Cipla Q2 Results FY2024, Net profit at Rs.1130.91 crores

Shreya Anaokar 27th October 2023 - 04:58 pm

On 27th October 2023, Cipla announced its quarterly results.

Key Highlights:

- Consolidated Revenue from Operations was at Rs.6678.15 crores for Q2FY24, up by 14.58% YoY.
- EBITDA increased by 33.1% to Rs.1,734 crores
- Net Profit increased by 43.35% to Rs.1130.91 crores

Business Highlights:

- The One-India business's sales increased by 10% YoY due to excellent performance in its Trade generics and Branded prescription sectors. Seasonal patterns impacted the consumer business for the quarter, but Branded Prescription is still growing faster than the market.
- North America's business revenue scales to $229 million, powered by a 28% YoY growth and a 3% QoQ growth; significant milestones across several pipeline assets are accomplished, maintaining the strong momentum.
- The private market in South Africa expanded at a rate of 12% YoY in local currency thanks to strong prescription and over-the-counter growth. OTC share will increase after Actor is acquired.
- The current level of R&D investments stands at Rs 379 Crores, or 5.7% of sales, up 13% YoY due to the ongoing advancement of clinical studies on important pipeline assets.

Commenting on the results, Umang Vohra MD and Global CEO, Cipla Ltd said: “Pleased to share an exceptional set of results reflecting the strength of our core business across key markets of India, North America and South Africa. We reported our highest ever quarterly revenue with EBITDA margins scaling up to 26%. One-India business grew at a healthy 10% YoY with continued market beating performance in the branded prescription and Trade Generics business. In South Africa, the private market business grew in double digits driven by strong execution across prescription and OTC. The North America business scaled up to $229mn, growing 28% YoY, driven by strong traction across core products with share expansion in differentiated assets. Our pipeline is progressing really well with key milestones achieved in Respiratory and Peptide assets. We will continue our focus on driving profitable growth across businesses”.