Cipla has rallied over 4% to Rs 396, also its record high market price, after reporting a better-than-expected 62% year-on-year (yoy) growth in net profit at Rs 500 crore for the second quarter ended September 2012, buoyed by growth in exports and a reduction in the cost of raw materials. Analysts, on an average, had expected profit of Rs 365 crore from drug maker.
“Gross revenues grew by 23.6% to Rs 2, 220 crore in Q2FY13, up from Rs 1,796 crore in Q2 FY12, while operating margins grew by 57.7% to Rs 677 crore, up from Rs 429 crore in previous year quarter,” Cipla said in a statement. Domestic sales rose 13% and exports increased 33% this quarter. The growth in export revenues was primarily due to growth in anti-depressants, anti-ulcerant and antiasthma segments, it added.
The stock opened at Rs 394 and hit a low of Rs 392 on the BSE. A combined 190,000 shares have changed hands on the counter in opening deals on both the exchanges.