Sun Pharma posts Q1 net loss of Rs 1,655 crore; revenue stands at Rs 7,585 crore

Sun Pharmaceutical Industries on Friday reported a net loss at Rs 1,655.6 crore in the first quarter of fiscal 2020-21 compared to a profit of Rs 1,387.4 crore in the corresponding period of last year. The profit was negatively impacted due to exceptional items of Rs 3,633.33 crore. Revenue from operations stood at Rs 7,585.25 crore as against Rs 8,374.36 crore in Q1FY20,

Sun Pharma said in an exchange filing.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.6 percent on-year to Rs 1,843.6 crore and margin expanded 50 bps to 24.3 percent in June quarter compared to year-ago period.

The board of directors also approved the scheme of amalgamation and merger between the company and Sun Pharma Global FZE (wholly owned subsidiary of the company). It envisages merger of Sun Pharma Global FZE into the company. “The scheme shall be effective post receipt of required approvals and accordingly, the above results do not reflect the impact on account of the scheme,” Sun Pharma said.

“The Company continues to monitor the impact of Covid-19 on its business, including its impact on customers, supply-chain, employees and logistics. Due care has been exercised, in concluding on significant accounting judgements and estimates, including in relation to recoverability of receivables, assessment of impairment of goodwill and intangibles, investments and inventory, based on the information available to date, while preparing the Company’s financial results as of and for the quarter ended June 30, 2020,” it added.