Cipla records sharpest fall in one year post Q2 results; stock down 8%

The stock has dipped 8% to Rs 558 on the BSE after the pharmaceutical company posted 11% decline in its consolidated net profit at Rs 3.77 billion for Q2FY19.

Shares of Cipla dipped 8% to Rs 558 on the BSE after the pharmaceutical company posted an 11% decline in its consolidated net profit at Rs 3.77 billion for the September quarter (Q2FY19). It had reported a profit of Rs 4.23 billion in the year-ago quarter. The stock recorded its sharpest intra-day fall in since November 7, 2017.

Total revenue from operations has been down 2% to Rs 40.12 billion against Rs 40.82 billion in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, tax, depreciation and amortization) margin down 18.8% from 19.7% in the previous year quarter.