Sun Pharmaceutical Industries Ltd. posted a year-over-year drop in reported net profit for the third fiscal quarter of 2018, due to a one-time tax payout.
Adjusted net profit was 8.78 billion Indian rupees. Reported net profit for the period totaled 3.65 billion rupees, versus 14.72 billion rupees in the year-ago period.
Reported net profit was hit by a one-time deferred tax adjustment of 5.13 billion rupees due to changes in the U.S. tax rates.
The performance for the third fiscal quarter reflects a "gradual improvement in profitability over the first half of this year, despite a challenging U.S. generic pricing environment," Managing Director Dilip Shanghvi said.
Total revenue for the quarter was 66.53 billion rupees. Total sales in the period were 65.98 billion rupees, down 14% from the year-ago period.
EBITDA for the quarter was 13.98 billion rupees, resulting in an EBITDA margin of 21.2%.
Research and development investments for the period reached 4.73 billion rupees, compared with 6.13 billion rupees in the year-ago quarter.
As of Feb. 13, US$1 was equivalent to 64.27 Indian rupees.