Sun Pharmaceutical standalone Q2 net down to Rs 888.6 crore

Chennai: Pharma major Sun Pharmaceutical Industries Ltd on Wednesday said it closed Q2FY24 with lower operational revenue and net profit as compared to Q2FY23.

In a regulatory filing, the company said for the quarter ended 30.9.2023 it had booked a standalone operational revenue of Rs. 5,096.2 crore (Q2FY23 Rs.5,282.2 crore) and a net profit of Rs.888.6 crore (Rs.1,213 crore).

The company’s Board also approved the Scheme of Arrangement for the amalgamation of five subsidiaries into Sun Pharmaceutical and reclassification of general reserves to retained earnings, subject to necessary approvals.

The amalgamation of the subsidiaries has been decided to simplify the group structure.

The wholly-owned subsidiaries are: Sun Pharmaceutical Medicare Limited, Green Eco Development Centre Limited, Faststone Mercantile Company Private Limited, Realstone Multitrade Private Limited and Skisen Labs Private Limited.