Mumbai: Sun Pharmaceutical Industries Ltd, the country’s most valuable drug maker, posted 85% growth in fourth quarter net profit thanks to the performance of its recently consolidated Israeli subsidiary Taro Pharmaceutical Industries Ltd.
Profit rose to Rs 820 crore in the January-March quarter from Rs 442 crore a year earlier. Sales rose 60% to Rs 2,336 crore from Rs 1,463 crore.
Both domestic sales and exports rose. Taro Pharmaceutical almost doubled its sales and net profit.
Sun Pharma also announced the appointment of Israel Makov as the new chairman. Makov is the former president and chief executive of the world’s largest generic drug maker Teva Pharmaceutical Industries Ltd. Makov was widely credited with Teva’s emergence as a global company and a world leader in generic pharmaceuticals.
Sun Pharma’s key promoter and managing director Dilip Shanghvi said in a statement on Tuesday: “Makov is an exceptional leader with deep knowledge and experience in globalizing businesses successfully. Sun Pharma will benefit immensely from his experience as it continues to rapidly expand its presence worldwide.”
Before joining Teva in 1995, Makov led a number of companies in various industries, and founded Israel’s first biotech frim Interpharm. Currently, Makov is chairman of Given Imaging, the pioneer developer and world’s leading provider of capsule endoscopy, and also chairman of Biolight—a life sciences investment company.
Sun Pharma shares fell 0.68% to close at Rs 565.65 on BSE on Tuesday. The Sensex rose 0.13%.