Sun Pharma Q2 net profit up 11%, above expectations
1 min read . Updated: 01 Nov 2022, 03:05 PM IST
Premium- Sun Pharma shares were trading more than 2% higher on the BSE in afternoon deals
Drugmaker Sun Pharma on Tuesday reported an over 11% rise in its consolidated net profit for Q2 FY23 at ₹2,262 crore, on higher sales in the domestic market, as compared to ₹2,047 crore year-on-year (YoY). Analysts expected the company to report profit of ₹1,983 crore, according to Refinitiv IBES data.
The pharma company, which is known for its consumer healthcare products such as Revital vitamins and pain relief medicine Volini, witnessed a nearly 14% rise in its total revenue from operations at ₹10,952 crore from ₹9,626 crore in the year ago quarter.
Meanwhile, Sun Pharma's forex gain i.e., gain on foreign currency transactions, rose sharply to ₹241.4 crore during the quarter under review versus ₹76 crore in the corresponding quarter of the previous fiscal.
Its India formulation sales came at ₹34,600 million, up 8.5% over Q2 last year whereas US formulation was up 14% YoY $412 million. Global specialty sales crossed $200 million, growth of 27.5% over Q2 last year. Emerging Markets formulation sales at $259 million, up by 6.7% over Q2 last year while rest of World formulation sales at $ 181 million, lower by about 3.8% over Q2 last year, impacted by adverse currency movements.
Dilip Shanghvi, Managing Director of the Company said, “For Q2, we recorded double-digit topline growth and strong margins driven by market share gain in India, sustained ramp-up of our global specialty business and growth in Emerging Markets. Global specialty business has grown by 27.5% driven by Ilumya, Cequa and Winlevi. We continue to focus on expanding our global specialty business and growing all our businesses."
Further, the board of directors of the company also approved the appointment of Sanjay Asher as an Additional Director designated as an Independent Director of the Company for a term commencing from November 01, 2022 till March 31, 2025, subject to approval of the shareholders, it said.
Shares of Sun Pharma were trading more than 2% higher at ₹1,038 apiece on the BSE in Tuesday's afternoon deals. The pharma stock recently crossed the ₹1,000 mark after seven years.
