New Delhi, May 15 (PTI) Pharma major Cipla on Friday reported a 33 per cent decline in consolidated net profit at Rs 238.49 crore for the quarter ended March 31, 2020.
The company had posted a net profit of Rs 357.68 crore in the corresponding period of the previous fiscal, Cipla said in a filing to the BSE.
Total revenue from operations stood at Rs 4,376.19 crore during the quarter under consideration as against Rs 4,403.98 crore in the same period a year ago.
For fiscal year 2019-20, the company’s net profit stood at Rs 1,499.52 crore as against Rs 1,492.44 crore in the previous fiscal.
Total revenue from operations stood at Rs 17,131.99 crore in FY20 as compared with Rs 16,362.41 crore in FY19.
“Our key markets continued to demonstrate strong growth momentum in the quarter. The USFDA approval for generic Albuterol MDI and the successful completion of the Phase 3 clinical study of generic Advair Diskus has strengthened our respiratory franchise in the US market,” Cipla MD and Global CEO Umang Vohra said.
As the world endures the unprecedented COVID-19 pandemic, Cipla’s foremost focus has been on safeguarding its employees and ensuring wellbeing of the patients, he added.
“In support of the government’s efforts to combat the crisis, the company set-up an Rs 25 crore ‘Caring for Life’ COVID-19 dedicated fund to support the healthcare ecosystem and communities,” Vohra said.
As a pharmaceutical company, it is Cipla’s constant endeavour to ensure that patients have access to life-saving drugs, he added.
“We recently partnered with Gilead Sciences, Inc. for the manufacturing and distribution of the investigational medicine Remdesivir to treat COVID-19 patients upon approval,” Vohra said.
In a separate filing, the company said its board has approved “raising funds up to Rs 3,000 crore by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities / financial instruments convertible into equity shares, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement…”.
Shares of Cipla on Friday closed 0.11 per cent higher at Rs 570.20 per scrip on the BSE.