Sun Pharmaceutical Industries Ltd.’s quarterly profit for the December-ended quarter rose 3.9 times, beating analyst estimates.
India’s largest drug maker’s profit rose by 285 percent year-on-year to Rs 1,242 crore, according to its regulatory filing. That compares with the Rs 980-crore consensus estimate of analysts tracked by Bloomberg. The bottom line in the corresponding quarter last year was hit by a deferred tax payment of Rs 513 crore on account of the re-measurement of deferred tax assets as a result of the Tax Cut and Jobs Act enacted in the U.S. in October 2017.
Revenue rose 16.3 percent to Rs 7,740 crore for the three months ended December, compared to the Rs 7,415 crore-estimate.
Operating income or the earnings before interest, tax, depreciation and amortisation rose 48.1 percent to Rs 2,153 crore, surpassing the analyst estimate of Rs 1,616 crore. The operating margin expanded 600 basis points to 27.8 percent on a yearly basis.
Shares of Sun Pharma rose 1.9 percent to close at Rs 436.60 apiece ahead of the earnings announcement.
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