May 22, 2018 / 11:12 AM / 3 months ago

Cipla posts fourth quarter profit, misses estimates

(Reuters) - Cipla Ltd, India’s second-biggest drugmaker by market capitalization, posted a fourth-quarter profit on Tuesday, but missed street estimates.

Employees and security staff work at the reception area of Cipla at its headquarters in Mumbai, India June 17, 2015. REUTERS/Danish Siddiqui/Files

Net profit came in at 1.79 billion rupees ($26.30 million) for the quarter ended March 31, compared with a loss of 617.9 million rupees in the year-ago quarter, the company said

That compares with an average 3.57 billion rupees estimated by 16 analysts in a Thomson Reuters poll.

The drugmaker recorded an exceptional loss of 775.2 million rupees during the quarter on account of alleged breach of regulatory directives on price control.

Net sales for the quarter rose marginally to 34.96 billion rupees.

Revenue from India, its biggest market, grew about 13 percent. Domestic revenues accounted for around a third of its total revenues.

($1 = 68.0650 Indian rupees)

Reporting By Arnab Paul in Bengaluru; Editing by Vyas Mohan

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