Cipla Q3 net profit up 14.2%

Drug maker Cipla Ltd has reported a 14.2 per cent increase in net profit for the December quarter, on better domestic sales and exports growth.

The company posted a profit of Rs 210.65 crore in the third quarter of the current fiscal, as against Rs 184.38 crore in the Previous corresponding quarter.

Total sales increased By 20.8 per cent to Rs 1030.43 crore in the Oct-Dec 2007 period from Rs 853.17 crore in the corresponding period a year ago.

Total income from operations stood at Rs 1128.41 crore, 24.8 per cent higher than the Rs 904.50 crore in the year ago period.

"Domestic sales grew more than 19 per cent and export sales were up more than 22 per cent inspite of the impact of rupee appreciation. Going forward, we hope to post a growth of 12-15 per cent for the whole year," said Amar Lulla, joint managing director. Third quarter domestic sales were at Rs 519.51 crore as against Rs 435.30 crore in the third quarter last year.

Exports stood at Rs 510.92 crore in Q3, 22.3 per cent higher than the Rs 417.87 crore in the previous corresponding quarter.

Lulla said various projects the company has planned were on schedule, including the work to set up new facilities for capacity expansion that would cost over Rs 750 crore.

Cipla's shares closed 3.89 per cent down at Rs 175.20 on the Bombay Stock Exchange on Thursday, when the benchmark Sensex lost 2.1 per cent. Ranbaxy Labs, the biggest drug maker, was down one per cent at Rs 346.80.