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Drug major Sun Pharmaceutical Industries on Tuesday reported a nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended December 31, 2018.
The company had posted a net profit of Rs 321.57 crore for the corresponding period of the previous fiscal, hit by a one-time deferred tax adjustment.
“Net profit for Q3 FY19 was at Rs 1,242 crore, with the resulting net profit margin at 16.2 per cent. Net profit for the third quarter last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in the US tax rates. Adjusted for this, net profit growth for Q3 FY19 was 49 per cent year-on-year,” Sun Pharmaceutical Industries said in a filing to the BSE.
Consolidated revenue from operations of the company stood at Rs 7,740.19 crore for the quarter under consideration, as against Rs 6,653.23 crore for the same period a year ago.
Commenting on the results, Sun Pharma MD Dilip Shanghvi said: “Our focus on execution is reflected in the Q3 performance.”
The company remains committed towards executing its global speciality strategy, strengthening core operations and enhancing its overall efficiencies, he added.
“The Ilumya launch in US has been well received by doctors. We recently commercialised Xelpros in the US and are preparing to launch Cequa in the coming months,” Shanghvi said.
Sales of branded formulations in India were at Rs 2,235 crore in the October-December quarter of 2018-19, up by 7 per cent and accounting for 29 per cent of total sales, Sun Pharma said.
Sales in the US were at $362 million for the quarter under consideration, a growth of 10 per cent over the same period last year and accounted for 34 per cent of total sales, it added.
“Our sales in emerging markets were at $203 million for Q3; up 7 per cent over the same quarter last year and accounted for 19 per cent of total sales,” Sun Pharma said.
Formulation sales in the Rest of World (ROW) markets, excluding the US and emerging markets, were at $125 million in the third quarter of 2018-19, a growth of 4 per cent over the year-ago quarter and accounting for approximately 12 per cent of revenues, it added.
Shares of Sun Pharmaceutical Industries closed at Rs 436.75 on BSE, up 2 per cent from the previous close.
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