Cipla Q3 profit declines 17% to Rs 333 crore, misses estimates

NEW DELHI: Drug maker Cipla on Wednesday reported a 17.05 per cent year-on-year (YoY) drop in consoliadted profit at Rs 332.50 crore for the December quarter, falling short of Rs 365 crore profit anticipated by analysts in an ET Now poll.

The company had reported Rs 400.51 crore profit in the year-ago quarter.

Sales for the quarter rose to Rs 3,906.20 from Rs 3,834.49 crore in the year-ago quarter, falling short of ET Now poll estimate of Rs 4,150 crore.

The company said that the USFDA inspection at Kurkumbh and InvaGen ended with minor and procedural observations.

InvaGen EIR received already, it said, adding that the company has received observations from the recent PAI inspection at Goa; responses will be submitted within stipulated time.

MD and Global CEO Umang Vohra said, "This quarter, our US business has delivered strongly as a result of scale-up of new launches. We are tracking well on our guidance on limited competition launches and ANDA approvals. Overall, challenges in this quarter were along expected lines and we remain optimistic as we enter FY’20. Our plan to drive YoY growth from the coming quarters in on track. Our key focus markets remain growth anchors, we have built further on our existing specialty pipeline, and we continue to explore innovative ways of going beyond the pill to meet unmet patient needs.”