Sun Pharmaceutical Industries, India's top drugmaker by market capitalisation, reported 59 percent rise in quarterly net profit substantially beating street estimates, as sales in its key U.S. market surged helped by robust business of Israeli unit Taro Pharma
The Mumbai-based drugmaker's net profit rose to 7.96 billion rupees during the fiscal first quarter ended June from 5.01 billion rupees a year earlier. Sales rose 62.5 percent to 26.58 billion rupees it said.
Analysts, on an average, had forecast net profit at 6.82 billion rupees on sales 23.65 billion rupees, according to Thomson Reuters I/B/E/S/.
Valued $12.67 billion, shares in Sun Pharma were up 1.57 percent at 686 rupees by 2:38 p.m. on Friday. The stock is up 36 percent this year compared to a near 25 percent rise in benchmark healthcare index.