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    Default Sun Pharma net up 23%, okays bonus issue

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    Sun Pharmaceutical Industries on Tuesday reported 23.32 per cent increase in consolidated net profit for the fourth quarter ended March 31, 2013 at Rs 1,011.56 crore and also announced issue of bonus shares to existing shareholders.

    The company had posted net profit of Rs 820.21 crore in the same period previous fiscal, Sun Pharmaceutical Industries said in a filing to the BSE.

    Total income from operations during the quarter under review stood at Rs 3,087.04 crore as against Rs 2,336.18 crore in the year-ago period, it said.

    For the fiscal 2012-13, consolidated net profit stood at Rs 3,008.06 crore as against Rs 2,656.69 crore in the previous fiscal.

    Total income from operations for FY'13 was at Rs 11299.86 crore as against Rs 8,019.75 crore in FY'12, it said.

    Commenting on the performance, Sun Pharma Managing Director Dilip Shanghvi said: "Our sales for FY13 have crossed the $2 billion mark. While it took us almost 27 years to record $1 billion in revenues, the next billion was added in just 3 years."

    The company's businesses continue to perform in line with expectations, he said, adding Sun Pharma would continue to focus on building a differentiated and specialty product portfolio and enhancing international presence.

    "Overall, we shall strive to remain focused on execution and building a business with consistent performance," Shanghvi added.

    Sun Pharma said it will issue bonus shares to existing shareholders to mark completion of 30 years and crossing the $2 billion revenue milestone.

    The Board of Directors at a meeting recommended issue of bonus shares to existing shareholders in the ratio of 1:1 subject to the receipt of approval of the equity shareholders, it said.

    The board has also recommended payment of a dividend of Rs 5 per equity share of face value Re 1 each, it added.

    Elaborating the performance, the company said sale of branded prescription formulations in India was Rs 780 crore for the fourth quarter, accounting for 25 per cent of total sales. For FY13, sales were at Rs 2,966 crore accounting for 26 per cent of total sales.

    In the US, sales were at $330 million for Q4FY13, up by 63 per cent. For FY'13, US sales were $1,132 million recording a growth of 56 per cent.

    Formulation sales in rest of the world (ROW) markets outside of India and US accounted for $73 million in Q4FY13 while for FY13, it was $281 million.

 

 

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