Cipla net up 19 per cent in Q2

Mumbai, Nov 7 : Pharma-cum-biotech firm Cipla on Tuesday reported Rs 423 crore consolidated net profit for the second quarter of 2017-18, registering 19 per cent annual growth from Rs 354 crore in the same period last year.

Sequentially, however, the net profit for Q2 is marginally up 3 per cent from Rs 409 crore in the last quarter.

In a regulatory filing on the BSE, the city-based firm said consolidated income from operations for Q2 at Rs 4,082 crore was 9 per cent up annually from Rs 3,751 crore in the like period last year and 16 per cent up sequentially from Rs 3,525 crore in the last quarter.

Earnings before interest, tax, depreciation and amortization (Ebitda) grew 18 per cent annually to Rs 804 crore in Q2 from Rs 681 crore and 24 per cent sequentially from Rs 641 crore from the last quarter.

"The quarter saw significant growth in India business and momentum across other key businesses with control on spends leading to improvement in the Ebitda margins," said the company in a statement.

Its India business grew 12 per cent yearly and 30 per cent quarterly. On a comparative basis, when adjusted for the impact of the Goods and Services Tax (GST), the growth was 19 per cent yearly.

"The US growth was getting a boost with the initiation of product approvals while the domestic business witnessed ramp-up in-line with strong off-take. Our efforts to improve cost efficiency continue to yield benefits," said Chief Executive Umang Vohra in the statement.

Key product approvals in the US are expected to drive good mix of differentiated product launches in the coming quarters.

The company's blue chip scrip of Rs 2 face value, however, lost Rs 47.05 per share to close at Rs 608.35 from Monday's closing rate of Rs 655.40 and opening price of Rs 663.