Sun Pharma Profit Drops on Deal Charge
Sun Pharmaceutical Industries reported a lower second-quarter profit due to an acquisition charge. Revenue rose nearly twelve percent as demand for specialty medicines remained strong.
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SUN PHARMACEUTICAL INDUS posted a consolidated net profit of 19.89 billion rupees ($209.31 million) for the September quarter, down from 31.18 billion rupees a year earlier. The drop stemmed from a one-time charge tied to its acquisition of ORGANON & CO. Despite the profit decline, shares jumped 4.2% to 1,835 rupees following the late evening earnings release.
