Q1 results: Sun Pharma posts profit, shares surge
Net profit came in at Rs 983 crore for the three months ended June 30, compared with a loss of Rs 425 crore a year earlier
MUMBAI: India’s largest drugmaker Sun Pharmaceutical Industries Ltd posted a first-quarter profit on Tuesday, beating Street estimates. Net profit came in at Rs 983 crore for the three months ended June 30, compared with a loss of Rs 425 crore a year earlier, the company said.
In the year-ago quarter, Sun Pharma incurred costs of Rs 951 crore related to settlements in a US antitrust case over sleep disorder drug Modafinil.
Analysts on average expected a net profit of Rs 897 crore.
Total revenue from operations rose about 16% to Rs 7,224 crore.
Shares of the company ended up 6% on the BSE on Tuesday.
The US arm of Sun Pharmaceutical Industries Ltd recently recalled more than 5,200 units of testosterone cypionate injections from the American market, according to the latest enforcement report of the United States Food and Drug Administration (US FDA). The injections were manufactured by Sun Pharma at its Halol plant.
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