India's largest drugmaker Sun Pharmaceutical Industries Ltd reported on Wednesday a 75 per cent drop in net profit in the quarter ending December 31. The company's adjusted net profit for the quarter was Rs 878 crore while its net profit stood at Rs 365 crore.
Sun Pharma in a BSE filing said that its net profit was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.
The company's sales from operations stood at Rs 6,598 crore, registering a 14 per cent dip, which primarily driven by the US businesses. Sun Pharma's India sales, however, grew 6 per cent on YoY basis to Rs 2,085 crore.
Dilip Shanghvi, Sun Pharma Managing Director, said, "Our Q3 performance reflects a gradual improvement in profitability over the first half of this year, despite a challenging US generic pricing environment. During the quarter, we took another step forward in enhancing our specialty business."