Sun Pharmaceutical Industries Ltd. reported a 32 per cent growth in its net profit for year ending March 31, 2011 at Rs 1816 crore. Net sales from operations reported at Rs 5721 crore, grew by 43 percent over 2009-10. Strong growth in sales is primarily on account of financials of recently acquired Israeli firm-Taro that have been consolidated for a little over 6 months in 2010-11 financials, said a company statement.
Net profit for fourth quarter of 2010-11 stood at Rs 443 crore, resulting into a net margin of 30% and net sales grew by 35 percent at Rs 1463 crore. India branded generic sales grew 20 percent at Rs 589 crore over same quarter last year and sales of Taro stood at $107.7 million, a growth of 21 per cent over same quarter last year.
These full year financials also include significant components of non-recurring sales and profits contributed by a few products sold in the first half of 2010-11, said the statement. Net profit of Taro for the quarter is at $25.7 million, higher by 199 per cent when compared to the same quarter last year.
Consolidated R&D expense for the fourth quarter of 2010-11 is Rs 98 crore, or 6.7 per cent of income from operations. For 2010-11, the consolidated R&D expense is Rs 331 crore, or 5.8 per cent of income from operations. Shanghvi added, "Taro acquisition has enhanced our presence in the US market, a key objective of our long term strategy, even as we continue to file new products on our own and evaluate further acquisition opportunities."
"Clearly, this has been an year of important strategic milestones for our international business, which now contributes over 60 per cent of our sales,” he said.