Cipla, an Indian pharmaceutical conglomerate, announced its results for the third quarter ended 31 December, 2022 (Q3FY23) on 25 January.
The firm recorded a consolidated profit after tax (PAT) of Rs 801 crore for the quarter, up 10 per cent from the previous year’s figure of Rs 729 crore. In the September 2022 quarter, it declared a profit of Rs 789 crore.
Consolidated sales increased by 6 per cent year on year to Rs 5,801 crore, up from Rs 5,479 crore in the December 2021 quarter. In Q2FY23, revenue was Rs 5,829 crore.
Commenting on the performance of the company, Umang Vohra, MD and Global CEO, said, “Our Q3FY23 performance reflects sustained momentum in core One-India and US businesses driving our overall revenue growth of 6 per cent reported and 11 per cent on an excovid basis.”
The company achieved double-digit traction in core portfolio across treatments and business categories, with momentum maintained in respiratory, cardiac, and anti-diabetic medicines. Consistent traction across anchor and migrated brands drove 16 per cent Year-on-Year (YoY) adjusted growth, according to the statement.
Meanwhile, its North America division announced its highest-ever quarterly sales of USD 195 million, representing a 30 per cent YoY increase, owing to significant traction in its diversified portfolio, which included market share expansion in key respiratory and peptide injectable products.
Earnings before interest, depreciation, taxation, and amortisation (EBITDA) were Rs 1,408 crore, up 13 per cent from Rs 1,243 crore recorded previous year. It increased by 8 per cent year on year from Rs 1,302 crore in the preceding quarter. The EBITDA margin increased to 24.2 per cent from 22.7 per cent in the same quarter last year.
Cipla’s SAGA (South Africa, Sub-Saharan Africa, and Global Access) division saw revenues fall 24 per cent year on year to Rs. 680 crore, with the firm citing supply issues. Sales increased 3.3 per cent year on year in various foreign areas, including developing markets and Europe.
R&D spending amounted to Rs 363 crores, up 39 per cent year on year, driven by ongoing clinical trials on a respiratory asset and other ongoing development initiatives, including biosimilars.
“Our reported operating profitability of 24.2 per cent reflects our focused efforts on navigating external headwinds and continued higher R&D spends stemming from ongoing respiratory trials and initiation of biosimilar programs.” Vohra said.
