Cipla Q4 net profit down 3 percent on higher costs
MUMBAI (Reuters) - Drugmaker Cipla Ltd (CIPL.NS) on Thursday reported a 3 percent drop in fourth-quarter net profit, slightly below analysts' estimates due to higher raw material and employee expenses.
The company, among the world's largest suppliers of HIV/AIDS medicines, said January-March net profit was 2.61 billion rupees ($44.33 million), compared with 2.68 billion rupees a year earlier. Analysts on average expected 2.76 billion rupees, according to Thomson Reuters data.
Net sales rose about 15 percent to 21.94 billion rupees, while total expenses shot up 35 percent.
Cipla, one of the largest pharmaceutical companies in India, gets more than half its revenue through exports to nearly 180 overseas markets, including Africa, Latin America and the United States.
Shares of the company, down 6.4 percent so far this year, closed down 2 percent on Thursday, in line with the Nifty.($1 = 58.8750 rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Subhranshu Sahu)
- Tweet this
- Share this
- Digg this
- Russia can run on empty for a year if sanctions block new bonds
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Mumbai hit by big power cuts after technical glitch at Tata Power unit
- Actress Jennifer Lawrence contacts authorities after nude photos hacked
- Rupee sees biggest fall in three weeks on broad dollar gains
The BSE Sensex on Tuesday breached the psychologically key level of 27,000 points for the first time to hit its third consecutive record high as blue-chips such as HDFC Bank gained after recent data raises hopes about the economy. Full Article