Sun Pharma net profit falls 59% to Rs 912 crore in Q2

Lloyd Doyle
November 14, 2017

Pharma major Sun Pharmaceutical Industries said today its consolidated net profit dropped by 59.19 per cent to Rs 912.12 crore for the quarter ended on September 30, 2017, compared to the year-ago quarter, resulting net profit margin of 14 per cent.

Consolidated net profit for the quarter ended in September fell 59% to 9.12 billion rupees ($139 million) from 22.35 billion rupees a year earlier, the company said in a statement on Tuesday.

CNBC TV18 Poll estimated the net profit at Rs 802 crore and revenues at Rs 6861 crore.

Sales in the United States fell 44 percent to Dollars 309 million in the second quarter. "We expect our performance to gradually improve in the second half of this year".

Sun and smaller rivals are grappling with falling drug prices in the USA, where the Food and Drug Administration has expedited its approval rate for generics, paving the way for increased competition from new players.

USA sales for the quarter fell 44 percent to $309 million while sales from India rose 11 percent.

"While there is a gradual recovery post the implementation of GST in India; the underlying growth remains robust", the company said. The firm's rest of the world sales were $111 million, which grew by 40 per cent over Q2 a year ago.

A logo of Sun Pharmaceutical Industries Ltd is pictured at its research and development center in Mumbai, India, December 21, 2015.

Active Pharmaceutical Ingredients (API) business largely meant for captive consumption rose 6 percent to Rs 388 crores. For the quarter, 4 ANDAs were filed and 3 approvals were received.

Other reports by Iphone Fresh

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