The Sun Pharma stock rose in afternoon trade today after the firm reported a consolidated net profit of Rs 982.51 crore for the quarter ended June 30, 2018 compared with net loss of Rs 424.92 crore for the corresponding period of 2017-18.
The Sun Pharma stock closed 6.91% or 38.90 points higher to 601 level on the BSE today.
The stock which closed at 562 level yesterday rose 46 points or 8.05% to an intra day high of 608 level on the BSE.
Consolidated total revenue from operations rose over 16% to Rs 7,224.17 crore for the reported quarter compared to Rs 6,208.79 crore in the same period a year ago.
"Net profit for the same quarter last year was adversely impacted by settlement with certain plaintiffs related to the Modafinil antitrust litigation in the US, with the settlement amounting to Rs 951 crore," it added.
For the first quarter, we have recorded good growth in all the major markets,"Sun Pharmaceutical Industries MD Dilip Shanghvi said.
The company is gradually crossing key milestones in its specialty initiatives with the recent commercialisation of Yonsa in the US and targeted launch of Ilumya and Cequa in the coming quarters, he added.
"We are also awaiting approvals from USFDA for two specialty products-Xelpros and Elepsia-filed from Halol," Shanghvi said.
Sale of branded formulations in India for June quarter 2018 was Rs 2,152 crore, up 22 per cent from the same period of 2017-18 and accounted for 30 per cent of total sales, Sun Pharma said.
Sales in the US were $380 million (around Rs 2,654 crore) for the quarter under review, a growth of 8 per cent over same period last year and accounted for 36 per cent of total sales, Sun Pharma said.
Emerging Markets sales contributed $195 million (over Rs 1,360 crore) for the first quarter of 2018-19, a growth of 16 per cent year-on-year and accounted for 18 per cent of total sales, it added.
The large-cap stock is now merely 1.15% away from its 52-week high of Rs 608.55 level reached on February 12, 2018. The stock has been gaining for the last two days and has risen 8.48% during the period. It has gained 27.10% during the last one year and 5.21% since the beginning of this year.