Drugmaker Cipla posted a net profit of Rs 566.04 crore in the quarter ended June. The company had reported a net profit of Rs 447.15 crore in the same quarter a year ago. It beat the street estimate of Rs 300 crore by quite a margin.
|Q1FY21 (in crores)||Q1FY20 (in crores)||Change|
“Extremely pleased to report our Q1FY21 performance which reflects the inherent strength of our business backed by agile and resilient operations, cost control initiatives and continued delivery on our strategic priorities,” said Umang Vohra, MD and Global CEO.
“ During the quarter, our businesses actively re-imagined their operating models to drive strong growth across markets of India, South Africa, US and focused execution on cost optimization helped drive the quarter EBITDA* to 24%,” he added.
*EBITDA: Earnings before Interest, Tax, Depriciation and Amortization
South Africa, Sub-Saharan Africa and Cipla Global Access (SAGA) business grew 10 per cent to Rs 763 crore. Emerging markets registered a 64 per cent jump in business at Rs 457 crore and Europe showed a 19 per cent rise to Rs 240 crore.
However, North America business fell 9 per cent YoY but grew 19 per cent sequentially to Rs 1,021 crore in Q1 FY21. Its R&D investments stand at Rs 200 crores or 4.6 per cent of revenue.
“We are also at the forefront in combatting COVID-19 through our strategic partnerships and a spectrum of offerings in our portfolio,” Vohra said in a release.
In conclusion, the Pharma giant is hopeful and optimistic for growth in the coming quarters from emerging markets like India and developed markets like USA and Europe.