Drug major Sun Pharma
on Friday posted a rise of 58.79 per cent in consolidated net profit at Rs 795.55 crore for the first quarter ended June 30, 2012, on strong sales growth in the US market.
The company, which on Friday announced a business re-organisation by putting its domestic formulation business under a wholly owned subsidiary, had posted a net profit of Rs 501 crore during the same period of previous fiscal.
Net sales of the company rose to Rs 2,658.14 crore for the first quarter ended June 30, 2012, as compared to Rs 1,635.72 crore during the same period of 2011-12 fiscal, Sun Pharmaceutical Industries said in a statement.
"Over the years, we have focused on building a consistent, predictable and profitable business. The performance this quarter is once again a reflection of this strength," Sun Pharma Managing Director Dilip Shanghvi said.
During the quarter, the company's US formulations
sales grew by 105 per cent at $285 million, accounting for 57 per cent of total sales.