Sun Pharmaceutical Industries slumped 12.01% to Rs 500.25 at 10:35 IST on BSE after consolidated net profit fell 14% to Rs 1223 crore on 8% fall in sales to Rs 6825 crore in Q4 March 2017 over Q4 March 2016.
The result was announced after market hours on Friday, 26 May 2017.The stock has skidded 23.49% in seven sessions to its ruling price of Rs 500.25, from a close of Rs 653.90 on 18 May 2017.
Meanwhile, the S&P BSE Sensex was almost unchanged at 31,027.26.
Spurt in volume was witnessed on the counter. On the BSE, 27.24 lakh shares were traded on the counter so far as against the average daily volumes of 3.89 lakh shares in the past one quarter. The stock had hit a low of Rs 493 so far during the day, its lowest level since 28 August 2013. The stock had hit a high of Rs 532.80 in intraday trade.
The stock had hit a 52-week high of Rs 854.50 on 5 August 2016. The stock had underperformed the market over the past one month till 26 May 2017, sliding 11.53% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.82% as against Sensex's 7.39% gains.
The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Rs 1.
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Sun Pharmaceutical Industries' board of directors recommended dividend of Rs 3.5 per share for the year ended 31 March 2017 (FY 2017).
India sales rose 10% at Rs 1916 crore in Q4 March 2017 over Q4 March 2016. Other operating income for the quarter stood at Rs 312 crore which includes a milestone payment from Almirall S.A (Spain) as part of the licensing agreement for the development and commercialization of Tildrakizumab for psoriasis in Europe.
Dilip Shanghvi, Managing Director of the company said that Q4 performance reflects the impact of the challenging generic pricing environment in the US. Despite this, the company continued to invest strong cash flows in enhancing specialty pipeline.
In Q4, the company announced the acceptance of Tildrakizumab filing by EMA for European markets and for US market in May 2017. The company will be gradually filing Tildrakizumab in all key markets in the next few quarters. The company recently had a pre-new drug application (NDA) meeting with the United States Food & Drug Administration (USFDA) for Seciera and the company is on track to file this NDA by Q3 December 2017. The company continues to evaluate filing Seciera in other markets.
During the quarter, the USFDA lifted the import alert on the Mohali facility while remediation efforts are on-going to bring back the Halol facility into full cGMP compliance, he added.
Sun Pharma is a specialty generic pharmaceutical company and India's top pharmaceutical company.
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