Sun Pharma Skids Over 7% as Q2 Net Dips

November 9, 2015 Uma mourya

Sun Pharma today reported a 46.02 per cent dip in its consolidated net profit to Rs 1,106.66 crore for the quarter ended September 30, 2015 due to lower sales growth, volatile currency movements and supply constraints.

The stock dropped by 7.18 per cent to Rs 745.95, its 52-week low, on BSE.

At NSE, shares of the company slipped by 7.27 per cent to hit a one-year low of Rs 744.95.

The stock was the biggest loser on Sensex and Nifty indices.

The company had posted a net profit of Rs 2,050.22 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries had said in a statement.

Consolidated net sales of the company declined to Rs 6,803.31 crore for the quarter under consideration as against Rs 7,979.31 crore for the same period a year ago.

Sun Pharma Managing Director Dilip Shanghvi had said: “Our performance for the quarter and first half FY16 has been impacted by lower sales growth, volatile currency movements and supply constraints.”

As of 12.30 p.m., Sun Pharma shares traded 5.83 per cent lower at Rs 756.60 apiece compared to 1.23 per cent fall in the broader Nifty.