Drug maker Sun Pharma posted a spectacular 85% jump in March
quarter net profit at Rs 820 crore, driven by strong sales of its Israeli unit
Taro.
However, the company said the increase in Taro sales will
not be sustainable going forward as these were largely a result of price
increases on select products in the US market.
Net sales of the company for the quarter ended March 31,
2012 stood at Rs 2,330 crore, up nearly 60% from the corresponding period
previous fiscal.
Commenting on the quarter gone by, Dilip Shanghvi, MD of Sun Pharma said,
"Performance this year has been in line with our expectations and
marginally ahead of our recently revised sales guidance. Though the year has
seen a couple of non-recurring elements, the underlying business remains stead
across all segments and capable of delivering long-term sustainable
growth."
Interestingly, Dilip Shanghvi has stepped down from the
chairmanship, while continuing to remain the managing director of the company.
According to the company press release, Israel Makov has
been appointed as the chairman of the Sun Pharma at meeting of the Board of
Directors of the company held on May 29, 2012. Makov also gets a seat on the
board of directors of Sun Pharma.
Makov is the former President and CEO of Teva Pharmaceutical
Industries (2002-2007), widely credited with Teva's emergence as a global
company and a world leader in generic pharmaceuticals.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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