Sun Pharma Fourth Quarter Profit Almost Doubles But Misses Estimates

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Mumbai: India’s largest drugmaker Sun Pharmaceutical Industries Ltd reported a near-doubling in fourth-quarter profit, although that missed analysts’ estimates as weakness in emerging markets outweighed higher sales in India and the United States.

Net profit for the world’s fifth-largest generic drugs maker in the January-March quarter jumped to Rs 1,710 crore ($255 million) from Rs 890 crore in the same period a year earlier. But that was below a Thomson Reuters StarMine SmartEstimate of Rs 1,914 crore.

While U.S. sales were up 19 per cent and India sales rose 17 per cent, sales in emerging markets that include Brazil, Mexico, Russia and South Africa were flat due to adverse currency rates, the company said.

Sales in what Sun Pharma calls “rest of the world markets” that include Australia and New Zealand as well as some countries in Western Europe fell 6 per cent as it decided to not participate in some “non-remunerative” businesses