Multinational pharmaceutical company Sun Pharmaceutical Industries Limited (NSE: SUNPHARMA) has reported a 4.7% fall in its consolidated net profit in the third quarter of fiscal 2017, the Business Standard reported on Tuesday.

The India-based company posted a net profit of INR1,471.82 crore for the December quarter 2016-17, it said in a BSE filing. By comparison, it posted a net profit of INR1,544.85 crore for the same period in the previous financial year.

However, the company's total income from operations did rise between these two periods, from INR7,122.31 crore to INR7,912.66 crore. Total revenue rose 9% during the quarter, but US business grew by a more modest 4% due in part to the weak performance of US subsidiary Taro.

Sun Pharma is the largest drug maker in India, making around 45% of its revenue from the US market. During the third quarter, the company earned USD507m from US business alone.

The fall in profit for Q3 has been the result of tax expenses, which quadrupled to INR372 crore year-on-year.

The company's managing director, Dilip Shanghvi, stated: "While we continue to focus on growing our existing business, we are happy to invest our strong cash flows in enhancing our specialty pipeline, though currently without commensurate revenue streams."