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Sun Pharma achieves healthy 57% rise in quarterly profit

Sun Pharmaceutical Industries on Thursday reported 56.89 per cent jump in consolidated net profit at Rs 1,587.12 crore for the fourth quarter ended 31 March, 2013-14, on account of stronger sales.

It had reported net profit of Rs 1,011.56 crore in the January-March quarter of the 2012-13 fiscal.Sun Pharma said in a BSE filing that net sales in Q4, 2013-14 jumped 31.64 per cent to Rs 4,043.57 crore from Rs 3,071.49 crore in the year-ago period.

‘FY14 was a good year for us. Our overall performance reflects the focus on execution of our strategy. We are developing a differentiated and speciality business and continue to evaluate opportunities to enhance our global presence,’ Sun Pharma Managing Director Dilip Shanghvi said.
During the quarter, branded generic sales in India rose by 21 per cent to Rs 947 crore, while finished dosage sales in the US grew by 22 per cent to $403 million. International formulation sales outside the US during the quarter were at $72 million, flat over Q4 of 2012-13. On 7 April, Sun Pharmaceutical announced it will fully acquire the troubled Ranbaxy Laboratories in an all-stock transaction with a total equity value of $3.2 billion. Under the agreement, Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy.

The combination of Sun Pharma and Ranbaxy will create the fifth-largest speciality generics company in the world and the largest pharmaceutical company in India. For the entire financial year 2013-14, the company's net profit stood at Rs 3,204.41 crore, as against Rs 2,983.06 crore in 2012-13.Net sales in 2013-14 were at Rs 16,004.39 crore as against Rs 11,238.89 crore in the previous fiscal.

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