Sun Pharma Q1 profit soars three fold to 2,034 crore

MUMBAI: Sun Pharma posted a nearly three-fold jump in its net profit for the first quarter ended June at Rs 2,033.7 crore.

The company, which had recorded net profit of Rs 555.9 crore in the year-ago quarter, pointed out that last year its net profit was impacted by one-time items as well as exceptional charges of Rs 685 crore.

The country’s largest pharmaceutical company’s net sales rose 22.7 per cent year-on-year to Rs 8,006.7 crore for the first quarter against Rs 6,526.8 crore a year earlier. “The result – sales and net profit – have beat market expectations,” said Surajit Pal, senior analyst with Prabhudas Lilladher. He said the company mainly benefited from the exclusive opportunity for anti-cancer drug Imatinib in the US.