Shares of Sun Pharmaceutical Industries rose 2.5% to Rs 1,069.40 in intraday trade on Monday. They were quoted near 52-week highs ahead of December quarter results (Q3FY23) due on Tuesday, January 31, 2023. The S&P BSE Sensex was down 0.24% at 59,185 at 11:17 am.

Shares of the healthcare company hit a new 52-week high of Rs 1,071 on November 2, 2022. It has outperformed the market over the past month, with shares surging 7% compared with a 2.5% drop in the S&P BSE Sensex. The stock hit an all-time high of Rs 1,201 on April 7, 2015.

The company’s board will also consider and approve the declaration of an interim dividend for the 2022-23 financial year. The company said that if an interim dividend is declared, it will be paid to shareholders of the company whose names appear on the register of members on February 8, 2023, the record date established for this purpose.

Previously, Sun Pharma had paid an interim dividend of Rs 7 per share for the last financial year, 2021-22.

Sun Pharma’s US portfolio is also expected to post solid growth amid favourable currency developments and new product launches.

Meanwhile, the company’s subsidiary Taro Pharma reported better-than-expected EBITDA margins in Q3FY22.

In Q3FY22, Taro’s EBITDA margin improved 108 basis points YoY to 31.3%, mainly due to higher gross margin, while EBITDA fell 2.7% YoY to $47 million. Net income also fell 20% year-on-year to $26.3 million. Revenue fell 0.8% year over year to $139 million.