SPARC Q2 net profit at Rs 31 crore

Company had posted a net loss of Rs 24 crore for the corresponding period previous fiscal

Sun Pharma Advanced Research Company (SPARC) reported a net profit of Rs 30.97 crore for the third quarter ended December 31, 2013 due to reduced expenses.

The company had posted a net loss of Rs 24.09 crore for the corresponding period previous fiscal, the company said in a filing to BSE.

Income from operations of the company also rose to Rs 62.95 crore for the quarter under consideration from Rs 4.22 crore for the same period year ago, it added.

Formed in 2007, SPARC is a pharma research and drug discovery company. It came into existence when Sun Pharmaceutical Industries decided to separate its active projects in drug discovery and innovation into a new company.