Net profit for the quarter put at Rs 881 cr

Drug-maker Sun Pharma said its performance for the quarter under review reflected growth across its businesses, including a 32 per cent growth in the US market.

It clocked a net profit of Rs 881 crore for the three months ended December 31.The quarter under review saw Dusa, a dermatological company acquired by Sun Pharma, becoming its subsidiary.

As a result, Sun’s performance this quarter was not comparable with the previous year, it said. Sun had posted a net profit of Rs 668 crore in the corresponding period last year.

Sun Pharma’s operations recently received a shot in the arm, when it received approval for its generic Doxorubicin HCl Liposomal Injection in the US. The product is used to treat ovarian cancer that has progressed or recurred after platinum-based chemotherapy.

Financial closure

The approval of generic Doxorubicin HCl Liposomal Injection in the US reflects Sun’s technological strengths in developing complex products, said Managing Director Dilip Shanghvi. During the quarter, Sun’s wholly owned subsidiary Caraco Pharma, announced the acquisition of URL Pharma Inc’s generic business in the US. The deal has recently achieved financial closure, Sun said.

The company’s income from operations grew 33 per cent, at Rs 2852 crore, in the quarter under review. Branded generic sales in India, grew 13 per cent at Rs 788 crore. Sale of branded prescription formulations in India was Rs 788 crore for the third quarter, accounting for 27 per cent of total sales.

Sun Pharma shares were marginally down on the BSE, at Rs 744 on Friday.

(This article was published on February 8, 2013)
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