Cipla lost 3.42% to Rs 398.70 at 9:36 IST on BSE after consolidated net profit fell 17% to Rs 284 crore on 22% growth in income from operations to Rs 2581 crore in Q3 December 2013 over Q3 December 2012.
The Q3 result was announced after market hours on Wednesday, 12 February 2014.
Meanwhile, the S&P BSE Sensex was down 11.26 points or 0.06% at 20,437.23.
On BSE, so far 1.89 lakh shares were traded in the counter as against average daily volume of 1.92 lakh shares in the past two weeks.
The stock hit a high of Rs 404.50 and a low of Rs 390 so far during the day.
Cipla's EBITDA (earnings before interest, taxation, depreciation and amortization) declined 10% to Rs 467 crore in Q3 December 2013 over Q3 December 2012.
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Cipla said that the current year figures include the relevant results of Cipla's subsidiaries from the date they became subsidiary of the company and therefore the corresponding figures for the previous period are not comparable.
Domestic revenue rose 12.6% to Rs 1044 crore in Q3 December 2013 over Q3 December 2012. The growth in domestic revenues was largely on account of growth in respiratory, anti-infectives and cardiology.
Exports of formulations rose 34.4% to Rs 1352 crore in Q3 December 2013 in Q3 December 2012. Previous year's results include one-time profit share revenues from Escitalopram through the company's US partner, Cipla said. Exports of APIs rose 14% to Rs 157 crore in Q3 December 2013 over Q3 December 2012. The growth in export revenue was primarily due to growth in anti-retroviral, anti-cancer, anti-allergic and anti-biotic segments, Cipla said in a statement.
Cipla is a pharmaceutical company. With over 34 manufacturing units across the country, Cipla manufactures over 2,000 products in 65 therapies. With a turnover of $1.5 billion, Cipla serves doctors and patients in over 170 countries.
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