Cipla falls even as Q1 net profit zooms over two-fold to Rs 651 crore

NEW DELHI: Shares of Cipla fell 5.26 per cent in trade on Monday, despite the drug major on Friday reporting an over two-fold jump in its consolidated net profit to Rs 650.61 crore for the quarter ended June 30.

The stock was the top Sensex loser and ended the day 4.95 per cent lower or Rs 36.65 at Rs 703.85.

The company had posted a net profit of Rs 294.58 crore for the corresponding period of the previous fiscal year.

Domestic sales grew by 8.4 per cent to Rs 1,397 crore during the first quarter (Q1) of FY16, up from Rs 1,289 crore during Q1 of FY15. The growth in domestic sales was largely on account of growth in respiratory, anti-infectives, cardiac and gastro-intestinal therapies, Cipla said in a filing to BSE.

In the company's international business, exports of formulations increased by 78.5 per cent to Rs 2,174 crore during the first quarter of the current fiscal as against Rs 1,218 crore during the same period a year ago.

Exports of APIs increased by 47 per cent to Rs 206 crore during Q1 of FY16 from Rs 140 crore during Q1 of FY15, it added.

The outlook for FY16 remains strong with the company expecting a 20 per cent topline growth in the fiscal year. It is also evaluating reinvestment options in R&D, Consumer Healthcare and Biologics, Cipla said.

(With inputs from PTI)