Sun Pharma slips after weak Q3 earnings

Sun Pharmaceutical Industries fell 0.64% to Rs 570.75 at 9:21 IST on BSE after consolidated net profit fell 75.17% to Rs 365.39 crore on 16.04% decline in total revenue from operations to Rs 6653.23 crore in Q3 December 2017 over Q3 December 2016.

The results were announced after market hours yesterday, 14 February 2018.

Meanwhile, the S&P BSE Sensex was up 144.86 points, or 0.42% to 34,300.81.

On the BSE, 34,000 shares were traded in the counter so far compared with average daily volumes of 5.41 lakh shares in the past one quarter. The stock had hit a high of Rs 581.10 and a low of Rs 564.50 so far during the day. The stock hit a 52-week high of Rs 728.45 on 14 March 2017. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.

The stock had outperformed the market over the past 30 days till 14 February 2018, falling 0.63% compared with 1.77% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.94% as against Sensex's 3.17% rise. The scrip had underperformed the market in past one year, falling 7.72% as against Sensex's 21.31% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries (Sun Pharma)'s bottom line in Q3 December 2017 was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.

Dilip Shanghvi, Managing Director, Sun Pharma, said that the company's Q3 performance reflects a gradual improvement in profitability over the first half of this year, despite a challenging US generic pricing environment. Sun Pharma will continue to evaluate opportunities in the specialty segment to further enhance this business, he said.

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

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