Sun Pharmaceutical Industries jumped 6.79% to Rs 518.05 on BSE, extending its winning run to fourth consecutive trading session.
The stock has surged 13.4% in four trading days from its previous closing low of Rs 465.75 on 29 October 2020. The stock is 9% away from its 52-week high of Rs 564.90 reported on 28 August 2020.The counter saw a strong demand after the drug major posted Q2 September 2020 results on Tuesday (3 November 2020). The company's consolidated net profit surged 70.36% to Rs 1,812.79 crore on a 6.41% increase in revenue from operations to Rs 8,458.77 crore in Q2 September 2020 over Q2 September 2019.
Consolidated profit before tax (PBT) soared 33.75% to Rs 1,917.18 crore in Q2 September 2020 as against Rs 1,433.38 crore in Q2 September 2019. Current tax expense for the quarter fell 3.36% to Rs 257.08 crore as against Rs 266.03 crore in Q2 September 2019. The firm said it continues to monitor the impact of COVID-19 on its business, including its impact on customers, supply-chain, employees and logistics.
Consolidated EBITDA rose 30% YoY to Rs 2,099 crore over Q2 September 2019. EBITDA margin came at 24.8% driven by gradual recovery in overall business coupled with control on expenses.
Sun Pharma's India sales stood at Rs 2531 crore, rising 1% from Q2 September 2019. The company's US finished dosage sales stood at $335 million, flat over Q2 September 2019 and up by 19% from Q1 June 2020. Emerging markets sales came at $210 million, up by 4.5% year on year and 21% higher than Q1 June 2020.
R&D investments were at Rs 613 crore (7.2% of sales) in Q2 September 2020, rising 25.6% from Rs 488 crores (6.1% of sales) in Q2 September 2019.
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Commenting on company's performance, Dilip Shanghvi, MD said: "Our Q2 performance reflects our focus on business improvement which has enabled a gradual recovery in all our businesses compared to Q1, despite market conditions that have not fully normalized. Sales of our specialty products have improved sequentially with Ilumya and Cequa reaching pre-Covid levels. We continue to focus on growing our topline, gaining market share, cost control and business continuity. We also continue to serve our patients and customers while ensuring safety of our employees."
Sun Pharmaceutical Industries is a specialty generic manufacturing pharma company.
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