Cipla jumps over 9%

Cipla is doing well today; the stock is among the top five gainers on the BSE currently; opening 4% higher at Rs.1112, it zoomed to an intraday high at Rs.1169.35, rising 9.5%. Its 52-week high stands at Rs.1185.20.

The company’s performance for Q1FY24 beat all estimates, following which most brokerage houses raised their target prices. The company posted a 45% (YoY) net profit of Rs.996 crore and this was on a 18% jump in revenue at Rs.6329 crore.

EBITDA came in at Rs.1494 crore, up 31% and margins jumped up from 21.3% to 23.6%.

The robust performance for the quarter prompted the management to give out a more optimistic guidance for FY24, wherein it expects a margin of 23%, up from the earlier 22%.