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Sun Pharma has reported 59% decrease in the net profit to Rs.912.1 crore for the quarter ended September 30, as the company is facing price pressure in the US generic market.
The company has posted net profit of Rs.2,235 crore in the corresponding quarter of last year. Revenues decreased by 19.5% to Rs.6,650 crore against Rs.8,260 crore in the same quarter previous year. Total expenses spiked up by 6.24% to Rs.579 crore.
Further, the company stated that it will be investing 9-10% of its revenue in research and development and is targeting single digit decline in consolidated revenue over FY17.
