Sun Pharma Q2 profit more than doubles, beats estimates

MUMBAI (Reuters) - Sun Pharmaceutical Industries Ltd, India's largest drugmaker, reported on Thursday a quarterly profit that more than doubled from last year, outpacing analysts' expectations, led by robust sales in emerging markets.

Net profit for July-September rose to 22.35 billion rupees ($335.8 million) from 10.29 billion rupees a year earlier. Analysts expected an average profit of 16.46 billion rupees, according to Thomson Reuters I/B/E/S.

Sales in its largest market, the United States, rose 9 percent, while those in India rose 11 percent. In emerging markets, Sun's sales rose 22 percent, the world's fifth-largest generic drugs maker said in a statement.

"The synergies from the Ranbaxy acquisition are gaining momentum and we are on track to achieve the targeted benefits," Sun's billionaire founder and Managing Director Dilip Shanghvi said in a statement.

 

Sun has earlier said it expects to reap $300 million in synergies by fiscal 2018 from its purchase of rival Ranbaxy Laboratories last year.

($1 = 66.5600 Indian rupees)

(Reporting by Zeba Siddiqui in Mumbai; Editing by Sherry Jacob-Phillips/Keith Weir)