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Sun Pharma net up 20 pc on higher sales

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MUMBAI, Jan. 31

SUN Pharmaceutical Industries Ltd has reported a 20.4 per cent jump in net profit for the third quarter ended December 31, 2002 at Rs 55.9 crore (Rs 46.41 crore).

During the quarter, the company issued bonus shares in the ratio 4:1 in the form of six per cent cumulative redeemable preference shares of Re 1 each, a statement said. The company has also split each of its equity shares of Rs 10 each into two equity shares of Rs 5 each, fully paid-up as on record date Jan 21, 2003.

Sales for the quarter were up 11 per cent to Rs 217.9 crore (Rs 196.8 crore).

The company has seen its formulation exports improving by 77.8 per cent during the quarter to Rs 10.9 crore (Rs 6.17 crore). Out of Sun Pharma's exports, which form 17 per cent of its turnover, formulation exports registered a 77.8 per cent growth during the quarter at Rs 10.9 crore (Rs 6.1 crore).

Total expenditure in the quarter was Rs 154.43 crore (Rs 144.6 crore), depreciation was Rs 5.38 crore (Rs 4.36 crore) while tax provisions stood at Rs 3.9 crore (Rs 2.9 crore).

In the nine months ended December 31, 2002, Sun Pharma recorded net profits of Rs 157.2 crore (Rs 135.3 crore), up 16.2 per cent while net sales stood at Rs 624.6 crore (Rs 560.2 crore).

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