Sun Pharma Q2 net plunges 59% at Rs 912 cr

Share
Sun Pharma Q2 net plunges 59% at Rs 912 cr

India's largest drugmaker, Sun Pharmaceutical Industries Ltd, posted a 59 per cent plunge in second-quarter profit on Tuesday, but beat estimates.

The generic drug maker reported a net profit of 9.12 billion Indian rupees ($139 million) in the July-September period, compared with INR22.35 billion a year earlier.

The overall total revenue from operations stood at Rs 6,650.34 crore. However, the profit exceeded analysts' expectations of 8.27 billion rupees on back of a sharp cut in tax expenses.

Analysts on average had expected a profit of Rs 827 crore, according to Thomson Reuters data.

"A challenging United States generic pricing environment coupled with continued investments in building our global speciality business has impacted our Q2 performance".

The company expects the performance to gradually improve in the second half of this year, he added. Sun's US unit Taro Pharmaceutical reported a 58% decline in net profit after sales fell 26%. U.S. generic sales accounts 30 percent of Sun Pharma's revenues.

Sales in the USA stood at Dollars 309 million for the quarter, a de-growth of 44 per cent over same period a year ago and accounted for 30 per cent of the total sales, it added. For Q2FY18, the company launched 14 new products in the Indian market. The company said its research and development expenses in the last quarter accounted for 7.7% of sales, compared with 7.4% a year earlier. The firm's rest of the world sales were $111 million, which grew by 40 per cent over Q2 a year ago.

Active Pharmaceutical Ingredients (API) business largely meant for captive consumption rose 6 percent to Rs 388 crores.

Share

Advertisement

Related Posts

'One Tree Hill' team accuses creator Mark Schwahn of sexual
One of the CW's most successful showrunners has been called out by the cast and writers of one of his biggest hits on November 11. Additionally, Wauchope clarified in a tweet that the working environment at her second job, Cougar Town , was a positive one.

India's Exports Fall in October
Rising crude oil prices led to the oil import bill rising 27.9 per cent in the month, from an 18.5 per cent rise in September. Imports, however, grew by 7.6 per cent to $37.11 billion in October from $34.5 billion in the corresponding month a year ago.

Analyst Opinion Summary: Novavax, Inc. (NVAX), Tandem Diabetes Care, Inc. (TNDM)
The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website . Currently, the stock carries a price to earnings ratio of 0, a price to book ratio of 0, and a price to sales ratio of 0.29.

Mozilla Releases Firefox Quantum
The first ever Quantum-fueled Firefox version, Firefox 57, is about to land on your Windows, Linux, and macOS machines. But since the last couple of years, Mozilla is working hard to give back Firefox the position it once had.

Trade Fair to flag-off today with theme 'Start up Standup'
The IITF previous year was held in an area of over 100,000 square meters with around 7,000 exhibitors. Pakistan is not participating this year either. "Last year, the figure of our footfall was 14 lakh".

Manchester United must be ready for 'decisive' Christmas period: Juan Mata
Newcastle have only scored 10, however, so they're unlikely to cause Jose Mourinho's side too much trouble at Old Trafford in an attacking sense.

The Apple Watch AI Can Detect Hypertension
Specialists shared the new study on November 14 during the meeting at the American Heart Association, in Anaheim. This smart feature is what should convince numerous other people to purchase an Apple smartwatch.

Dicks Sporting Goods (DKS) Stock: Falls After Strong Earnings
The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink . Dick's Sporting Goods (NYSE:DKS) cruises past estimates with its Q3 report, but issues a dour outlook for profit next year.

European Players of the Year shortlisted for World Rugby award
Wallabies full-back Israel Folau has also been shortlisted after scoring an Australian record 12 tries in 10 Tests this year. The award will be handed out on November 26th at the world rugby's annual awards dinner in Monaco.

Tesla workfloor a hotbed for racist behaviour, says ex-employee in lawsuit
The Palo Alto-based company employs around 33,000 employees, but has so far shied away from releasing the diversity statistics. According to the early reports, Tesla's semi truck would clock between 200 and 300 miles, and it is intended for day trips.

© 2015 ExpressNewsline. All Rights reserved.