Sun Pharma shares gain nearly 4 pc after Q2 earnings

Drug major Sun Pharmaceutical Industries on Tuesday reported a 70.36 per cent jump in its consolidated net profit to Rs 1,812.79 crore for the quarter ended on September 30, 2020 mainly on account of robust sales and exceptional tax gains. The company had posted a net profit of Rs 1,064.09 crore for the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing.

Shares of Sun Pharmaceutical Industries on Tuesday gained nearly 4 per cent after the company reported a 70.36 per cent jump in its consolidated net profit for the quarter ended on September 30, 2020. The stock rose by 3.39 per cent to close at Rs 485.10 on the BSE. During the day, it gained 4.52 per cent to Rs 490.45.

On the NSE, it jumped 3.84 per cent to close at Rs 487.45. Drug major Sun Pharmaceutical Industries on Tuesday reported a 70.36 per cent jump in its consolidated net profit to Rs 1,812.79 crore for the quarter ended on September 30, 2020 mainly on account of robust sales and exceptional tax gains.

The company had posted a net profit of Rs 1,064.09 crore for the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing. Consolidated revenue from operations stood at Rs 8,553.13 crore for the quarter under consideration against Rs 8,123.35 crore for the same period a year ago, it added.

"Tax gain (exceptional) for the quarter ended September 30, 2020, is on account of creation of deferred tax asset amounting to Rs 288.28 crore arising out of subsequent measurement attributable to restructuring of an acquired entity," the filing said..