Cipla posts better-than-estimated Q3 results; stock hits all-time high

Cipla shares clocked an all-time high of Rs 1,409 apiece in the morning deals on Tuesday (January 23). The stock drew buyers' interest after the pharmaceutical company posted better-than-estimated Q3FY24 results.

As of 9:56 a.m., shares of drug major Cipla traded 6.85 per cent or Rs 89.85, higher on the BSE at Rs 1,402.45 apiece. The market capitalisation of the company at around the same time stood at Rs 1,13,227.87 crore. The scrip closed 7.35 per cent higher at Rs 1409.05 apiece on BSE.

On January 22, Cipla announced its third-quarter results that ended December 31, 2023, where the company posted a 32 per cent increase in consolidated net profit at Rs 1,056 crore for the period, on the back of robust sales across geographies. 

The Mumbai-based company had posted a consolidated net profit of Rs 801 crore in the year-ago period, Cipla Ltd said in a statement.

The profit for the quarter under review was estimated at Rs 1,000 crore.

The total revenue from operations in the third quarter of the current fiscal year rose to Rs 6,604 crore as compared with Rs 5,810 crore in the year-ago period. The revenue was estimated at Rs 6,470 crore.

Cipla management commentary

Cipla MD and Global CEO Umang Vohra said the company's topline growth for the quarter was 14 per cent year-on-year.

"In North America, we continue to scale newer peaks by posting the highest-ever quarterly revenue yet again at USD 230 million, supported by positive traction in key assets and base business," Vohra said.

"Our focus continues on expansion in chronic therapies, growing big brands, global wellness, as well as developing our Research and development (R&D) pipeline in respiratory and peptides. We will continue to focus on driving profitable growth across businesses," Vohra added.

Cipla share price: Past performance

In a year, the stock of Cipla has gained over 31 per cent against the Nifty 50's rise of over 19 per cent. 

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