Sun Pharmaceutical Industries on Tuesday reported a 10.51 per cent year-on-year (YoY) rise in net profit at Rs 2,262.20 crore in the September quarter compared with Rs 2,047.01 crore in the same quarter last year. The drug maker said its profit growth was hit by lower other income.
Gross sales for the quarter came in at Rs 10,809 crore, up 13.1 per cent. The India formulation sales stood at Rs 3,460 crore, up 8.5 per cent YoY while the US formulation sales including that of Taro’s came in at $ 412 million, up 14.1 per cent.
Ebitda for the quarter came in at Rs 2,956.50 crore, up 12.4 per cent YoY. Ebitda margin for the September quarter fell 30 basis points to 27 per cent from 27.3 per cent in the year-ago quarter.
Managing Director Dilip Shanghvi said, “For Q2, we recorded double-digit topline growth and strong margins driven by market share gain in India, sustained ramp-up of our global specialty business and growth in Emerging Markets. Global specialty business has grown by 27.5% driven by Ilumya, Cequa and Winlevi.”
Shanghvi said his company has been focusing on expanding global specialty business.
Sales for global specialty business stood at $200 million in the second quarter, up 27.5 per cent. Emerging Markets formulation sales stood at $259 million, up 6.7 per cent. The rest of world formulation sales came in at $ 181 million, down 3.8 per cent, hurt by adverse currency movements.
The R&D investments for the quarter stood at Rs 571 crore compared with Rs 536.40 crore YoY, the company said in a BSE filing. Following the results, the stock climbed 3.17 per cent to hit a high of Rs 1,048.25 on BSE.
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