Pharmabiz
 

Sun Pharma posts strong net profit growth of 28% in Q3

Our Bureau, MumbaiSaturday, January 31, 2009, 08:00 Hrs  [IST]

Sun Pharmaceutical Industries, the fourth largest pharmaceutical major in India, has achieved impressive performance during the third quarter ended December 2008. Like other pharmaceutical company, Sun has not incurred any foreign exchange loss during the quarter. The company's consolidated net profit went up by 28.4 per cent to Rs 408.64 crore from Rs 318.35 crore in the corresponding period of last year. Its revenues increased by 14.2 per cent to Rs 912.27 crore from Rs 803.97 crore. With health growth in bottom line, its earnings per share touched to Rs 19.7 from Rs 15.9 in the last period. The company's exports increased by 12.2 per cent to Rs 490.73 crore during the quarter ended December 2008 from Rs 437.22 crore in the last period. Its domestic sales increased by 15.6 per cent to Rs 454.89 crore from Rs 393.67 crore. The sales of formulations touched to Rs 848.34 crore as against Rs 765.96 crore and that of bulk drugs moved up to Rs 95.51 crore from Rs 64.23 crore. Its total R&D expenditure increased to Rs 94.57 crore from Rs 84.24 crore and worked out to 10 per cent of sales for the quarter under review. Dilip Shanghvi, chairman and managing director of the company, said, "The third quarter financials once again highlight the inherent strength of the business model we have built. Despite the uncertainty in global financial and consumer markets, which may have a delayed impact on our business, the long term strategic intent remains intact with continuous progress being made on building therapy presence in existing and new market. Our team committed to this objective will enable the company to deliver consistent growth and long term profitability." The company's US subsidiary acquired Chattem Chemicals Inc, a USA based controlled substance API importing and manufacturing company. For the first nine months ended December 2008, Sun Pharma's consolidated net profit has taken a quantum jump of 86.2 per cent to Rs 1422.85 crore from Rs 764.09 crore in the similar period of last year. Its income increased by 49.5 per cent to Rs 3137.89 crore from Rs 2099.36 crore. The EBDIT saw a growth of 89.6 per cent to Rs 1547.43 crore from Rs 816.27 crore. Sun's US based subsidiary, Caraco Pharmaceutical Industries suffered setback due to recessionary conditions and its sales declined by 32 per cent to US$5.1 million from $81.9 million. Its net profit amounted to $5.1 million. Sun filed 13 ANDAs with US FDA, of which 11 were from Sun Pharma and 2 from Caraco. The company received total approval for 67 ANDAs. The company's site at Karkhadi near Vadodara received a US FDA approval for manufacturing of generic cephalexin capsules. The company recently extended the Tender Offer for Taro Pharmaceutical to March 6, 2009.

 
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