Cadila Healthcare slips 4.5% from day’s high post June quarter results

Shares of Cadila Healthcare slipped 2.4 per cent to Rs 392.85 on the BSE on Wednesday after the company reported flat operational performance in April-June quarter of FY20. The stock of the pharmaceutical firm declined 4.5 per cent from its intra-day high of Rs 411.60, also its 52-week high, touched earlier in the day.

The company’s consolidated revenue grew 4 per cent on a yearly basis to Rs 3,639.9 crore, compared to Rs 3,496.3 crore reported in the June quarter of FY20. Sequentially, the revenue from operations dipped 3 per cent from Rs 3,752.1 crore logged in Q4FY20.

The company’s India business which comprises human formulations, consumer wellness and animal health business posted sales amounting to Rs 1,486 crore during the quarter.

It’s net profit, however, came in at Rs 454 crore, clocking a 49.53 per cent growth YoY from Rs 303.6 crore reported in Q1FY20. In the March quarter of FY20, the profit was Rs 391.9 crore. Profit before tax (PBT), too, soared 50.64 per cent to Rs 593.40 crore in Q1FY20 as against Rs 393.90 crore in Q1FY19. Current tax expense for the quarter jumped 106.39 per cent at Rs 106.50 crore as against Rs 51.60 crore in Q1 June 2019.

EBIDTA for the quarter stood at Rs 815 crore. EBIDTA margin was at 22.4 per cent, registering an improvement of 360 basis points over the corresponding quarter of the previous financial year.

Meanwhile, in a separate announced on Wednesday, the company announced that its plasmid DNA vaccine to prevent Covid-19, ZyCoV-D was found to be safe and well tolerated in the Phase-I clinical trial. The company will now commence Phase II clinical trials from the 6 August 2020, it said. READ REGULATORY FILING HERE

Continuing with its efforts to look at new therapeutic options to manage and treat the Covid-19, Zydus received approvals from COFEPRIS of Mexico for clinical trials of Pegylated Interferon Alpha 2b in Covid-19 patients. At present, clinical trials in India and Mexico are underway with Pegylated Interferon alpha-2b. That apart, the pharmaceutical major has also received an approval to conduct clinical trials with Desidustat, its Investigational New Drug, for the management of Covid-19 patients in Mexico from COFEPRIS. The firm announced the commencement of the Adaptive Phase I/II clinical trials of ZYCoV-D, the preventive vaccine for Covid-19 in India.

At 1:57 pm, the stock was down 1.5 per cent at Rs 398 per share, as against 53 points, or 0.14 per cent, decline in the S&P BSE Sensex. – Business Standard