Cadila Healthcare Q3 results: Profit increased by 41%

Cadila Health, Indian multinational pharmaceutical company on Friday 5th February 2021 announced a 41% increase in its consolidated net profit to Rs 527.2 crore for the quarter ended December 2020 due to robust sales in all segments.

The company had reported a net profit of Rs 373.9 crore for the corresponding period of the fiscal last year, Cadila Healthcare said in a filing to BSE. Consolidated revenue of the company stood at Rs 3,795.6 crore for the quarter under review as against Rs 3,6381.1 for the previous year. 

The filing stated, “The company’s business in India geography which comprises human health formulations business, Consumer wellness business and Animal health business posted strong growth during the quarter as it grew by 20 per cent on a year-on-year basis and registered revenues of Rs 1,643 crore.” It continued to say that US formulations business registered revenues of Rs 1,603 crore during the quarter.

The company filed 10 additional abbreviated new drug applications (ANDAs) with the United States Food and Drug Administration (USFDA) making the total number of filings to 410 and received 9 new product approvals (including 4 probable approvals) from the USFDA, according to the filing.

As the fight against COVID-19 rages on, the company was given approvals to begin phase-III clinical trials of Pegylated Interferon Alpha-2b in India and the approval to start phase III clinical trials of its vaccine ZyCoV-D, it added.

The trials for the vaccine are ongoing and will be tested across 60 locations in 30,000 healthy adult volunteers in India.

During the quarter period, the company commenced the oral anti-diabetic agent, Dapaglyn (Dapagliflozin) in India for patients suffering from Chronic Obstructive Pulmonary Disorder (COPD).

In a separate filing, Cadila Healthcare said its board has approved the reappointment of Apurva S Diwanji as an Independent Director of the company for the second term of five consecutive years, starting from May 13, 2021, to May 12, 2026.

Shares of Cadila Healthcare, the listed entity of Zydus Group, were trading at Rs 481.30 per scrip on BSE, up 0.45% from its last close.

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