Sun Pharma’s March quarter (Q4) performance disappointed the Street on all fronts. Sales at Rs 7,044 crore, though up 5 per cent year-on-year (YoY), missed consensus estimates of Rs 7,537 crore. Operating and net profit, too, were significantly below estimates.
The Q4 show was, however, impacted by a change in distribution arrangement for the India business, pegged at Rs 1,085 crore. India sales, which contribute about a fourth to overall sales, were down 44 per cent YoY. Adjusted for this change, India revenues were in line with estimates. Nevertheless, the US business ...
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