Sun Pharmaceutical Industries Ltd, the fifth largest Indian pharmaceutical company, with net sales of Rs 1200-crore plus during 2004-05, has achieved satisfactory financial performance during the third quarter ended December 2005. The consolidated net profit, with the significant help of net interest income as well as other income, has taken a quantum jump of 36.9 per cent to Rs 146.43 crore from Rs 106.98 crore in the corresponding period of last year. The company earned a net interest of Rs 18.50 crore during the quarter under review as against nil in the last period. Similarly, its other income increased to Rs 8.30 crore from Rs 0.18 crore.
The company's consolidated net sales amounted to Rs 434.27 crore as against Rs 326.03 crore in the previous period, registering a growth of Rs 33.2 per cent. The earning per share improved to Rs 7.9 from Rs 5.8 in the last period. The research and development expenditure went up by 66.6 per cent to Rs 45.76 crore from Rs 27.47 crore in the last period.
Dilip Shanghvi, chairman and managing director, Sun Pharma, said, "We have begun to identify and make the first round of US acquisitions, where we expect to create value by investing in turnaround opportunities. Continuing growth and profitability of our current business provides strong support for our international expansions."
The company's domestic sales increased by 30.7 per cent to Rs 266.24 crore from Rs 203.67 crore and its export sales moved up by 44 per cent to Rs 182.69 crore from Rs 126.89 crore. The sales of formulation reached Rs 377.73 crore as against Rs 280.77 crore and sales of bulk drugs improved to Rs 71.17 crore from Rs 49.64 crore. The export sales of formulations touched Rs 130.16 crore (Rs 96.12 crore in the previous period) and that of bulk drugs went up to Rs 52.50 crore (Rs 30.69 crore).
The total number of patents submitted pending approval now stands at 422 in addition to 42 patents granted. Preparations are on for the US IND filing for one NCE this quarter and 2 NDDS projects over the next two quarters.
For the first nine months ended December 2005, Sun Pharma notched up consolidated net sales of Rs 1254.21 crore as compared to Rs 914.66 crore in the corresponding period of last year, registering a growth of 37.1 per cent. Its consolidated net profit during the period went up by 47 per cent to Rs 430.33 crore from Rs 292.82 crore in the similar period of last year. Its R&D expenditure moved up by 42 per cent to Rs 104.16 crore from Rs 73.35 crore.