Cipla surges 7% post March quarter results

Shares of Cipla have surged 7% to Rs 563 per share, bouncing back 8% from their early morning low of Rs 520 per share on the BSE, after the pharmaceutical company reported a consolidated net profit of Rs 1.79 billion in March quarter (Q4FY18) against a net loss of Rs 620 million in the same quarter last year.
Total income from operations grew 3.2% at Rs 36.98 billion as compared to Rs 35.82 billion over the previous year quarter. Key markets including India and South Africa continued to deliver strong growth, Cipla said in a statement.

Analysts on an average had expected profit of Rs 3.59 billion and revenue of Rs 38.70 billion for the quarter.

“Despite numbers not meeting expectations the company has met its guidance of one US launch of a limited competition product per quarter. In the near-term gPulmicort, gAloxi and gDacogen, which have started to gain market share, should help pare pricing challenges,” analysts at Antique Stock Broking said in result review.