Sun Pharma returns to profit in first quarter

Sun Pharmaceutical Industries reported a consolidated net profit of Rs.1,391 crore for the first quarter of 2014-15, against a loss of Rs.1,276 crore in the year-ago period due to provision of Rs.2,517 crore towards settlement for patent infringement litigation.

Net sales grew 13 per cent to Rs.3,927 crore, operating profit grew 13 per cent to Rs.1,724 crore while operating margin was unchanged at 44 per cent.

Sun’s branded generic sales in India at Rs.992 crore grew 17 per cent. Its U.S. sales grew 7 per cent to $389 million and accounts for 58 per cent of total sales while international formulation sales outside U.S. at $82 million grew 2 per cent.

In a statement, Dilip Shanghvi, MD of Sun said, “Our Q1 performance was in line with our expectations.’’

On the BSE on Wednesday, Sun Pharma stock scaled a 52-week high of Rs.803.7 before closing up 2.09 per cent at Rs.800.25.

BPCL

Led by higher other income and lower finance cost, Bharat Petroleum Corporation Ltd. (BPCL) has reported an eight-fold jump in its first quarter net profit at Rs.1,216 crore against Rs.150 crore in the year-ago period

Total income increased to Rs.67,813 crore from Rs.59,075 crore. Net sales were higher at Rs.66,749 crore against Rs.58,705 crore, up 14 per cent. Other income during the quarter surged to Rs.1,023 crore from Rs.338 crore.

Wockhardt Wockhardt reported a 94 per cent drop in its consolidated net profit at Rs.20 crore for the first quarter of 2014-15. Its consolidated sales fell 27 per cent to Rs.991 crore.

The company has had problems with the U.S. Food & Drug Administration (FDA) which had banned its export facilities.

The fall in profitability has been due to a drop of 60 per cent in its U.S. business which contributed 29 per cent of the global revenues during the quarter.

Wockhardt’s operating profit declined by 86 per cent to Rs.61 crore and the operating margin had contracted to 6.2 per cent (31 per cent).

Apollo Hospitals Apollo Hospitals Enterprise has reported a net profit of Rs.82.74 crore for the first quarter ended June 30, 2014, against Rs.78.94 crore in the year-ago period, a rise of 5 per cent.

During the period under review, the company posted a standalone revenue of Rs.1,053.72 crore against Rs.895.04 crore.

Karur Vysya Bank Karur Vysya Bank has reported a marginal rise in its net profit at Rs.122 .07 crore in the first quarter ended June 30, 2014, against Rs.120.30 crore in the year ago period. Total income stood at Rs.1,462.44 crore against Rs.1,429.46 crore. Net interest income was up 2.4 per cent at Rs.340.03 crore against Rs.331.88 crore.

Lanco Industries Lanco Industries reported a sharp rice in its net profit at Rs.12.84 crore in the first quarter ended June 30, 2014, against Rs.3.50 crore in the year ago period.

Total income stood at Rs.216.97 crore against Rs.220.99 crore. The company’s board has also approved change in the name of the company from Lanco Industries Limited to Srikalahasti Pipes Limited.

Tata Power Tata Power Company has reported a consolidated net loss of Rs.111 crore for the first quarter ended June 30, 2014, against a net loss of Rs.115 crore in the year ago period.

The reduction in net loss was mainly due to lower forex losses and depreciation in its wholly-owned subsidiary Coastal Gujarat Power, the company said. Revenues were lower at Rs.8,765.65 crore against Rs.9,339.49 crore.