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Cipla shares surge 7% after strong Q3 earnings, reach new record high

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4 months ago

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Pharmaceutical company Cipla witnessed a 7% jump in its stock prices after reporting strong Q3FY24 earnings. The company’s consolidated net profit increased by 32.7% YoY to ₹1,056 crore, driven by solid growth across various regions. While the revenue from operations in Q3FY24 slightly dipped to ₹6,603 crore, it increased by 13.66% compared to the same period last year.

Notable growth was observed in Cipla’s Indian and US businesses, with the US business achieving its highest ever quarterly revenue of $230 million, a growth of 18% YoY. The company’s South Africa business also reported a solid 15% YoY increase in revenue. Cipla currently holds a net cash position of ₹7,143 crore post-repayment of ZAR 720 million term loan in South Africa.

With an operating profit of ₹1,748 crore, which marks a 24.2% YoY increase, Cipla witnessed a significant expansion in its EBITDA margin. The company’s focus is on expanding its chronic therapies, growing big brands, global wellness, and developing its R&D pipeline in respiratory and peptides. Cipla’s stock is currently trading at ₹1,398 apiece, reflecting a 6.28% gain.

Rachel Adams

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