Pharma major Sun Pharma on November 1 reported a 5 percent year-on-year rise in consolidated net profit to Rs 2,375.5 crore for the July-September quarter of the current financial year, beating estimates.
The company had reported a profit of Rs 2,262.22 crore in the same period last year.
Revenue came in at Rs 12,192 crore, up 11.3 percent from the year-ago quarter numbers of Rs 10,952.3 crore.
A poll of 10 brokerages collated by Moneycontrol had pegged net profit at Rs 2,316.7 crore and revenue at Rs 12,047.6 crore.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 3179 crore, up from Rs 2,956.5 crore in the year-ago period. The EBITDA margin was at percent 26.1 against 27 percent in the year-ago period.
Segment-wise, Sun Pharma's India formulation sales at Rs. 3842.5 crore, up 11.1 percent against Q2 last year. US formulation sales clocked in at $430 million, up 4.2 percent the same period last year. Global specialty sales at $240 million, up 19.3 percent the second quarter of FY 23. Global specialty sales accounted for 16.4 percent of Q2FY24 sales.
Further, the company added that it has spent Rs 773.4 crore on Research and Development (R&D) in the quarter, amounting to 6.4 percent of the sales, compared to Rs. 5,71 crore (5.3 percent of sales) for Q2 last year. The company filed 3 Abbreviated New Drug Application (ANDAs) this quarter and received approvals for 8 ANDAs this quarter.
Sun Pharma has six products in its global specialty pipeline. This includes deuruxolitinib, currently filed with the US FDA for alopecia treatment and Nidlegy for skin cancer treatment.
“US FDA’s acceptance of deuruxolitinib NDA for treatment of moderate to severe alopecia areata marks an important milestone,” said Dilip Shanghvi, Managing Director of Sun Pharma said in a press statement. “Nidlegy’s recent positive phase-3 data in patients with locally advanced fully resectable melanoma positions us to provide patient solutions across a broad spectrum of skin cancers,” he added.
Sun Pharma’s unit Taro’s had earlier reported an increase in net sales increased to $148.2 million, up from $130.49 million in the same period last year in the quarter.
The Board also approved the amalgamation of five wholly-owned subsidiaries into itself for "efficiency in overall combined business" and "optimum utilisation of resources".
Shares of the company were trading 1.63 percent up at Rs 1106.30 on NSE at 1.47 p.m.
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