Sun Pharma Q1 Results: Net profit falls to Rs 2,022 crore

Sun Pharmaceutical Industries on Thursday reported a 2 per cent decline in its consolidated net profit at Rs 2,022 crore for the first quarter ended June 30, 2023.

The drug major had reported a net profit of Rs 2,061 crore in the April-June period a year ago.

The company said its adjusted net profit (excluding the exceptional items) for the June quarter stood at Rs 2,345 crore, up 14 per cent over the same period last year.

Total income rose to Rs 12,145 crore in the first quarter as against Rs 10,764 crore in the year-ago period, Sun Pharma said in a regulatory filing.

"All our businesses continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24," Sun Pharma Managing Director Dilip Shanghvi said.

The US has led the revenue growth in the first quarter and global specialty business has continued to increase as a share of the revenues, he added.

The Mumbai-based company said its formulation sales in the US stood at USD 471 million recording a growth of 12 per cent over Q1 last year, accounting for over 33 per cent of total consolidated sales.

India formulation sales accounted for about 30 per cent of the total consolidated sales, it added.

The company said it now holds an 8.3 per cent market share and is the leading player in the Rs 1,860 billion-plus Indian pharmaceutical market as per AIOCD AWACS MAT June-2023 report.

Shares of the company settled 0.40 per cent up at Rs 1,140.85 apiece on the BSE.