its consolidated profit after tax (PAT) rose by 7 per cent to Rs 711 crore for the second quarter ending September, aided by strong performance in the domestic as well as international markets.
The Mumbai-based company had reported a PAT of Rs 665 crore in the July-september quarter of previous fiscal.
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Total revenue from operations during the second quarter rose to Rs 5,520 crore as compared with Rs 5,038 crore in the year-ago period, Cipla said in a regulatory filing.
The company's domestic sales rose by 16 per cent year-on-year to Rs 2,416 crore while the US revenues increased by 2 per cent to Rs 1,055 crore during the period under review.
"I am pleased to see the strong momentum in core therapies across our branded markets and sustained cost control leading to 10 per cent revenue growth and 22.2 per cent EBITDA margin for the quarter, offsetting price erosion and normalising covid contribution," Cipla MD and Global CEO Umang Vohra noted.
In India, the company continues to drive strong performance led by sustained volume traction despite a high FY21 base, he added.
"Our collaboration with Eli Lily for their diabetes products helps us further strengthen our endeavour of creating access to innovative medicines in-line with the One-India strategy. The US business also witnessed healthy run rate driven by core portfolio and desired traction in respiratory franchise across Albuterol and Arformoterol," Vohra stated.
International markets rebounded in-line with expectations despite continuing geopolitical challenges, he added.
The company said its board has decided not to go ahead with the scheme of arrangement entailing demerger of the India based US business undertaking into its wholly-owned subsidiary, Cipla BioTec Ltd (CBL), and its consumer business undertaking into its wholly-owned subsidiary, Cipla Health Ltd (CHL).
The Cipla board had cleared the scheme in January this year.
The board, in its meeting held on Tuesday, has now decided to examine transfer of its India based US business undertaking to CBL and its Consumer Business Undertaking to CHL by way of a more efficient option, the company said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)