Cipla Limited, an Indian multinational Pharmaceutical company Headquartered in Mumbai has reported its shares advanced 11.7 percent to Rs.814.45 and also, it was its record high on the BSE (Bombay Stock Exchange) on Monday 10th August 2020 after the pharmaceutical firm reported healthy June Quarter numbers on Friday post market hours.
The Mumbai headquartered Pharma firm posted 20 percent growth in profit before tax (PBT) for the first quarter of the current financial year to Rs.799 crore on a 9 percent year-on-year growth in revenues to Rs.4346 crores against the revenue of Rs.3989.02 crores for the same period a year ago. Cipla shares boosted pharma shares pushing the nifty pharma index –comprising stocks of 10 major drug makers in the country-up as much as 5.50 percent.
On Friday the company reported a net profit of ₹577.91 crore in the quarter ended June 30, making a jump of 20.85 percent, compared to the corresponding period a year ago. At the close, the stocks settled 9.5 percent higher at 797.5 at the BSE as against 0.37 percent in the benchmark S&P BSE Sensex. Cipla MD and Global CEO Umang Vohra said that During the quarter ending 30th June 2020, The businesses of Cipla have actively reimagined their operating models to drive strong growth across the markets of India, South Africa, the US and concentrated focused execution on cost optimization helped them to drive the quarter EBITDA (Interest before interest, taxes, depreciation and amortization) to 24 percent.
The Company is also at the forefront in combating covid-19 through its strategic partnerships and a spectrum of offerings in its portfolio. Meanwhile, the Indian Markets rose extending last week’s gains amid global equities. Sensex was trading 279 points higher at 38,301 and Nifty gained 84 points to 11,299.
The company’s domestic business done well registering a 16 percent year-on-year jump during the quarter, when Cipla launched the licensed version of Gilead’s remdesivir. It also markets another key drug used in covid treatment Roche’s tocilizumab. In the chronic therapies, cardiac segment did well for Cipla during the quarter growing by 10 percent. The Trade generics business clocked a 46 percent year-on-year jump.
Cipla’s US Business grew by 14 percent year-on-year led by the ramp up in sales of inhaler Drug albuterol. The South Africa business registered a 17 percent jump while the European business grew up by 9 percent.
