Sun Pharma Q4 Results: Mumbai-Based Firm's Net Profit Rises To Rs 1,984 Crore On Robust Sales

The company in its regulatory filing said that excluding the exceptional items, adjusted net profit for the fourth quarter of last fiscal stood at Rs 2,156 crore, up 36 per cent.

Sun Pharmaceutical Industries on Friday reported a consolidated net profit of Rs 1,984 crore for the fourth quarter that ended March 31, 2023, aided by robust sales across markets. In the same quarter last year, the Mumbai-based company recorded a net loss of Rs 2,277 crore.

The company in its regulatory filing said that excluding the exceptional items, adjusted net profit for the fourth quarter of last fiscal stood at Rs 2,156 crore, up 36 per cent, over the fourth quarter of the fiscal year 2021-22. 

Total revenue from operations rose 15.7 per cent to Rs 10,931 crore for the March quarter as compared with Rs 9,447 crore in the year-ago period.

In the fiscal year ending on March 31, 2023, the pharmaceutical company reported a net profit of Rs 8,474 crore, compared to Rs 3,273 crore in FY22. Excluding exceptional items, the adjusted net profit for FY23 reached Rs 8,645 crore, marking a 13 per cent increase over the previous fiscal year. Total revenue from operations rose to Rs 43,886 crore from Rs 38,654 crore in FY22.

The company's board recommended a final dividend of Rs 4 per share for the financial year 2022-23.

“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,'' said Dilip Shanghvi, Managing Director, Sun Pharma.

In terms of operations, the company's fourth-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) reached Rs 2,803 crore, showing a 19.7 per cent increase compared to Rs 2,340.4 crore in the corresponding period of the previous year.

The annual revenue growth was driven by double-digit expansion in the specialty segment and strong sales in the domestic formulations business, supported by the sales of the generic Revlimid in the US market, the regulatory filing showed. 

For FY23, the company's formulation sales in the US amounted to $1,684 million, marking a 10.3 per cent increase from the previous year. In Q4FY23, US formulation sales reached $430 million, demonstrating a growth of 10.5 per cent compared to Q4 of the previous year, and accounted for approximately 33 per cent of the total consolidated sales for the quarter.