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Business News/ Companies / Company Results/  Q4 results: Sun Pharma beats profit estimates, declares dividend of 5 per share

Q4 results: Sun Pharma beats profit estimates, declares dividend of ₹5 per share

Sun Pharmaceutical’s net profit stood at ₹2,655 crore for the three months ended March 31, against analysts' average estimate of ₹2,368 crore

Sun Pharma shares closed 0.11% lower after the results. BloombergPremium
Sun Pharma shares closed 0.11% lower after the results. Bloomberg

Hyderabad: Indian drugmaker Sun Pharmaceutical Industries posted fourth-quarter profit above estimates on Wednesday, helped by strong performance in its key U.S. and domestic markets.

The company reported a consolidated net profit of 2,655 crore ($318.9 million) for the quarter ended March 31, compared to analysts' average estimate of 2,368 crore as per LSEG data.

ALSO READ: Sun Pharma: 2 key reasons why HSBC expects 16% upside despite regulatory woes

In the year-ago period, the company's profit stood at 1,984 crore, which included a one-time charge of 171 crore related to the acquisition of Concert Pharma and other costs.

Total revenue from operations rose 9.6% to 11,983 crore, but missed analysts estimate of 12,222 crore.

Sun Pharma's U.S. sales rose nearly 11.9% to 3,954 crore, boosted by speciality complex drugs such as Ilumya used to treat chronic skin condition such as plaque psoriasis. India sales rose more than 10.2% to 3,710 crore.

Global speciality sales, which accounted for 19.1% of total sales, rose 11.1% to $271 million, the company said in a press release.

ALSO READ: Sun, Dr Reddy's, Aurobindo, Lupin, Zydus lead Indian Pharma's US show in Q3

Sun Pharma, which makes active pharmaceutical ingredients, generic and speciality medications, is also working on its own version of popular weight-loss drugs by Novo Nordisk and Eli Lilly which have seen skyrocketing demand.

Its shares closed 0.11% lower after the results.

Sun Pharma, India's largest drugmaker by revenue, said its board has proposed a dividend of 5 per share for fiscal year 2024, which is in addition to the interim dividend of 8.5 per share declared in January.

Rivals Reddy's and Cipla reported fourth-quarter profit above estimates earlier this month. 

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Published: 22 May 2024, 04:13 PM IST
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