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Cipla Q1 profit falls 39% on weak operational performance

Consolidated revenue grew by 8.3 percent to Rs 2,720 crore in the quarter ended June 2014 from Rs 2,511 crore in same quarter last year.

The News International Team

Drug maker  Cipla disappointed street on Thursday with the first quarter (April-June) net profit falling a whopping 39.3 percent year-on-year to Rs 294.6 crore due to weak operational performance. Profit in the corresponding quarter of last fiscal was Rs 485.3 crore.

Analysts had expected the pharma company to report net profit of Rs 347.8 crore on revenue of Rs 2,830.4 crore for the quarter, according to CNBC-TV18 poll estimates.

Consolidated revenue grew by 8.3 percent to Rs 2,720 crore in the quarter ended June 2014 from Rs 2,511 crore in same quarter last year.

Operating profit (EBITDA) dropped 21.3 percent on yearly basis to Rs 542 crore and margin declined 750 basis points to 19.9 percent in the quarter gone by, which both came in higher than analysts’ forecast of Rs 530.4 crore and 18.7 percent, respectively.

The scrip of Cipla, which announced earnings after market hours, rose 1.98 percent to Rs 448 on the BSE.

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