Sun Pharma reports net loss of Rs 1,276 crore in Q1

Drug firm Sun Pharmaceutical Industries on Friday reported a net loss of Rs 1,276.10 crore for the quarter ended June 30, 2013, mainly on account of payment for patent litigation settlement.

The company had posted a net profit after taxes and minority interest of Rs 795.55 crore for the corresponding period previous fiscal year, it said in a statement.

During the quarter the company has provided Rs 2,517.41 crore (previous year Rs 583.58 crore) being amount payable in terms of the settlement agreement entered on June 11, 2013, with Pfizer Inc USA, Wyeth LLC USA and Nycomed GmbH Germany with respect to patent infringement litigation related to generic versions of 'Protonix', it added.

Total income of the company also however rose to Rs 3,502.73 crore for the quarter under consideration from Rs 2,683.47 crore for the same period year ago.

Shares in Sun Pharmaceutical Industries, on Thursday, 3.24 per cent lower at Rs 507.10 on the BSE.