Cipla Ltd, India’s fifth-largest drug maker by sales, announced a smaller quarterly loss for January-March, however missed expectations of a profit for the period. Net loss for the firm’s fourth quarter narrowed to Rs. 61.79 crore ($9.56 million) from a loss of Rs. 92.83 crore a year prior. Analysts on average had expected the organization would report a profit of Rs. 345 crore.
The quarter includes a one-off non-cash impairment charge of Rs. 2,142 crore related to litigation costs, and the organization additionally took a provision of Rs. 56 crore related to its unit Cipla Biotech in the quarter, it said in an announcement.