Sun Pharma beats Q4 estimates, announces bonus issue

Sun Pharmaceutical Industries reported a 23.4 per cent rise in quarterly net profit beating market estimates, and India's top drugmaker by market value also announced a bonus share issue.

The Mumbai-based company said consolidated net profit rose to Rs 1,012 crore for the fourth quarter ended March 31, compared with Rs 820 crore a year earlier. Sales rose 31.8 per cent to Rs 3,071 crore.

Analysts, on an average, had expected the company to post net profit of Rs 907 crore on net sales of Rs 2,985 crore, according to Thomson Reuters I/B/E/S.

The company also announced a one-for-one issue of bonus shares.

Shares of Sun Pharma, which has a market value of about $18.81 billion, fell 1.72 per cent to Rs 996.25 on Tuesday, while the broader market gained 0.65 per cent on the day. The stock has risen nearly 38 per cent this year outperforming the benchmark index which has gained about 4 per cent. (Track stock)


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