Sun Pharmaceutical Industries Ltd.'s consolidated net profit rose 5% in the second quarter, meeting estimates.
India's largest drugmaker reported a profit of Rs 2,376 crore in the quarter ended September, according to an exchange filing on Wednesday. That compares with the Rs 2,356.8-crore consensus estimates of analysts tracked by Bloomberg.
Sun Pharma Q2 FY23 Earnings Highlights (YoY)
Revenue up 11% at Rs 12,192 crore (Bloomberg estimate: Rs 12,138 crore).
Ebitda up 7.5% at Rs 3,179 crore (Bloomberg estimate: Rs 3,251 crore).
Margin at 26.1% vs 27% (Bloomberg estimate: 26.80%)
Net profit up 5% at Rs 2,376 crore (Bloomberg estimate: Rs 2,356.8 crore).
Other Highlights
Sales of formulations in India were at Rs. 38,42.5 crore, up 11% over the same period last year.
India formulation sales accounted for about 32% of total consolidated sales. For the first half of the fiscal, sales were at Rs. 74,02.9 crore, up 8.1% over the year-ago period.
Formulation sales in the US including Taro were $430 million, recording a growth of 4.2% and accounting for over 30% of total consolidated sales.
Formulation sales in emerging markets were at $284 million, a growth of 9.4% and accounting for around 20% of total consolidated sales for the quarter.
Formulation sales in rest-of-world markets were $206 million, up 14% and accounting for approximately 14% of total consolidated sales.
Shares of Sun Pharma were trading 1.05% higher compared with 0.34% fall in the benchmark NSE Nifty 50 at 1.33 p.m.
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