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Sun Pharmaceutical FY'18 profit down YOY

Sun Pharmaceutical Industries Ltd. said net profit for the fiscal year ended March 31 fell to 21.62 billion Indian rupees from 69.64 billion rupees in the year-ago period.

The Mumbai-based maker of generic drugs said its adjusted net profit for the year was 33.67 billion rupees.

Total revenue from operations fell to 264.89 billion rupees from 315.78 billion rupees as sales from the U.S. formulations business fell 34% year over year to $1.36 billion.

"Over the last four quarters, we have been able to record a gradual improvement in performance despite a challenging US generic pricing environment," Dilip Shanghvi, Sun Pharmaceutical's managing director said in a statement.

For the fourth quarter ended May 31, net profit rose to 13.09 billion rupees from 12.24 billion rupees.

Excluding a tax benefit of 2.59 billion rupees, adjusted net profit for the quarter came at 10.50 billion rupees.

The company's quarterly revenue from operations fell to 69.77 billion rupees from 71.37 billion rupees.

As of May 24, US$1 was equivalent to 68.34 Indian rupees.