Sun Pharma Advanced Research Company (SPARC) has posted poor performance during the third quarter ended December 2016 and it incurred a higher net loss of Rs.66.33 crore as against Rs.41.02 crore in the corresponding period of last year. Its net sales also declined sharply to Rs.23.06 crore from Rs.33.55 crore. EPS worked out to negative Rs.2.69 as against negative Rs.1.73 in the last period.
For the nine months ended December 2016, SPARC’s net sales improved by 16.1 per cent to Rs.139.42 crore from Rs.120.11 crore in the similar period of last year. However, its net loss increased to Rs.88 crore from Rs.60.41 crore.
The company raised Rs.250 crore through rights issue and spends Rs.134.15 crore for R&D and general corporate purposes up to the end of December 2016.
With higher losses, SPARC scrip opened at Rs.322 today as against its previous day’s close of Rs.321.90 and then declined to Rs.310.30 in the afternoon session on BSE.