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Cipla net profits up by 4.7%, net sales by 7.6% in Q3

Our Bureau, Mumbai
Thursday, February 8, 2018, 16:10 Hrs  [IST]

Cipla, a Rs.14,280 crore plus fourth largest pharma major, has posted consolidated net profit growth of 4.7 per cent during the third quarter ended December 2017 to Rs.403 crore from Rs.385 crore in the corresponding period of last year and its EBIDTA went up by 4.9 per cent to Rs.872 crore from Rs.831 crore as its depreciation provision increased to Rs.522 crore from Rs.258 crore. Depreciation, impairment and amortisation expenses includes the impact of the impairment of certain product related intangible assets of US generics business amounting to Rs.173 crore arising out of increased competitive headwinds and adverse regulatory developments. Due to reduction in tax by US government, it resulted one-off positive impact of Rs.107 crore during the quarter. EPS increased to Rs.4.98 from Rs.4.66.

Its net sales improved by 7.6 per cent to Rs.3,834 crore from Rs.3,564 crore. Its other income declined to Rs.53 crore from Rs.153 crore. Its pharmaceutical sales increased by 7.3 per cent to Rs.3,886 crore from Rs.3,623 crore in the similar quarter of last year and sales from new ventures increased to Rs.37 crore from Rs.25 crore.

Umang Vohra, managing director and Global CEO, said, This has been one of our better quarters. Key performance metrics look healthy and are in-line with the internal targets we set for ourselves. We are stepping up our investments in R&D which has resulted in approvals for differentiated products in the US.”

The domestic sales increased by 15 per cent to Rs.1,601 crore from Rs.1,398 crore. Its international sales improved by 5 per cent to Rs.2,203 crore. Its sales in North America remained under pressure and declined by 2 per cent to Rs.650 crore from Rs.662 crore and that in emerging market also declined by 12 per cent to Rs.371 crore from Rs.420 crore. North America sales contributed around 17 per cent to its sales. It launched gPulmicort and gDacogen in US. Focus on building a strong specialty portfolio for US continues with certain assets in advanced stages of discussion in Neurology and respiratory space.

However, its sales in Europe increased by 30 per cent to Rs.171 crore from Rs.131 crore. Its APIs sales increased by 24 per cent to Rs.148 crore from Rs.120 crore. Its R&D investment for the quarter stepped up to 7.6 per cent of revenue, up 150 bps from last quarter.

For the nine months period ended December 2017, Cipla's consolidated net sales increased by 4.3 per cent to Rs.11,255 crore from Rs.10,794 crore in the similar period of last year. Its net profit moved up by 15 per cent to Rs.1,263 crore from Rs.1,098 crore. EPS improved to Rs.15.31 from Rs.13.29 in the last period. Its pharma sales went up to Rs.11,445 crore from Rs.10,983 crore.


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