Sun Pharma Q2 net up 19% boosted by generic drugs division

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Sun Pharma Q2 net up 19% boosted by generic drugs division

Sun Pharmaceutical has announced a 19% increase in its net profit to Rs 598 crore Year-on-Year on the back of robust performance across its business. The drug maker’s Sales for the quarter also grew 42% to Rs 1,894 crore versus Rs 1,331.42 crore.

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Sun Pharmaceutical has announced a 19% increase in its net profit to Rs 598 crore for the September quarter Year-on-Year on the back of robust performance across its business. The drug maker's sales for the quarter also grew 42% to Rs 1,894 crore versus Rs 1,331.42 crore.

However, the company said the financial performance for the quarter cannot be compared with the corresponding quarter of last fiscal as the results of Taro which became a subsidiary of the company in September 2010 is also included in it.

Taro's Q3 net profit rose by almost thrice $58.9 million from $18.5 million and net sales rose by 34% to $138.3 million from $103.1 million, said Taro in an announcement on its website.

Performance delivered by the company during the quarter was boosted by the exchange rate movement and growth in prescription share with its key customers in the US and other international markets, said the company.

The company said India's branded generic sales stood Rs 705 crore during the quarter, registering a growth of 15% over the same period last year, and accounting for 37% of total sales.

Sale of generic formulations in markets outside of India and the US accounted for $56 million in the second of the current fiscal.

On a standalone basis, Sun Pharma's net profit increased to Rs 437.55 from Rs 345.72 crore in the year-ago period. The company's standalone total income climbed to Rs 938.65 crore  versus Rs 796.22 crore.

Meanwhile, shares of the company rose 2% to Rs 515, up 2.21% at 9.20 hours

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