Sun Pharma FY 2016 1st-qtr hit by Ranbaxy integration and other costs

Indian drug major Sun Pharmaceuticals (SUN: BO) has reported first-quarter fiscal 2016 (ended June 30, 2015) results, noting that consolidated net profit fell 60% to 4.79 billion rupees ($73.88 million) compared to the like year-earlier quarter.

The figures include several one-time and exceptional charges related to the integration of Sun and Ranbaxy businesses, and hence are not strictly comparable with first-quarter FY15. Consolidated net sales rose 3.3% to 65.22 billion rupees.

Analysts remained upbeat about the prospects of India's biggest drugmaker, the Nikkei Daily reported, and the firm’s shares improved 2.9% to 866.25 rupees. Angel Broking said Sun Pharma's revenue was better than its expectation of 62.00 billion rupees.