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Sun Pharma share price rises over 4% after four-fold rise in Q3 net profit

The Sun Pharma share price rose up to 4.04% to 454.40 level compare to the previous close of 436.75 level on the BSE. The Sun Pharma share price opened 3.31% higher at 451.50 on the BSE.

twitter-logo BusinessToday.In        Last Updated: February 13, 2019  | 12:23 IST
Sun Pharma share price rises over 4% after four fold rise in net profit
The Sun Pharma share price has fallen 24.70% during the last one year and gained 3.05% since the beginning of this year.

The Sun Pharmaceutical share price rose in early trade today after the firm logged nearly four-fold rise in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018 compared to Rs 321.57 crore net for the corresponding period of the previous fiscal. The Sun Pharma share price rose up to 4.04% to 454.40 level compare to the previous close of 436.75 level on the BSE. The Sun Pharma share price opened 3.31% higher at 451.50 on the BSE. The Sun Pharma share price has fallen 24.70% during the last one year and gained 3.05% since the beginning of this year. The Sun Pharma stock has been gaining for the last two days and has risen 3.58% during the period.

Also read: Sun Pharma rises 6% after replacing domestic formulations distributor with its own subsidiary

15 of 35 brokerages rate the stock "buy" or 'outperform', ten "hold", eight "underperform" and two "sell", according to analysts' recommendations tracked by Reuters. The Sun Pharma share price was trading above its 50-day moving average of 427 level but below its 200 day moving average of 533.22, respectively. "Net profit for Q3 FY19 was at Rs 1,242 crore with resulting net profit margin at 16.2 per cent.

Net profit for the third quarter last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. Adjusted for this, net profit growth for Q3 FY19 was 49 per cent year-on-year," Sun Pharmaceutical Industries said. Consolidated revenue from operations of the company stood at Rs 7,740.19 crore for the quarter under consideration as against Rs 6,653.23 crore for the same period a year ago.

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Sales of branded formulations in India stood at Rs 2,235 crore in the October-December quarter of 2018-19, up by 7 per cent and accounting for 29 per cent of total sales, Sun Pharma said. Sales in the US were at $362 million for the quarter under consideration, a growth of 10 per cent over same period last year and accounted for 34 per cent of total sales, it added.

"Our sales in emerging markets were at USD 203 million for Q3; up 7 per cent over same quarter last year and accounted for 19 per cent of total sales," Sun Pharma said.

Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were at USD 125 million in the third quarter of 2018-19, a growth of 4 per cent over the year-ago quarter and accounting for approximately 12 per cent of revenues, it added.

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