Sun Pharma Q3 profit zooms nearly 4-fold to Rs 1,241.85 crore

New Delhi: Drug major Sun Pharmaceutical Industries Tuesday reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018.

The company had posted a net profit of Rs 321.57 crore for the corresponding period of the previous fiscal hit by one-time deferred tax adjustment.

"Net profit for Q3 FY19 was at Rs 1,242 crore with resulting net profit margin at 16.2 percent. Net profit for third quarter last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. Adjusted for this, net profit growth for Q3 FY19 was 49 percent year-on-year," Sun Pharmaceutical Industries said in a filing to BSE.

Consolidated revenue from operations of the company stood at Rs 7,740.19 crore for the quarter under consideration as against Rs 6,653.23 crore for the same period a year ago.

Commenting on the results, Sun Pharma MD Dilip Shanghvi said: "Our focus on execution is reflected in the Q3 performance."

The company remains committed towards executing its global specialty strategy, strengthening core operations and enhancing its overall efficiencies, he added.

"The Ilumya launch in US has been well received by doctors. We recently commercialised Xelpros in the US and are preparing to launch Cequa in the coming months," Shanghvi said.

Sales of branded formulations in India were at Rs 2,235 crore in the October-December quarter of 2018-19, up by 7 percent and accounting for 29 percent of total sales, Sun Pharma said.

Sales in the US were at USD 362 million for the quarter under consideration, a growth of 10 percent over same period last year and accounted for 34 percent of total sales, it added.

"Our sales in emerging markets were at USD 203 million for Q3; up 7 percent over same quarter last year and accounted for 19 percent of total sales," Sun Pharma said.

Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were at USD 125 million in the third quarter of 2018-19, a growth of 4 percent over the year-ago quarter and accounting for approximately 12 percent of revenues, it added.

Shares of Sun Pharmaceutical Industries closed at Rs 436.75 on BSE, up 2 percent from the previous close.