Sun Pharma 4Q Profit Falls 13.6%

By Debiprasad Nayak Features Dow Jones Newswires

Sun Pharmaceutical Industries Ltd. (524715.BY) Friday reported a 13.6% drop in its fourth-quarter net profit after India's largest drug-maker saw a decline in sales volumes.

Continue Reading Below

Net profit for the three months ended March 31 fell to 12.24 billion rupees ($189 million) compared with 14.16 billion rupees a year earlier. That was lower than 14.95 billion rupees forecast by analysts surveyed by Thomson Reuters.

Its revenue fell 8% to 68.25 billion rupees.

The company's sales in the U.S., its major market, have been hurt by a difficult generic pricing environment and intense competition.

Sun Pharma named CS Muralidharan as its new chief financial officer effective June 19. Its current CFO Uday Baldota will move to the U.S. to join its unit Taro Pharmaceutical Industries Ltd.

Shares of the company fell 3.9% to 568.55 rupees ahead of the release of the results, which came after market close.

Continue Reading Below

Write to Debiprasad Nayak at debiprasad.nayak@wsj.com

(END) Dow Jones Newswires

May 26, 2017 08:42 ET (12:42 GMT)