Pharma major Sun Pharmaceutical Industries Ltd. on May 22 reported a better-than-expected consolidated net profit of Rs 2,654.5 crore for the March quarter, up 34 percent from the year-ago period.
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A Moneycontrol poll of eight brokerages pegged the net profit at Rs 2,412 crore.
Consolidated revenue stood at Rs 11,982.9 crore, up 9 percent as against Rs 1,0930.6 crore a year ago. The Moneycontrol poll estimated the revenue from operations at Rs 12,241 crore.
The company’s board also declared a final dividend of Rs 5 per equity share for the financial year 2023-24.
At the operating level, EBITDA rose 8.3 percent to Rs 3034 crore as against Rs 2802 crore last fiscal. EBITDA margin stood 25.3 percent down from 25.6 over same period last fiscal.
“During FY24, two of our businesses surpassed $1 billion in annual sales, namely Global Specialty and Emerging Markets. This achievement of critical mass in key markets is a testimony to several years of hard work put in by respective teams. We shall continue to build our specialty portfolio and invest further to gain scale across our businesses,” Dilip Shanghvi, Chairman and Managing Director of the company said.
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Other financial highlights from the earnings report card:
For the full year FY24, external API sales were at Rs. 1918.7 crore, lower by 2.7 percent over the same period last year. Formulation sales in the US for the full year FY24 were $ 1,854 million up 10.1 percent over the same period last year. US formulation sales were US$ 476 million for Q4FY24, a growth of 10.9 percent over Q4 last year and accounted for 33.5 percent of total consolidated sales for the quarter.
The company reported Global specialty sales at US$ 271 million, up 11.1 percent YoY. Formulation sales in Emerging Markets for the full year FY24 were US$ 1,041 million, up 5.9 percent over the same period last year. Emerging Markets sales were US$ 245 million for Q4FY24, a growth of 10.8 percent over Q4 last year and accounted for 17.2 percent of total consolidated sales for the quarter.
R&D investments for the quarter came in at Rs 900 crore compared to Rs 665.7 crore for Q4FY23.
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After the earnings announcement, shares of Sun Pharma closed 0.11 percent lower on NSE at Rs 1539.30.
