Sun Pharma Q1 results: Reports net loss of Rs 1,656 crore; misses Street estimates

Mumbai: Sun Pharmaceutical Industries reported a consolidated loss of Rs 1,655.60 crore in the quarter ended June, compared with a profit of Rs 1,387.48 crore a year ago. An ET Now Poll had expected the drug maker to report a profit of Rs 1,030 crore in the quarter.

The company’s revenues from operations stood at Rs 7,467.19 crore, down from Rs 8,259.30 crore a year ago.

The profits took a hit due to exceptional items of Rs 3,633.33 crore.


It added that due care has been exercised in concluding significant accounting judgements and estimates, including in relation to recoverability of receivables, assessment of impairment of goodwill and intangibles, investments and inventory, based on the information available to date, while preparing the company's financial results.

The exceptional items include unit Taro’s payment of $213.3 million(Rs 1,617.96 crore) to resolve all claims related to federal healthcare programs, as it resolved all matters with Department of Justice (DoJ), and unit Dusa’s settlement with DoJ to the tune of Rs 156.36 crore.

It also said Taro has made certain provisions amounting to $60 million(Rs 455.19 crore) for related ongoing multi-jurisdiction civil antitrust matters, and added the ultimate outcome of the antitrust matters cannot be predicted with certainty.

It has also charged Rs 104.28 crore in its profit and loss statement to provide for Supreme Court’s judgement relating to central excise refund.