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Sun Pharma Q4 net profit below estimates at Rs 1,713.7 cr

Sun Pharma ‘s net profit was Rs 1,713.7 crore in the fourth quarter of FY16, below CNBC-TV18’s poll estimate of Rs 1,888.4 crore. 
Its total income for the quarter stood stood at Rs 7,634.2 crore against an estimated Rs 7,925.3 crore.

Drug major Sun Pharmaceutical Industries was expected to report strong earnings in the January-March quarter with profit surging 112.6 percent to Rs 1,888.4 crore, according to an average of estimates of analysts polled by CNBC-TV18. 

The pharma’s EBITDA stood at Rs 2,520.3 crore, below the estimated Rs 2,835 crore.

Its EBITDA margins were 33 percent, below CNBC-TV18’s estimate of 35.8 percent. 

Sun Pharma launched Gleevec generic on February 1, 2016 with 180-day exclusivity and it has already captured around 40-50 percent market share.

The US Department of Justice (DoJ) has subpoenaed India’s largest drugmaker Sun Pharmaceutical Industries seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday.