Cipla Q1 Results FY2024, Profit at Rs. 996 crores

On 26th July 2023, Cipla announced its quarterly results for the last quarter of FY2023.

Cipla Financial Highlights:

- Total income from operations at Rs. 6329 crores grew by 17.7% during the quarter
- Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter at Rs. 1494 crores, grew by 30.7%. 
- Profit after tax for the quarter at Rs. 996 crores grew by 45.1%. 

Cipla Business Highlights:

- One India business grew 12% YoY across branded prescription, trade generics and consumer health.  
- South Africa Private Market grew at 13% YoY in ZAR powered by uptick in focused therapies in the prescription business as well as high double-digit growth of 16% in OTC portfolio
- US business reported highest ever revenue of $ 222 Million and 43% YoY growth driven by robust momentum in differentiated portfolio
- R&D investments stands at Rs. 349 crores or 5.5 % of sales; Higher by 27% YoY driven by continued progress of clinical trials on key pipeline assets and other developmental efforts
- International markets reported revenue growth by 9% (Ex-Covid) in INR terms, while Europe business has achieved a YoY growth of about 30% in INR terms in challenging macroeconomic environment.

Commenting on the results, Umang Vohra MD and Global CEO, Cipla Ltd said: “I am pleased to share that we continue to make considerable progress across our focused markets. In Q1 FY24, we recorded growth of 18% over last year with EBITDA of INR 1,494 Cr driven by mix and other operational efficiencies. Our One-India business continued the double-digit trajectory growing at 12% during the quarter led by branded prescription with sustained growth across chronic therapies. Our continued focus on differentiated portfolio has strengthened our US business which once again posted highest ever quarterly revenue at $ 222 Mn. South Africa Private Market bounced back from lows of last year to post a double-digit growth. Our core operating profitability continues to be strong at 23.6% expanding by 230 bps over last year. We are excited to continue working towards establishing a strong foundation for growth in upcoming quarters, where we look forward to continuing the leadership in Chronic Therapies in Branded Prescription business in India, further expanding our differentiated pipeline in the US and targeting to be the biggest prescription business in South Africa.”