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Cipla posts fiscal Q4 loss as provisions bite


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Cipla posts fiscal Q4 loss as provisions bite

Cipla Ltd. reported a loss per share of 77 Indian paise for the fiscal fourth quarter ended March 31, compared to the year-ago loss per share of 1.15 rupees.

The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter is 4.45 rupees.

The Indian pharmaceutical company posted a net loss of 617.9 million rupees during the period, compared to a loss of 928.3 million rupees a year earlier.

Cipla said its fiscal fourth-quarter results included provision in relation to certain assets in unit Cipla Biotec Pvt. Ltd. amounting to 560.0 million rupees. The results also included an impact of the noncash impairment of certain product-related intangible assets of the company's U.S. generics business amounting to 2.14 billion rupees.

Net sales totaled 34.87 billion rupees, up from 32.53 billion rupees in the year-ago period. After-tax loss amounted to 608.6 million rupees, compared to 813.2 million rupees in the fourth quarter of fiscal 2016.

For the fiscal year ended March 31, the company reported a year-over-year decline in net profit to 10.064 trillion rupees, or 12.5 rupees per share, from 13.60 trillion rupees, or 16.89 rupees per share.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is 17.95 rupees.

Cipla's board recommended a dividend payment of 2 rupees per equity share for the 2017 fiscal year.

As of May 25, US$1 was equivalent to 64.56 Indian rupees.