Sun Pharmaceutical Industries said on Monday it plans to invest Rs 450 crore (Rs 4.5 billion) for capacity expansion and upgradation of existing plants, including its Taro facilities, in the current fiscal.
"We will be spending about Rs 450 crore (Rs 4.5 billion) in capex this year for both capacity expansion and upgradation of formulation factories and bulk drug factories.
"It also includes investments planned for Taro facilities," Sun Pharma chairman and managing director Dilip Shanghvi said during an investor call.
Israel-based Taro pharmaceutical industries became Sun Pharma's subsidiary on September 20, 2010.
The company, which reported consolidated net sales of Rs 5,721 crore (Rs 57.21 billion) for the year ended March 31, 2011, said it expects a growth of 28-30 per cent in the current fiscal.
"We expect the revenues to grow from 28-30 per cent in FY'12 from the revenues of FY'11 based on growth in all markets," Shanghvi said.
The company posted consolidated net sales of Rs 5,721 crore for the year ended March 31, 2011, a growth of 43 per cent from FY'10.
Besides, the company is planning to expand its operations in both US and emerging markets, it said without giving further details.
The company posted consolidated net profit of Rs 442.75 crore (Rs 4.42 billion) for the quarter ended March 31, 2011, while its consolidated net profit for the financial year ended March 31, 2011, stood at Rs 1,816.06 crore (Rs 18.16 billion).
Shares of Sun Pharma were trading at Rs 459.25 on the Bombay Stock Exchange in afternoon trade, up 3.17 per cent from its previous close.
