New Delhi: Sun Pharmaceutical Industries on Monday said it plans to invest Rs450 crore for capacity expansion and upgradation of existing plants, including its Taro facilities, in the current fiscal.
“We will be spending about Rs450 crore in capex this year for both capacity expansion and upgradation of formulation factories and bulk drug factories. It also includes investments planned for Taro facilities,” Sun Pharma chairman and managing director Dilip Shanghvi said during an investor call.
Israel based Taro pharmaceutical industries became Sun Pharma’s subsidiary on 20 September 2010.
The company, which reported consolidated net sales of Rs5,721 crore for the year ended March 2011, said it expects a revenue growth of 28-30% in the current fiscal.
The company posted consolidated net sales of Rs5,721 crore for the year ended March 2011, a growth of 43% from FY10.
Besides, the company is planning to expand its operations in both US and emerging markets, it said without giving further details.
The company posted consolidated net profit of Rs442.75 crore for the quarter ended March 2011, while its consolidated net profit for the financial year ended March 2011, stood at Rs,816.06 crore.
Shares of Sun Pharma were trading at Rs459.25 on the Bombay Stock Exchange in afternoon trade, up 3.17% from its previous close.