Moneycontrol Bureau
Sun Pharmaceutical Industries surpassed Dalal Street expectations with the net profit shooting up 73.7 percent Y-o-Y and revenue growing 50.5 percent during October-December quarter, driven by strong growth in US business and Taro's performance.
Year-on-year net profit increased to Rs 1,531 crore from Rs 881.3 crore and revenues rose to Rs 4,312 crore from Rs 2,865.5 crore.
According to CNBC-TV18 poll, analysts had expected the healthcare company to report net profit of Rs 1,322 crore on revenues of Rs 4,011 crore for the quarter.
Sun Pharma raised its FY14 revenue growth guidance to 29 percent from 25 percent earlier.
Revenue from its US formulations business shot up 79.3 percent to Rs 2,679 crore and India formulations business spiked 20.2 percent to Rs 947 crore compared to same quarter last year. Rest of world formulations business rose 32 percent year-on-year to Rs 520.7 crore in the quarter gone by.
Operating profit of the company jumped 57 percent on yearly basis to Rs 2,001 crore and margin expanded 190 basis points to 46.4 percent during the quarter as against analysts' forecast of Rs 1,761 crore and 44 percent, respectively.
Meanwhile, Israel subsidiary Taro, wherein Sun Pharma holds 68.9 percent stake, had reported Q3FY14 profit of USD 115.6 million (Rs 713 crore), up 30 percent over Q3 last year and sales of USD 214 million (Rs 1,327 crore), up 15 percent from the corresponding quarter last year. Operating income of the company stood at USD 130 million (Rs 806 crore) and margin was at 63 percent.
During the third quarter, the company filed abbreviated new drug application (ANDA) for five products.
"ANDAs for 4 products received approvals in the third quarter, taking the total number of approvals to 337 (as on December 31, 2013). ANDAs for 131 products now await USFDA approval, including 14 tentative approvals," the company said its release.
The stock closed at Rs 614.70, up 0.60 percent amid high volumes on the BSE.
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