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Company Report

cipla

For the second quarter ended September Cipla’s performance has slipped with total revenues moving up by 14 per cent over the previous corresponding quarter to Rs 398.43 crore (Rs 348.98 crore).

Sequentially, revenues fell 2 per cent over the June quarter. What saved Cipla’s bottomline was reduced expenditure (up 13 per cent on a year-on-year and down 6 per cent sequentially).

Net profit was up 22 per cent year-on-year and 21 per cent sequentially. At Rs 394.34 crore (Rs 337.04 crore) income from operations was up 17 per cent over the previous corresponding period.

Domestic sales grew 16 per cent at Rs 259 crore which is higher than the industry’s single-digit growth in the quarter while exports, which have fuelled growth in successive quarters slowed down to 16 per cent at Rs 130 crore. In the first quarter, exports had increased 62 per cent to Rs 141 crore.

Operational costs at Rs 296.20 crore (Rs 265.33 crore) were up 12 per cent over the previous corresponding quarter. Sequentially, it was down 8 per cent over the June quarter costs of Rs 320.68 crore. There has been an across the board savings in costs with raw material consumption falling by 9 per cent whereas staff costs and other expenditure were down 20 per cent each.

Operating profits were up 37 per cent over the previous corresponding quarter at Rs 98.14 crore (Rs 71.71 crore) while sequentially it went up by 19 per cent over the June quarter profit of Rs 82.27 crore.

OPM at 25 per cent was 4 percentage points above the 21 per cent clocked during the previous corresponding quarter and 21 per cent during the June quarter.

Other income has been on a continuous slide. At Rs 4.09 crore (Rs 11.94 crore) it was 66 per cent below that earned during the previous corresponding quarter and 14 per cent below the June quarter earning of Rs 4.78 crore.

The interest cost was negligible while depreciation went up by 42 per cent over the previous corresponding quarter to Rs 6.75 crore (Rs 4.75 crore) but was down 4 per cent from the June quarter provisioning of Rs 7 crore. Net profit was Rs 73.66 crore (Rs 60.43 crore), 22 per cent above that recorded during the previous corresponding quarter and 21 per cent above the June quarter profits of Rs 60.63 crore.

The stock currently trades at Rs 860 discounting its September quarter annualised EPS of Rs 49.13 by 17 times.

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