Sun Pharmaceutical Industries on Tuesday reported a net profit of Rs 1,387.48 crore in the April-June period. That marked a jump of 31.23 per cent compared with its net profit in the corresponding period a year ago. The drug maker said its revenue from operations stood at Rs 8,374.36 crore in the quarter ended June 30, as against Rs 7,224.17 crore in the year-ago period. Shares in Sun Pharma jumped as much as 5.43 per cent after the earnings announcement, before settling 3.71 per cent higher at Rs 437.55 apiece on the BSE, outperforming the benchmark Sensex index which finished 1.66 per cent lower.
"We have recorded growth across most of the markets for the quarter and our performance is in-line with our full-year guidance. We are consistently focusing on improving our efficiencies and cost structure to ensure reasonable returns for our generics business," said Dilip Shanghvi, managing director, Sun Pharmaceutical Industries.
In a press release after market hours, Sun Pharma said its sales of branded formulations in India - which accounted for 28 per cent of total sales - came in at Rs 2,314 crore in the quarter ended June 30, marking an increase of 8 per cent on a year-on-year basis.
The company said its sales in the US grew 12 per cent to $424 million in the quarter, accounting for 36 per cent of total sales.
Sales in emerging markets - which accounted for 16 per cent of its total sales - remained flat at $194 million. While the business has grown on a constant currency basis, unfavourable currency movements have impacted the overall growth, the company said.
The drug maker also said it has commenced research on developing an early stage innovation pipeline for its specialty business. "Addition of new research candidates is imperative to ensure sustainability of the specialty pipeline in the long term," it added.
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