Sun Pharma net up

Leading multinational pharma major Sun Pharmaceutical Industries Ltd posted a net profit of Rs.1,391 crore (adjusted) for first quarter of fiscal 2014-15, registering 12 percent year-on-year (YoY) growth.

According to the company's release Wednesday, net sales for the quarter grew 13 percent YoY to Rs.3,927 crore, with branded generic sales accounting for Rs.992 crore, an increase of 17 percent YoY.

The reported net profit is Rs.1,391 crore, compared to net loss of Rs.1,276 in same period year ago, as the company made a provision of Rs.2,517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix'.

"Our finished dosage sales grew seven percent YoY to $389 million in the US, while international formulation sales outside the US, however, grew marginally two percent YoY to $82 million," the company said in the statement.

Exports accounted for 75 percent of total revenue in the first quarter.

Earnings before interest, tax, depreciation and ammortisation grew 13 percent YoY to Rs.1,724 crore, resulting in operating margin growing 44 percent YoY.

"Our first quarter performance was in-line with our expectations. Though we are planning for integration with Ranbaxy, we remain focused on strengthening our existing businesses and developing a differentiated and specialty driven product basket," Sun Pharma managing director Dilip Shanghvi said.

The company acquired Ranbaxy Laboratories Ltd for $4 billion in April to become the world's firth largest special pharma major.