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Cipla Q3 net profit rises 10% to Rs 801 crore but misses Street estimate

Cipla Q3 net profit rises 10% to Rs 801 crore but misses Street estimate

Cipla Q3 net profit rises 10% to Rs 801 crore but misses Street estimate
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By Kanishka Sarkar  Jan 25, 2023 5:07:33 PM IST (Updated)

Cipla reported its earnings for the October to December 2022 period, in which its profit rose to Rs 801 crore, 15 percent lower than the CNBC-TV18 poll estimate of Rs 944.4 crore.

Pharmaceutical company Cipla on Wednesday reported its earnings for the October to December 2022 period, in which its consolidated profit rose to Rs 801 crore, 15 percent lower than the CNBC-TV18 poll estimate of Rs 944.4 crore. In the same quarter last fiscal, its had recorded a profit of Rs 728.6 crore.

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The pharma firm’s consolidated Q3 revenue at Rs 5,810 crore too came in almost seven percent lower than the poll projection. It, however, rose six percent from Rs 5,478.8 crore in the December ended quarter in the last fiscal.
Cipla's margin for the third quarter of the fiscal expanded by 170 basis on a year on year basis to 24.2 percent from 22.5 percent earlier.  Its operating profit, calculated as earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 14.3 percent on year to Rs 1,407.56 crore. CIPLA's managemnet told CNBC-TV18 that the core operating performance reflected which aided margins for the company. Further the company expects the launch of Advair generic drug within the quarter. 
This comes against the backdrop of sharp fall in input costs as raw material prices dropped by 15 percent on year to Rs 1,299.04 crore, the firm's financial results report show.
Reflecting on its One-India business -- integrated prescription (Rx), trade generics (Gx) and consumer health businesses-- during the quarter, the Mumbai-based drug major said it recorded double-digit traction in core portfolio across therapies and business segments and an 11 percent YoY ex-COVID-19 growth.
Meanwhile, its US business reported its highest ever quarterly revenue of $195 million and 30 percent  YoY growth, the firm said, adding that it saw strong traction in the differentiated portfolio including market share expansion in key respiratory and peptide injectable products.
About the SAGA (South Africa, Sub-Saharan Africa and global access) business, Cipla said it is addressing the supply challenges and evolving the business mix of private and tender.
"Our Q3FY23 performance reflects sustained momentum in core One-India and US businesses driving our overall revenue growth of 6 percent reported and 11 percent on a ex-COVID basis. Our One-India franchise delivered strong performance across therapies and segments with double digit market beating growth in prescription on a COVID adjusted base," Umang Vohra, MD and Global CEO, Cipla, said.
For the nine months ended December 31, 2022, the company reported a net profit of Rs 2,311 crore against Rs 2,176 crore in the same period last fiscal.
Following the result, Cipla shares traded 3.5 percent lower at Rs 1024.70 on the BSE at 2:35 pm.
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