Shasun Pharmaceuticals, a Rs.1,250 crore plus pharma major from Chennai, has posted consolidated net profit of Rs.3.80 crore during the first quarter ended June 2015 as against a net loss of Rs.4.79 crore in the same quarter of last year. EPS worked out to Rs.0.61 as against negative Rs.0.83 in the last period. The company declared interim dividend of of Re one per share of Rs.2 each.
Its net sales improved by 6.5 per cent to Rs.319.17 crore from Rs.299.77 crore. The sales of API (including CRAMS) declined by 7 per cent to Rs.232.7 crore from Rs.249.20 crore due to delays in partners' ANDA approvals. CRAMS UK business continued its momentum from the last fiscal. During the quarter 2 products moved from phase 3 to launch phase based on regulatory approvals. The product pipeline consists of 7 products in phase III and 11 products in phase II. However, its formulation sales went up by 71 per cent to Rs.86.5 crore from Rs.50.5 crore. Its R&D expenditure declined to Rs.6.1 crore from Rs.8.2 crore.
The Board of Directors of the company and Madras High Court approved the scheme of amalgamation with Strides Arcolab Ltd and it is awaiting approval from FIPB and Bombay High Court.
The company has made preferential allotment of 25 lakh shares of Rs.2 each at a premium of Rs.108 per share aggregating to Rs.38.50 crore and 71 lakh convertible warrants of Rs.2 each at a premium of Rs.108 per warrant to Sequent Scientific Ltd, after obtaining the approval of stock exchanges. During the quarter ended June 2015, Shasun received the balance of Rs.58.57 crore (75 per cent of the issue price) towards issuance of 71 lakh equity shares of Rs.