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Sun Pharma sees Q1 FY08 net profit rise

Sun Pharmaceutical says its consolidated net profit for Q1 FY08 increased to INR 2.3bn from INR 1.77bn in Q1 FY07

India's Sun Pharmaceutical has said that its consolidated net profit for Q1 FY08 increased to INR 2.3bn (USD 57.3m) from INR 1.8bn in Q1 FY07.

The company's consolidated revenues for the same period rose to INR 6.9bn (USD 172m) from INR 5.4bn. Sun's revenues rose to INR 7.5bn (USD 186.9m) from INR 5.7bn.

Consolidated R&D expense for Q1 was INR 608m (USD 15.2m), which is 9.9 per cent of net sales. Sun also revealed it was to raise INR 35bn (USD 872.4m) for future acquisitions in the international generics market.

In early July 2007, Sun spokesman, Uday Baldota, said the company was on the look out for fresh targets in the US and that the money to finance this was being raised through a planned issue of equity or bonds.

Dilip Shanghvi, chairman and managing director had said in June 2007 that Sun looked at a 25 per cent return on capital employed within four to five years and was looking for single or multiple buyouts in the US.

In May 2007, Sun bought Israel-based generics firm, Taro Pharmaceutical Industries, for USD 230m in cash and an extra USD 224m (USD 454m) to refinance Taro's debt. Industry analysts had said they had reservations about the amount of debt Sun was running up over its aggressive strategy.

23rd July 2007

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