Sun Pharma Q4 net up 7 % at Rs 1,309 cr

Drug major Sun Pharma today posted around 7 per cent increase in consolidated net profit at Rs 1,308.96 crore for the quarter ending March on the back of revenue growth in India and emerging markets even as the US sales took a hit.

The company had reported a net profit of Rs 1,223.71 crore in the same period of the previous fiscal.

Total revenue from operations declined to Rs 6,977.10 crore for the fourth quarter against Rs 7,136.96 crore during the same period of 2016-17.

For the year ended March 31, the drug major posted a net profit of Rs 2,161.55 crore, down 68.96 per cent from Rs 6,964.37 crore in 2016-17, Sun Pharma said in a regulatory filing.

Total revenue from operations for 2017-18 stood at Rs 26,489.46 crore. It stood at Rs 31,578.44 crore in 2016-17.

The company's sales in the US stood at USD 368 million for the fourth quarter quarter, a de-growth of 3 per cent over same period last year. For 2017-18, sales stood at USD 1,357 million , a decline of 34 per cent over 2016-17.

The company and one of its wholly-owned subsidiaries entered into a settlement regarding a product with certain plaintiffs -- Apotex Corporation and Retailer Purchasers and agreed to pay USD 147 million (around Rs 950 crore), Sun Pharma said.

Commenting on the results, Sun Pharma Managing Director Dilip Shanghvi said: "Over the last four quarters, we have been able to record a gradual improvement in performance despite a challenging US generic pricing environment."