Sun profit rises on US exports

A MIXED THIRD QUARTER FOR INDIA INC

Generic drug exports to US and growth in domestic business helped Sun Pharmaceutical Industries to post a net profit of Rs 318.3 crore for the third quarter of 2007-08, an increase of 60 per cent compared to the corresponding period performance of Rs 198.8 crore in 2006-07.

Net sales for the quarter stood at Rs 803.9 crore, 48.8 per cent higher than the Rs 540 crore sales generated in the corresponding previous quarter, as per the consolidated financial results.

"We've shown good results across business segments this quarter, which was marked by a validation of our strong regulatory and scientific skills, with news flow on patent challenges, announcements on three filings, and a settlement on one abbreviated new drug application," said Dilip Shanghvi, chairman and managing director.

Exports went up by 75.6 per cent during the quarter to Rs 437.2 crore compared with Rs 248.9 crore posted in the previous quarter.

Sun Pharma's domestic formulations sales stood at Rs 375.7 crore with a growth of 28 per cent over the corresponding three months business of Rs 293.4 crore in the last year. Sun Pharma now holds 3.3 per cent domestic market share, as per latest IMS ORG report.

Bulk drug sales contributed 17.6 crore for the quarter, compared with Rs 22.6 crore in the previous quarter.

For the nine months ended December 2007, Sun Pharma posted a net profit at Rs7,64.1 crore, an increase of 36 per cent compared to the corresponding period last year.

Net sales were at Rs 2,099.4 crore, a 32 per cent increase from Rs 1,587.9 crore in first 9 months of FY07.