NEW DELHI: Pharma major Sun Pharmaceutical Industries today reported a 59.19 per cent dip in consolidated net profit to Rs 912.12 crore for the September quarter of the current fiscal mainly on account of de-growth in the US sales.
The company had posted a net profit of Rs 2,235.14 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries said in a BSE filing.
Consolidated total revenue from operations stood at Rs 6,650.34 crore. It was Rs 8,260.11 crore in the same period of the previous year.
Sun Pharmaceutical Industries MD Dilip Shanghvi said: "A challenging US generic pricing environment coupled with continued investments in building our global speciality business has impacted our Q2 performance."
The company expects the performance to gradually improve in the second half of this year, he added.
Sale of branded formulations in India for the second quarter of financial year 2017-18 stood at Rs 2,221 crore, up 11 per cent, and accounting for 34 per cent of the total sales, Sun Pharma said.
Sales in the US stood at USD 309 million for the quarter, a de-growth of 44 per cent over same period last year and accounted for 30 per cent of the total sales, it added.
In the emerging markets, the sales were at USD 196 million for the second quarter this fiscal, a growth of 16 per cent compared to the same quarter last year and accounting for 19 per cent of the total sales, the company said.
Rest of World markets formulation sales excluding the US and emerging markets stood at USD 111 million in the second quarter this fiscal, a growth of 40 per cent from the same period of the last year and accounting for approximately 11 per cent of sales, it added.
Active Pharmaceutical Ingredients external sales were at Rs 388 crore for second quarter of the current fiscal, up 6 per cent from the corresponding period of the previous fiscal, Sun Pharma said.
Shares of Sun Pharmaceutical Industries today closed 1.19 per cent lower at Rs 526.15 apiece on BSE.