Sun Pharma Q3 profit dips 5% to Rs 1,472 crore; co to focus on existing business
The company's total income from operations rose however to Rs 7,912.66 crore for the third quarter of the current fiscal, from Rs 7,122.31 crore in the year-ago period
New Delhi: Sun Pharmaceutical Industries Tuesday reported 4.72 percent decline in consolidated net profit to Rs 1,471.82 crore for the December quarter, 2016-17.
It had posted net profit of Rs 1,544.85 crore for the same period of the previous fiscal, Sun Pharma said in a BSE filing.
The company's total income from operations rose however to Rs 7,912.66 crore for the third quarter of the current fiscal, from Rs 7,122.31 crore in the year-ago period.
"While we continue to focus on growing our existing business, we are happy to invest our strong cash flows in enhancing our specialty pipeline, though currently without commensurate revenue streams," Sun Pharma MD Dilip Shanghvi said.
During the quarter under review, the company commercialised BromSite, its first specialty ophthalmology product in the US, he added.
Sale of branded formulations in India for the third quarter this fiscal was at Rs 1,969 crore, up 5 percent and accounting for 26 percent of total sales, Sun Pharma said.
Sales in the US were at $507 million for the quarter under consideration, a growth of 4 percent over same period last year and accounted for 45 percent of the total sales, it added.
The company's sales in emerging markets were at $172 million for the third quarter this fiscal, a growth of 14 percent compared to the same quarter of last year and accounted for 15 percent of the total sales, Sun Pharma said.
Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were at $113 million in the quarter under consideration, a growth of 33 percent from the corresponding quarter last year, it added.
The company currently has approved ANDAs for 424 products while filings for 149 ANDAs await USFDA approval, including 14 tentative approvals.
In another filing to the bourses, the company said its board has appointed Kalyanasundaram Subramanian as an additional director with immediate effect.
The board has appointed him as the wholetime director without any remuneration for two years from 14 February, 2017 to 13 February, 2019.
Sun Pharma stock closed 0.73 percent lower at Rs 650.15 on BSE.
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