Mumbai: Sun Pharmaceuticals Industries Ltd, India’s largest drug maker by value, posted a 58.7% increase in net profit driven by the improved performance of Israeli subsidiary Taro Pharmaceutical Industries Ltd and a foreign exchange gain from the rupee’s depreciation against the dollar.
Net profit rose to Rs795.5 crore for the quarter ended June from Rs501 crore a year ago, the company said in a release on Friday. Sales grew 63.9% to Rs2,683 crore from Rs1,637 crore.
Sun Pharma also said it will turn its domestic formulations business into a separate company as part of a more focused approach to the local market. This will involve transferring all local market operations and related assets to an existing fully owned subsidiary, Sun Resins and Polymers Pvt. Ltd, the company said.
The name of the subsidiary will be changed once the transfer of assets is approved, said a company official who didn’t want to be named.