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Due to a change in accounting policy, Shasun Pharmaceuticals has posted a consolidated net profit of Rs 24.6 crore in the third quarter (from a loss of Rs 9.65 crore in the corresponding quarter last year). Net sales rose 55 per cent to Rs 302 crore.
The cumulative impact of the charge towards exchange loss for the previous quarters (June 2011 and September 2011), aggregating to Rs 473 lakh (without considering tax effect) has been credited in the current quarter. An amount of Rs 311 lakh has been carried forward in the Foreign Currency Monetary Item Translation Difference Account as on December 31. Had the company followed the earlier method of accounting for the above item, the net profit for the quarter and nine months ended December 31 would have been lower by Rs 857 lakh, said the company.
The company had also adopted an alternative approach for the period ending March 31 (2011) to present the mark to market losses aggregating Rs 4,053 lakh in respect of option contracts and other items aggregating to Rs 23 lakh. Had this not been done, the loss for the year ended March 31 (2011) would have been Rs 1,414 lakh and the corresponding basic and diluted EPS would have been Rs (2.91), said the company.
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