Sun Pharmaceutical Industries Limited announced the financial results for April to June quarter on August 3. During the quarter under review, the consolidated profit of the pharmaceutical major declined by 1.8% year-on-year to ₹2,022.54 crore as against ₹2,060.8 crore reported in the same period last year. The revenue from operations of the Mumbai-based company stood at ₹11,940.8 crore, up 10.9% as against 10,761.7 crore in the Q1 of FY23.
On a sequential basis, the company's profit after tax witnessed a marginal surge of 2.07% quarter-on-quarter, as against ₹1,984.47 crore in the Q4 of FY23. The revenue from operations grew marginally by 9.2% quarter-on-quarter as against ₹10,930.6 crore in the March quarter of FY23.
During the quarter under review, the company's EBITDA (earnings before income, tax, depreciation and amortisation) stood at ₹3,331.8 crore. The pharmaceutical major's EBITDA margin expanded by 27.9% in Q1 of FY24 as against 26.8% in the same period last year.
"All our business continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24. US has led the revenue growth in Q1 and Global Specialty has continued to increase as a share of our revenues," says Dilip Shanghvi, managing director, Sun Pharmaceutical.
The company’s R&D investments stood at ₹679.6 crore during the quarter under review, up 47.4% as against ₹460.8 crore in the same period of FY23. "Our R&D efforts span across both speciality and generic businesses and we continue to invest in building the pipeline for various markets including the US, Emerging Markets, RoW Markets and India. Our speciality R&D pipeline includes 5 molecules undergoing clinical trials. We have a comprehensive product offering in the US market consisting of approved ANDAs for 518 products while filings for 98 ANDAs await US FDA approval, including 32 tentative approvals. For the quarter, 2 ANDAs were filed. Additionally, the portfolio includes 54 approved NDAs while 13 NDAs await US FDA approval," says the company.
The company says that sales of formulation in India for the June quarter stood at 35,604 million, up 5.1% over Q1 last year. India formulation sales accounted for about 30% of total consolidated sales.
"Formulation sales in the US were $471 million recording a growth of 12% over Q1 last year; accounting for over 33% of total consolidated sales," the company says.
"Our sales in Emerging Markets were at $261 million for Q1, a growth of 6.5% over Q1 last year. Overall sales in Emerging Markets accounted for about 18% of total consolidated sales for the quarter," it adds.
Following the development, shares of Sun Pharmaceutical Limited closed 0.51% lower at ₹1,130.50. During the session, the pharmaceutical major’s market capitalisation stood at more than ₹2.71 lakh crore as more than 3.41 lakh shares exchanged hands as against the two-week average of 0.52 lakh shares.
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