Drug-maker Sun Pharmaceutical Industries Ltd clocked a 15 per cent growth in net profit for the three months ended September 30. Its net profit stood at ₹1,572 crore for the quarter under review, compared with ₹1,362 crore in the corresponding quarter last year. Sun’s income from operations stood at ₹4,751 crore in the quarter, up 13 per cent over the year-ago period.
Managing Director Dilip Shanghvi said the company’s performance was in line with expectations. “We remain focused on strengthening our existing businesses and developing a differentiated and specialty product basket as well as planning for the Ranbaxy integration,” he said in a statement. “We also continue to review opportunities to expand and strengthen our global footprint.” In April, Sun had proposed the acquisition of Ranbaxy in an all-stock deal valued at $4 billion.
“Till date, clearances have been obtained from the stock exchanges in India, shareholders and from competition authorities in all applicable markets excluding India and the US,” the company said. International revenue accounted for around 75 per cent of total revenue for the quarter.
Sun’s US revenue at $481 million for the quarter under review was up 15 per cent and accounted for 61 per cent of total sales. International formulation sales outside the US at $ 89 million grew 12 per cent over the second quarter last year. Revenue from sale of branded prescription formulations in India for the quarter stood at ₹1,152 crore, up 21 per cent from Q2 last year.
Sun further said it had increased the supply of active pharmaceutical ingredients for captive consumption.
The company’s consolidated research spends for the September quarter stood at ₹312 crore, or 6.6 per cent of sales.