May 30, 2012, 04.05 PM | Source: CNBC-TV18
Sun Pharmaceutical expects 18-20% sales growth in the current fiscal year that started in April, Managing Director Dilip Shanghvi said in an earnings conference call on Wednesday.
The drug maker posted a spectacular 85% jump in March quarter net profit at Rs 820 crore, driven by strong sales of its Israeli unit Taro.
However, the company said the increase in Taro sales will not be sustainable going forward as these were largely a result of price increases on select products in the US market.
Net sales of the company for the quarter ended March 31, 2012 stood at Rs 2,330 crore, up nearly 60% from the corresponding period previous fiscal.
Commenting on the quarter gone by, Dilip Shanghvi, MD of Sun Pharma said, "Performance this year has been in line with our expectations and marginally ahead of our recently revised sales guidance. Though the year has seen a couple of non-recurring elements, the underlying business remains stead across all segments and capable of delivering long-term sustainable growth."
The company sees FY13 capex at Rs 500 crore with the research and development spend at 6-8% of net sales. It plans to file 25 ANDAs in US in FY13.
Interestingly, Dilip Shanghvi has stepped down from the chairmanship, while continuing to remain the managing director of the company.
According to the company press release, Israel Makov has been appointed as the chairman of the Sun Pharma at meeting of the Board of Directors of the company held on May 29, 2012. Makov also gets a seat on the board of directors of Sun Pharma.
Makov is the former President and CEO of Teva Pharmaceutical Industries (2002-2007), widely credited with Teva's emergence as a global company and a world leader in generic pharmaceuticals.
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