SPARC Q3 Results: Sun Pharma research arm turns profitable after nine quarters; stock zooms
SPARC reported a two-fold jump in revenue to Rs 131.1 crore for the quarter ended December 2022.
Sun Pharma Advanced Research Company (SPARC) reported a net profit of Rs 10.15 crore for the October-December period, returning to profitability after nine back-to-back quarters of losses. The company had reported a net loss of Rs 15.8 crore for the corresponding period a year ago.
The company's return to the black sent its stock soaring to finish the day stronger by Rs 32.4 or 17.2 per cent at Rs 220.7 apiece on BSE.
The company’s revenue from operations more than doubled to Rs 131.1 crore for the quarter ended December 2022 compared with the year-ago period.
SPARC is a research and development arm of Sun Pharma. It is s a clinical-stage biopharmaceutical company focused on continuously improving standards of care for patients globally, through innovation in therapeutics and delivery.
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