Sun Pharma Industries fourth-quarter profit up seven percent, beats estimates

Drug major Sun Pharma today posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018. The company had reported a net profit of Rs 1,223.71 crore in the same period of the previous fiscal.

Total revenue from operations rose to Rs 6,977.10 crore for the fourth quarter. It stood at Rs 7,136.96 crore during the same period of 2016-17.

For the year ended March 31, the drug major posted a net profit of Rs 2,161.55 crore, down 68.96per cent from Rs 6,964.37 crore in 2016-17, Sun Pharma said in a regulatory filing.

Total revenue from operations for 2017-18 stood at Rs 26,489.46 crore. It stood at Rs 31,578.44 crore in 2016-17.

During the year, the company and one of its wholly-owned subsidiaries entered into a settlement regarding a product with certain plaintiffs -- Apotex Corporation and Retailer Purchasers and agreed to pay USD 147 million (around Rs 950 crore), Sun Pharma said.      

The company's board approved a dividend of Rs 2 each per share of Re 1 each for the year ended March 31, 2018. The dividend is expected to be paid on or about last week of September, 2018, it added.

The board also approved the composite scheme of arrangement among Sun Pharma and Sun Pharma (Netherlands) BV and Sun Pharmaceutical Holdings USA Inc and their respective members.

Shares of Sun Pharma ended 0.97 per cent up at Rs 466.55 apiece on the BSE today.