Mumbai: Sun Pharmaceutical Industries, India’s top drugmaker by market capitalisation, reported 59% rise in quarterly net profit substantially beating street estimates, as sales in its key US market surged helped by robust business of Israeli unit Taro Pharma.
The Mumbai-based drugmaker’s net profit rose to Rs 796 crore ($143.88 million) during the fiscal first quarter ended June from Rs 501 crore a year earlier. Sales rose 62.5% to Rs 2,658 crore it said.
Analysts, on an average, had forecast net profit at Rs 682 crore on sales Rs 2,365 crore, according to Thomson Reuters I/B/E/S/.
Valued $12.67 billion, shares in Sun Pharma were up 1.57% at Rs 686 by 2:38pm, on Friday. The stock is up 36% this year compared to a near 25% rise in benchmark healthcare index.