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Sun Pharmaceutical Industries has rallied 7% to Rs 543 in early morning deals on BSE after reporting a net loss of Rs 1,276 crore for the quarter ended June 30, 2013 (Q1), mainly because of the settlement of a patent infringement suit with US-based Pfizer. The drug maker had reported a net profit of Rs 795 crore in the year-ago quarter.
The company’s income from operation for the quarter grew by 31% to Rs 3,502 crore from Rs 2,683 crore in the first quarter of last year, Sun Pharma said in a statement.
Sun Pharma said it had to provide Rs 2,517 crore during the quarter to settle a patent infringement suit for Pfizer's anti-ulcer drug pantoprazole. The company said its India business generated sales worth Rs 849 crore, a 44% jump over the year-ago quarter.
The company’s EBITDA stood at Rs 1,531 crore grew by 26% YoY while EBITDA margins were at 44%, compared to 46% in Q1 last year, it added.
The US market, which contributes over half of the company's sales, contributed $364 million (Rs 2,184 crore). However, sales at Sun Pharma's Israeli subsidiary, Taro, fell 4% to $153 million, the company said.
The stock opened at Rs 521 and touched high of Rs 551 on BSE. A combined around one million shares changed hands on the counter on BSE and NSE.
The company’s income from operation for the quarter grew by 31% to Rs 3,502 crore from Rs 2,683 crore in the first quarter of last year, Sun Pharma said in a statement.
Sun Pharma said it had to provide Rs 2,517 crore during the quarter to settle a patent infringement suit for Pfizer's anti-ulcer drug pantoprazole. The company said its India business generated sales worth Rs 849 crore, a 44% jump over the year-ago quarter.
The company’s EBITDA stood at Rs 1,531 crore grew by 26% YoY while EBITDA margins were at 44%, compared to 46% in Q1 last year, it added.
The US market, which contributes over half of the company's sales, contributed $364 million (Rs 2,184 crore). However, sales at Sun Pharma's Israeli subsidiary, Taro, fell 4% to $153 million, the company said.
The stock opened at Rs 521 and touched high of Rs 551 on BSE. A combined around one million shares changed hands on the counter on BSE and NSE.
