Moneycontrol Bureau
Healthcare major Sun Pharmaceutical Industries matched analysts' expectations on Friday as consolidated profit in April-June quarter shot up 266 percent year-on-year to Rs 2,034 crore. The growth was driven by topline and operational performance despite steep rise in tax cost.
The boost in bottomline was also on account of low base in year-ago period. The company had reported an exceptional loss of Rs 685.2 crore in Q1FY16 on account of integration and optimisation measures post Ranbaxy acquisition.
Sun Pharma revised its profit figure for Q1FY16 to Rs 556 crore from Rs 479 crore earlier due to news accounting standards.
Total income from operations increased 22 percent to Rs 8,243 crore in the quarter ended June 2016 compared with Rs 6,761 crore in same period last year.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) during the quarter surged 65.2 percent to Rs 2,921 crore and margin expanded by 930 basis points to 35.4 percent on yearly basis.
According to average of estimates of analysts polled by CNBC-TV18, profit was estimated at Rs 1,894 crore on revenue of Rs 7,877 crore for the quarter. Expectations for operating profit and margin stood at Rs 2,560 crore and 32.5 percent, respectively.
Tax expenses increased more than three-fold to Rs 352.7 crore from Rs 112.7 crore on YoY basis.
At 15:13 hours IST, the scrip of Sun Pharmaceutical Industries was quoting at Rs 804.90, down 0.49 percent on the BSE.
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