Sun Pharma net profit rises 19%

Drug maker Sun Pharmaceutical Industries on Sunday reported 19 per cent growth in net profit to Rs 598 crorefor the quarter ended September 30, on account of robust performance across itsbusinesses.

In the year-ago period, the company had a net profit of Rs503.65 crore, Sun Pharma said in a statement.

The company's total income rose to Rs 1,894.60 crore duringthe July-September quarter of the current fiscal from Rs 1,331.42 crore in theyear-ago period, registering a gain of 42 per cent.

Sun Pharma CMD Dilip Shanghvi said, "Performancedelivered this quarter .... though partly aided by the exchange rate movement,is a clear reflection of the steady effort made across all parts of ourbusiness towards long term sustainable growth and profitability.

"India business maintains the growth in prescriptionshare with our key customers. In the US and other international markets, workcontinues on enriching the product pipeline and on strengthening the qualityand regulatory processes," he added.

The company said India's branded generic sales stood Rs 705crore during the quarter, registering a growth of 15 per cent over the sameperiod last year, and accounting for 37 per cent of total sales.

Sale of generic formulations in markets outside of India andthe US accounted for $56 million in the second of the current fiscal.

Sun Pharma's subsidiary, Israel-based Taro PharmaceuticalIndustries, has registered a net profit of $59 million, a massive growth of 218per cent.

On a standalone basis, Sun Pharma's net profit increased toRs 437.55 crore in the second quarter ended September 30, from Rs 345.72 crorein the year-ago period.

The company's standalone total income climbed to Rs 938.65crore in the second quarter of this fiscal, from Rs 796.22 crore in 2010-11.