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Sun Pharma slips after weak Q4 result

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Sun Pharmaceutical Industries fell 1.04% to Rs 408.60 at 09:51 IST on BSE after consolidated net profit dropped 52.63% to Rs 635.88 crore on 2.27% rise in total income to Rs 7445.45 crore in Q4 March 2019 over Q4 March 2018.

The result was announced after market hours yesterday, 28 May 2019.

Meanwhile, the S&P BSE Sensex was down 74.72 points, or 0.19% to 39,675.01

On the BSE, 4.22 lakh shares were traded in the counter so far compared with average daily volumes of 5.95 lakh shares in the past two weeks. The stock had hit a high of Rs 420.25 and a low of Rs 403.70 so far during the day.

Sun Pharmaceutical Industries said that consolidated net profit was Rs 636 crore with resulting net profit margin at 9% in Q4 March 2019. This is not comparable with Q4 March 2018 due to the one-time impact of distribution change for India business in Q4 March 2019 as well as the one-time tax benefit of Rs 259 crore in Q4 March 2018.

Sun Pharmaceutical Industries consolidated sales / income from operations rose 5% to Rs 7044 crore in Q4 March 2019 over Q4 March 2018. Sales for Q4 March 2019 include a one-time impact of approximately Rs 1085 crore related to the change in distribution for India business. Consolidated sales, adjusted for this one-time impact, rose 21% to Rs 8129 crore in Q4 March 2019 over Q4 March 2018.

Dilip Shanghvi, Managing Director of the Company said the company continues to focus on executing global specialty strategy. At the same time, the company is strengthening its core operations, optimizing the cost structure and enhancing overall efficiencies.

Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 29 2019. 10:07 IST