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Sun Pharma Q2 net plunges 59% at Rs 912 cr

Sun Pharma Q2 net plunges 59% at Rs 912 cr

India's largest drug firm, Sun Pharmaceutical Industries Ltd., reported a 59% drop in net profit, in its last quarter, on declining revenue.

Dilip Shanghvi, Managing Director of the Company in a BSE filing said: "A challenging United States generic pricing environment coupled with continued investments in building our global specialty business has impacted our Q2 performance". The shares of Sun Pharmaceutical Industries closed today at Rs 526.15 on BSE, down 1.19 per cent from previous close. Analysts had expected a profit of 8.27 billion rupees, Thomson Reuters data shows.

The company had reported Rs 2,235.14-crore profit in the corresponding quarter a year ago. Sun Pharma has also faced challenges in obtaining clearance for key factories under USA supply bans because of quality control issues.

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Sales in the United States stood at Dollars 309 million for the quarter, a de-growth of 44 per cent over same period past year and accounted for 30 per cent of the total sales, it added.

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