Sun Pharma Q1 net profit at Rs 982 cr

Sun Pharmaceutical Industries today reported a consolidated net profit of Rs 982.51 crore for the June quarter of 2018-19.

The company had posted a net loss of Rs 424.92 crore in the year-ago quarter on account of an exceptional item, Sun Pharmaceutical said in a filing to BSE.

"Net profit for the same quarter last year 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," it added.

Total revenue from operations stood at Rs 7,224.17 crore for the reported quarter. It was Rs 6,208.79 crore in the same period a year ago.

"For the first quarter, we have recorded good growth in all the major markets,"Sun Pharmaceutical Industries MD Dilip Shanghvi said.

The company is gradually crossing key milestones in its specialty initiatives with the recent commercialisation of Yonsa in the US and targeted launch of Ilumya and Cequa in the coming quarters, he added.

"We are also awaiting approvals from USFDA for two specialty products -- Xelpros and Elepsia -- filed from Halol," Shanghvi said.

The company is creating a deep pipeline of specialty products. However, during the year these launches will result in significant upfront investments, he added.

"We continue to evaluate opportunities in the specialty segment to further enhance this business," Shanghvi said.

Sale of branded formulations in India for June quarter 2018 was Rs 2,152 crore, up 22 per cent from the same period of 2017-18 and accounted for 30 per cent of total sales, Sun Pharma said.

Sales in the US were USD 380 million (around Rs 2,654 crore) for the quarter under review, a growth of 8 per cent over same period last year and accounted for 36 per cent of total sales, Sun Pharma said.

Emerging Markets sales contributed USD 195 million (over Rs 1,360 crore) for the first quarter of 2018-19, a growth of 16 per cent year-on-year and accounted for 18 per cent of total sales, it added.

Formulation sales in Rest of World (RoW) markets excluding the US and Emerging Markets were USD 107 million (around Rs 747 crore) in the reported quarter, a decline of 7 per cent from the year-ago period and accounted for around 10 per cent of revenues, Sun Pharma said.

External sales of the active pharmaceutical ingredients (APIs) for the June quarter were at Rs 394 crore, up 28 per cent from the same period a year ago.

The company received the Establishment Inspection Report (EIR) from USFDA for the Halol facility in June 2018, it said.

Shares of Sun Pharmaceutical Industries closed at Rs 601.65 per scrip, up 6.91 per cent on BSE.