Sun Pharmaceutical Industries Limited on Thursday reported financials for the first quarter ending June 30th, 2023, the company announced through an exchange filing.
Highlights of Q1FY24 consolidated financials
• Gross sales at Rs 117,852 million, growth of 10.7 percent vs Q1 last year.
• India formulation sales at Rs 35,604 million, up 5.1 percent vs Q1 last year.
• US formulation sales at US$ 471 million, up 12 percent vs Q1 last year.
• Global specialty sales at US$ 232 million, up 21 percent vs Q1 last year.
• Global specialty sales accounted for 16.2 percent of Q1FY24 sales.
• Emerging Markets formulation sales at US$ 261 million, up 6.5 percent vs Q1 last year.
• Rest of World formulation sales at US$ 195 million, up 2.6 percent vs Q1 last year.
• R&D investments at Rs 6,796 million compared to Rs 4,608 million for Q1 last year.
• EBITDA at Rs 33,318 million, up 15.5 percent vs Q1 last year. EBITDA margin for Q1 at 27.9 percent vs 26.8 percent for Q1 last year.
• Adjusted net profit (excluding the exceptional items) for Q1FY24 was Rs 23,454 million, up 13.8 percent over Q1 last year. Reported net profit for Q1FY24 was Rs 20,225 million compared to net profit Rs 20,609 mn for Q1 last year.
“All our business continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24. US has led the revenue growth in Q1 and Global Specialty has continued to increase as a share of our revenues. I am excited about the progress in our specialty pipeline and the potential for offering new treatments for patients in need,” said Dilip Shanghvi, Managing Director of the Company.
India Business – Market Leadership
Sales of formulations in India for Q1FY24 were at 35,604 million, up 5.1 percent over Q1 last year. India formulation sales accounted for about 30 percent of total consolidated sales.
US Formulations (including Taro)
Formulation sales in the US were US$ 471 million recording a growth of 12 percent over Q1 last year; accounting for over 33 percent of total consolidated sales.
Taro Performance
Taro posted Q1FY24 sales of US$ 159 million, up by 1.4 percent YoY and reported net profit of about US$ 10 million, lower by 28.9 percent over net profit of Q1 last year. Excluding the impact from certain one-time items in the current year quarter, net income was $ 14.9 million as against the net profit of $ 14.1 million of Q1FY23.
Emerging Markets
Sales in Emerging Markets were at US$ 261 million for Q1, a growth of 6.5 percent over Q1 last year. Overall sales in Emerging Markets accounted for about 18 percent of total consolidated sales for the quarter.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
