Cipla Q1 net profit dips 40%

The Mumbai-based Cipla Ltd has posted a net profit of Rs 294.5 crore for the first quarter ended June 30, 2014 as compared to Rs 485.3 crore for the quarter ended June 30, 2013, a decline of 40%. Total income has increased from Rs 2580 crore for the quarter ended June 30, 2013 to Rs 2760.3 crore.

Company's total expenses went up by 17% at Rs 2303 crore for the fist quarter of FY 14-15. Material cost is at 37.7% of income from operations in Q1 FY1415 as compared to 36.6% in Q1 FY1314, company said in a statement.

On Thursday, Cipla shares were closed at Rs 448, up by 1.98% or Rs 8.70 on BSE.

Domestic sales grew by 17% to Rs 1289 crore, up from Rs 1102 crore during Q1 FY13-14, on account of growth in respiratory, anti-infective and cardiac therapies. Exports of formulations grew by 12.7% to Rs 1218 crore, up from Rs 1081 crore, due to growth in anti-retroviral, anti-asthma and anti-allergic segments, company said.