Large Cap Pharma Stock Zooms Nearly 8% On Upbeat Q3 Results

Cipla shares were surging on Tuesday after the company posted robust third-quarter results across the board.

What Happened: Cipla’s third-quarter net profit jumped 32.7% year on year, reaching ₹1,049 crore, despite an exceptional loss of ₹194.8 crore. The bottom-line growth was complemented by a 14.2% increase in revenue, totalling ₹6,544 crore for the October-December period.

The growth was well-diversified across markets, with the company achieving its highest-ever North American sales at $230 million (₹1,911 crore), marking an 18% increase. Meanwhile, the India business recorded nearly 12% growth, amounting to ₹2,859 crore, and South Africa’s sales saw a near 10% jump to ₹603 crore.

See Also: Groww’s Technical Glitch Shuts Out Traders At Peak Hour: Here’s What’s Happening

Growth Drivers: In India, the growth was propelled by robust performances in branded prescriptions, trade generics and consumer health. The North American business benefited from sustained momentum in key assets, strong demand in the base business and some year-end buying.

The South Africa business experienced a boost in revenue in local currency terms, supported by positive traction in prescription, over-the-counter (OTC), and tender segments.

Additionally, Cipla filed the generic of the asthma drug Symbicort and another inhalation asset in Q3, with plans to launch four peptides in FY25.

Price Action: Cipla’s share price soared 7.72% to ₹1,417.85 in early trade on Tuesday.

Read Next: Zee’s Spends Big On Sony Deal In Vain, 2 Adani Stocks Get Ratings Upgrade And Other News From The Weekend You Can’t Miss

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: EarningsEquitiesNewsMarketsMoversCipla

Loading...