BackSun Pharma Q1 Results: Net profit falls 2% to ₹2,022 crore; revenue rises 11% YoY
Sun Pharma’s India formulation sales rose 5.1% to ₹3,560.4 crore. US formulation sales at $471 million were up 12% YoY. US sales accounted for over 33% of total consolidated sales of the company.
PremiumSun Pharmaceutical Industries Ltd on Thursday reported a net profit of ₹2,022.54 crore for the quarter ended June 2023, down 1.86% from ₹2,060.88 crore in the same period last year.
The company’s revenue from operations in Q1FY24 rose 10.95% to ₹11,940.84 crore from ₹10,761.76 crore in the year-ago quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter increased 27.4% to ₹3,332 crore from ₹2,614.4 crore, YoY,
EBITDA margin expanded by 230 basis points (bps) to 27.9% from 25.6%, YoY.
Sun Pharma’s India formulation sales rose 5.1% to ₹3,560.4 crore. US formulation sales at $471 million were up 12% YoY. US sales accounted for over 33% of total consolidated sales of the company.
Taro posted Q1FY24 sales of $159 million, up by 1.4% YoY and reported net profit of about $10 million, lower by 28.9% over net profit of Q1 last year.
“Excluding the impact from certain one-time items in the current year quarter, net income was $14.9 million as against the net profit of $14.1 million of Q1FY23," the company said.
The company’s global specialty sales rose 21% YoY to$ 232 million. The global specialty sales accounted for 16.2% of Q1FY24 sales, Sun Pharma said.
Also Read: Dabur Q1 Results: Net profit rises 3.5% to ₹457 crore; revenue grows 11% YoY
“All our business continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24. US has led the revenue growth in Q1 and Global Specialty has continued to increase as a share of our revenues," said Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries.
For Q1FY24, external sales of API were at ₹5,396 million, lower by 9.9% over Q1 last year.
The fall in consolidated net profit for the quarter was partly due to one-time charges totaling ₹323 crore.
The company incurred a one-time charge of ₹149.21 crore towards impairment of an intangible asset and foreign exchange loss of 122.92 crore on account of devaluation of Nigerian currency Naira against US dollar.
It also incurred one time transitional expenses of ₹50.74 crore on planned relocation of Alchemee operations from California to New York.
At 2:30 pm, Sun Pharma share price was trading 1.50% higher at ₹1,153.35 apiece on the BSE.
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