 "Sun Pharma")
India’s largest domestic drug maker Sun Pharmaceutical Industries on Wednesday reported a 33.8 per cent rise in consolidated net profit at Rs 2,654.58 crore for the quarter ending on March 21 (Q4) for the financial year 2023-24 (FY24). During the same period last year, the pharma had reported a net profit of Rs 1,984.47 crore. Sequentially, profit rose 5.2 per cent from Rs 2,523.75 crore in the last quarter.
The company's total revenue from operations for the fourth quarter stood at Rs 11,982.9 crore, up 9.6 per cent year-on-year (Y-o-Y) from Rs 10,930.67 crore. Sequentially, revenue dropped marginally by 3.2 per cent from Rs 12,380.7 crore reported in Q3.
For the fourth quarter ending March 31, 2024, the company's earnings before interest, tax, depreciation, and amortisation (Ebitda) grew by 8.3 per cent Y-o-Y to Rs 3,034 crore, aligning closely with the expected Rs 3,032 crore.
The Ebitda margin increased by 70 basis points over the estimated 24.6 per cent, reaching 25.3 per cent, although it saw a slight decline of 30 basis points from the previous year.
India formulation sales rose by 10.2 per cent Y-o-Y to Rs 3,707 crore, contributing 31.4 per cent to the total consolidated sales.
Sun Pharma's US formulation sales reached $476 million, marking a 10.9 per cent increase from the previous year, while sales in emerging markets were up by 10.8 per cent at $245 million for the quarter.
For the entire financial year, the pharmaceutical firm reported a consolidated net profit of Rs 9,576.38 crore, up 13 per cent, from Rs 8,473.58 crore reported at the end of FY23. Revenue from operations rose 10.5 per cent at Rs 48,496.85 crore from Rs 43,885.68 crore at the end of FY23.
For the entire FY24, India formulation sales totaled Rs 14,889.3 crore, representing a 9.5 per cent increase. United States sales reached $1,854 million, up 10.1 per cent, and sales in the rest of the world grew by 7.8 per cent to $811 million. Emerging markets formulation sales hit $1,041 million, marking a 5.9 per cent increase.
Speaking on the quarter results, Chairman and Managing Director Dilip Shanghvi said, "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.”
In terms of research and development, Sun Pharma's specialty R&D pipeline includes six molecules currently undergoing clinical trials. Sun Pharma also has 104 Abbreviated New Drug Applications (ANDAs) awaiting approval from the US FDA, including 29 tentative approvals, the company said in an exchange filing.
The board of the company recommended a final dividend of Rs 5 per equity share of Re. 1, for the financial year 2023-24.
The board also approved the appointment of Dilip Shanghvi, the managing director, as the chairman of the board with immediate effect.
Shares of Sun Pharma closed trading at Rs 1540.30 on the BSE after the company released it quarter earnings report.
