Cipla's Q4 loss narrows to Rs 62 crore, scales down biotech business

Result was way below street estimates, which was anticipating Rs 200-300 crore quarterly profit

Cipla is scaling down its biotech business after a weak fourth quarter which saw Rs 61.8-crore loss. The company had posted Rs 93-crore loss in the year-ago period.

While the loss declined on a year-on-year basis, the result was way below Street estimates which were anticipating Rs 200-300-crore quarterly profit. Income from operations rose eight per cent to Rs 3,582 crore, largely led by growth in the US market but sales slowed down in India and other emerging markets.
 

The impairment charge of Rs 260 crore in relation to its biotech business and litigation for certain products in the US