Cipla Q3 net profit jumps 26% YoY to Rs 339 cr

Pharmaceutical firm Cipla  's net profit grew by 25.55 percent year-on-year to Rs 339 crore in the third quarter of financial year 2012-13.

Total income rose nearly 18 percent to Rs 2,070.5 crore from Rs 1,758 crore during the same period.

Analysts on an average were expecting net profit at Rs 372 crore on revenues of Rs 2,049 crore for the quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 26 percent YoY to Rs 493 crore in the October-December quarter as against analysts' forecast of Rs 512.7 crore.

Operating profit margin moved up 150 basis points YoY to 23.8 percent in the third quarter. Analysts expected it at 25 percent.

Domestic revenue grew by 10 percent (as against 13.5 percent in September quarter) to Rs 957 crore in December quarter, helped by anti-asthma, anti-biotics and cardio drugs.

The company maintained growth in exports over 35 percent. International business revenues rose by 38 percent YoY to Rs 969 crore during the quarter.

Active pharmaceutical ingredients (API) dropped 16 percent (as against growth of 9 percent in September quarter) year-on-year to Rs 137 crore in the third quarter.

Management changes

Dr YK Hamied, which has been managing director (MD) for atleast 30 years, will retire as MD with effect from March 31, 2013. But he said he would continue as chairman in company in non-executive role.

"It's time to act as Godfather and let youngsters take over," Hamied said in an interview to CNBC-TV18.

MK Hamied, which has been MD for atleast 10 years, will continue as the only MD for Cipla.