Sun Pharma Advanced Research Company (SPARC) declined 2.17% to Rs 137.25 after the company reported standalone net loss of Rs 99.54 crore in Q4 March 2020, higher than net loss of Rs 9.35 crore in Q4 March 2019.
Net sales slumped 73.2% to Rs 22.71 crore in Q4 March 2020 over Q4 March 2019. Standalone pre-tax loss stood at Rs 99.54 crore in Q4 March 2020 as against pre-tax loss of Rs 9.35 crore in Q4 March 2019. The Q4 result was declared after market hours yesterday, 2 June 2020.
The company has a negative net worth as of 31 March 2020 as current liabilities exceed current assets. The firm said it is evaluating various sources of raising funds for its operations. The company has also received a financial support letter from its parent company which is valid till time the company is able to raise funds from external sources, it said.
SPARC has taken all possible effective measures to limit COVID-19 virus and keep the impact under control in order to ensure business continuity with minimal disruption. The company has also considered internal and external information while finalising various estimates in relation to its financial statement captions upto the date of approval of the financial statements by the board.
SPARC is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.
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