Sun Pharma March-quarter net profit rises 57 percent

Thu May 29, 2014 6:56pm IST

A man carrying a gas cylinder walks out of the research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai May 29, 2014. REUTERS/Danish Siddiqui

A man carrying a gas cylinder walks out of the research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai May 29, 2014.

Credit: Reuters/Danish Siddiqui

Related Topics

Stocks

   

REUTERS - Sun Pharmaceutical Industries Ltd (SUN.NS), India's third-largest drugmaker by revenue, on Thursday reported a 57 percent jump in fourth-quarter net profit, slightly above expectations, helped by higher sales in the United States, its largest market.

The company, which is in the process of acquiring loss-making rival Ranbaxy Laboratories Ltd (RANB.NS), posted a net profit of 15.87 billion rupees ($269.55 million) in January-March, compared with 10.12 billion rupees a year earlier. Analysts on average expected 15.74 billion rupees, according to Thomson Reuters data.

Sales in January-March rose 32 percent to 40.44 billion rupees. The company also said it expects a 13 to 15 percent growth in sales in full-year 2015.

Sun Pharma, a bellwether in India's $15-billion pharmaceutical industry, agreed in April to buy Ranbaxy from Japan's Daiichi Sankyo Ltd (4568.T) for $3.2 billion, creating the world's fifth-largest maker of generic drugs.

The drugmaker, however, faces an uphill task in turning around Ranbaxy's business and fixing manufacturing quality issues that have resulted in several Ranbaxy plants being barred from exporting to the United States.

Sun Pharma is also working towards resolving quality control issues that got its Karkhadi, India, plant banned by the U.S. Food and Drug Administration in March.

The company's shares, which are up 4 percent so far this year, ended 0.43 percent higher, while the Nifty was down 1.3 percent.

($1 = 58.8750 rupees)

(Reporting by Zeba Siddiqui in Mumbai; Editing by Sunil Nair)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Canonisation

Canonisation

Pope declares sainthood of two Indians, four Italians.  Full Article 

Stake Sale Strike

Stake Sale Strike

Coal India trade unions call off strike in victory for Modi.  Full Article 

Markets Weekahead

Markets Weekahead

Ride the bull with a finger on the ejector button.  Full Article 

Arms Purchase

Arms Purchase

India approves $2.6 bln mounted gun purchase - official.  Full Article 

Interview with Bulgari CEO

Interview: Bulgari CEO

Bulgari CEO: we shouldn’t have left India so we’re back  Full Article 

Formula One

Formula One

Hamilton takes second F1 title in style.  Full Article 

Available For Remake

Available For Remake

Bollywood finally wants to pay the price for remakes  Full Article 

Davis Cup

Davis Cup

Vintage Federer seals first Davis Cup for Switzerland.  Full Article 

Movie Review

Movie Review

"Happy Ending" is old wine in an older bottle  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage