Sun Pharma mulls share buy-back, posts Rs.1,073 cr loss

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SME Times News Bureau | 31 May, 2016
Drug major Sun Pharamaceutical Industries Ltd closed last fiscal with a net loss of Rs.1,073.36 crore on a standalone basis and is mulling a buy-back of its shares.

In a regulatory filing with BSE late Monday, the company said has posted a net loss of Rs 1,073.36 crore for the year ended March 31, 2016 as against a net loss of Rs.1,474.13 crore for the year ended March 31, 2015.

The company earned a total income of Rs.7,831.70 crore for the year ended March 31, 2016 against Rs.8,133.42 crore for the year ended March 31, 2015.

According to a company statement, the board of directors of Sun Pharmaceuticals has decided to meet on June 23 to evaluate a proposal for buy-back of equity shares.

On a consolidated basis the Sun Pharmaceuticals group has posted a net profit of Rs. 4,715.91 crore for the year ended March 31, 2016 against Rs.4,539.38 crore for the year ended March 31, 2015.

The group's total income stood at Rs.28,728.95 crore for the year ended March 31, 2016 against Rs.27,842.84 crore for the year ended March 31, 2015.

Meanwhile the Sun Pharamaceuticals share plunged by 5.70 percent to Rs.766.20 during the morning trade on Tuesday in BSE.

The Sun Pharmaceuticals scrip had closed at Rs.812.50 on Monday.