<p>Sun Pharma Q3 profit dips 5 Percent to Rs 1,472 crore; co to focus on existing Company</p>

Sun Pharma Q3 profit dips 5 Percent to Rs 1,472 crore; co to focus on existing Company

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New Delhi: Sun Pharmaceutical Industries Tuesday reported 4.72 percent decline in consolidated net profit to Rs 1,471.82 crore for the December quarter, 2016-17.

It had posted net profit of Rs 1,544.85 crore for the same period of the prior fiscal, Sun Pharma said in a BSE filing.

The firm’s entire income from operations climbed but to Rs 7,912.66 crore for the third quarter of this current fiscal, from Rs 7,122.31 crore in the year-ago period.

“While we continue to focus on growing our current business, we are pleased to commit our strong cash flows in improving our specialty pipeline, even although now without commensurate revenue flows,” Sun Pharma MD Dilip Shanghvi stated.

Throughout the quarter under review, the company commercialised BromSite, its first specialty ophthalmology product in the usa, he added.

Sale of branded formulations in India for its next quarter this fiscal was at Rs 1,969 crore, up 5% and accounting for 26 percent of overall earnings, Sun Pharma stated.

Sales in the US have been roughly $507 million for the quarter under consideration, a rise of 4% over same period this past year and accounted for 45 percent of the overall sales, it added.

The business’s earnings in emerging markets were at $172 million to its third quarter this fiscal, an increase of 14 percent compared to the same quarter of last year and accounted for 15% of the overall sales, Sun Pharma stated.

Formulation earnings in Rest of World (ROW) markets excluding US and Growing Markets were at $113 million in the quarter under consideration, as a rise of 33 percent in the corresponding quarter this past year, it added.

The company now has accepted ANDAs for 424 products while filings for 149 ANDAs wait USFDA approval, such as 14 tentative approvals.

In another filing to the bourses, the company said that its board has named Kalyanasundaram Subramanian because an extra director with immediate impact.

The board has named him as the wholetime director without any remuneration for a couple of years in 14 February, 2017 to 13 February, 2019.

Sun Pharma stock closed 0.73 % lower at Rs 650.15 on BSE.

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