Sun Pharmaceutical Industries Ltd. in a stock exchange filing reported a net profit of Rs 983 crore for the April-June quarter against a loss of Rs 425 crore in the same period last year. For the year-ago period, the company had reported an exceptional loss of Rs 950 crore in the base quarter due to litigation provisions.
India's largest drugmaker is awaiting for approvals from the FDA for two specialty products from its Halol facility which was cleared by the U.S. drug regulator earlier this year.
In a statement accompanying the filing the company's managing director said, "We are gradually crossing key milestones in our specialty initiatives with the recent commercialisation of Yonsa (cancer drug) in the U.S. and targeted launch of Ilumya (skin condition drug) and Cequa (eye drug) in the coming quarters."
The company's revenue for the quarter grew by 16 percent on a year-on-year basis to Rs 7,224 crore, while other income was up by 31 percent to Rs 199 crore from last year. Its finance costs increased by 20 percent to Rs 131 crore.
The EBITDA for the quarter under review rose by 47 percent to Rs 1,607 crore, while margin expanded 460 basis points to 22.2 percent.
Sun Pharma's sales in India were up by 22 percent to Rs 2,152 crore from last year, while U.S. finished dosage sales were up 8 percent to $380 million.
Shares of Sun Pharma were trading higher after the result announcement.