MUMBAI: Sun Pharmaceutical Industries today reported a 123 per cent year-on-year rise in its consolidated net profit for the quarter ended March to Rs 894.2 crore, which was sharply below analysts’ estimates of Rs 1,513 crore.
The big miss on the bottomline by the company was a result of an exceptional loss worth Rs 672.8 crore related to various litigation settlements pertaining to some of its subsidiaries.
The company’s consolidated revenue from operations rose merely 4 per cent on-year to Rs 8,523 crore, which was also below analysts’ expectations of Rs 8,712.5 crore.
The company’s board approved a final dividend payment of Rs 2 per share for the financial year ended March.
The company said that during the quarter, it made an additional provision worth $80 million pertaining to its subsidiary Taro Pharmaceutical Industries’ settlement on a US Department of Justice investigation.
…More to come
