Sun Pharmaceutical Industries on Friday reported a consolidated net loss of Rs 1,276.10 crore for the first quarter ended June 30, 2013 primarily because of patent litigation settlement.
The company had posted a net profit after taxes and minority interest of Rs 795.55 crore for the corresponding period previous fiscal, Sun Pharmaceutical Industries said in a statement.
Consolidated total income of the company, however, rose to Rs 3,502.73 crore for the quarter under consideration from Rs 2,683.47 crore for the same period year ago.
During the quarter Sun Pharma said it has provided Rs 2,517.41 crore (previous year Rs 583.58 crore) as amount payable in terms of the settlement agreement entered on June 11, 2013, with Pfizer Inc USA, Wyeth llC USA and Nycomed GmbH Germany.
This is with respect to patent infringement litigation related to generic versions of ‘Protonix’ used to treat heartburn.
Commenting on the results, Sun Pharmaceutical Industries Managing Director Dilip Shanghvi said: “All our businesses continue to perform in line with our expectations. We remain focused on strengthening our existing businesses and developing a differentiated and speciality driven product basket.”
The company also continues to review opportunities to expand and strengthen it’s global footprint, he added.
For the quarter under consideration branded generic sales in India during the first quarter stood at Rs 849 crore, a growth of 44 per cent over same period last year.
“The company has completed the process of transferring its domestic formulations business to Sun Pharma laboratories ltd, a wholly owned subsidiary,” Sun Pharma said.