Cipla’s net profit jumps 32% to Rs 1,055.9 crore in third quarter

Posted on by


Mumbai-headquartered Cipla saw a 32 per cent surge in year-on-year (Y-o-Y) net profit at Rs 1,055.9 crore for the third quarter of 2023-24 (FY24).


This was mainly owing to a 13.5 per cent jump in revenue, which stood at Rs 6,505.66 crore.


Sequentially, profit after tax (PAT), however, declined by 6.6 per cent, and revenues fell 1.2 per cent. 


Cipla’s numbers came in line with analyst estimates. Bloomberg estimates pegged net profit at Rs 1,058 crore and net sales at Rs 6,522 crore.


Q3FY24 earnings before interest, taxes, depreciation and amortisation (Ebitda) came in at Rs 1,748 crore, up 24.2 per cent with a resulting Ebitda margin of 26.5 per cent.  

Shares of Cipla closed 1.18 per cent lower at Rs 1,312.60 apiece on Saturday.


Cipla’s India revenue growth came in at 12 per cent supported by growth across branded prescriptions, trade generics and consumer health. The company said that branded prescriptions continue to grow faster than the market with an increase in share of chronics.


North America posted the highest ever quarter at $230 million, up 18 per cent Y-o-Y. South Africa grew by 15 per cent in revenue (local currency terms). 


“I am happy to announce the results for yet another quarter, which further established the strengths of our core business in India, North America, and South Africa. Our top-line growth for the quarter was at an impressive 14 per cent with strong Ebitda margins at 26.3 per cent,” said Umang Vohra, managing director (MD) and global chief executive officer (CEO), Cipla. 


He added, “In North America, we continue to scale newer peaks by posting highest-ever quarterly revenue yet again at $230 million. It was supported by positive traction in key assets and base business. Our focus continues on expansion in chronic therapies, growing big brands, global wellness as well as developing our R&D pipeline in respiratory and peptides. We will continue to focus on driving profitable growth across businesses.”


Cipla advanced its board meeting to January 22 to approve its results for the quarter and nine months ended December 31, 2023. This was to avoid confusion following an alleged social media leak. It was scheduled for January 25. 


The drug maker cautioned investors on Saturday that “parts of its potential standalone financial results for the nine months ended December 31, 2023, were being circulated on social media.”


The results are yet to be reviewed, finalised and approved, it said, cautioning investors to not rely on any such information.


“Any person making investment decisions based on this information must do so at their own risk and peril,” it said, adding that the company had initiated additional steps to take necessary action, as advised.

First Published: Jan 22 2024 | 9:58 PM IST