Cipla Q3 PAT slips 2.6% yoy to Rs729cr; Stock up 1%

27 Jan 2022 , 09:56 AM

Cipla Limited on Tuesday announced its unaudited consolidated financial results for quarter ended December 31, 2021. Consolidated net profit slipped 2.6% yoy to Rs729cr in Q3FY22 against Rs748cr in Q3FY21.

The total revenues from operations stood at Rs5,479cr in Q3FY22, up 6% yoy against Rs5,169cr in Q3FY21. EBITDA also declined 3% yoy to Rs1,243cr from 1,281cr.

The company continued robust momentum across key markets. Strong traction in One-India and US business. Delivery continues to be ahead of internal targets, the company said in a filing.

At around 10.01 am, Cipla Ltd was trading at Rs912.90 per share up Rs8.80 or 0.97% from its previous closing of Rs904.10 per share on the BSE.

Key highlights of the quarter

• One India: Overall business grew by 13% yoy to Rs2,518cr in Q3FY22 from Rs2,231cr in Q3FY21 led by sustained momentum across core therapies and traction in flagship brands; modest contribution from the covid portfolio.
• SAGA: South Africa private business grew 16% yoy growth in ZAR terms; maintains market beating trajectory in secondary terms
• US business: Reported USD 150Mn revenue; Robust momentum in core formulation business; strong traction in respiratory portfolio
• New approval: Lanreotide injection 505 (b)(2); expands peptide portfolio
• R&D investments stand at INR 262 crore; Priority development projects spend on track
• Growth in operating profitability and prudent working capital management drives continued healthy net cash positive position at December 21.

“I am pleased to see the strong launch and commercial momentum across our core markets during the quarter. Our portfolio execution in branded markets of India & South Africa and strong respiratory traction driving our US generic franchise to a multi-quarter high quarter were key drivers. The unlocking of our first 505(b)(2) peptide asset, lanreotide injection is an important step in strengthening our complex generics engine, inching up our US footprint.

Our EBITDA margins for the quarter came in at 22.7% and given the YTD traction, we are well placed to close the year in-line with our guidance of 22%. We continue our efforts to improve patient access for therapies including covid products and ensuring adequate supply across all our markets,” Umang Vohra, MD and Global CEO, Cipla Ltd.