Sun Pharma Advanced Research Company (SPARC), a wholly owned subsidiary of Sun Pharmaceutical Industries, has received setback during the first quarter ended June 2014 and it incurred a net loss of Rs.9.74 crore as against a net profit of Rs.9.51 crore in the corresponding period of last year. Its net sales remained at same level at Rs.35.85 crore. With net loss, its EPS worked out to negative Rs.0.41 as against positive Rs.0.40 in the last period.
For the full year ended March 2014, SPARC notched up net sales of Rs.167 crore and it earned a net profit of Rs.30 crore with EPS of Rs.1.28. As against the equity capital of Rs.23.67 crore, its reserves and surplus stood at Rs.115.63 crore.
SPARC incurred R&D expenditure of Rs.136 crore during the year ended March 2014 and this worked out to almost 82 per cent of its turnover. SPARC works on innovation and new product development for global markets. It undertakes projects in innovative research and technology for new chemical entities (NCE) or new molecules, and novel drug delivery systems (NDDS). The company received for 2 ANDAs based on Wrap matrix system from US FDA and it launched the same. Two more ANDAs are awaiting approval. It has field Levetiracetam ER 1000 mg and 1500mg in the US. A cardiovascular drug and a CNS drug are under development.