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Q2 Results: Sun Pharma Posts Surprise Loss Due To Anti-Litigation Provision

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  • Q2 Results: Sun Pharma Posts Surprise Loss Due To Anti-Litigation Provision
    2018-11-13, By: System Administrator

    Sun Pharmaceutical Industries Ltd. reported an unexpected loss for the quarter ended September due to a one-off anti-trust litigation provision.

    The company posted a net loss of Rs 219 crore against the Rs 912 crore profit reported in the year-ago period, the country's largest drugmaker said in an exchange filing. The company posted a one-time loss of Rs 1,217 crore for the estimated settlement amount payable to all the remaining plaintiffs an antitrust litigation related to sleep apnea drug Modafinil in the U.S.

    Revenue in the July-September period rose 4 percent to Rs 6,938 crore year-on-year lower than the Rs 7,600 crore estimated by analysts.Operating income or the earnings before interest, tax, depreciation and amortisation rose 11 percent to Rs 1,531 crore. The operating margin expanded 180 basis points to 22.5 percent. (Source : Bloomberg)

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