New Delhi : Drug major Sun Pharma on Friday posted a 7 per cent increase in its net profit for the quarter ended March on the back of higher sales in the domestic market and emerging markets even as the US sales took a hit.
The country’s largest drugmaker in terms of market capitalisation posted a profit of Rs 1,308.96 crore during the fourth quarter as against Rs 1,223.71 crore in the same period of the previous fiscal.
Total revenue from operations declined to Rs 6,977.10 crore for the fourth quarter against Rs 7,136.96 crore in the same period of 2016-17.
Branded formulation sales in India, which accounts for 29 per cent of the company’s total sales, increased 2 per cent, the company said.
Sales in emerging markets rose 10 per cent to $199 million, while those in the US, the company’s biggest market, fell 3 per cent at $368 million, hurt by pricing pressure in the generics business. For 2017-18, sales stood at $1,357 million, a decline of 34 per cent over 2016-17.
Sun Pharma MD Dilip Shanghvi said: “Over the last four quarters, we have been able to record a gradual improvement in performance despite a challenging US generic pricing environment.” This fiscal will mark the crossing of some important milestones in the company’s specialty journey with the likely launch of three specialty products in the US, he added.
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