India's Sun Pharma raises 2013/14 revenue outlook to 25 pct
MUMBAI Nov 14 (Reuters) - Sun Pharmaceutical Industries Ltd , India's top drugmaker by market value, has raised its consolidated revenue growth outlook for the fiscal year ending March 2014 to 25 percent from 18 to 20 percent.
The forecast was revised after taking into account the performance in the first half of the fiscal year, as well as risks associated with increased competition for some products, Sun said in a statement.
"The performance of all our businesses exceeded our plans. We continue to develop a differentiated and specialty driven product basket," Managing Director Dilip Shanghvi, who counts as India's third-richest person according to Forbes, said in the statement.
The company reported late on Wednesday that September quarter consolidated profit more-than-quadrupled to 13.62 billion rupees ($214 million).
Year-earlier profits, however, had included a provision of 5.84 billion rupees towards possible compensation in a patent dispute related to the drug Protonix. That dispute was settled with Pfizer Inc in June.
Excluding the provision, September quarter net profit rose 51 percent on like-to-like basis, Sun said in the statement. Net sales rose 58 percent to 41.92 billion rupees.
Demand for cheaper generic medicines from companies like Sun Pharmaceutical and local rivals such as Ranbaxy Laboratories and Cipla is booming as developed nations battle rising healthcare costs.
However, Indian firms, which make nearly 40 percent of generic and over-the-counter drugs for the U.S. market, face more regulatory troubles, including a record fine for Ranbaxy, amid increased scrutiny by overseas regulators.
Sun Pharmaceutical's shares, valued by the market at $19.6 billion, have risen 65 percent so far this year, compared with a 4 percent rise for the main stock index.