August 8, 2018 / 10:52 AM / 8 months ago

Cipla first-quarter profit trumps estimates on strong domestic growth

An employee works at the reception area of Cipla at its headquarters in Mumbai, India June 17, 2015. REUTERS/Danish Siddiqui/Files

(Reuters) - Indian drugmaker Cipla Ltd posted quarterly profit well above analysts’ expectations, helped by strong growth in the domestic market.

Net profit rose 10.4 percent from a year earlier to 4.51 billion rupees ($65.67 million) in the first quarter ended June 30, the country’s third-largest drugmaker by market capitalisation said on Wednesday.

This compared with an average analyst expectation of 3.91 billion rupees, according to Thomson Reuters I/B/E/S.

Net sales rose 12 percent to 38.46 billion rupees, the company said in a statement here

Revenue from India, which accounted for more than a third of the total revenue, jumped 22 percent to 15.44 billion rupees.

North America business posted 4 percent growth, Cipla said here.

The company has appointed R. Ananthanarayanan as global chief operating officer to oversee its businesses in North America, Europe and emerging markets.

Shares in Cipla closed 0.5 percent higher in a Mumbai market that rose 0.5 percent.

($1 = 68.6725 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru, Editing by Sherry Jacob-Phillips

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