India’s largest drugmaker Sun Pharmaceutical's consolidated net profit rose 6.94 percent year-on-year (YoY) to Rs 1,309 crore in the fourth quarter ended March, beating analysts' estimates.
The profit was boosted by a one-time tax benefit of Rs 259 crore in Q4 related to certain intangibles. Excluding the one-time tax benefit of Rs. 259 crore, the adjusted net profit for the quarter was Rs. 1,050 crores.
The company said they also had USD 20 million milestone payment in the fourth quarter from Spanish drug maker Almirall as part of the licensing agreement for the development and commercialization of Tildrakizumab for psoriasis in Europe.
Consolidated revenue for the quarter declined 1.11 percent YoY to Rs 7,279.9 crore in Q4 but was above analysts' estimate of Rs 6,778.8 crore.
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