Sun Pharma posts net loss of Rs 425 cr in Q1 on one-off charge

US sales drop 42%; Rs 950-cr charge related to settlement of antitrust case in US

Drug major Sun Pharmaceutical on Friday reported a consolidated net loss of Rs 425 crore for the quarter ended June 30, mainly due to one-time exceptional item.

The company had posted a net profit after taxes, share of profit/loss of associates, joint ventures and non-controlling interests of Rs 2,033.71 crore for the same period a year ago, Sun Pharmaceutical Industries said in a filing to the BSE.

Consolidated total revenue from operations of the company stood at Rs 6,208.79 crore for the quarter under consideration as against Rs 8,256.26 crore for the corresponding period of the previous fiscal, it added.

The company and one of its wholly owned subsidiaries entered into settlements with certain plaintiffs in respect of an antitrust litigation relating to Modafinil in the month of July 2017, whereby the company agreed to pay an aggregate amount of $147 million, Sun Pharma said.

"Since this event relates to the conditions that existed at the end of the reporting period, the corresponding Indian rupee liability at Rs 950.50 crore has been provided in the consolidated unaudited financial results and disclosed as an exceptional item," it added.

Shares of Sun Pharmaceutical Industries today closed at Rs 451.30 per scrip on the BSE, down 1.92 per cent from the previous clsoe.