Sun Pharma PAT rises 36%

Sun Pharmaceutical Industries has posted a 36 per cent increase in profit after tax (PAT) at Rs 628.9 crore for the year ended March 31, 2007, compared with Rs 461.2 crore for the year ended March 31, 2006. The company's total Income (net of excise) increased by 33 per cent from Rs 1,805.1 crore for the year ended March 31, 2006 to Rs 2,404 crore for the year ended March 31, 2007.

The company recorded a net profit of Rs 212.1 crore for the quarter ended March 31,2007, an increase of 48 per cent compared with the fourth quarter last year. Sales during the period increased by 34 per cent to Rs 544.2 crore from Rs 406.7 crore in Q4 FY06, said a press release. Its net sales stood at Rs 2,132.1 crore on a consolidated basis for the 2006-07 period, up by 30 per cent from Rs 1,636.8 crore in FY06.

Its EBITDA margin increased to 32.7 per cent from 30.8 per cent last year, despite 51 per cent increase in R&D expenses.

"We have again shown strong results this quarter across all our business segments, as the first steps of our integration with acquired plants begin to show results. We are on course to creating a competitive global generics business as we pursue expansion opportunities in existing and new geographies," said Dilip Shanghvi, chairman and managing director, Sun Pharma.

Sun Pharma said its domestic formulations business registered a growth of 23 per cent over the last year at Rs 1,181 crore, contributing 53 per cent of total sales. For the fourth quarter, domestic formulations sales increased by 47 per cent.

Sun Pharma and its US subsidiary Caraco Pharma Labs received approval for 34 abbreviated new drug applications (ANDAs) compared with 22 at the end of 2006. A total of 16 ANDAs were filed during the fourth quarter and now 77 ANDAs await USFDA approval, including 7 tentative approvals. Notable approvals during the year include final approval for generic phenytoin, nimodipine and gabepentin, which have since been launched and a tentative approval for amifostine for injection. Caraco had sales of $117 million for FY07, a 41 per cent growth over last year. The company's net income stood at $26.9 million for FY07, despite a competitive market, said the release.

Consolidated research and development expense for Jan-Mar 07 was Rs 81.7 crore and for the year was Rs 292.4 crore.