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.

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