Sun Pharma Shares Surge 3% After Earnings Beat

New Delhi, Jan 31 (PTI) Shares of Sun Pharmaceutical Industries Ltd on Wednesday climbed more than 3 per cent after the company reported a 16.52 per cent rise in its consolidated net profit to Rs 2,523.8 crore in the December quarter.

The stock gained 3.42 per cent to settle at Rs 1,418.50 apiece on the BSE. During the day, it jumped 4.87 per cent to Rs 1,438.50 -- its 52-week high.

On the NSE, it climbed 3.15 per cent to Rs 1,415 per share.

The company's market valuation rose by Rs 11,244.91 crore to Rs 3,40,337.69 crore.

The company had posted a consolidated net profit of Rs 2,166 crore in the year-ago period, Sun Pharmaceutical Industries said in a statement.

Consolidated total revenue from operations during the quarter under review stood at Rs 12,380.7 crore as compared to Rs 11,240.97 crore in the corresponding period a year ago, it added.

Total expenses were higher at Rs 9,560.74 crore as against Rs 8,943.38 crore in the same quarter of FY23.

The company's board has declared an interim dividend of Rs 8.50 per share for the year FY24 against Rs 7.50 per share interim dividend for the previous year, the statement said.