Moneycontrol
Get App
Last Updated : Feb 12, 2019 06:09 PM IST | Source: Moneycontrol.com

Sun Pharma net profit rises four-fold to Rs 1241.1 crore in Q3FY19

Revenues from operations gained 17 percent to Rs 7,933.25 crore compared to year ago's Rs 6,782.42 crore.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Moneycontrol News

Sun Pharmaceutical Industries, India’s largest drugmaker said its net profit jumped 286.1 percent to Rs 1,241.1 crore in the third quarter ended December 2018,  beating analyst estimates by a wide margin, helped by a strong recovery of US generics business.

The company posted a net profit of Rs 321.5 crore during the previous year’s period.

Net profit for Q3 last year was adversely impacted by one-time deferred tax adjustment of Rs. 513 crores related to changes in US

tax rates.

Adjusted for this, net profit growth for Q3FY19 was 49 percent YoY.

Revenues from operations gained 17 percent to Rs 7,933.25 crore compared to year ago's Rs 6,782.42 crore.

The EBITDA margin of the company stood at 27.8 percent.

A Reuters poll of analysts had estimated profit of Rs 985.1 crore on revenues of Rs 7,447.9 crore. The EBITDA margin was seen at 21.7 percent.

“Our focus on execution is reflected in the Q3 performance. We remain committed towards executing our global specialty strategy, strengthening our core operations and enhancing our overall efficiencies," said Dilip Shanghvi, Managing Director of Sun Pharma.

"The Ilumya launch in US has been well received by doctors. We recently commercialized Xelpros in the US and are preparing to launch Cequa in the coming months," Shanghvi added.

Sales in the US were $362 million for the quarter, a growth of 10 percent over same period last year and accounted for 34 percnt of total sales.

Sun Pharma in US has 441 ANDAs approved, while filings for 564 ANDAs await US FDA nod, including 15 tentative approvals. For the quarter, 5 ANDAs were filed and 10 approvals were received.

The pipeline also includes 49 approved NDAs while 6 NDAs await US FDA approval.

Sale of branded formulations in India was up 7 percent YoY to Rs. 2,235 crores. India formulation business contributes 29 percent of Sun Pharma’s revenues.

Sun Pharma is the largest drug maker by sales holding around 8.2 percent market share in the over Rs. 129,000 crore Indian pharmaceutical market as per December-2018 AIOCD-AWACS report. For Q3FY19, the company launched 20 new products in the Indian market.

The drug maker saw emerging market sales grow at 7 percent YoY to $203 million for Q3. The rest of the world formulation business grew 4 percent to USD 125 million.

Consolidated R&D investments for Q3FY19 was Rs. 465 crores, or 6.1% of sales

The results came out after market hours.

Shares of Sun Pharma rose 2 percent to close at Rs 436.75 on BSE, outperforming the BSE Healthcare index, which rose 0.3 percent.
First Published on Feb 12, 2019 04:54 pm
More From
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant