Sun Pharma Q3 net up 32% at Rs 881 crore on strong US sales
New Delhi: Sun Pharma on Friday reported a 31.87 percent rise in its consolidated net profit at Rs 881.30 crore for the third quarter ended December 31, 2012, primarily on the back of strong sales in the US market.
The company had posted a net profit of Rs 668.30 crore in the corresponding period previous fiscal, Sun Pharmaceutical Industries said in a statement.
Consolidated net sales of the company increased by 32.95 percent to Rs 2,852.01 crore for the third quarter ended December 31, compared to Rs 2,145.13 crore for the same period of previous fiscal.
"All our businesses continue to perform in-line with our expectations," Sun Pharma Managing Director Dilip Shanghvi said.
He added that the acquisition of Dusa and URL's generic business will further strengthen the company's presence in the US.
"Overall, we shall strive to remain focused on execution and building a business with consistent performance," Shanghvi added.
During the period under review, the company's sales in the US increased by 32 percent to USD 276 million compared to same period of previous fiscal, accounting for 52 percent of the total sales.
The company said it achieved financial closure for the Dusa acquisition during the quarter. US-based Dusa, which is a dermatology company, was acquired by Sun pharma for around Rs 1,250 crore last year.
Caraco Pharma, Sun Pharma's wholly-owned subsidiary, also announced the acquisition of URL Pharma Inc's generic business in US, during the quarter.
Sun Pharma's branded generic sales in India rose by 13 percent to Rs 788 crore in the third quarter, against corresponding period of 2011-12 fiscal, the Mumbai-based firm said.
During the quarter, the company's formulation sales in the rest of the world markets, other than US and India, stood at USD 73 million, up 31 percent from the same period of previous fiscal.
The company said external sales of active pharmaceutical ingredients (APIs) stood at Rs 209 crore during the third quarter ended December 31, 2012, up by 36 percent from the same period of 2011-12 fiscal.
Shares of Sun Pharma were trading at Rs 750.50 apiece on the BSE in the late afternoon trade, up 0.23 percent from its previous close.