 "A man carrying a gas cylinder walks out of the research and development centre of Sun Pharmaceutical Industries in Mumbai. Photo: Reuters")
Sun Pharmaceutical Industries Ltd , India's largest drugmaker, reported on Thursday a consolidated quarterly profit that more than doubled from last year, outpacing analysts' expectations.
Net profit for July-September rose to Rs 2,235 crore from Rs 1,029 crore a year earlier.
Sales in its largest market, the United States, rose 9%, while those in India rose 11% in emerging markets. Overall, Sun's sales rose 22%, the world's fifth-largest generic drugs maker said in a statement.
"The synergies from the Ranbaxy acquisition are gaining momentum and we are on track to achieve the targeted benefits," Sun's billionaire founder and Managing Director Dilip Shanghvi said in a statement.
Sun has earlier said it expects to reap $300 million in synergies by fiscal 2018 from its purchase of rival Ranbaxy Laboratories last year.
Consolidated total income from operations of the company also rose to Rs 8,265.12 crore as against Rs 6,873.29 crore for the corresponding period of the previous fiscal.
Shares of Sun Pharmaceutical Industries today closed at Rs 666.95 per scrip on BSE, up 0.88% from their previous close.
