Sun Pharma's Q3 net profit vaults 49% to Rs1,242 crore
13 February 2019
Sun Pharmaceutical Industries has reported a net profit of Rs1,242 crore for fiscal third quarter ended 31 December 2018, a 49 per cent jump from the similar quarter of the previous fiscal.
Sun Pharma, the country’s largest pharma company, reported gross sales of Rs7,657 crore for the October-December 2018-19 quarter, marking 16 per cent growth over the same quarter of the previous year. India sales accounted for Rs2,235 crore, up 7 per cent, the company said.
The net profit in Q3 of 2018-19 was Rs1,242 crore, a phenomenal growth of 49 per cent compared to Q3 of the previous year. In the previous year quarter, however, the profit was adversely impacted by one-time deferred tax adjustment of Rs513 crore related to changes in US tax rates.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at Rs2,069 crore, up 48 per cent.
Sun Pharma said its profit margins were partly driven by forex gains.
"We remain committed towards executing our global speciality strategy, strengthening core operations and enhancing overall efficiencies," said managing director of Sun Pharma.
The company's research and development investments during Q3 of FY 19 were Rs465 crore, or 6.1 per cent of sales, compared to Rs473 crore, or 7.2 per cent of sales, in Q3 of FY 18.
Sun Pharma is the world's fifth largest speciality generic pharmaceutical company and India's top pharmaceutical company. It has 42 manufacturing facilities across six continents.