Cipla Registers Robust Q2: 43% Jump In Net Profits To Rs 1,131 Cr
Cipla Limited, the Indian pharmaceutical major headquartered in Mumbai has reported its earnings for the quarter that ended on 30 September 2023, the Indian pharma giant has registered a rise of 15 per cent in its consolidated revenue to be recorded at Rs 6,854 crores in the Quarter Two of Financial Year 2024 (Q2FY24) up from Rs 5,951 crores in the corresponding quarter last year.
The pharmaceutical company’s net profit jumped by a whopping 43.4 per cent year on year (YoY) in Q2FY24, the company recorded a net profit of Rs 1,131 crores in the September quarter. The company saw an increase of Rs 342 crores from the earnings of the same quarter last year which stood at Rs 789 crores.
Earning before interest tax depreciation and amortization (EBITDA) rose by 33 per cent in Q2FY24 to Rs 1734 crores against Rs 1,302 crores in Q2FY23. EBITDA margins in Q2FY24 soared to 26 per cent versus 22.3 per cent in Q2FY23.
The pharma major's total expenses rose by 5.8 per cent in Q2FY24 to be recorded at Rs 5,260 crores against Rs 4,851 crores in the same quarter of the previous year.
Cipla's India business clocked a growth rate of 10 per cent in the September quarter driven by strong execution across branded prescription and trade generics businesses. The company said that branded prescription continues to outpace market growth while seasonal trends impacted the consumer business for the quarter.
The company's North American sales also shot up by 28 per cent to Rs USD 229 million while its South Africa market grew at 12 per cent YoY in local currency terms on the back of robust performance in prescription and OTC. The company said that its OTC share is set to expand with the acquisition of Actor.
"We reported our highest-ever quarterly revenue with EBITDA margins scaling up to 26 per cent. Our pipeline is progressing really well with key milestones achieved in Respiratory and Peptide assets. We will continue our focus on driving profitable growth across businesses,” said Umang Vohra, MD and Global CEO, Cipla.
R&D investments of Cipla for the September quarter stand at Rs 379 Cr or 5.7 per cent of sales, higher by 13 per cent YoY driven by the continued progress of clinical trials on key pipeline assets, the company stated in a statement. The company has a robust net cash position of Rs 5,850 crores.
(Note: This a developing story - more information will be added)
