Sun Pharma Q2 Results: Profit Rises 11%, Beats Estimates
Sun Pharmaceutical Industries Ltd.'s second-quarter profit rose beating estimates.
India's largest drugmaker reported a consolidated net profit of Rs 2,262 crore in the July-September quarter, up 11% from a year earlier, according to its exchange filing. That compares with the Rs 1,965-crore consensus estimate of analysts tracked by Bloomberg.
Sun Pharma Q2 FY23 Highlights (YoY)
Revenue rose 14% to Rs 10,952 crore, compared with an estimate of Rs 10,809 crore.
Ebitda was up 18% at Rs 3,198 crore, against the Rs 2,782-crore forecast.
Margin stood at 29.2% versus 28.1%. Analysts had estimated it at 25.7%.
Other Highlights (YoY)
Revenue from India formulations or finished drugs rose 9% to Rs 3,460 crore, accounting for 32% of the total sales.
U.S. formulation sales, including Taro, rose 14% to Rs 3,291 crore, accounting for 30% of the consolidated sales.
Emerging market sales increased 7% to Rs 2,070 crore, while the rest-of-the-world sales fell around 4% to Rs 1,444 crore. These two account for 19% and 13%, respectively, of the total consolidated sales.
External sales of bulk drugs or active pharmaceutical ingredients stood at Rs 473 crore, up around 9%.
Consolidated R&D investment was at Rs 571 crore, down 7% over Q2 FY22. It accounts for 4.8% of sales for H1 FY23.
The company launched 34 new products in the domestic market during the quarter. It also received approvals for two abbreviated new drug applications.
Sun Pharma's share in the Indian market, according to AIOCD-AWACS MAT September 2022 report, was at 8.6% up 50 basis points—the highest in the country.
"For Q2, we recorded double-digit top line growth and strong margins driven by market share gain in India, sustained ramp up of our global specialty business and growth in emerging markets," according to Sun Pharma's Managing Director Dilip Shanghvi.
Global specialty business grew 27.5%, driven by Ilumya, Cequa and Winlevi products, he said.
"We continue to focus on expanding our global specialty business and growing all our businesses."
Shares of Sun Pharma were trading 2.17% higher after results were announced on Tuesday, compared with a 0.5% gain in the benchmark Sensex at 1:51 p.m.
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