Cipla reports Q4 net loss of Rs. 61.8 crores, whereas the revenue was up by 8 per cent
Cipla has announced its audited financial results for the full year and quarter ended March 31, 2017. The company reported a net loss in the quarter four of Rs 61.8 crore compared to a net loss of Rs 93 crore during the March quarter of previous year.
The consolidated quarterly revenues of Rs. 3,582 crores, witnessed a growth of 8 per cent year on year. The R&D investments in quarter have ramped up to 8.6 per cent of revenues, a 160 bps increase as compared to YTD December, 2016. For the full year, consolidated revenue stood at Rs 14,630 crores, with EBITDA margin at 17 per cent of sales accompanied by the continued strong performance in key markets.
Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said, “We have achieved significant progress on our identified key priorities and have strengthened our core business through consolidation, complexity reduction and deepening our presence in priority markets. This year, we have good traction on our pipeline with 32 US ANDA filings and a proof of concept of our capabilities for the respiratory franchise for the advanced markets with approval of Sereflo in UK and Albuterol MDI filing in the US. While the quarterly results are off the mark due to a tough operating environment and certain one-offs, we delivered on our goal of improving base EBITDA percentage year-on-year by more than 200 bps.”
India business recorded growth of 10 per cent for the full year as against IPM growth of 9 per cent with most therapies retaining leadership position. Cipla reported FY 17 sales growing by 17 per cent compared to last year in local currency terms
The results for the quarter include one off charges related to impairment of a part of intangibles from the US acquisition and a provision for loss on certain assets of subsidiary Cipla BioTec.