Sun Pharmaceutical Industries shares slipped over 3 per cent on Thursday after its US subsidiary Taro Pharmaceutical reported 6 per cent rise in net income to $109.89 million for the quarter ended June 30, 2016 against $103.64 million in the corresponding quarter a year ago. Net sales of Taro Pharma increased by 8.59 per cent year-on-year to $233.78 million for the quarter under review against $215.28 million in the same quarter last year. Operating Income of Taro Pharmaceutical increased by 6.14 per cent year-on-year to $142.62 million from $134.37 million during the same period.
At 10.52 am, shares of Sun Pharmaceutical were trading 3.29 per cent up at Rs 790.50. The scrip opened the day at Rs 817 and has touched a high and low of Rs 817 and Rs 785.70, respectively, in trade so far. Later, the scrip ended 1.03 per cent down at Rs 808.90.
Taro’s cash flow provided by operations stood at $55.96 million for the quarter ended June 30, 2016 compared to $68.27 million for the three months ended June 30, 2015.
Kal Sundaram, chief executive officer, Taro Pharmaceutical in a release said, “Overall, we are pleased with our solid operating performance. Our increased R&D investment reflects our continuing focus on developing a strong product pipeline. Sales from new products are beginning to accelerate, however we continue to experience increased competitive intensity. Delivering strong financial results, developing our pipeline, and the investment under our share repurchase program demonstrates our commitment to increasing long-term shareholder value.”