Sun Pharma Q2 Net Profit Rises 28 Per cent to Rs 3,040 Crore

Sun Pharmaceutical Industries on Monday reported a 28 per cent year-on-year increase in its consolidated net profit to Rs 3,040 crore in the September quarter led by robust sales across markets, including India and the US.

The drug major had posted a net profit of Rs 2,375 crore in the July-September quarter of last fiscal.

Total income rose to Rs 13,645 crore in the second quarter compared to Rs 12,486 crore in the year-ago period, the Mumbai-based drug major said in a regulatory filing.

"Sun has recently strengthened its specialty pipeline through an agreement with Philogen for commercialising late stage candidate Fibromun, upon approval," Dilip Shanghvi, Chairman and Managing Director of the company, said.

With Fibromun, the company's product basket for dermatologists has expanded further, he added.

"We shall continue to leverage our strong cash position to strengthen our pipeline with products that are close to market," Shanghvi said.

In the September quarter, domestic formulation sales stood at Rs 4,265 crore, up 11 per cent, as compared with same period last fiscal.

The drug maker said its formulation sales in the US stood at USD 517 million for the July-September period, up 20 per cent over same quarter last fiscal.

The sales accounted for around 33 per cent of the total consolidated sales.

The drug maker noted that its formulation sales in emerging markets rose 3 per cent year on year to USD 293 million for the second quarter, accounting for around 18 per cent of total consolidated sales.

Formulation sales in Rest of World (ROW) markets, excluding India, US and Emerging Markets, stood at USD 199 million in the second quarter, a dip of 3.5 per cent as compared with the same period last year.

Sun Pharma said its consolidated R&D investment stood at Rs 793 crore for the second quarter as compared with Rs 773 crore in the year-ago period.

Shares of the company on Monday ended 2.28 per cent higher at Rs 1,902.65 apiece on the BSE.