Sun Pharma Touches 52-Week Low Over Slumped Q4

Sun Pharmaceuticals Industries has witnessed a steep fall on the first trading day of this week.

The stock has touched its intraday low of Rs 493 per share down by 13.3% on BSE as of 10:19 hrs which is it's 44 -month low. The company reported its consolidated results for Q4 FY17 missing the Street expectations. The company posted a 14% decline in its net profit for Q4 FY17 on a Y-o-Y basis.

The consolidated revenue for the quarter touched Rs 7137 crore, reporting a 6.8% decline on a Y-o-Y basis. The revenue came in lower mainly due to the lower sales of the company in the US generics market. The company’s US business witnessed dip of 34% to USD 381 million in the Q4 FY17.

The pharma industry has been reeling under pressure due to the price erosion in the US markets. The Indian pharma companies draw around 40% of their total revenues from the US market. The company US market sales declined 34% from a year ago & 24% sequentially. Therefore, the investors are cautious as the company’s US business can be seen weak in the Q4FY17.

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