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Last Updated : Jul 31, 2020 03:46 PM IST | Source: Moneycontrol.com

Sun Pharma posts Q1 loss Rs 1,655.6 crore on one-time loss, but operating numbers beat estimates

The company had reported a net profit of Rs 1,387.5 crore in the corresponding quarter a year ago.

 
 
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Indian pharma major Sun Pharmaceutical Industries, on July 31, reported its June quarter net loss at Rs 1,655.60 crore due to exceptional loss, but operating performance beat analysts' expectations.

The company had reported a net profit of Rs 1,387.5 crore in the corresponding quarter a year ago.

Net profit before one-time loss stood at Rs 1,449.4 crore, which grew by 4.5 percent on year-on-year basis.

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Revenue from operations for Q1FY21 came in at 7,585.25 crore, declining 9.4 percent compared to Rs 8,374.4 crore reported in the corresponding quarter of the previous year, Sun Pharma said in its BSE filing.

At operating level, its earnings before interest, tax, depreciation and amortisation (EBITDA) declined 7.6 percent YoY to Rs 1,843.6 crore and margin expanded 50bps to 24.3 percent in June quarter compared to year-ago period.

Both above operating numbers were far ahead of CNBC-TV18 poll estimates of Rs 1,582 crore and margin at 19.6 percent for the quarter ended June 2020.

Taro posted Q1FY21 sales of $117.6 million (nearly Rs 880 crore), down 27 percent over Q1 last year.

"Excluding the one-time settlement charge of $ 478.9 million, net profit was $ 29 million compared to $66.2 million in Q1FY20," Sun Pharm said.

Sun Pharma said that Taro's reported a net loss for Q1 was $ 434.9 million. Taro reported settlements and loss contingencies of $478.9 million, which reflect the one-time settlement charge of $ 418.9 million related to the global resolution of the Department of Justice investigations into the US generic pharmaceutical industry.

After the Q1 result, the stock surged over 5 percent to Rs 536.60 on the BSE at the time of publishing this copy.

Other income for the quarter at Rs 153.8 crore declined compared to Rs 213 crore in the year-ago period, while tax expenses rose 68 percent YoY to Rs 245.9 crore in Q1FY21.
First Published on Jul 31, 2020 03:01 pm
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