Sun Pharma beat the Street estimates with a 16.5 percent rise in consolidated net profit of Rs 2,524 crore for the December quarter of fiscal, as against Rs 2166 crore recorded a year ago.
Revenue came in at Rs 12,381 crore, up 10.1 percent from Rs 11,241 crore last year, the company said on January 31.
A poll of eight brokerages collated by Moneycontrol had pegged net profit at Rs 2,373 crore and revenue at Rs 12,277.8 crore.
“We are pleased by our continued broad-based growth including in Global Specialty. We are keenly looking forward to EMA filing of Nidlegy in coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe,” said Dilip Shanghvi, Managing Director of the Company in a press statement.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 3,477 crore, up 15.8 percent from Rs 3,003.7 crore in the year-ago period. The EBITDA margin was at 28.8 percent against 26.7 percent in the year-ago period.
Most brokerages anticipated a high single-digit or low double-digit on-year growth for Sun Pharma's domestic business.
The company reported India formulation sales at Rs 3778.5 crore and the US formulation sales at US$ 477 million. The company spent Rs 8,245 crore on Research and Development (R&D) in the quarter. l. For the quarter, the company filed 5 ANDA were and 3 approvals were received.
Its subsidiary Taro Pharma reported net sales of $ 157 million for quarter ended Dec-23, up 12.9 percent principally due to new launches and Gross-to-Net (“GTN”) adjustments. Excluding the impact of GTN adjustments, sales growth was in high single digit. Net profit for Q3FY24 was US$ 20.2 million compared to US$ 7.3 million in Q3FY23.
The company declared an interim dividend of Rs. 8.5/- per equity share of the Company for the financial year 2023-24.
(This is a developing story. Please stay tuned for more)
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