Sun Pharma Q2 better than Street expectations despite 59% YoY slump in profit
India’s biggest drug maker Sun Pharmaceuticals reported a 59.2 per cent YoY drop in consolidated profit at Rs 912.12 crore for the September quarter but was way ahead of Rs 800 crore profit estimated by analysts in an ET Now poll.
The company had reported Rs 2,235.14-crore profit in the corresponding quarter last year.
Revenue for the quarter fell to Rs 6,590 crore from Rs 7,749 crore in the same quarter last year.
The company has guided for EBITDA margin approximately 20-22 per cent for H2 FY18.
The pharma firm said it would invest 9-10 per cent of its revenue in research and development and is targeting single-digit decline in consolidated revenue over FY17.
The company is targeting $300 million in synergy benefits from the Ranbaxy acquisition by FY18 end.
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Via:: Economic Times – Stocks