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Sun Pharma In The News

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Sun Pharma rejigs top deck at India biz


Mean while, Shanghvi's son Aalok Shanghvi has joined Sun Pharmaas a senior general manager in its international marketing team and is learning the ropes to take up larger responsibilities in the future. A Bachelor of Science in molecular biology at the University of Michigan, Aalok is also the founder promoterof PVPowertech.amanufacturer and exporter of photovoltaic solar panels.
 
Aalok's wife, Karishma, who hails from the Mehtafamily that ownsDeepak Fertilisers &Petro-chemicals Corp, has joined Sun Petrochemicals, a private business owned by Shanghvi, and is expected to subsequently join Sun Pharma. A Sun Pharma spokesperson said the company has no comments to offer on these movements.
 
"The Indian pharma ceutical market, given its current size and growth rate, will be a major driver going forward, in our view, with growth in the sector to remain strong over the medium term," said Piyush Nahar of Jef-feries Equity Research in a July report. The growth drivers, he said, would be rising incomes, increasing reach of healthcare and a growing middle class.
 
Although Sun Pharma derives abulk of its revenues (62 %) from international operations, the domestic business has been growing at around 20%. As on March, it held a 4.6% market share in the Rs.64,000-crore Indian pharma market and is the fourth-largest player, data from market research firm AIOCD-AWACS showed. It derived a sales of Rs.2,915 crore in its branded formulations business in India for the fiscal ended March, out of a total income of Rs.8,006 crore.
 
"Our overall guidance is 18-20% growth for the entire company over last year," Shanghvi told FE in are centinterview. Sun Pharma made a net profit of Rs.2,587 crore for the fiscal.
 
In April, Sun Pharma appointed Kal Sundaram.earlierits CEO and a former Glaxo Smith Kline Pharma MD, as the chairman of Tel Aviv-based Taro Pharma, where Sun Pharma has 66.7% stake. Shanghvi also stepped down as Sun Pharma chairman, appointing Israel Makov, former president and CEOof Teva Pharma, to the post. Shanghvi is now Sun PharmaMD.
 
Ever since Sun Pharma took a controlling stake in Taro, the latter has turned around.
 
For the fourth quarter ended March 2012, Sun Pharma posted an 85 % growth in net profit, rising on the performance of Taro, whose sales andnetprofit nearly doubled.