Cipla shares slide almost 8 pct as Q3 earnings trail estimates

Feb 13 2014, 18:35 IST
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Cipla posted numbers that were above expectations on sales front, while net profit came below expectations. Reuters Cipla posted numbers that were above expectations on sales front, while net profit came below expectations. Reuters
SummaryCipla posted numbers that were above expectations on sales front, while net profit came below expectations.

Shares of drug major Cipla today tumbled almost 8 per cent, losing Rs 2,553 crore in market value, after the company posted a lower-than-estimated consolidated net profit in the quarter ended December 31.

Cipla shares fell 7.7 per cent to Rs 381 at the close on the BSE, after declining as much as 7.94 per cent to Rs 380 in intra-day trade. On the National Stock Exchange, the shares slumped 7.7 per cent to Rs 380.95.

The company's market capitalisation dropped to Rs 30,591 crore. Cipla was the worst performer on both the benchmark BSE Sensex and the CNX Nifty index on the NSE.

The company said after market hours yesterday that consolidated net profit fell to Rs 284.31 crore in the third quarter of the current financial year from Rs 340.31 crore a year earlier. Net sales climbed to Rs 2,552.63 crore from Rs 2,070.53 crore.

"Cipla posted numbers that were above expectations on sales front, while net profit came below expectations," Angel Broking said in a report.

Cipla said the current year figures include the relevant results of units from the date they became subsidiaries and the corresponding figures for the previous period are not comparable.

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