Sun Pharma Advanced Research Company (SPARC), a research arm of Sun Pharmaceuticals, has suffered a setback during the second quarter ended September 2015 and its net loss increased to Rs.17.74 crore from Rs.1.47 crore in the similar period of last year. Its net sales also declined to Rs.43.12 crore from Rs.45.91 crore. EPS of Rs.1 face value of share worked out to negative Rs.0.75 as against negative Rs.0.06 in the last period.
The company's equity capital stood at Rs.23.67 crore and its reserves declined to Rs.56.83 crore from Rs.76.13 crore. During the quarter, the company has forfeited 17,093 equity share of Rs.1 (paid up amount Rs.60 per share) due to non-payment of call money. These shares were originally allotted on October 3, 2013 and the final call money of Rs.27 per share was outstanding at the time of forfeiture. The amount of Rs.0.10 lakh received with respect to the face value of 17,093 forfeited equity shares is disclosed under head share capital as at September 30, 2015.
The company is planning to issue rights shares to its shareholder to raise an amount of Rs.250 crore and it has filed a Draft Letter of Offer with SEBI.
For the first half ended September 2015, SPARC's net loss increased to Rs.19.39 crore from Rs.11.21 crore in the corresponding period of last year. Its net sales improved to Rs.86.58 crore from Rs.81.76 crore.