SPARC spurts after turnaround Q1 results

Sun Pharma Advanced Research Company (SPARC) jumped 7.33% to Rs 187.45 after the company reported a net profit of Rs 56.69 crore in Q1 FY21 as compared to a net loss of Rs 94.19 crore in Q1 FY20.

SPARC has returned to profitability after reporting losses in the past eight quarters. Net sales in the June quarter surged to Rs 185.45 crore from Rs 17.32 crore reported in the same period last year.

Total expenses rose by 12.4% to Rs 129.42 crore in Q1 June 2020 from Rs 115.18 crore in Q1 June 2019.

"The current liabilities exceed the current assets as at June 30, 2020. The Company, as per business plans, is in the process of evaluating various sources of raising funds for its operations. The Company has also received a financial support letter from its parent Company which is valid till time the Company is able to raise funds from external sources", SPARC said in its notes to accounts.

Sun Pharma Advanced Research Company (SPARC) is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.

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