Sun Pharma Shares Gain Despite 36 Percent Drop in Q2 Net Profit

Sun Pharmaceutical Industries shares closed 0.87 percent higher at Rs 1,778.25 on the BSE despite reporting a 36.36 percent year-on-year decline in consolidated net profit to Rs 1,988.53 crore for the September quarter.

The profit decline stemmed from exceptional charges of Rs 1,269 crore, which included a Rs 923 crore US antitrust litigation settlement and Rs 346 crore in expenses for the proposed Organon acquisition.

Consolidated revenue from operations rose 11.9 percent year-on-year to Rs 16,198.71 crore, led by a 17.3 percent increase in domestic formulation sales and growth in innovative medicines.