Cipla Q1 PAT up 41.34% at Rs 998.07 crore

Pharmaceuticals firm Cipla Ltd on Wednesday reported a 41.34 per cent rise in consolidated profit after tax at Rs 998.07 crore in the first quarter ended June 30, 2023, driven by good growth across markets, specially India and the US.

The company had posted a consolidated profit after tax of Rs 706.14 crore in the same quarter last fiscal, Cipla Ltd said in a regulatory filing.

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Consolidated total revenue from operations in the quarter under review stood at Rs 6,328.89 crore as against Rs 5,375.19 crore in the year-ago period. Total expenses were higher at Rs 5,090.58 crore as compared to Rs 4,504.06 crore in the corresponding period last fiscal, the company said.

Cipla said its India business sales were up 11.6 per cent at Rs 2,772 crore in the first quarter as against Rs 2,483 crore in the year-ago period. North America business posted a 52 per cent jump in sales at Rs 1,822 crore as compared to Rs 1,199 crore in the year-ago period.

International markets that include emerging markets and Europe posted sales of Rs 779 crore as against Rs 720 crore in the same period a year ago, up 8.3 per cent, it said.

"Our One-India business continued the double-digit trajectory growing at 12 per cent during the quarter led by branded prescription with sustained growth across chronic therapies," Cipla MD and Global CEO Umang Vohra said.

The company's continued focus on the differentiated portfolio has strengthened its US business which once again posted the highest-ever quarterly revenue at $222 million, he added.

"South Africa private market bounced back from lows of last year to post a double-digit growth," Vohra said.

On the outlook, he said, "We are excited to continue working towards establishing a strong foundation for growth in upcoming quarters, where we look forward to continuing the leadership in chronic therapies in branded prescription business in India, further expanding our differentiated pipeline in the US and targeting to be the biggest prescription business in South Africa."