Cipla shares surged over 8 per cent in early trade on Thursday after the pharma major reported robust earnings for the first quarter of fiscal 2024. The stock jumped as high as 8.82 per cent to hit 8.82 per cent to Rs 1,163 on the Bombay Stock Exchange (BSE).
Cipla reported a 45.1 per cent growth in its consolidated net profit in Q1FY24 at Rs 995.7 crore as compared to Rs 696.4 crore in the corresponding quarter of last year.
The company’s global revenue during the June quarter jumped 17.7 per cent to Rs 6,328.9 crore from Rs 5,375.9 crore in the year-ago period, on the back of performance in India, US, and South Africa.
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Cipla’s US business posted the highest ever revenue of $222 million, recording a growth of 43 per cent YoY, driven by robust momentum in various portfolios.
At 10:00 AM, Cipla shares were trading 7.99 per cent higher at Rs 1,154.30 apiece on the BSE. On Wednesday, the stock ended 1.37 per cent higher at Rs 1,068.70 per share.
"I am pleased to share that we continue to make considerable progress across our focused markets. In Q1 FY24, we recorded growth of 18% over last year with EBITDA of INR 1,494 crore driven by mix and other operational efficiencies," said Umang Vohra, MD and Global CEO, Cipla Ltd.
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The company’s One India business grew 12 per cent on-year across branded prescriptions, trade generics, and consumer health.
Cipla’s Health franchise grew by 16 per cent with margins reaching close to the mid-teens for the quarter. Big brands of Cipla Heath posted double digit growth in revenues.
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