Shares of this large-cap pharma stock jumped 12 percent today post the announcement of financial results for the quarter ended June 2023. In the last one-month period, the company’s stock gained over 18 percent from Rs 1,009 to the current price level.
The stocks of Cipla Limited started their trading session today at Rs 1,115 and currently trade at Rs 1,192, a gain of around 12 percent as compared to the previous closing levels of Rs 1,068.50 apiece. The scrip hit its new 52-week high level at a price of Rs 1,219.40. The company has a market capitalization of Rs 96,362 crores.
One of the prime causes for the stock prices to showcase such movements pertains to the financial results announced by the company via a regulatory filing with the BSE on 26th July 2023.
The company, on a quarterly basis, reported an increase in the basic indicators assuring smooth flow of business such as operating revenues and net profits.
The operating revenues jumped from Rs 5,739 crores during Q4FY22-23 to Rs 6,330 crores during Q1FY23-24, and, the net profits, during the same time horizon, went up Rs 522 crores to Rs 1,000 crores indicating an increase of approximately 92 percent.
Comparing Q1FY22-23 and Q1FY23-24, the company reported an increase in operating revenues from Rs 5,375 crores to Rs 6,330 crores, and, the net profits, in congruence, moved up from Rs 706 crores to Rs 1,000 crores.
The company’s operations in the North American segment reported the highest-ever revenue of $222 million during Q1FY23-24 representing a jump of 43 percent as compared to the same quarter previous year.
The company’s shareholding pattern data as per the June 2023 quarter portrays the Promoters holding a 33.47 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 25.49 percent in the company.
Cipla Limited is a pharmaceutical company involved in the manufacturing process of various drugs spanning complex generics as well as respiratory, urology, and other therapeutic segments. Having a global presence, the majority of its revenue comes from operations in the Indian markets.
Written by Amit Madnani
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