Cipla Stock Surges 6% Post Robust Q3FY24 Results, Hits 52-Week-High

Cipla's shares rallied over 6 per cent on Tuesday, reaching a 52-week high in the morning trading session, driven by robust Q3FY24 earnings
Generic Drugs
Generic Drugs

Cipla's shares witnessed an increase of over 6 per cent on Tuesday, followed by strong Q3FY24 earnings. The share price recorded its 52-week-high, during the morning trading session.

In the quarter ending December for FY24, the company witnessed an almost 32 per cent year-on-year increase in net profit, reaching Rs 1,049 crore. In the same period the previous year, the pharmaceutical major reported a net profit of Rs 801 crore. Despite a slight decrease from Rs 6,678 crore in the previous quarter (Q2 FY24), Cipla's total revenue for Q3 FY24 amounted to Rs 6,603 crore, marking a 13.66 per cent rise from Rs 5,810.09 crore in the corresponding period a year ago.

At 10:30 am, the shares of the generic drugmaker were trading at Rs 1,411 price level, up by more than 7 per cent on the National Stock Exchange.

The company achieved widespread growth across markets, with its highest-ever North American sales reaching $230 million, reflecting an 18 per cent year-on-year increase. The Indian segment witnessed nearly 12 per cent growth, amounting to Rs 2,859 crore, while South Africa recorded a nearly 10 per cent surge in sales, reaching Rs 603 crore.

“Our topline growth for the quarter was at impressive 14 per cent YoY with strong EBITDA margins at 26.3 per cent...... Our focus continues on expansion in chronic therapies, growing big brands, global wellness as well as developing our R&D pipeline in respiratory and peptides. We will continue to focus on driving profitable growth across businesses”. said Umang Vohra, MD and Global CEO of Cipla.

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