RPG Life Sciences reports 22% growth in sales

MUMBAI:

RPG Life Sciences

' net

sales

for the second quarter ended September 2016 stood at Rs 76.38 crore, a growth of 22%, while

profit

before tax at Rs 4.28 crore, demonstrates a growth of 39% on a like-to-like basis i.e., without including the biotech business that was sold to

Intas Pharmaceuticals

. The company's net profit for the quarter which stood at Rs 10.25 crore, includes an exceptional profit of Rs 7.38 crore on account of sale of the biotech business which was concluded at the end of first quarter, a company statement said. In another deal, the asset purchase agreement for purchase of seven brands from Sun Pharmaceuticals, was concluded on Friday, and the commercialisation of these brands will start from this quarter. "I am glad to report another quarter of above industry performance. It reflects the many strategic changes that we have undertaken over the last 18 months. The sale of biotech business and the acquisition of 7 brands from Sun Pharmaceutical Industries Limited are steps towards strengthening our business. The consistent strong performance gives us confidence that we are on the right direction. We remain focused on growing our domestic and international formulations business. In fact, the international formulations business grew at 124% in the first half on the back of new customers and new approvals." said CT Renganathan, Managing Director RPG Life Sciences.
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