INSUBCONTINENT EXCLUSIVE:
MUMBAI: Analysts downgraded the stock of pharmaceutical major Cipla and reduced its target price after September-quarter earnings missed
Street estimates and the company hinted at headwinds in the coming quarters
The stock ended down 5.7 per cent at Rs 531.85 on the BSE on Tuesday, the lowest in nearly five months.
The drug maker on Monday reported a
10.8 per cent on-year drop in consolidated net profit atRs 377.05 crore for the September quarter, missing Street estimates
Cipla had reported a profit of Rs 422.39 crore in the same quarter last year.
In its quarterly investor presentation, Cipla listed some
emerging challenges for the next two quarters
These included the impact of sanctions on the reported performance in certain parts of the business, pressure on tender businesses across
performance were slower rampup in US despite new launches, impact on tender business owing to funding constraints, unfavorable currency in
by 22.5 per cent to Rs 620
The brokerage has cut FY19-FY21 EPS estimates by 15-18 per cent but said it continues to have a positive bias on Cipla due to the improving
