Shares of drug major Cipla fell almost three per cent today after the company’s September quarter results came in below market expectations.
Cipla’s scrip lost 2.93 per cent to Rs 605.85 at the BSE. At the NSE, it was down 2.67 per cent to Rs 606.95. “Cipla posted results for Q2 FY15 below expectations on all fronts,” said Sarabjit Kour Nangra, VP Research – Pharma, Angel Broking.
Cipla had yesterday reported a consolidated net profit of Rs 298.68 crore for the quarter ended September on account of robust sales in domestic market.
The company had posted a net profit of Rs 358.06 crore during the same period of previous fiscal.
Net sales of the company stood at Rs 2,629.81 crore for the second quarter, while the same stood at Rs 2,483.47 crore during the same period of previous fiscal, Cipla had said in a filing to the BSE.
The company had said results for the quarter are not comparable to the previous fiscal due to Mabpharm becoming a subsidiary of the company in July.
It had said that its domestic sales during the second quarter grew by 20.5 per cent to Rs 1,251 crore, up from Rs 1,039 crore during the same period of previous fiscal.