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Mumbai-based Sun Pharmaceutical Industries posted a 43 per cent rise in net profits to Rs 2,061 crore for the June quarter (Q1FY23). The company’s net profit in the year ago period was Rs 1,444 crore, and in the March quarter, it had reported a net loss of Rs 2,277 crore.
The firm’s revenue surged 9.7 per cent to Rs 10,762 crores, up from Rs 9,719 crore in the year-ago quarter. In the March quarter, it had posted revenues of Rs 9,447 crore.
It has reported an Ebitda (earnings before interest, tax, depreciation and ammortisation) of Rs 2,884 crore (including other operating revenues), with the Ebitda margin at 26.8 per cent. This is lower from 28.7 per cent in Q1FY22.
Share price of the company soared over 4 per cent on the BSE as the firm delivered better-than-expected revenues and profit. The stock was trading at Rs 930.40 apiece, as of 2:21 pm.
“For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-round growth across markets. Specialty business has grown by 29 per cent driven by Ilumya, Cequa, Odomzo and Winlevi. Our India business continues to grow faster than market, leading to increase in market share. We have been able to report healthy margins despite rising costs. We continue to focus on expanding our global specialty business, growing all our businesses and improving our market share,” said the company’s managing director Dilip Shanghvi.
The company’s India formulation sales, which accounted for about 32 per cent of total consolidated sales, came at Rs 3,387 crore, up 13 per cent on like-to-like basis, excluding Covid products sales of last year. On a reported basis, the growth is 2.4 per cent over Q1FY22..
US sales came at $ 420 million, recording a growth of 10.7 per cent over last year. This has accounted for over 30 per cent of total revenue.
Emerging Markets formulation sales of $245 million were up by 12.6 per cent YoY, contributing 18 per cent to revenues.
Rest of World formulation sales at $190 million have grown 2.6 per cent. R&D investments during the quarter came lower at Rs 461 crore, compared to Rs. 592.6 crore for Q1FY22.
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