For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Cipla Shares Jump Over 9% To Hit New All-Time High On Strong Q1 Performance

By Staff
|

On Monday, shares of Cipla Ltd rose over 9 percent to an all-time high of Rs 798.50 after the pharma company reported a 26.6 percent year-on-year growth in its consolidated net profit for the first quarter of 2020-21 at Rs 566 crore. Its profit growth was backed by a strong performance by India, emerging markets and Europe geographies and robust operating margin.

 

According to the average of estimates of analysts polled by CNBC-TV18, the profit was expected to be Rs 338 crore.

 
Cipla Shares Jump Over 9% To Hit New All-Time High On Strong Q1 Performance

Its revenue from operations rose by 9 percent to Rs 4,346.2 crore. The company's India business showed a 10 percent growth at Rs 1,608 crore from the previous year. South Africa, Sub-Saharan Africa and Cipla Global Access (SAGA) business rose 10 percent to Rs 763 crore. Emerging markets registered a 64 percent jump in business at Rs 457 crore and Europe showed a 19 percent rise to Rs 240 crore.

However, North America business fell 9 percent year-on-year and rose 19 percent sequentially to Rs 1,021 crore in the June-ended quarter.

Morgan Stanley feels that the company has continued to strengthen its base business with respiratory monetisation in the US gaining momentum. The global research firm remains overweight on the stock with a target of Rs 847 per share.

Citi has upgraded its price target on the stock to Rs 860 a share with a "buy" recommendation. It is of the view that the company will beat forecast on strong execution across markets adding that strong momentum in revenues across markets stands out.

On the other hand, CLSA has lowered the rating of Cipla with a target of Rs 800 per share.

Read more about: cipla
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X