Sun Pharma Q2 net jumps four-fold to Rs1,362 crore
14 Nov 2013
Drug major Sun Pharmaceutical Industries has reported a four-fold jump in consolidated net profit for the three months ended September 2013, at Rs1,362.30 crore.
Sun Pharma had reported a net profit of Rs319.64 crore in the corresponding quarter a year ago, after providing for possible damages in a patent case, the company stated in a release.
The company had to make a provision of Rs584 crore towards meeting potential damages in a litigation over infringement of patent related to generic versions of Protonix in the year-ago quarter.
Sun Pharma reported total quarterly income of Rs4,311.63 crore during the July-September 2013-14 quarter, against Rs2,833.13 crore a year ago.
The price hike in certain product categories by its Israeli subsidiary Taro Pharmaceuticals has led to higher operating earnings, which boosted the outlook for Sun Pharmaceutical.
The Sun Pharmaceutical stock had gained as much as 2.8 per cent after its unit Taro Pharmaceutical Industries Ltd operational earnings beat some analysts' estimates.
Taro's quarterly earnings per share stood at $2.15 while sales rose 27.5 per cent to $205.3 million.
Shares of Sun Pharma, on Wednesday, ended at Rs607.80 apiece on the BSE, up 1.61 per cent from the previous close.
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