Third fiscal quarter revenue rose 25% to $185.7 million, and net profit rose to $88.8 million.
Taro Pharmaceutical Industries Ltd. (NYSE: TARO), controlled by India's India's Sun Pharmaceutical Industries Ltd. (BSE: 524715), yesterday reported revenue and profit growth for its third fiscal quarter, which ended in December 2012. Revenue rose 25% to $185.7 million from $148.1 million for the corresponding fiscal quarter of 2011, despite a decline in sales volumes. The figures are unaudited.
Operating profit rose to $104 million for the third fiscal quarter from $74.5 million for the corresponding quarter, and net profit rose to $88.8 million ($1.98 per share) from $62.4 million. The company boosted its R&D expenses 33% to $11.8 million.
Taro had $486.6 million in cash and marketable securities at the end of December, up from $334.4 million at the start of the fiscal year on April 1. Cash flow from operations rose to $173.1 million in April-December 2012, from $157 million in the corresponding period of 2011, primarily due to the payment of income taxes as reflected in the significant decrease in trade and other payables .
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2013
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