Sun Pharma beats St estimate with 23 % rise in Q4 profit

Mumbai: Sun Pharmaceutical Industries reported a 23.4 percent 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 1012 crore for the fourth quarter ended March 31, compared with Rs 820 crore year earlier. Sales rose 31.8 percent to Rs 3071 crore.

[caption id=“attachment_822549” align=“alignright” width=“380”]  Image used for representative purpose only. Reuters[/caption]

Analysts, on an average, had expected the company to post net profit of Rs 907 crore on net sales of Rs 2985 crore, according to Thomson Reuters I/B/E/S.

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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 percent to Rs 996.25 on Tuesday, while the broader market gained 0.65 percent on the day. The stock has risen nearly 38 percent this year outperforming the benchmark index which has gained about 4 percent.

Reuters