Drug-maker Sun Pharmaceutical Industries Ltd has upped its growth projection for the current fiscal to 25 per cent, on the back of a healthy performance in the first six months, Dilip Shanghvi, Managing Director, told analysts on Thursday.
The company had earlier projected the revenue growth at between 18 per cent and 20 percent for the year ending March 2014. The revised guidance also takes into account the risks associated with increased competition on some of its products, the company said.
It clocked a net profit of Rs 1,362 crore for the three months ended September 30 compared with Rs 320 crore in the corresponding period last year. Last year’s quarterly performance included a provision of Rs 584 crore towards a patent-related litigation in the US, on generic Protonix, used to treat gastro-intestinal disorders and hyperacidity.
Sun’s income from operations stood at Rs 4,192 crore, up 58 per cent over the same quarter last year. Revenue from the sale of finished medicines in the US stood at $419 million, up 74 per cent (in dollar terms) over the year-ago period. Revenue from branded generic medicines in India stood at Rs 949 crore, up 17 per cent over Q2 last year. Overall international revenue accounted for more than 75 per cent of total revenue for the quarter, the company said.
On the recent letter from the Drug Controller General of India involving their research facility in Mumbai, Shanghvi said the company is working with the regulator and expected the issue to be resolved in a few weeks.