Cipla reported a 39% year-over-year decline in first-quarter consolidated net profit to ₹789 crore. The result missed analyst expectations and marks the company's third consecutive quarterly profit drop. Revenue from operations grew by 2.3% during the period. The EBITDA margin contracted to 16.7% from 25.6% a year earlier.
Management attributed the earnings decline to weaker sales in North America and a high base effect from the previous year. In contrast, the domestic Indian business achieved its highest-ever quarterly sales. Domestic revenue grew 12% year-over-year.
The drugmaker appointed 30-year company veteran Dinesh Jain as its new Global Chief Financial Officer. Jain previously headed corporate finance and succeeds Ashish Adukia. Adukia is transitioning to a different internal leadership role within the organization.