 "Cipla hits 52-week low on disappointing Q4 results")
Cipla has dipped 7% to Rs 460, also its 52-week low on the BSE, after the company reported a sharp 69% year-on-year drop in net profit to Rs 81 crore in the quarter ended March 2016 (Q4FY16), on account of one-off expenses related to inventory reduction and closure of business in some small-sized foreign markets.
The drug maker had profit of Rs 260 crore in the same quarter year ago.
Income from operations grew 5.6% to Rs 3,267 crore against Rs 3,093 crore in the corresponding quarter of previous fiscal.
Analysts, on an average, had expected profit of Rs 361 crore on revenues of Rs 3,307 crore.
Till 09:42 am, a combined 4.03 million shares changed hands on the counter on the NSE and BSE.
The drug maker had profit of Rs 260 crore in the same quarter year ago.
Income from operations grew 5.6% to Rs 3,267 crore against Rs 3,093 crore in the corresponding quarter of previous fiscal.
Analysts, on an average, had expected profit of Rs 361 crore on revenues of Rs 3,307 crore.
Till 09:42 am, a combined 4.03 million shares changed hands on the counter on the NSE and BSE.
