Sun Pharmaceutical Industries announced on November 1 that its consolidated net profit for the quarter ended in September increased by 8.2 percent year over year to Rs 2,260 crore, exceeding analysts’ expectations of Rs 1,968.4 crore.
In line with analysts’ expectations, the pharmaceutical company recorded a 13.8 percent increase in consolidated revenue from operations to Rs 10,952.3 crore for the quarter.
According to the company, it recorded foreign exchange-related losses of Rs 240 crore during the quarter as opposed to Rs 76 crore in the same quarter last year.
Strong performance in the US formulations business, which climbed 14.1 percent on an annual basis to $412 million, was the driving factor behind the company’s gain in topline.
The Indian formulations market also experienced strong year-over-year growth of 8.5% to Rs 3,460 crore, helped by a low base in the prior quarter.
The emerging market division generated revenues of $259 million, up 6.7 percent from the same quarter last year, outside of the US and India.
Overall, Sun Pharmaceutical’s consolidated operating profit increased 12.4 percent year over year to Rs 2,957 crore in the reporting quarter, much exceeding the Street’s forecast of Rs 2,719.9 crore.
The pharmaceutical company exceeded experts’ predictions of a 25 percent operating margin by reporting a consolidated operating margin of 27 percent, up from 27.3 percent a year earlier.
On November 1, the company’s shares on the National Stock Exchange closed 2.1 percent higher at Rs 1,036.6.