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Sun Pharma net up 32% on strong US sales

Source : BUSINESS_STANDARD
Last Updated: Fri, Feb 08, 2013 21:01 hrs
Hamied, chairman and MD of Indian generic drugmaker Cipla, speaks on mobile phone in front of cabinets containing company's products before interview in Mumbai

Sun Pharmaceuticals , the largest Indian company by value, reported a 32 per cent growth in its net profit at Rs 881 crore for the third quarter ended December 31, on the back of strong sales in the US generic market.

The company's US finished dosage sales stood at $276 million, a growth of 32 per cent. The consolidated net sales stood at Rs 2,852 crore, a growth of 33 per cent on corresponding quarter last year.

Sun Pharma holds five per cent market share in the Rs 69,000-crore pharmaceutical market, according to the December 2012 AIOCD-AWACS report.

On Friday, shares of Sun Pharma closed at Rs 744, down 0.6 per cent on the Bombay Stock Exchange.

Dilip Shanghvi, managing director, said, "All our businesses continue to perform in line with our expectations. The acquisition of DUSA and URL's generic business will further strengthen our presence in the US." Branded generic sales in India grew 13 per cent to Rs 788 crore in the quarter while global formulation sales stood at $73 million, a growth of 31 per cent.

Formulation sales in rest of the world markets outside of India and US accounted for $73 million in Q3 FY13 registering a growth of 31 per cent.

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