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Sun Pharmaceutical fiscal Q1 profit rises 87% YOY

Sun Pharmaceutical Industries Ltd said adjusted net profit for the fiscal first quarter rose 87% year over year to 9.83 billion Indian rupees.

On a per shares basis, the Mumbai-based maker of generic drugs reported earnings of 4.09 rupees per share, compared to a loss of 1.77 rupees per share in the year-ago quarter.

The company's earnings for the same quarter in 2017 were impacted by a 9.51 billion-rupee antitrust settlement related to the sleep disorder drug Modafinil.

The company's total revenue from operations for the quarter increased to 72.24 billion rupees from 62.09 billion rupees last year.

Sales from the company's U.S. formulations business, its biggest, increased 8% year over year to $380 million.

"For Q1, we have recorded good growth in all the major markets," said Dilip Shanghvi, Sun Pharmaceutical's managing director.

Consolidated research and development investments for the quarter ended June 30 was 5 billion rupees compared to 5.22 billion rupees in the same period of 2017.

As of Aug. 13, US$1 was equivalent to 69.99 Indian rupees.