Sun Pharma spurts after Q2 PAT jumps 70% to Rs 1,813 cr

Sun Pharmaceutical Industries rose 4.31% to Rs 489.40 after consolidated net profit surged 70.36% to Rs 1,812.79 crore on 6.41% increase in revenue from operations to Rs 8,458.77 crore in Q2 September 2020 over Q2 September 2019.

Consolidated profit before tax (PBT) soared 33.75% to Rs 1,917.18 crore in Q2 September 2020 as against Rs 1,433.38 crore in Q2 September 2019. Current tax expense for the quarter fell 3.36% to Rs 257.08 crore as against Rs 266.03 crore in Q2 September 2019. The Q2 result was declared during market hours today, 3 November 2020.

The pharmaceutical major said that it continues to monitor the impact of COVID-19 on its business, including its impact on customers, supply-chain, employees and logistics.

The company had announced buy-back of equity shares from open market through stock market mechanism at a maximum price of Rs 425 per equity share, for an aggregate maximum amount of up to 1,700 crore. The buyback period commenced on 26 March 2020 and ended on 25 September 2020. No equity shares were bought back under the buyback as the volume weighted average market price of equity shares of the company during the buyback period was higher than the maximum buy-back price.

Sun Pharmaceutical Industries is a specialty generic manufacturing pharma company.

Powered by Capital Market - Live News