Sun Pharma hits record high on Q4 performance, bonus issue

The board has approved bonus issue in the ratio of 1:1 and declared a dividend of Rs 5 per share on face value of Rs 1 each.

Sun Pharmaceutical Industries has rallied 4.5% to Rs 1,040, also its record high on BSE, after reporting a better-than-expected 23% year-on-year (yoy) growth in its consolidated net profit at Rs 1,012 crore for the quarter ended March 31, 2013 (Q4) on back of higher operational income. The company had profit of Rs 820 crore in a year ago quarter.

Total income from operations increased 32% to Rs 3,087 crore from Rs 2,336 crore during the recently concluded quarter.

Analysts on an average had expected the company to report a net profit of Rs 910 crore and net sales of Rs 2,906 crore for the quarter.

Meanwhile, the board has approved bonus issue in the ratio of 1:1 i.e. one share for every one share held on the record date. It has also declared a dividend of Rs 5 per share on face value of Rs 1 each.