Sun Pharma Q3 Results: Net profit rises 16.5% to Rs 2,523.8 crore

Sun Pharma Q3 Results: Sun Pharmaceutical Industries Ltd on Wednesday reported a 16.52 per cent rise in its consolidated net profit to Rs 2,523.8 crore in the third quarter ended December 31, 2023. The company had posted a consolidated net profit of Rs 2,166 crore in the year-ago period, Sun Pharmaceutical Industries said in a statement.

Consolidated total revenue from operations during the quarter under review stood at Rs 12,380.7 crore as compared to Rs 11,240.97 crore in the corresponding period a year ago, it added.

Total expenses were higher at Rs 9,560.74 crore as against Rs 8,943.38 crore in the same quarter of FY23.

The company's board has declared an interim dividend of Rs 8.50 per share for the year FY24 against Rs 7.50 per share interim dividend for the previous year, the statement said.

"We are pleased by our continued broad-based growth, including in global specialty. We are keenly looking forward to the EMA filing of Nidlegy in the coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe," Sun Pharma Managing Director Dilip Shanghvi said.

Nidlegy is a biopharmaceutical product developed aimed at treating melanoma and other types of non-melanoma skin cancers.

Sun Pharma said its India formulations clocked sales of Rs 3,778.5 crore in the third quarter, up 11.4 per cent, while the US formulations, including Taro, had 13.2 per cent higher sales at USD 477 million.

On the other hand, emerging markets formulation sales were 2.3 per cent lower at USD 252 million.

Formulation sales in the rest of world markets were USD 214 million in Q3 FY24, up 12.9 per cent, the company said.

External sales of active pharmaceutical ingredients (API) were at Rs 466.1 crore, lower by 9.6 per cent, it said, adding that the company continues to focus on increasing API supply for captive consumption for key products.

Sun Pharma said its consolidated R&D investment in the third quarter was Rs 824.5 crore, 6.8 per cent of sales as compared to Rs 670.2 crore in the year-ago period.