Sun Pharma Q4 net profit rises more than two-folds to ₹894 crore; misses estimates1 min read . Updated: 27 May 2021, 08:41 PM IST
- Profit was lower than ₹1370.70 crore estimated by a Bloomberg poll of 8 analysts
MUMBAI: Sun Pharmaceutical Industries on Thursday reported a 123% year-on-year rise in its consolidated net profit for the quarter ended March to ₹894.2 crore, against ₹399.8 crore in the year-ago period owing to an exceptional loss worth ₹672.8 crore related to various litigation settlements pertaining to some of its subsidiaries.
Profit was lower than ₹1370.70 crore estimated by a Bloomberg poll of 8 analysts.
Consolidated revenue from operations rose 4% to ₹8,522 crore for the quarter under review, over ₹8,184 crore for the same quarter last year.
Commenting on the performance, Dilip Shanghvi, Managing Director of Sun Pharma said, “FY21 was a year marked by a highly volatile business environment due to the global Covid-19 pandemic and lockdowns in various countries. Despite these challenges, I am happy to see that we have been able to maintain business continuity and record positive overall growth. While our India business continues to outperform the average industry growth, our global specialty sales have continued to show an improving trend. Global Ilumya sales for the year have grown by 51 per cent to $143 million."
The company’s board approved a final dividend payment of ₹2 per share for the financial year ended March.
Earnings before interest, tax, deprecitation and amortisation (EBITDA) stood at ₹1,956 crore, up by 55.8% over last year, with a EBITDA margin of 23.2%.
Revenue from Domestic operations for the March quarter rose 13% on a year-on-year basis to ₹2,670.9 crore, on a weak base in the year-ago quarter, when the national lockdown hit performance.
Emerging market sales for the quarter grew merely 2.8% year-on-year to $192 million, whereas the same in rest of the world markets rose 5.5% to $163 million.
“While our India business continues to outperform the average industry growth, our global specialty sales have continued to show an improving trend. Global Ilumya sales for the year have grown by 51% to $143 million," said managing director Dilip Shanghvi.
Sun Pharma's subsidiary Taro recorded a weak performance during the March quarter with sales of $148 million, down 15.3% year-on-year and adjusted net profit of $31 million, down by 42.6%.
Shares of the Sun Pharma closed 0.55% lower at ₹699.75 on Thursday on the BSE, while the benchmark index, Sensex gained 0.19% to 51,115.22 points.
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