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Cipla gains despite YoY fall in Q3 profit as bottom-line surpasses estimates

27 Jan , 2022   By : monika singh


Cipla gains despite YoY fall in Q3 profit as bottom-line surpasses estimates

NEW DELHI – Shares of Cipla NSE 0.84 % climbed 2 per cent in early trade Thursday despite the drug major reporting a 2.6 per cent decline in third-quarter profits as investors cheered the fact that the bottomline was higher than market expectations.


Cipla reported a 2.6 per cent decline in its consolidated profit after tax to Rs 729 crore for the third quarter ended on December 31, 2021. An ET NOW poll of analysts had estimated the net profit at Rs 710 crore.


The Mumbai-based company had posted a consolidated profit after tax (PAT) of Rs 748 crore in the October-December quarter of 2020-21 fiscal.

The counter rose to a high of Rs 923.95 against the previous close of Rs 905.65 on the National Stock Exchange.
On a standalone basis, the company said its profit rose 4.57 per cent to Rs 731 crore. The revenue from sales of products came in at Rs 3871 crore, up 4.9 per cent against the year-ago quarter.

The revenue from sales of products stood at Rs 5,442.86 crore in Q3 FY22, up 5.6 per cent YoY against Rs 5,154.17 crore in Q3FY21. Total revenue from operations was Rs 5,478.86 crore against ET NOW poll of Rs 5,420 crore.
The company’s board considered and approved the transfer of the India-based US business undertaking to Cipla BioTec Limited, a wholly-owned subsidiary of the company, for a consideration of Rs 1,400 crore and the consumer business undertaking to Cipla Health Limited, a wholly-owned subsidiary of the company for a consideration of Rs 80 crore as a going concern on a slump sale basis through a Business Transfer Agreement (BTA).


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