Sun Pharma net profit falls 67% in Q1

Submitted by Nalin Grover on Thu, 07/30/2009 - 07:35

SunSun Pharmaceutical Industries Ltd, a rising star of India's fast-growing pharmaceuticals industry, on Wednesday posted a decline of 67% in the consolidated net profit for the first quarter of the current financial year, hurt by lower sales of finished drugs and regulative problems in the U. S.

The firm's consolidated net profit fell to Rs 1.64 billion in the latest quarter from Rs 5.01 billion in the same period last fiscal.

Consolidated net sales of the company decline by 24% to Rs 7.88 billion in the quarter ending June 30, as compared to Rs 10.42 billion in the same quarter of the previous financial year.

The company's total costs rose by 31% to Rs 6.97 billion as compared to the same quarter last fiscal.

According to the company, local sales of finished drugs dropped by 27% to Rs 3.13 billion, whereas exports of finished drugs came down 36% to Rs 3.40 billion as compared to same period last fiscal.

Mr. Dilip Shanghvi, Chairman and MD, declared that performance in the first quarter is dominated by the recent developments in the U. S. business.

Shares of Sun Pharmaceutical Industries Ltd, on Wednesday, closed at Rs 1,188.25, down 5.24% or Rs 65.70. The total quantity of shares traded was 54,264 on the BSE.


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