Sun Pharma net up 19% at Rs 598 cr

Drug maker Sun Pharmaceutical Industries today reported 19% growth in net profit to Rs 598 crore for the quarter ended September 30, on account of robust performance across its businesses.

In the year-ago period, the company had a net profit of Rs 503.65 crore, Sun Pharma said in a statement.

The company's total income rose to Rs 1,894.60 crore during the July-September quarter of the current fiscal from Rs 1,331.42 crore in the year-ago period, registering a gain of 42%.

Sun Pharma CMD Dilip Shanghvi said, "Performance delivered this quarter .... Though partly aided by the exchange rate movement, is a clear reflection of the steady effort made across all parts of our business towards long term sustainable growth and profitability.

"India business maintains the growth in prescription share with our key customers. In the US and other international markets, work continues on enriching the product pipeline and on strengthening the quality and regulatory processes," he added.

The company said India's branded generic sales stood Rs 705 crore during the quarter, registering a growth of 15% over the same period last year, and accounting for 37% of total sales.

Sale of generic formulations in markets outside of India and the US accounted for $56 million in the second of the current fiscal.

Sun Pharma's subsidiary, Israel-based Taro Pharmaceutical Industries, has registered a net profit of $59 million, a massive growth of 218%.

On a standalone basis, Sun Pharma's net profit increased to Rs 437.55 crore in the second quarter ended September 30, from Rs 345.72 crore in the year-ago period.

The company's standalone total income climbed to Rs 938.65 crore in the second quarter of this fiscal, from Rs 796.22 crore in 2010-11.