Cipla slips as Q4 net down on higher tax expenses

Shares of Cipla were down 2% at Rs 393 after the company late Wednesday reported 8.3% decline in its net profit at Rs 267.56 crore for the fourth quarter ended March 31, 2013 because of higher tax expenses.

The drug major had posted a net profit of Rs 291.74 crore for the corresponding period of the previous fiscal, the company said in a statement.

Total income from operations increased to Rs 1,966.69 crore for the fourth quarter from Rs 1,865.58 crore in the year ago quarter.

Meanwhile, the board of directors has proposed a dividend of Rs 2 per equity share (face value Rs 2) for the financial year 2013.

Over 2.2 million shares were traded on both the stock exchanges so far.