Sun Pharma jumps after blockbuster Q1 result

Sun Pharmaceutical Industries surged 7.17% to Rs 603.10 at 15:17 IST on BSE after consolidated adjusted net profit jumped 87% to Rs 983 crore in Q1 June 2018 over Q1 June 2017.

The result was announced during market hours today, 14 August 2018.

Meanwhile, the S&P BSE Sensex was up 222.59 points, or 0.59% to 37,867.49

On the BSE, 16.66 lakh shares were traded in the counter so far compared with average daily volumes of 4.36 lakh shares in the past two weeks. The stock had hit a high of Rs 608.10 and a low of Rs 560.40 so far during the day. The stock hit a 52-week high of Rs 608.55 on 12 February 2018. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.

Sun Pharmaceutical Industries Q1 June 2018 consolidated net profit was Rs 983 crore, resulting net margin of 13.8%. Net profit for Q1 June 2017 was adversely impacted by settlement with certain plaintiffs related to the Modafinil antitrust litigation in the US, with the settlement amounting to Rs 951 crore. Excluding the impact of this settlement, adjusted net profit was up by 87% over Q1 June 2017. Sales / income from operations rose 16% to Rs 7139 crore in Q1 June 2018 over Q1 June 2017.

Sale of branded formulations in India for Q1 June 2018 was Rs 2152 crore, up 22% and accounting for 30% of total sales. Sales for Q1 last year were impacted by the implementation of GST in India. Sales in the US were US$ 380 million for the quarter, a growth of 8% over same period last year and accounted for 36% of total sales.

Sales in emerging markets were at US$ 195 million for Q1; a growth of 16% compared to the same quarter last year and accounted for 18% of total sales. Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were US$ 107 million in Q1 June 2018, a decline of 7% from last year and accounting for approximately 10% of revenues.

Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries said that the company recorded good growth in all the major markets.

Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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