Cipla declared 33% fall in net profits at Rs.246 crore for the Mar-20 quarter. Revenue from operations was flat at Rs.4302 crore. The big hit was in North American business revenue which fell 25% while Europe declined by just 1%. India business registered a 12% growth at Rs.1730 crore. The EBITDA margins were lower by 735 basis points at 14.47%. Profits for the full year were at Rs.1547 crore while revenues for the full year were at Rs.17,132 crore. It may be recollected that during the week, Cipla had signed a non-exclusive licensing agreement with Gilead Sciences Inc for manufacturing and distribution Remdesivir for treatment of COVID-19 on the basis of FDA’s Emergency Use Authorization (EUA). How Cipla capitalizes on the new frontier opportunities remains the key.