The Hindu Business Line : Robust sales drive Cipla Q4 net up 43%

Mumbai, April 25 Cipla Ltd has posted a 43 per cent growth in net profit for the three months ended March 31, 2008, on the back of robust exports and increased domestic sales.

Exports, which account for a lion’s share (about 59 per cent) of Cipla’s sales in the quarter, saw a 23 per cent growth in the period under review. Domestic sales on an expanded base saw 13 per cent growth in the period, explained Cipla’s Chief Executive Officer, Mr Amar Lulla.

The company posted a net profit after tax of Rs 179.45 crore for the fourth quarter ended March 2008, compared with Rs 125.73 crore in the same period of the previous year. Total income increased to Rs 1162.77 crore (Rs 960.53 crore).

Cipla’s turnover for the year crossed the $1 billion milestone, at Rs 4,352 crore for the year ended March 31, 2008, up 18 per cent over the previous year. And this is not on the back of an acquisition, as is the case often, he pointed out.

Outlook

In the forthcoming year, Cipla projects growth between 12 and 15 per cent, despite the increased base, he said. The company’s net profit after tax for the year stood at Rs 700.48 crore, close to five per cent over profits of the previous year.

The company incurred an increased employee cost of about Rs 30 crore compared to the previous quarter due to annual increments, increase in manpower, director’s commission and impact of change in accounting guidelines for employee benefits (AS-15) relating to earned leave, gratuity, leave travel assistance, etc, the company said. Other expenditure included sales promotion/advertisement campaign and processing charges, the company said.

Goa SEZ

On the petition filed at the Goa Bench of the Bombay High Court challenging the Goa Government on its recommendation to scrap its SEZ, Mr Lulla said that the State Government had been given six weeks to respond. The petition had been filed by Meditab Specialities Pvt Ltd, developer of the SEZ in Goa where Cipla was to set up its plant. Cipla is said to have invested about Rs 200 crore in the project.

Cipla shares were marginally down, at Rs 224.30 on the BSE on Friday.

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