Cipla shares rally 10 pc after Q1 earnings

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Drug major Cipla said it has submitted an application with the US health regulator for a generic version of GSK's Advair Diskus,an asthma drug.
an application with the US health regulator


New Delhi, Aug 10 (PTI)
 Shares of drug firm Cipla on Monday jumped 10 per cent after the company reported a 26.58 per cent rise in its consolidated net profit for the quarter ended June.

The company’s stock zoomed 9.99 per cent to Rs 801.45 — its 52-week high — on the BSE.

It rose sharply by 9.99 per cent to its one-year high of Rs 801.50 on the NSE.

The drug firm on Friday reported a 26.58 per cent rise in its consolidated net profit to Rs 566.04 crore for the quarter ended June on the back of robust sales.

The company had posted a net profit of Rs 447.15 crore for the corresponding period of the previous fiscal, Cipla said in a BSE filing.

Total revenue from operations for the quarter under consideration stood at Rs 4,346.16 crore. It was Rs 3,989.02 crore for the same period year ago, it added.

“During the quarter, our businesses actively re-imagined their operating models to drive strong growth across markets of India, South Africa, the US and focused execution on cost optimization helped drive the quarter EBITDA to 24 per cent,” Cipla MD and Global CEO Umang Vohra said.

The company is also at the forefront in combating COVID-19 through its strategic partnerships and a spectrum of offerings in its portfolio, he added.

Source:PTI

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