Cipla clocks 45% YoY profit growth in Q2 FY24
Cipla declared its Q2 FY24 financial results today, showcasing a net profit of Rs. 1,155.37 crore, a whopping 44.9% growth compared to Rs. 797.41 crore in Q2 FY23. The firm's total revenue also jumped 15.1%, amounting to Rs. 6,854.47 crore during the July-September 2023 quarter from Rs. 5,954.49 crore a year ago. As a result, Cipla's shares jumped as high as Rs. 1,197.90 apiece, indicating a 4% rise from the previous session's closing at Rs. 1,150.85 apiece.
EBITDA growth and margin
The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at Rs. 1,734 crore, showing an increase from Rs. 1,302 crore in the previous year. The EBITDA margin also improved to 26% from 22.2% in the same period last year.
Cipla's progress in new product pipeline
"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," MD and Global CEO Umang Vohra said in a statement. He added, "Cipla's pipeline of new products is progressing really well with key milestones achieved in respiratory and Peptide assets. We'll continue our focus on driving profitable growth across businesses."
