Updated January 22nd, 2024 at 20:53 IST

Cipla's Q3 profit soars 32% to Rs 1,068 crore, surpassing expectations

Cipla's revenue from operations during Q3 reached Rs 6,603.81 crore, reflecting a robust growth of 13.66% compared to the same quarter last fiscal.

Reported by: Business Desk
Cipla | Image:X
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Cipla Q3 earnings: Cipla Ltd, the leading Indian generic drugmaker, reported robust financial results for the third quarter ending December 2023, with a significant 32.25 per cent surge in consolidated profit to Rs 1,068.41 crore. The company's stellar performance was attributed to the impressive growth in its North American business segment.

The consolidated net profit for the quarter surpassed market estimates, reaching Rs 1,068.41 crore, as revealed in a regulatory filing by the pharmaceutical firm. This marked a substantial increase from the Rs 807.83 crore profit reported in the corresponding period a year ago.

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Cipla's revenue from operations during Q3 reached Rs 6,603.81 crore, reflecting a robust growth of 13.66 per cent compared to the same quarter last fiscal, where it stood at Rs 5,810.09 crore. The total income for the quarter was recorded at Rs 6,788.44 crore, indicating a substantial increase of 14.58 per cent.

The pharmaceutical giant's Q3 results demonstrated the strength of its core business, with revenue from pharmaceuticals standing at Rs 6,365.06 crore. Additionally, revenue from new ventures contributed Rs 280.51 crore to the total income during the period.

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Cipla's performance exceeded analysts' expectations, with consolidated net profit beating the average estimate of Rs 1,043 crore, according to data from the London Stock Exchange Group (LSEG).

As the pharmaceutical industry continues to evolve, Cipla's strong financial results position the company for sustained growth and underscore its resilience in a dynamic market landscape.

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Investors and industry observers are keenly awaiting further insights from Cipla's management during the upcoming earnings call, where the company is expected to provide a detailed analysis of its performance and future growth strategies.

(With agency inputs.)

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Published January 22nd, 2024 at 20:53 IST