This Large Cap Stock Gains Over 2% After Beating Q1 Estimates

Drugmaker Cipla reported robust financial results for the June 2023 quarter, sending shares up over 2% on Wednesday.

What Happened? Cipla’s consolidated net profit came in at ₹996 crore, up 45% from a year ago. The total revenue from operations also saw significant growth, increasing by nearly 18% to ₹6,329 crore.

These figures surpassed most market expectations, with the average brokerage estimate being ₹830.9 crore for net profit and ₹6,159.9 crore for revenue.

Consolidated operating profit, measured as EBITDA, displayed a remarkable 31% year-on-year growth, amounting to ₹1,494.02 crore. The operating margin expanded impressively by 234 basis points, reaching 23.6%.

Price Action: Cipla’s share price gained 2.30% to ₹1,079.00 in late afternoon trade on Wednesday. The stock reached its highest level since Jan. 9.

Read Next: If You Invested ₹10,000 In Tata Motors When It Bought Jaguar, Here’s How Much You’d Have Today

News that Moves

Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.

Posted In: EquitiesWIIMMarketsCipla