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Sun Pharma Q2 net dips 59 pc at Rs 912.12 cr

14 November 2017

However, that was better than the INR8.27 billion estimated by analysts polled by Thomson Reuters.

Sun Pharmaceutical Industries, India's biggest drug maker, reported a 59% slump in second-quarter net income as intense competition in the USA continued to crimp sales in its largest market.

The company had reported Rs 2,235.14-crore profit in the corresponding quarter past year. Sun's USA unit Taro Pharmaceutical reported a 58% decline in net profit after sales fell 26%.

The company expects the performance to gradually improve in the second half of this year, he added.

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US sales for the quarter fell 44 percent to $309 million while sales from India rose 11 percent.

"While there is a gradual recovery post the implementation of GST in India; the underlying growth remains robust", the company said.

In the emerging markets, the sales were at United States dollars 196 million for the second quarter this fiscal, a growth of 16 per cent compared to the same quarter previous year and accounting for 19 per cent of the total sales, the company said. The firm's rest of the world sales were $111 million, which grew by 40 per cent over Q2 previous year. The shares of Sun Pharmaceutical Industries closed today at Rs 526.15 on BSE, down 1.19 per cent from previous close.

"This R&D expenditure includes investments on account of funding the clinical development of our global specialty pipeline." the company said.

Sun Pharma Q2 net dips 59 pc at Rs 912.12 cr