Sun Pharma posts net profit of Rs 1,391 crore

Sun Pharmaceuticals, India's largest drug maker by market value, has posted a net profit of Rs 1,391 crore in the first quarter of FY15, compared with a net loss of Rs 1,276 in the year-ago period. Net sales for the June 2014 quarter stood at Rs 3,927 crore, a growth of 13 per cent over same quarter last year. The loss in the June 2013 quarter was on account of a provision of Rs 2,517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix', the company said in a statement.

The performance was pushed by the better sale of branded prescription formulations in India at Rs 992 crore, up 17 per cent from the first quarter of FY14.

Sun Pharma is ranked second in India and holds a 5.4 per cent market share in the Rs 77,000-crore pharma market. On Tuesday, Sun Pharma shares were closed at Rs 783.9 apiece.