For the quarter that ended in June 2023, Sun Pharmaceutical Industries Ltd. reported a net profit of ₹2,022.54 crore, 1.86% less than the same time the previous year at ₹2,060.88 crore.
In Q1FY24, the company’s operating revenue increased by 10.95% to ₹11,940.84 crore, up from ₹10,761.76 crore in the same quarter the previous year.
YoY, earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed by 27.4% to ₹3,332 crore during the quarter from ₹2,614.4 crore.
YoY, the EBITDA margin increased by 230 basis points (bps), from 25.6% to 27.9%.
Sales of Sun Pharma’s formulations in India increased 5.1% to ₹3,560.4 crore. US formulation sales reached $471 million, a 12% YoY increase. More over one-third of the company’s total consolidated sales came from sales in the US.
Taro reported Q1FY24 revenues of $159 million, up 1.4% YoY, and a net profit of roughly $10 million, down 28.9% from the same period the previous year.
“Net income was $14.9 million in the current year quarter, excluding the impact from certain one-time items, compared to the net profit of $14.1 million in Q1FY23,” the business stated.
The company’s 232 million global specialty sales increased 21% year over year. Sun Pharma said that 16.2% of Q1FY24 sales came from worldwide speciality sales.
“Every aspect of our business grew this quarter, and we are in a good position to achieve our growth targets for FY24. “Global Specialty has continued to increase as a share of our revenues, and the US has led the revenue growth in Q1,” stated Dilip Shanghvi, Managing Director of Sun Pharmaceutical Industries.
External API sales for Q1FY24 were ₹5,396 million, a 9.9% decrease over Q1 of the previous year.
The quarter’s decline in consolidated net profit was partially caused by one-time charges amounting to ₹323 crore.
Due to the devaluation of the Nigerian Naira versus the US dollar, the company had a foreign exchange loss of 122.92 crore and a one-time charge of ₹149.21 crore for the impairment of an intangible asset. Additionally, it paid ₹50.74 crore in one-time transitional costs for the anticipated move of Alchemee activities from California to New York.
The price of a share of Sun Pharma was 1.50% higher at ₹1,153.35 on the BSE at 2:30 pm.
