Drug maker Sun Pharmaceutical Industries on Friday reported nearly four-fold growth in its consolidated net profit at Rs 1,416.60 crore for the quarter ended December 31, 2015, helped by sharp increase in other income, lower tax cost and operational performance.
“The company had posted consolidated net profit of Rs 395.33 crore for the quarter ended December 31, 2014,” Sun Pharmaceutical said in a filing to Bombay Stock Exchange.
The consolidated net sales from operation rose 2 per cent to Rs 7,046.57 crore in Q3FY16 from Rs 6,885.46 crore in Q3FY15.
The other income of the company increased to Rs 209.20 crore from loss of Rs 76.51 crore in the year ago period. Tax expenses declined 80.4 per cent on yearly basis to Rs 202.03 crore versus Rs 1,028.96 crore in the year ago period.
India sales for Q3FY16 was Rs 1,890 crores, up 8 per cent, from the corresponding quarter last year and accounting for 27 per cent of total sales. Sales in the US were US$ 486 million for the quarter, a reduction of 11 per cent over same period last year and accounted for 45 per cent of total sales.
Commenting on Q3 earnings, Dilip Shanghvi, Managing Director of the Company said, “Our result for Q3 indicates sequentially improving quality of business and performance. This is despite adverse currency movements and increase in R&D investments. The synergy benefits of the Ranbaxy acquisition have begun to reflect in our financials. We remain committed in allocating required resources for enhancing our specialty and complex generics pipeline.”
Ahead of the earnings report, shares of company ended Friday’s trade at Rs 848.35 apiece, up 2.09 per cent, on BSE.