Cipla Q1 results: Net profit rises 45% YoY to ₹996 crore; US business posts highest ever revenue of $222 million

livemint.com:

Cipla reported a 45.1% rise in its consolidated net profit for the quarter ended June 2023 at ₹995.7 crore as compared to ₹696.4 crore in the corresponding quarter of the last year. The drug major’s revenue in Q1FY24 increased 17.7% to ₹6,328.9 crore from ₹5,375.2 crore, YoY, driven by performance in India, US & South Africa. The company’s US business reported the highest ever revenue of $ 222 million, registering a growth of 43% YoY growth driven by robust momentum in differentiated portfolios.

“Our pipeline and execution have been a substantial driver to this growth. Key asset of Lanreotide has improved its market share to 18%. Focus continues on limited competition launches," Cipla said in a statement.

South Africa Private Market business grew at 13% YoY in local currency terms backed by double digit growth in both prescription and OTC business, the company added. Also Read: Bajaj Finance Q1 results: Net profit rises 32% YoY to ₹3,437 crore; asset quality improves Earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter under review grew 30.7% to ₹1,493.9 crore from ₹1,143.4 crore, YoY. EBITDA margin also improved by 230 basis points (bps) to 23.6% from 21.3%, YoY.

Cipla’s R&D investments rose 27% YoY to ₹349 crore or 5.5% of sales, driven by continued progress of clinical trials on key pipeline assets and other developmental efforts. One India business grew 12% YoY across branded prescription, trade generics and consumer health. Also Read: PNB Q1 Results: Net profit jumps 307% to ₹1,255 crore; NII grows 26% YoY to ₹9,504 crore Branded prescription business grew at 11%, while the Trade generic business saw a growth of 8%, YoY, supported by traction in big brands.