Pharma company Cipla Ltd said its net profit for the September quarter declined 4.6% to Rs263 crore from Rs275.74 crore last year due to higher overheads at its special economic zone (SEZ) at Indore.
During the September 2010 quarter, its total revenues increased to Rs1,632 crore from Rs1,45.7 crore, while sales grew to Rs1,588.6 crore from Rs1,383.9 crore same quarter last year.
Cipla attributed the decline in profit to higher overheads at Indore SEZ. The rupee appreciation by 4%-5% also adversely impacted the company's export profits.
On Friday, Cipla shares ended 1% down at Rs329 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.1% to 20,156 points.
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