Sun Pharma swings to profit in Q4; firm declares final dividend of Rs 4

Sun Pharma Q4 results:  Sun Pharma on May 26, Friday, reported a consolidated profit of Rs 1,984.47 crore for the quarter ended March 2023 against a loss of Rs 2,277.25 crore in the year-ago period. The number was in-line with analysts' estimates. For instance, Zee Business Research had projected the company to report a profit after tax (PAT) of Rs 1,982 crore for the January-March period. It must be noted that the base year had an exceptional expense of Rs 3,936 crore.

Revenue from operations for the quarter under review came in at Rs 10,725.57 crore, up 14 per cent against Rs 9,386 crore registered in the corresponding quarter of the previous fiscal. Total revenue from operations stood at Rs 10,930.67 crore, up 15.7 per cent against Rs 9,446.76 crore in the year-ago period. Zee Business Research had estimated the company's consolidated revenue to rise 16 per cent year-on-year (YoY) to Rs 10,980 crore against Rs 9,447 crore reported in the year-ago period. 

EBITDA or earnings before interest, tax, depreciation, and amortisation came in at Rs 2,802.1 crore, up 19.7 per cent YoY while EBITDA margin for Q4 came in at 25.6 per cent against 24.8 per cent in Q4FY22. ZEE Business Research had pegged EBITDA at  Rs 2,844 crore, up 31 per cent against Rs 2,179 crore a year ago while margins were seen at 25.9 per cent against 23.1 per cent in the same quarter of the preceding fiscal. 

Among other highlights, India formulation sales for the March quarter were Rs 3,364.1 crore, up 8.7 per cent vs Q4 last year while US formulation sales were at $430 million, up 10.5 per cent vs Q4 last year. Global speciality sales stood at $244 million during the quarter under review, including the $6.8 million milestone received in Q4. "Ex-milestone, it was up 28 per cent vs Q4 last year", the company said in its earnings release.

Dilip Shanghvi, Managing Director of the Company said, “I am pleased with the well-rounded growth demonstrated in FY23 by the company. 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.”