Drug firm Cipla reports 20 percent dip with net profit of Rs 322 crore in quarter 3

Drug major Cipla Wednesday reported a 20 percent dip in consolidated net profit to Rs 322.24 crore for the December 2018 quarter, mainly on account of higher tax expenses. The company had posted a net profit of Rs 403.45 crore for the corresponding period of the previous fiscal, Cipla said in a BSE filing.

Consolidated total revenue from operations of the company stood at Rs 4,007.54 crore for the quarter, compared with Rs 3,913.82 crore for the same period year ago. "Overall, challenges in this quarter were along expected lines and we remain optimistic as we enter FY20. Our plan to drive YoY growth from the coming quarters in on track," said Cipla Managing Director and Global Chief Executive Officer Umang Vohra.

This quarter, the US business has delivered strongly, as a result of scale-up of new launches. The company is tracking well on its guidance on limited competition launches and abbreviated new drug application (ANDA) approvals, he added. "Our key focus markets remain growth anchors, we have built further on our existing specialty pipeline, and we continue to explore innovative ways of going beyond the pill to meet unmet patient needs," Vohra said. The tax expenses for the quarter stood at Rs 125.68 crore. It had a tax benefit of Rs 64.23 crore in the year-ago period. Shares of Cipla Ltd were trading at Rs 527.95 per scrip on the BSE, up 3.75 per cent from the previous close.

(With inputs from agencies.)