Sun Pharma net up 57%

Net sales rose 32% to Rs 4,044 cr

The largest Indian pharmaceutical company by value Sun Pharma has reported a growth of 57% in its net profit for the fourth quarter of the financial year 2014 on high growth in the US and domestic formulation business, when compared with the same period last year. Net profit stood at Rs 1,587 crore against Rs 1,012 crore for Q4 last year, while net sales stood at Rs 4,044 crore, up 32% for the quarter.

Branded generic sales in India at Rs 947 crore was up 21% over the fourth quarter last year. The US finished dosage sales at $403 million grew by 22% over Q4 last year.

Adjusted net profit for the financial year 2014 stood at Rs 5,722 crore, up 60%. This excludes provision of Rs. 2,517 crore and of Rs 584 crore respectively, both related to generic Protonix litigation in the US.

Dilip Shanghvi, managing director of the company, said, "FY14 was a good year for us. Our overall performance reflects the focus on execution of our strategy. We are developing a differentiated and specialty business and continue to evaluate opportunities to enhance our global presence."

Sun Pharma is ranked second and holds 5.4% market share in the Rs 75,000 crore pharmaceutical market.

Sun's subsidiary Taro recently posted Q4 FY14 sales of $ 187 million, up 13% from the corresponding quarter last year. For the full year, sales were $ 759 million, up 13% over full last year. Taro's net profit for Q4 was $ 90 million, up 82% over Q4 last year. Net profit for full year FY14 was $ 360 million, up 35% over the same period last year

The company's share was up 0.63%, to close the day at Rs 587.60 on BSE.