Sun Pharma Advanced Research Company reported a net profit of Rs 10.15 crore in Q3 FY23 as against a net loss of Rs 15.84 crore in Q3 FY22.
The company returned to black after posting losses for nine back-to-back quarters. The last time it posted a quarterly profit was in June 2020 at Rs 58 crore.
Revenue from operations more than doubled to Rs 130.09 crore in the third quarter from Rs 62.15 crore in the same period last year.
Total expenses rose by 54% YoY to Rs 120.97 crore in Q3 FY23, due to a steep rise in Professional charges (up 2.8x YoY), higher Clinical trial expenses (up 39% YoY) and higher Other expneses (up 45% YoY).
Sun Pharma Advanced Research Company (SPARC) is a pharmaceutical company focused on continuously improving standards of care for patients globally through innovation in therapeutics and delivery.
The scrip slumped 6.25% to currently trade at Rs 206.90 on the BSE.
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