Sun Pharmaceutical Industries reported a 34 per cent year-on-year (Y-o-Y) jump in net profit to Rs 2,654.6 crore in Q4FY24.
Sun Pharmaceutical Industries (Sun Pharma) reported a turnaround in the January-March quarter of the 2022-23 financial year (Q4FY23), declaring a profit after tax (PAT) of Rs 1,984 crore versus a loss of Rs 2,277 crore in Q4FY22. However, that loss in FY22 was due to several exceptional one-time items -- with Rs 3,723.15 crore allocated to settlement of lawsuits in the US and other Exceptional Items adding up to Rs 3,935.75 crore. Adjusted for exceptional items, PAT in Q4FY22 amounts to Rs 2,155 crore, which is a year-on-year (YoY) growth of about 36 per cent.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
Last week, Sun's Israeli subsidiary, Taro Pharma, received the US Food and Drug Administration's approval for its New Drug Application to launch Topicort Topical Spray for the treatment of psoriasis.
Seeking the support of its shareholders, Taro chairman and managing director Barrie Levitt said, "We believe that Sun may now attempt to seize the control of your company by waging a proxy fight to gain control of the Taro board."
US will remain a growth driver, with launches & existing portfolios set to result in 15% growth for FY15.
Lupin will fund the buy through $100 mn cash reserves and a bridge loan.
Kotak Mahindra Bank and Vedanta were the top Nifty gainers.
Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
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