Cipla Q2 net up 17.47 pc to Rs 308.97 cr

NEW DELHI: Drug major Cipla today reported a 17.47 per cent increase in its net profit to Rs 308.97 crore for the quarter ended September 30, 2011 due to improved sales within the country and overseas.

The company had posted a net profit of Rs 263.01 crore for the quarter ended September 30, 2010 Cipla said in a filing to BSE.

Net sales of the company for the quarter ended September 30, 2011 stood at Rs 1,731.83 crore as against Rs 1,579.88 crore for the corresponding period previous fiscal.

Domestic sales grew by 12 per cent to Rs 847.03 crore as against Rs 756.41 crore in the year-ago period. Exports also grew by 10 per cent to Rs 911.06 crore for the quarter under consideration from Rs 832.18 crore in the same period last fiscal, the company said.

During the quarter the company witnessed lowering of the material costs by Rs 37 crore, Cipla said.

"In addition, there has been higher cost efficiencies due to increased utilisation of Indore SEZ faculties," it added.

For the half year ended September 30, 2011 net profit of the company stood at Rs 562.31 crore. It was Rs 520.43 crore for the same quarter year ago.

In another filing to the BSE Cipla said it has appointed Ranjan Pai as an additional director of the company.

Scrips of Cipla today closed at Rs 288.15 per share on BSE, up 0.49 per cent from its previous close.