MUMBAI Aug 13 Sun Pharmaceutical Industries Ltd
, India's largest drugmaker by market value, reported a
better-than-expected first-quarter profit, reflecting higher
sales in its largest market, the United States.
April-June net profit was 13.91 billion rupees ($227.73
million), compared with a net loss of 12.76 billion rupees a
year earlier. The prior-year period included a 25.17 billion
rupee provision for settlement of a patent infringement
Analysts on average had expected a profit of 12.85 billion
rupees, according to data compiled by Thomson Reuters.
Net sales rose 12 percent to 39.36 billion rupees, while
sales in the United States, from where the company makes more
than half its revenue, advanced 7 percent.
Sun Pharma is in the process of gaining regulatory approvals
for its $3.2 billion acquisition of loss-making rival Ranbaxy
Laboratories Ltd from Japan's Daiichi Sankyo Ltd
and expects to close the deal by December.
The company has got approvals for the deal from
anti-competition authorities in all applicable markets excluding
India and the United States, Sun Pharma said in a statement late
(1 US dollar = 61.0800 Indian rupee)
(Reporting by Zeba Siddiqui and Aman Shah in Mumbai; Editing by