Pharmaceutical major Cipla on Monday revealed its third quarter financial results for FY24 with consolidated net profit of ₹1,056 crore, a 32% rise as compared to the year-ago period, led by strong performance in its North American business. In the corresponding quarter of the preceding fiscal year, the company had recorded a net profit of ₹801 crore.
The generic drugmaker’s total revenue from operations for Q3 FY24 saw a marginal dip at ₹6,603 crore as compared to ₹6,678 crore in the previous quarter, up 13.66% from ₹5,810.09 crore in the corresponding period a year ago.
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“Our topline growth for the quarter was at an impressive 14% YoY with strong EBITDA margins at 26.3%. One India business grew at a healthy 12% YoY backed by strong performance across Branded Prescription, Trade Generics and Consumer Health,” said Umang Vohra, MD and Global CEO of Cipla.
During the December quarter, the company reported an 8.78% increase in total expenses, amounting to ₹5,119.81 crore, compared to ₹4,706.47 crore in the same period last fiscal year.
Cipla’s third-quarter total income reached ₹6,788.44 crore, marking a notable increase of 14.58 percent. Within the quarter, the pharmaceutical segment contributed ₹6,365.06 crore to the revenue, while new ventures contributed ₹280.51 crore.
The total segment revenue of the drugmaker rose over 12.61% from ₹6,645.57 for the quarter ended in December 2023 from ₹5,901.13 a year ago. Meanwhile, its EBITDA surged 24.2% YoY to ₹1,748 crore.
Vohra further added, “In North America, we continue to scale newer peaks by posting the highest ever quarterly revenue yet again at $230 million, supported by positive traction in key assets and base business. Our South Africa business further extended its momentum from last quarter by growing at 15% in local currency terms driven by strong execution across prescription, OTC and tender.”
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The North American segment achieved a milestone by reaching a quarterly revenue of $230 million, marking an impressive 18% year-over-year growth. This success was underpinned by sustained momentum in crucial assets, strong demand in the core business, and additional support from year-end purchasing activities.
Meanwhile, in South Africa, Cipla maintained its growth trajectory, recording a robust 15% year-over-year revenue increase in local currency terms. This achievement was fueled by positive traction in prescription, over-the-counter (OTC) sales, and tender transactions.
The paid-up equity share capital increased to ₹161.47 crore upon allotment of 5,235 equity shares and 19,734 equity shares of 2 each, respectively during the quarter ended December 2023.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
