Sun Pharma Q2 net loss at Rs 219 cr due to provisions for US antitrust case
Drug major Sun Pharmaceutical Industries Tuesday reported a consolidated net loss of Rs 218.82 crore for the July-September quarter on account of a Rs 1,214-crore provision for the settlement of the Modafinil antitrust case in the US.
The company had posted a net profit of Rs 912.12 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries said in a filing to BSE.
After accounting for the provision of Rs 1,214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore, it added.
The company had entered into settlement with some complainants in the antitrust case last year.
Consolidated revenue from operations of the company stood at Rs 6,846.48 crore for the quarter under consideration. It was Rs 6,590.06 crore for the same period year ago.
Shares of Sun Pharmaceutical Industries today closed at Rs 561.70 on BSE, down 4.72 per cent from its previous close.
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