Cipla, the third largest pharmaceutical company in India, has achieved satisfactory performance despite foreign exchange loss during the third quarter ended December 2008. The company's net profit increased by 6.1 per cent to Rs 223.44 crore from Rs 210.65 crore in the corresponding period of last year. The company's net sales moved up by 25.6 per cent to Rs 1264 crore from Rs 1007 crore. With small change in profits, its earning per share remained at Rs 2.87 as compared to Rs 2.71 in the last period.

The company's exports during the quarter increased by 37.5 per cent to Rs 702.35 crore from Rs 510.92 crore. Its formulation exports increased by 59.2 per cent to Rs 590.72 crore from Rs 371.08 crore in the last period. However, its exports of APIs and others declined by 20.2 per cent to Rs 111.63 crore. The domestic sales increased to Rs 578.06 crore from Rs 519.51 crore, representing a growth of 11.3 per cent.

The company provided Rs 42 crore on account of net loss for the quarter on revaluation of forward contracts, outstanding debtors and foreign currency loans consequent to the depreciation of rupee against the US dollar.

Cipla's net sales for the nine months period ended December 2008 increased by 27.8 per cent to Rs 3738 crore from Rs 2925 crore in the similar period of last year. However, its net profit declined marginally by 1.2 per cent to Rs 514.46 crore from Rs 521.03 crore. This put pressure on earning per share which worked out to Rs 6.62 for the nine months as compared to Rs 6.70 in the last period. The company provided Rs 221 crore for foreign exchange loss as against a gain of Rs 41.70 crore.