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Sun Pharma In The News

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Sun Pharma consolidated Q2 net up at Rs 504-cr


With Israel's generic drug-maker Taro now part of Sun Pharmaceutical Industries Ltd, the Mumbai-based drug maker, clocked a consolidated net profit of Rs 504 crore for the three months ended September 30,2010.
The consolidated second quarter financials included that of Taro Pharmaceutical Industries Ltd from Septem'ber 21,2010, Sun said. Its consolidated revenues stood at Rs 1,370 crore, in the period under review.
The larger task ahead is revitalising Taro's business, said Mr Dilip Shanghvi, Sun's Chairman and Managing Director, even as the company handles other challenges related to good manufacturing practice compliance. "We expect to emerge as a much stronger company with an expanded product portfolio and a larger international presence," he said, in a company statement.
The company's sales of branded prescription formulations in India stood at Rs 641 crore for the second quarter, a growth of 36 per cent over the same quarter last year, and accounting for 46 per cent of total sales, the note said.
Taro is now an indirect subsidiary of Sun Pharma, with Sun holding 53 per cent equity in it. Taro recently announced its unaudited financials for the July-Sep quarter and the nine months from January- September, Sun said, adding that Taro's net sales for the January-September 2010 stood at $ 291 million, an increase of five per cent over the same period last year. Net profit during this period was $48 million.
Caraco, the other listed subsidiary in the US; recently announced its second-quarter performance, with sales of $97.8 million, up 25 per cent from the same quarter last year. Caraco recorded a net loss of $1.5 million for the quarter under review.
The company's consolidat'ed research expense for the quarter under review stood at Rs 76 crore, or 5:6 per cent of income from operations. For the first half, the consolidated research expense stood at Rs 134 crore, or 4.8 per cent of income from operations, the note said.