Sun Pharma Reports Q1 Net Loss At Rs 1,656 Crore Due To Exceptional Items

On Friday, Sun Pharmaceutical Industries reported a consolidated net loss of Rs 1,655.60 crore for the June-ended quarter, when compared with a profit of Rs 1,387.48 crore a year ago. Its revenue from operations stood at Rs 7,467.19 crore, which were lower than Rs 8,259.30 crore a year ago.

Net profit during the first quarter of 2020-21 was affected by exceptional items of Rs 3,633.33 crore.

Excluding the exceptional items, net profit for the period is Rs 1,449.4 crore, a 4.5 percent increase from a year ago.

The exceptional items include its unit Taro Pharma's payment of $213.3 million (Rs 1,617.96 crore) to resolve all claims related to federal healthcare programs with Department of Justice (DoJ), and unit Dusa's settlement with DoJ to the tune of Rs 156.36 crore.

Taro also made certain provisions amounting to $60 million (Rs 455.19 crore) for related ongoing multi-jurisdiction civil antitrust matters and added that the ultimate outcome of the antitrust matters cannot be predicted with certainty.

It has also charged Rs 104.28 crore in its profit and loss statement to provide for Supreme Court's judgement relating to central excise refund.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.6 percent from the same period a year ago to Rs 1,843.6 crore and margin expanded 0.5 percent to 24.3 percent in the June ended quarter.