Mumbai: Drugmaker Sun Pharmaceutical Industries Ltd reported a 11% drop in net profit to Rs 501 crore for the April-June quarter mainly as it withdrew some high-margin products from the US.
Sales rose 20% to Rs 1,636 crore.
Chairman Dilip Shanghvi said the company’s performance was largely in line with the management’s expectations toward achieving its outlook for 2011-12.
“Building a sustainable business with predictable cash flows has been our key focus to ensure longer-term success, as is borne out by these financials. This performance provides a foundation as the business looks at growth organically and through acquisitions,” he said in a release on Thursday.
Sun Pharma’s shares were nearly unchanged at Rs 518.70 towards end of trading on the Bombay Stock Exchange on Thursday, while the Sensex index had dropped 1.21% to 18,209.52 points.