Continue to see GST impact of restocking in India sales: Cipla

Continue to see GST impact of restocking in India sales: Cipla
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New Delhi, Nov 6: After reporting a 15.64 percent fall in consolidated net profit for the second quarter ended September 30, 2018, Cipla on November 6 said Q3 might continue to see some Goods and Services Tax (GST) restocking impact in India sales.
In an interview with a news channel, Umang Vohra, Managing Director and global Chief Executive Officer, said, “The headwinds are more in terms of things that we do not control in our business. What we control in our business, we are fully in control of. We cannot control funding environment for tenders.”
Vohra further said some of the tender businesses are growing 40 percent lower than last year.
“We are operating in an uncertain time and we are doing the best in markets that we can execute. Indian and South African private market growth is very strong and US launch momentum is picking up. We are about 8 percent up, but there is 20-25 percent of business, which we are getting hit by factors and we cannot control. So that’s the reason for the caution,” he added.

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