Drug major Cipla today posted a 4.6 per cent decline in net profit for the quarter ended September 30 to Rs 263.01 crore due to rupee appreciation.
The company had registered a net profit of Rs 275.74 crore in the same period last fiscal, Cipla said in a filing to the Bombay Stock Exchange (BSE).
Cipla said operating margins and profits were squeezed on account of appreciation of the Indian rupee by 4-5 per cent year-on-year and increased overheads at its Indore SEZ.
Total income during the second quarter this fiscal stood at Rs 1,615.35 crore, as against Rs 1,442.88 crore in the year-ago period, it added.
Domestic sales grew by 20 per cent during the quarter to Rs 756.41 crore, while exports rose by 11 per cent to Rs 832.18 crore, the company said.
For the six-month period ending September 30, the net profit of the company was Rs 520.43 crore, as against Rs 517.45 crore in the same period last fiscal.
Total income of the company for the half-year ended September 30 was Rs 3,095.11 crore, compared to Rs 2,816.82 crore in the year-ago period.
Meanwhile, in a separate filing to the BSE, Cipla said its board has appointed S Radhakrishnan as an additional director and whole-time director of the company for a period of five years.
It also announced that S A A Pinto has resigned from directorship of the company due to health reasons.
Shares of Cipla closed at Rs 331.90 on the BSE today, down 3.22 per cent from the previous close.
