Cipla beats estimates with 11 per cent rise in quarterly profit

Cipla reported a bigger-than-expected 11 per cent increase in second-quarter profit recently, helped by rising demand for its drugs and inhalers and a boost in its new ventures.

The company has been on an acquisition spree in recent months, from buying supplement maker Endura Mass to stake purchases in medical diagnostics firm Achira Labs and health tech company GoApptiv.

Cipla, which makes generic versions of respiratory drugs Advair and Albuterol, said consolidated net profit rose to 7.89 billion rupees ($95.6 million) in the quarter ending 30th September, from Rs 7.11 billion a year earlier.

Analysts, on average, had expected a profit of Rs 7.83 billion, according to Refinitiv data. Total revenue from operations increased five per cent to Rs 57.59 billion. Revenue from its mainstay pharma business rose five per cent to Rs 56.91 billion, while revenue from new ventures doubled to Rs 2.78 billion.

Cipla said revenue from the US markets rose 25 per cent to $179 million.

Edits by EP News Bureau