Cipla’s stock was down 5.6 per cent in Indian market that was 0.96 per cent lower.
Cipla Ltd, India’s second largest drugmaker by market capitalisation, posted its second straight rise in quarterly profit, slightly above analysts’ estimate, boosted by strong domestic sales.
Revenue from India, its biggest market, rose 12 per cent to 16.46 billion rupees ($253.45 million) in the quarter. Domestic revenue accounted for 40 per cent of total revenue, which rose 9 per cent to 40.82 billion rupees.
“The domestic business witnessed significant ramp-up in line with strong offtake,” said Umang Vohra, global chief executive of Cipla.
However, revenue from North America fell 7 per cent to 6.18 billion rupees. Sales have been hit by increased regulatory scrutiny over pricing of generic drugs.
Profit rose 19 per cent to 4.23 billion rupees in the quarter ended September 30, the company said. That compares with an average expectation of 4.2 billion rupees in profit, drawn from 18 analysts polled by Thomson Reuters I/B/E/S.
Cipla’s stock was down 5.6 per cent as of 0859 GMT in a broader Indian market that was 0.96 per cent lower.