Sun Pharma Q4 Results: Net profit at ₹1,984 crore, revenue up 15%, dividend declared
- The pharma major's revenue from operations during the January-March quarter came in at ₹10,930.6 crore, registering a growth of 15.7 per cent, compared to ₹9,446.8 crore in the year-ago period.
Sun Pharmaceuticals announced its Q4FY23 results on May 26, reporting a consolidated net profit of ₹1,984 crore, compared to a net loss of ₹2,277 crore in the corresponding period last year. The pharma major's revenue from operations during the January-March quarter came in at ₹10,930.6 crore, registering a growth of 15.7 per cent, compared to ₹9,446.8 crore in the year-ago period.
The company's board recommended a final dividend of Rs. 4.00 per equity share of Re. l each, subject to the approval of shareholders. This is in addition to the interim dividend of Rs. 7.5 per share paid in FY23, taking the total dividend for FY23 to Rs. 11.5 per share compared to Rs. 10 per share for FY22.
On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the fourth quarter stood at ₹2,803 crore, reporting a rise of 19.7 per cent, compared to ₹2,340.4 crore in the same period last year.
The yearly rise in revenue was aided by double-digit growth in the specialty segment and robust sales in the domestic formulations business, along with some contribution from the sales of the generic Revlimid in the US market.
The company's formulation sales in the US for FY23 were $1,684 million up 10.3 per cent over the same period last year. US formulation sales were $430 million for Q4FY23, reporting a growth of 10.5 per cent over Q4 last year and accounted for about 33 per cent of total consolidated sales for the quarter.
For the financial year 2022-23, the pharmaceutical's sales of formulations in India were ₹13,603 crore, up by 6.6 per cent over the same period last year. Excluding the Covid-related product sales in the previous year, the sales growth for FY23 stood at 10.2 per cent.
India Formulation sales stood at ₹3,364.1 crore. For Q4FY23, registering a growth of 8.7 per cent over Q4 last year and accounted for 31 per cent of the total consolidated sales for the quarter. Adjusting for the Covid-related product sales in Q4FY22, the sales growth for the Q4FY23 was 9.8 per cent.
The formulation sales in emerging markets (EM) for FY23 were $983 million, up 8.6 per cent over the same period last year. EM sales were $221 million for Q4FY23, a growth of 7.5 per cent over Q4 last year and accounted for about 17 per cent of total consolidated sales for the quarter.
For FY23, Sun Pharma's external (active pharmaceutical ingredients) API sales were at Rs. 1972.4 crore, up 7.5 per cent over the same period last year. The external sales of API were at Rs. 385.2 crore for Q4FY23, lower by about 6.9 per cent over Q4 last year.
“Several of our businesses including Specialty, India and Emerging markets have continued to progress well. Our Specialty business remains on the growth path and we are committed to continue scaling it up. The acquisition of Concert helps further strengthen our portfolio in dermatology. I believe deuruxolitinib can become a leading product to address highly unmet needs in alopecia areata patients,'' said Dilip Shanghvi, Managing Director, Sun Pharma.
Earlier this year, Sun Pharma also announced the completion of its acquisition of Concert Pharmaceuticals. At 3:15 pm, shares of Sun Pharma were trading 3.02 per cent higher at ₹973.25 apiece on the BSE.
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