A delayed winter saw drug-maker Cipla clock a modest growth of about 10 per cent in the domestic market for the three months ended December 31, 2012.
Winter is when antibiotics and other such remedies are in greater demand, as infections are on the rise, and a delayed winter saw this getting affected, said Cipla Executive Director, S. Radhakrishnan.
Cipla clocked a 38 per cent growth in the export of finished medicines, in the quarter under review. Its export of active pharmaceutical ingredients, though, fell by 16 per cent.
But this was because there was a one-time sale in the corresponding period last year, he explained. The active pharmaceutical ingredient segment fell to Rs 137 crore in the quarter under review, from Rs 164 crore in the corresponding period, last year.
Total exports, which grew 28 per cent, were fuelled by the sales of anti-depressants, anti-malarials, anti-retroviral and anti-asthma medicines, the company said. Cipla’s domestic revenues grew by 10 per cent to Rs 957 crore, in the said quarter. The growth in domestic revenues was largely on account of growth in anti-asthma, antibiotics and cardiovascular therapy, the company said.
Material cost decreased about 3 per cent, the company said, due to changes in the product mix, like higher contribution of anti-depressant (Escitalopram) and anti-allergic (Dymista), coupled with increased realisations, the company said.
The staff cost increase of Rs 71 crore was due to annual increments and increase in manpower. Other expenditure increased by Rs 57 crore for the quarter, due to increase in travel expenses and professional charges. Tax for the quarter increased due to higher profits, the company said.
New CEO
At Cipla’s board meet on Wednesday, the company acknowledged the contribution of Dr Y.K.Hamied to the company, as it accepted his proposal to retire as Managing Director effective March 31, 2013. The company’s new Chief Executive, Subhanu Saxena, was at the board meet, company officials said.
Cipla shares were down marginally at Rs 404 on the BSE, on Wednesday.
jyothi.datta@thehindu.co.in