Drug major Sun Pharma on Friday posted around 7 per cent increase in consolidated net profit at Rs 13.08 billion for the quarter ended 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 12.23 billion in the same period of the previous financial year.
The total revenue from operations declined to Rs 69.77 billion for the fourth quarter against Rs 71.36 billion during the same period of 2016-17.
For the year ended March 31, the drug major posted a net profit of Rs 21.61 billion, down 68.96 per cent from Rs 69.64 billion in 2016-17, Sun Pharma said in a regulatory filing.
The total revenue from operations for 2017-18 stood at Rs 264.89 billion. It stood at Rs 315.78 billion in 2016-17.
The company’s sales in the US stood at $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 $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 $147 million (around Rs 9.5 billion), 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.” FY19 will mark the crossing of some important milestones in the company's specialty journey with the likely launch of three specialty products in the US – Ilumya, OTX-101 and Yonsa – which will entail upfront investments, he added.
“We are planning to conduct additional clinical trials for a new indication of Ilumya. We will continue to evaluate opportunities in the specialty segment to further enhance this business," Shanghvi said.
During the fourth quarter, the company said its sale of branded formulations in India stood at Rs 19.63 billion, up 2 per cent from same period of previous financial year. For 2017-18, sales stood at Rs 80.29 billion, up 4 per cent over 2016-17.
In emerging markets, revenue rose by 10 per cent year-on-year to USD 199 million in the fourth quarter of 2017-18. The markets contributed USD 751 million in the full fiscal, a growth of 11 per cent over 2016-17.
The company's board approved a dividend of Rs 2 each per share of Re 1 each for the year ended March 31, 2018. The dividend is expected to be paid on or about last week of September, 2018, it added.
The board also approved the composite scheme of arrangement among Sun Pharma and Sun Pharma (Netherlands) BV and Sun Pharmaceutical Holdings USA Inc and their respective members.
Shares of Sun Pharma ended 0.97 per cent up at Rs 466.55 apiece on the BSE today.