Sun Pharmaceutical Industries Limited

Regd Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara-390020

Corporate Office : Acme Plaza, Andheri-Kurla Road, Andheri (E), Mumbai - 400059
Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2010
( ` in Lakhs)
Quarter ended Nine Months ended Year ended
31.12.2010 31.12.2009 31.12.2010 31.12.2009 31.03.2010
Unaudited Unaudited Unaudited Unaudited Audited
Income
Net Sales / Income from Operations 45,826 48,964 146,930 136,991 184,613
Other
Other operating
operating Income
Income 30,231 21,280 85,801 47,341 67,766
Total Income 76,057 70,244 232,731 184,332 252,379
Expenditure
(Increase)
(Increase) // Decrease
Decrease in in Stock
Stock in
in trade
trade and
and work
work in
in progress
progress 2,310 (950) 3,600 (1,972) (3,091)
Consumption
Consumption of of Materials
Materials 12,396 14,287 50,610 50,980 70,926
Purchase
Purchase ofof Traded
Traded Goods
Goods 5,012 5,254 13,715 9,653 13,704
Employees'
Employees' Cost
Cost 6,313 5,237 19,067 15,686 21,215
Other
Other Indirect
Indirect Taxes
Taxes 1,099 1,025 3,492 2,738 3,828
Depreciation
Depreciation // Amortisation
Amortisation 1,820 1,540 4,840 4,928 6,947
Other
Other Expenditure
Expenditure 16,575 13,555 45,078 37,716 52,931
Total Expenditure 45,525 39,948 140,402 119,729 166,460
Profit from Operations before Other Income, Interest & Tax 30,532 30,296 92,329 64,603 85,919
Other
Other Income
Income 1,051 1,349 5,483 (5,016) (1,488)
Profit before Interest & Tax 31,583 31,645 97,812 59,587 84,431
Net
Net Interest
Interest Income
Income 3,858 2,141 8,701 8,441 10,485
Profit after Interest but before Tax 35,441 33,786 106,513 68,028 94,916
Tax
Tax Expense
Expense 1,174 1,982 5,411 3,767 5,051
Net Profit for the period from ordinary activities after tax 34,267 31,804 101,102 64,261 89,865
Paid-up Equity Share Capital
Equity Shares - Face Value ` 1 each (Previous periods ` 5 each) 10,356 10,356 10,356 10,356 10,356
Reserves excluding Revaluation Reserve (As per last Audited
Balance Sheet) 561,442
Earnings Per Share of ` 1 each - in ` (Basic & Diluted) 3.3 3.1 9.8 6.2 8.7
Public Shareholding
No. of Equity Shares of ` 1 each (Previous periods ` 5 each) 375,751,755 75,154,439 375,751,755 75,154,439 75,150,451
Percentage of Shareholding 36.29 36.29 36.29 36.29 36.28
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
No. of Equity Shares of ` 1 each (Previous periods ` 5 each) 2,105,000 810,500 2,105,000 810,500 685,000
Percentage of Equity Shares (as a % of the total shareholding of
promoters and promoter group) 0.32 0.61 0.32 0.61 0.52
Percentage of Equity Shares (as a % of the total share capital of
the Company) 0.20 0.39 0.20 0.39 0.33
b) Non-encumbered
No. of Equity Shares of ` 1 each (Previous periods ` 5 each) 657,725,200 131,151,452 657,725,200 131,151,452 131,280,940
Percentage of Equity Shares (as a % of the total shareholding of
promoters and promoter group) 99.68 99.39 99.68 99.39 99.48
Percentage of Equity Shares (as a % of the total share capital of
the Company) 63.51 63.32 63.51 63.32 63.39
Research & Development Expenses incurred (included above) 3,697 3,652 11,840 10,180 14,408

1 The above financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on
January 31, 2011 and have been subjected to a Limited Review by the Statutory Auditors of the Company.

2 Consequent to the approval of the members of the Company and upon requisite regulatory compliance, during the quarter, one equity share of ` 5 each of the
Company is sub-divided into five equity shares of ` 1 each fully paid up. The Earnings Per Share of ` 1 each has been restated for all the corresponding periods
in accordance with Accounting Standard (AS-20) on 'Earnings Per Share" as notified under The Companies (Accounting Standards) Rules, 2006.

3 Other Operating Income represents Share of Income from Partnership Firms.

4 The Company has only one reportable business segment namely 'Pharmaceuticals'.

5 Tax Expense includes Current Tax and Deferred Tax.

6 Status of investor complaints [in nos.] during the quarter, pursuant to clause 41 of the listing agreement: Opening [0]; Received [7]; Resolved [7]; Closing [0].

7 Figures for the previous period / year have been regrouped / reclassified, wherever considered necessary.

By order of the Board

Dilip S Shanghvi
Mumbai, January 31, 2011 Chairman and Managing Director
 Sun Pharmaceutical Industries Limited
Regd. Office : Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390020
Corporate Office : Acme Plaza, Andheri-Kurla Road, Andheri (E), Mumbai - 400059
Consolidated Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2010
(` In Lakhs)
Quarter ended Nine Months ended Year ended
31.12.10 31.12.09 31.12.10 31.12.09 31.03.10
Unaudited Unaudited Unaudited Unaudited Audited
Income
Net Sales / Income from Operations 160,107 102,086 437,084 299,362 410,277
Total Income 160,107 102,086 437,084 299,362 410,277
Expenditure
(Increase) / Decrease in Stock in Trade and work in progress 807 (5,397) (1,306) (13,281) (3,244)
Consumption of Materials 37,420 28,716 102,341 86,795 99,323
Purchase of Traded Goods 5,012 5,254 13,715 9,653 13,704
Employees' Cost 27,537 11,625 54,555 36,623 48,221
Depreciation / Amortisation 8,047 3,589 15,585 11,137 15,331
Other Expenditure 45,278 25,047 115,425 85,142 115,992
Total Expenditure 124,101 68,834 300,315 216,069 289,327
Profit from Operations before Other Income, Interest & Tax 36,006 33,252 136,769 83,293 120,950
Other Income 2,579 914 7,262 10,259 9,145
Profit before Interest & Tax 38,585 34,166 144,031 93,552 130,095
Net Interest Income 3,222 2,331 8,932 8,902 11,389
Profit after Interest but before Tax 41,807 36,497 152,963 102,454 141,484
Tax Expense 5,448 2,605 8,139 6,912 6,786
Net Profit from ordinary activities after tax before minority interest 36,359 33,892 144,824 95,542 134,698
Minority Interest 1,344 (3) 3,012 (118) (410)
Net Profit after minority interest 35,015 33,895 141,812 95,660 135,108
Paid-up Equity Share Capital
Equity Shares - Face Value ` 1 each (Previous periods ` 5 each) 10,356 10,356 10,356 10,356 10,356
Reserves excluding Revaluation Reserve (As per last Audited Balance Sheet) 772,535
Earnings Per Share of ` 1 each - in ` (Basic & Diluted) 3.4 3.3 13.7 9.2 13.0
Public Shareholding
No. of Equity Shares of ` 1 each (Previous periods ` 5 each) 375,751,755 75,154,439 375,751,755 75,154,439 75,150,451
Percentage of Shareholding 36.29 36.29 36.29 36.29 36.28
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
No. of Equity Shares of ` 1 each (Previous periods ` 5 each) 2,105,000 810,500 2,105,000 810,500 685,000
Percentage of Equity Shares (as a % of the total shareholding of promoters and
promoter group) 0.32 0.61 0.32 0.61 0.52
Percentage of Equity Shares (as a % of the total share capital of the Company) 0.20 0.39 0.20 0.39 0.33
b) Non-encumbered
No. of Equity Shares of ` 1 each (Previous periods ` 5 each) 657,725,200 131,151,452 657,725,200 131,151,452 131,280,940
Percentage of Equity Shares (as a % of the total shareholding of promoters and
promoter group) 99.68 99.39 99.68 99.39 99.48
Percentage of Equity Shares (as a % of the total share capital of the Company)
63.51 63.32 63.51 63.32 63.39
Research & Development Expenses incurred (included above) 8,956 4,796 21,760 17,890 24,722
Notes:
1 The above financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January
31, 2011.
2 Consolidation has been made by applying Accounting Standard 21 – "Consolidated Financial Statements" as notified by Companies (Accounting Standards) Rules,
2006.
3 Consequent to the approval of the members of the Company and upon requisite regulatory compliance, during the quarter, one equity share of ` 5 each of the
Company is sub-divided into five equity shares of ` 1 each fully paid up. The Earnings Per Share of ` 1 each has been restated for all the corresponding periods in
accordance with Accounting Standard (AS-20) on 'Earnings Per Share" as notified under The Companies (Accounting Standards) Rules, 2006.

4 Taro Pharmaceutical Industries Ltd(Taro), a pharmaceutical company, incorporated in Israel became a subsidiary of the Company on September 20, 2010.
Accordingly, the above results for the current periods includes the relevant results of Taro and its subsidiaries from the date Taro became subsidiary of the
Company and therefore the corresponding figures for the previous periods are not comparable.Taro's financial results are available on its website 'www.taro.com'.

5 The Company has only one reportable business segment namely 'Pharmaceuticals'.
6 The standalone financial results for the quarter ended December 31, 2010, which have been subjected to a Limited Review by the Statutory Auditors are available
on the Company's website (www.sunpharma.com) and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com) and the key information on
standalone financial results are as below:
(` in Lakhs)
Quarter ended Nine Months ended Year ended
31.12.10 31.12.09 31.12.10 31.12.09 31.03.2010
Unaudited Unaudited Unaudited Unaudited Audited
Total Income from operations 76,057 70,244 232,731 184,332 252,379
Profit before Tax 35,441 33,786 106,513 68,028 94,916
Profit after Tax 34,267 31,804 101,102 64,261 89,865
7 Status of investor complaints [in nos.] during the quarter, pursuant to the clause 41 of the listing agreement :
Opening [0]; Received [7]; Resolved [7]; Closing [0].
8 Figures for the previous period / year have been regrouped / reclassified, wherever considered necessary.

By Order of the Board

Dilip S. Shanghvi
Mumbai, January 31st, 2011 Chairman & Managing Director
 Sun Pharmaceutical Industries Limited
Regd. Office : Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390020
Corporate Office : Acme Plaza, Andheri-Kurla Road, Andheri (E), Mumbai - 400059
Consolidated Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2010
(` In Lakhs)
Quarter ended Nine Months ended Year ended
31.12.10 31.12.09 31.12.10 31.12.09 31.03.10
Unaudited Unaudited Unaudited Unaudited Audited
Total Sales 162,249 103,979 443,482 305,076 407,614
Domestic 66,768 56,149 197,076 140,247 193,336
Formulations 64,029 53,260 187,957 131,651 183,013
Bulk 2,700 2,866 8,985 8,512 10,210
Others 39 23 134 84 113
Exports 95,481 47,830 246,406 164,829 214,278
Formulations 86,609 36,480 214,029 129,811 168,917
Bulk 8,868 11,251 32,088 34,741 44,697
Others 4 99 289 277 664
Sales 162,249 103,979 443,482 305,076 407,614
Formulations 150,638 89,740 401,986 261,462 351,930
Bulk 11,568 14,117 41,073 43,253 54,907
Others 43 122 423 361 777
Net Interest and Other Income 5,802 3,245 16,194 19,161 20,534
Net Interest Income 3,223 2,331 8,932 8,902 11,389
Other Income 2,579 914 7,262 10,259 9,145
R&D Expenditure as % of Sales 6.2% 5.0% 5.3% 6.4% 6.6%
Total R&D Expenditure 9,904 5,146 23,298 19,068 26,312
Capital 948 350 1,538 1,178 1,590
Revenue 8,956 4,796 21,760 17,890 24,722