On a consolidated basis, Sun Pharmaceutical Industries' net profit surged 123.62% to Rs 894.15 crore on 4.13% increase in total revenue from operations to Rs 8,522.98 crore in Q4 March 2021 over Q4 March 2020.
The profit was impacted by an exceptional loss worth Rs 672.80 crore related to various litigation settlements pertaining to some of its subsidiaries.Profit before exceptional items and tax surged 88.03% to Rs 1,575.85 crore in Q4 FY21 over Q4 FY20. EBITDA grew 55.8% to Rs 1,956.80 crore in Q4 March 2021 over Q4 March 2020, with resulting EBITDA margin at 23.2%.
During the year, the drug major's net profit dropped 22.87% to Rs 2,903.82 crore on 2.01% rise in total revenue from operations to Rs 33,498.14 crore in FY 2021 over FY 2020. EBITDA stood at Rs 8132.40 crore, up by 25.5% over last year, with resulting EBITDA margin of 24.5%.
The company has repaid debt of about $580 million in FY21.
The sale of branded formulations in India business for Q4 FY21 stood at Rs 2,670.90 crore, rising 12.9% over Q4 FY20, accounting for 31.7% of total sales. Sun Pharmaceutical Industries holds approximately 8.2% market share in the over Rs 1,474 billion Indian pharmaceutical market as per AIOCD AWACS MAT March 2021 report. For Q4 FY21, the company launched 31 new products in the Indian market.
For US formulations (including Taro), sales were at $370 million, recording a decline of 1.3% over Q4 last year and accounting for about 32% of total consolidated sales. Taro, a US-based subsidiary of Sun Pharmaceutical Industries, posted Q4 FY21 sales of $148 million, registering a 15.3% Y-o-Y (year-on-year) fall and adjusted net profit of $31 million, tumbling 42.6% over Q4 FY20. Taro's reported net loss for Q4 FY21 stood at $29.80 million.
The sales in Emerging Markets stood at $192 million for Q4 FY21, rising 2.8% from Q4 March 2020. Overall sales in Emerging Markets accounted for about 17% of total consolidated sales for the quarter. Meanwhile, formulation sales in Rest of World (ROW) markets, excluding US and Emerging Markets, were at $163 million in Q4 FY21, gaining 5.5% over Q4 last year and accounted for approximately 14% of total consolidated sales.
More From This Section
For Q4 FY21, external sales of Active Pharmaceutical Ingredients (API) stood at Rs 435.70 crore, falling 9.9% over Q4 FY20. Its API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. The pharmaceutical major said that it will continue to focus on increasing API supply for captive consumption for key products.
Research & Development (R&D) investment for the quarter stood at Rs 557.10 crore, or 6.6% of sales as compared to Rs 536 crore, or 6.6% of sales for Q4 March 2020.
Sun Pharmaceutical Industries has a comprehensive product offering in the US market consisting of approved Abbreviated New Drug Applications (ANDAs) for 501 products while filings for 94 ANDAs await US-drug regulatory body, United States Food and Drug Administration (USFDA)'s approval, including 23 tentative approvals. For the quarter, 8 ANDAs were filed and 5 approvals were received. Additionally, the portfolio includes 55 approved New Drug Applications (NDAs) while 9 NDAs await USFDA approval.
Dilip Shanghvi, the managing director (MD) of Sun Pharmaceutical Industries, said: "FY21 was a year marked by a highly volatile business environment due to the global COVID-19 pandemic and lockdowns in various countries. Despite these challenges, I am happy to see that we have been able to maintain business continuity and record positive overall growth. While our India business continues to outperform the average industry growth, our global specialty sales have continued to show an improving trend. Global Ilumya sales for the year have grown by 51% to $143 million."
The board has proposed a final dividend of Rs 2 per share for the year FY21.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
Shares of the pharmaceutical major lost 0.55% to close at Rs 699.75 on BSE. The scrip traded in the range of Rs 694.20 to Rs 710 during the day.
Powered by Capital Market - Live News