Sun Pharmaceutical Q2 profit falls 47%
The company had posted a net profit of Rs 597.74 crore during the corresponding period of previous fiscal, Sun Pharma said in a statement.
The Mumbai-based company said its net profit stood at Rs 320 crore on account of a provision of Rs 584 crores towards potential damages in respect of patent infringement litigation related to generic versions of 'Protonix'.
"While this has been done primarily from the perspective of prudent accounting, Sun Pharma continues to believe that it has sound reasons to disagree with the overstated claims of Wyeth, and also continues to believe that the patent is invalid and unenforceable and will pursue all available legal remedies including appeals," it added.
Net sales of the company, however, rose to Rs 2,657.24 crore during the second quarter, compared to Rs 1,894.60 crore during the same period of 2011-12 fiscal.
Commenting on the results Sun Pharma Managing Director Dilip Shanghvi said: "All Sun Pharma businesses – India, US and rest of the world (ROW) – continue to demonstrate good growth, in line with our expectations.
"As a company with proven development capabilities in complex products and technologies, and with world class manufacturing, we are well positioned to make the best of opportunities in worldwide markets."
The company said sale of branded prescription formulations in India
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