Healthcare firm Sun Pharmaceutical Industries ' net profit fell 46.5 percent year-on-year
to Rs 320 crore in the second quarter of current financial year, impacted by
the provision for Protonix generic.
The company has booked the one time loss of Rs 583.6 crore
for the quarter due to patent infringement over Protonix.
"With respect to patent infringement litigation related
to generic versions of 'Protonix', the company continues to believe that it has
sound reasons to disagree with the overstated claims by Wyeth. The company also
believes that the patent is invalid and unenforceable and will pursue all
available legal remedies including appeals. However, as a matter of prudence
and as estimated by the management on a consolidated level a sum of Rs 583.58
crore has been provided towards potential damages in this regard in the second
quarter." Sun Pharma said.
Consolidated net sales rose by 40 percent to Rs 2,657 crore
from Rs 1,894.6 crore during the same period.
Numbers were in-line with forecast (excluding one-time
loss). Analysts on an average had expected net profit of Rs 835 crore on
revenues of Rs 2,764 crore for the quarter.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) jumped 50 percent YoY to Rs 1,175 crore in the quarter. Operating
profit margin improved by 280 basis points YoY to 44.2 percent in the quarter
ended September 2012.
Tax expenses increased to Rs 214 crore from Rs 128 crore
during the same period.
At 14:40 hours IST, the stock erased losses, losing 0.17
percent to Rs 700.25 on the Bombay Stock Exchange.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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