Pharmaceutical company Cipla reported its financial results for the third quarter of FY24, revealing a consolidated net profit of ₹1,068 crore. This marked a significant 32% increase compared to the same period in the previous fiscal year.
The boost in profits was primarily attributed to a robust performance in the company’s North American business. In the corresponding quarter of the preceding fiscal year, Cipla had recorded a net profit of ₹807.8 crore.
Despite a marginal dip in total revenue from operations for Q3 FY24 at ₹6,603 crore, compared to ₹6,678 crore in the previous quarter, the company demonstrated a notable year-over-year rise of 13.66% from ₹5,810.09 crore in the corresponding period a year ago.
Umang Vohra, MD and Global CEO of Cipla, noted, “Our topline growth for the quarter was at an impressive 14% YoY with strong EBITDA margins at 26.3%. One India business grew at a healthy 12% YoY backed by strong performance across Branded Prescription, Trade Generics, and Consumer Health.”
During the December quarter, Cipla reported an 8.78% increase in total expenses, amounting to ₹5,119.81 crore, compared to ₹4,706.47 crore in the same period the previous fiscal year.
Cipla’s total income for the third quarter reached ₹6,788.44 crore, marking a notable increase of 14.58%. The pharmaceutical segment contributed ₹6,365.06 crore to the revenue, while new ventures contributed ₹280.51 crore.
Vohra highlighted Cipla’s performance in North America, achieving the highest-ever quarterly revenue of $230 million, with an impressive 18% year-over-year growth. The success was driven by sustained momentum in crucial assets, strong demand in the core business, and additional support from year-end purchasing activities.
In South Africa, Cipla maintained its growth trajectory, recording a robust 15% year-over-year revenue increase in local currency terms. This achievement was fueled by positive traction in prescription, over-the-counter (OTC) sales, and tender transactions.
During the quarter ended December 2023, the paid-up equity share capital of Cipla increased to ₹161.47 crore upon the allotment of 5,235 equity shares and 19,734 equity shares of ₹2 each, respectively.
