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Sun Pharma extends gain after Q2 earnings; shares jump over 6 pc

Sun Pharma extends gain after Q2 earnings; shares jump over 6 pc
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New Delhi: Shares of Sun Pharmaceutical Industries continued their rally for the second consecutive day on Wednesday, rising over 6 per cent, after the company reported a 70 per cent jump in its consolidated net profit for the quarter ended on September 30, 2020.

The stock jumped 6.31 per cent to Rs 516.85 on the BSE.

At the NSE, it gained 6.23 per cent to Rs 515.90.

Shares of Sun Pharmaceutical Industries on Tuesday had gained nearly 4 per cent.

The drug major on Tuesday reported a 70.36 per cent jump in its consolidated net profit at Rs 1,812.79 crore for the quarter ended on September 30, 2020 mainly on account of robust sales and exceptional tax gains.

The company had posted a net profit of Rs 1,064.09 crore for the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing.

Consolidated revenue from operations stood at Rs 8,553.13 crore for the quarter under consideration, against Rs 8,123.35 crore for the same period a year ago, it added.

"Tax gain (exceptional) for the quarter ended September 30, 2020, is on account of creation of deferred tax asset amounting to Rs 288.28 crore arising out of subsequent measurement attributable to restructuring of an acquired entity," the filing said.


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