"Since the beginning of 2020 until now, the global wide spread of Covid–19 is a fluid and challenging situation facing all the industries. The Company has taken all possible effective measures to limit and keep the impact of Covid-19 under control in order to ensure business continuity with minimal disruption. The Company, as per business plans, is in the process of evaluating various sources of raising funds for its operations. The Company has also received a financial support letter from its parent Company which is valid till time the Company is able to raise funds from external sources. The Company will continue to pay close attention to the development of Covid–19, and will further evaluate and actively respond to such impact on the financial position and financial performance of the Company," it said in a statement.
SPARC's sister firm, Sun Pharma, too, was trading 1 per cent higher at Rs 534 apiece on the BSE. It hit an intra-day high of Rs 538 per share. For the June quarter, Sun Pharma
had posted a surprise consolidated loss of Rs 1,655.60 crore due to exceptional items of Rs 3,633.33 crore. It's profit was Rs 1,387.48 crore in the year-ago period.
"The exceptional items include unit Taro’s payment of $213.3 million (Rs 1,617.96 crore) to resolve all claims related to federal healthcare programs, as it resolved all matters with Department of Justice (DoJ), and unit Dusa’s settlement with DoJ to the tune of Rs 156.36 crore," it said in a statement.
It also said Taro has made certain provisions amounting to $60 million(Rs 455.19 crore) for related ongoing multi-jurisdiction civil antitrust matters, and added the ultimate outcome of the antitrust matters cannot be predicted with certainty.
The company’s revenues from operations stood at Rs 7,467.19 crore, down from Rs 8,259.30 crore a year ago.