Cipla Q3 net up 25% at Rs 339 cr; Hamied to retire as MD

Cipla Q3 net up 25% at Rs 339 cr; Hamied to retire as MD New Delhi: Drug major Cipla on Wednesday posted 25.51 percent increase in profit after tax at Rs 338.78 crore for the third quarter ended December 31, 2012, on the back of strong international and domestic sales.

The company, which had posted a PAT of Rs 269.91 crore for the corresponding period of previous fiscal, said its long serving Chairman Y K Hamied will retire as Managing Director with effect from March 31, 2013 but will continue as its Chairman, Cipla Ltd said in a filing to the BSE.

Net sales of the company rose to Rs 2,030.70 crore for the third quarter, as against Rs 1,711.47 crore for the same period of 2011-12 fiscal.

"The board unanimously acknowledges the outstanding contribution of Hamied to the company over the past 52 years, and in deference to his wishes, has accepted his proposal to retire as Managing Director (MD) effective March 31, 2013," it said.

Hamied, however, continues to be the chairman of the company in a non-executive role effective April 1, 2013, it added.

For the third quarter ended December 31, 2012, the company said its domestic revenues grew by 10.2 percent to Rs 957 crore as compared to Rs 869 crore for the same period of 2011-12 fiscal.

"The growth in domestic revenues was largely on account of growth in anti-asthma, antibiotics and cardiovascular segments," the company said.

The company's international revenues grew by 38 percent to Rs 969 crore for the third quarter, as against Rs 702 crore for the same period of previous fiscal.

"The growth in export revenues was primarily due to growth in anti depressants, anti-malarial, anti-retroviral and anti-asthma segments," it said.

However, the company's exports of active pharmaceutical ingredients (APIs) fell by 16 percent to Rs 137 crore for the third quarter, as compared to Rs 164 crore during the same period of 2011-12 fiscal.

Shares of Cipla on Wednesday closed at Rs 404.60 on the BSE, down 0.71 percent from their previous close.

PTI