Economy

Sun Pharma records Rs 912 crore profit, 59% dip in Q2

Sun Pharma records Rs 912 crore profit, 59% dip in Q2”

However, that was better than the INR8.27 billion estimated by analysts polled by Thomson Reuters.

Sun Pharma, India's largest drug maker on Tuesday, reported 59 percent decline in net profit to Rs 912.1 crore in the second quarter ended September as the company faces pricing pressure in United States generics market.

The generic drug maker reported a net profit of 9.12 billion Indian rupees ($139 million) in the July-September period, compared with INR22.35 billion a year earlier.

Sun Pharma Managing Director Dilip Shanghvi cited the pricing environment for the second-quarter profit fall but said results had also been hit by the company's continued investment in its speciality drugs business. Sun's USA unit Taro Pharmaceutical reported a 58% decline in net profit after sales fell 26%.

Sale of branded formulations in India for Q2FY18 was Rs. 2,221 crores, up 11 percent and accounted for 34 percent of total sales.

Sun and smaller rivals are grappling with falling drug prices in the US, where the Food and Drug Administration has expedited its approval rate for generics, paving the way for increased competition from new players.

"While there is a gradual recovery post the implementation of GST in India; the underlying growth remains robust", the company said. The company said its research and development expenses in the last quarter accounted for 7.7% of sales, compared with 7.4% a year earlier.

Rest of World markets formulation sales excluding the USA and emerging markets stood at Dollars 111 million in the second quarter this fiscal, a growth of 40 per cent from the same period of the a year ago and accounting for approximately 11 per cent of sales, it added.

Active Pharmaceutical Ingredients external sales were at Rs 388 crore for second quarter of the current fiscal, up 6 per cent from the corresponding period of the previous fiscal, Sun Pharma said.

Ahead of the earnings, shares of Sun closed down 1.2% in Mumbai trading, while the benchmark S&P BSE Sensex lost 0.28%. For the quarter, 4 ANDAs were filed and 3 approvals were received.



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