Cipla Q2 profit falls as Europe, emerging markets suffer | Reuters

Cipla Q2 profit falls as Europe, emerging markets suffer
| Reuters

MUMBAI Cipla Ltd, India's fifth-largest drugmaker by sales, on Wednesday reported a 35 percent fall in quarterly profit, missing analysts' estimates, mainly due to lower sales in the emerging markets and Europe.Net profit in the July-September quarter was 3.54 billion rupees ($53.3 million), down from 5.43 billion rupees during the same period a year earlier. That compared with the average estimate of 3.92 billion rupees from analysts in a Thomson Reuters I/B/E/S poll.Sales in India, Cipla's biggest market, rose 21 percent in the quarter, the company said in a statement.

North America, where Cipla has been working on building up its presence, contributed 18 percent to sales in the second-quarter. Sales from the region rose 38 percent.

Those rises could not offset a 27 percent fall in Europe sales, and a 1 percent fall in emerging markets, which are Cipla's second-largest contributor to sales.

(Reporting by Zeba Siddiqui; Editing by Biju Dwarakanath/Keith Weir)

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Updated Date: Nov 09, 2016 17:16:32 IST

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