Cipla Q4 results: Net profit zooms 79% to ₹932 crore; dividend declared

Drugmaker Cipla’s consolidated net profit in the quarter ended March 31, 2024, increased by 78.7% year-on-year to ₹931.9 crore, as per the financial results declared by the company on Friday, May 10.

In the year-ago period, Cipla had logged a consolidated net profit of ₹521.5 crore, a regulatory filing showed.

The company’s revenue from operations came in at ₹6,163.2 crore in the fourth quarter of financial year 2023-24 (Q4FY24), higher as compared to ₹5,739.3 crore in the year-ago period.

Dividend declared

Cipla informed the exchanges that its board of directors has recommended a dividend of “₹13 per equity share” of face value of ₹2 each for FY24.

The record date to determine the eligible shareholders has been fixed as August 2, the company said. The dividend will be subject to approval from the shareholders at the upcoming annual general meeting (AGM), scheduled on August 20.

The dividend, upon approval by the shareholders, will be paid within 30 days from the date of the AGM, the regulatory filing added.

Total expenses rise in Q4

Total expenses in the fourth quarter were higher at ₹5,153.3 crore as compared to ₹4,946.1 crore in the same period previous fiscal, it added.

In the fourth quarter, Cipla said its "One-India market saw a growth of 7% year-on-year (YoY) backed by branded prescription and trade generics, while North America revenue was at USD 226 million, up 11% YoY supported by continued growth in key differentiated assets as well as base portfolio".

Cipla’s FY24 results

For the fiscal year ended March 31, 2024, the consolidated net profit was at ₹4,153.72 crore as compared to ₹2,832.89 crore in the previous fiscal, Cipla said.

For FY24, consolidated total revenue from operations was at ₹25,774.1 crore as compared to ₹22,753.1 crore in FY23.

Commenting on the performance, Cipla Ltd MD and Global CEO Umang Vohra said in FY24, the company's revenues crossed the threshold of ₹25,000 crore, whereas operating margins significantly improved to cross ₹6,000 core for the first time.

"This was backed by One-India revenue breaching ₹10,000 crore, North America revenue surpassing $900 million and South Africa reaching top spot in prescription market, with all three businesses growing in double digits over last year with improved profitability," he added.

On the road ahead, he said, "As we enter FY25, our focus will be on our priorities of market leading growth in our key markets, growing big brands bigger, investing in future pipeline as well as focusing on resolutions on the regulatory front."