Profits jump over 4 fold for Sun Pharma
A sharp rise of 4.26 times in consolidated net profit of Rs 13.62 billion for the quarter which ended September 30, 2013 was reported by Sun Pharmaceutical Industries. It is an integrated and speciality pharmaceutical company.
This drug major company posted a four-fold increase in it's consolidated net profit to Rs 1,362.30 crore for the second quarter from a year earlier, when it made a provision for possible damages in a patent case.
Managing Director of the company, Dilip Shanghvi said,
''The performance of all our business exceeded our plans. We continue to develop a differentiated and specialty driven product basket. We also continue to review opportunities to expand and strengthen our global footprint.''
Shares of the company gained Rs 9.65, or 1.61%, to settle at Rs 607.80. The total volume of shares traded was 358,403 at the BSE (Wednesday).
The company which has its headquarter in Mumbai, said the sale of branded prescription formulations in India during the quarter stood at Rs 949 crore which was a 17 percent increase from the same period of previous fiscal. The company's sales in the US market stood at USD 419 million in the second quarter, which was up 74 percent from the same period of previous financial year.
Shares of this company valued by the market at $19.6 billion, have grown by 65 percent so far this year as compared to a 4 percent rise for the main stock index.
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