Sun Pharma Q4 Profit Falls 37% On One-Time Expenditure

On Wednesday, Sun Pharmaceutical Industries reported a 37.1 percent decline in consolidated profit of Rs 399.8 crore for the March ended quarter due to a one-time loss of Rs 260.6 crore.

The company wrote an amount of Rs 104.28 crore, including interest as an exceptional item with respect to Central excise refund claims case and also made a provision of Rs 156.36 crore for the settlement with the US Department of Justice to resolve the sales, marketing and promotion of two of its products: Levulan and Blu-u.

On the other hand, its consolidated revenue for the last quarter of the financial year 2019-20 rose 14.67 percent to Rs 8,078.03 crore from the same period a year ago.

The pharma company's board also recommended a dividend of Re 1 per equity share for the year ended 31 March 2020.

After the announcement of its results, shares of the Sun Pharma fell over 2 percent to Rs 449.