Taro Pharma, the subsidiary of pharmaceutical major Sun Pharma on October 27, reported a net profit of $8.5 million for the July-September quarter. The company had posted a net loss of $2.8 million in the year-ago period.
The company's bottomline was also slightly dragged down by one-time exceptional charges, excluding which, the net profit came at $14.3 million.
Taro Pharma also clocked in an operating income of $4.7 million as against a loss of $6.8 million in the base period. Excluding the impact of the one-time exceptional item, the operating income stood at $10.9 million.
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Revenue for the company came at $148 million, up 13.4 percent from $130.5 million recorded in the same quarter of the previous fiscal.
The firm attributed the rise in revenue to a one-time gross to net adjustment. Excluding that, the company's sales growth was in mid-single digits.
Nonetheless, positive earnings from Taro Pharma is also expected to boost parent Sun Pharma's consolidated earnings after being a drag in the recent quarters. Sun Pharma is slated to release its quarterly earnings on November 1.
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