Sun Pharma Q1 Result: Net Profit Dips 2 Per Cent To Rs 2,022 Crore

Sun Pharma's 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 its formulation sales in the US stood at $471 million recording a growth of 12 per cent over Q1 last year, accounting for over 33 per cent of total consolidated sales.

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Indian pharma firm, Sun Pharmaceutical Industries, on Thursday clocked a 2 per cent fall in its consolidated net profit at Rs 2,022 crore for the first quarter (Q1) ended June 30. The drug company had logged a net profit of Rs 2,061 crore in April-June in the year-ago period. The Mumbai-based drugmaker 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.

The company's 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. "US has led the revenue growth in Q1 and global specialty has continued to increase as a share of our revenues," said Shanghvi said in a press statement.

The pharma firm said its formulation sales in the US stood at $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.

The shares had hit a 52-week high of Rs 1169.70 ahead of the result announcement. Shares of Sun Pharma closed 0.40 per cent up at Rs 1,140.85 apiece on the BSE on Thursday.