Sun Pharma third-quarter profit slides 75 percent, misses estimates

India’s largest drugmaker Sun Pharmaceutical Industries Ltd reported on Wednesday a 75 percent drop in net profit in the quarter ending Dec. 31, well below analysts’ estimates.

Net profit fell to 3.65 billion rupees ($ 57 million) in the firm’s third quarter from 14.72 billion rupees a year earlier, the company said. bit.ly/2Cn6Ve0

That compared with the 9.12 billion rupees average profit estimate of 17 analysts, Thomson Reuters data showed.

Total revenue from operations fell 16 percent to 66.53 billion rupees.