Sun Pharma Q3 net soars four-fold

NEW DELHI: Drug major Sun Pharmaceutical Industries on Tuesday reported a nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended December 31, 2018. The company had posted a net profit of Rs 321.57 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries said in a filing to BSE."Net profit for Q3 FY19 was at Rs 1,242 crore with resulting net profit margin at 16.2 per cent. Net profit for third quarter last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. Adjusted for this, net profit growth for Q3 FY19 was 49 per cent year-on-year," Sun Pharmaceutical Industries said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 7,740.19 crore for the quarter under consideration as against Rs 6,653.23 crore for the same period a year ago. Commenting on the results, Sun Pharma MD Dilip Shanghvi said, "Our focus on execution is reflected in the Q3 performance." The company remains committed towards executing its global specialty strategy, strengthening core operations and enhancing its overall efficiencies, he added. “The Ilumya launch in US has been well received by doctors. We recently commercialised Xelpros in the US and are preparing to launch Cequa in the coming months," Shanghvi said.