Net profit for the period was Rs 1,471 crore as against Rs 1,544 crore in same quarter last year. The fall in profit was largely due to tax expense which quadrupled to Rs 372 crore on a year on year basis.
Total revenue rose 8 per cent to Rs 7,683 crore in the quarter under review but US business grew a modest 4 per cent largely due to weak performance by its US subsidiary Taro. Sun Pharma is the country's largest drug maker and earns about 45 per cent of its revenue from the US market.
Dilip Shanghvi, Managing Director of the company said: "While we continue to focus on growing our existing business, we are happy to invest our strong cash flows in enhancing our specialty pipeline, though currently without commensurate revenue streams. During the quarter, we commercialised BromSite, our first specialty ophthalmology product in the US. Post the close of the quarter, Ocular Technologies, a company which we had recently acquired, announced positive results for Seciera Phase-3 trials demonstrating a rapid onset of action at 12 weeks of treatment for dry eye disease."