Sun Pharmaceutical Industries Q4 Results: Profit Rises 34%, Beats Estimates

Sun Pharmaceutical Industries Ltd.'s consolidated net profit increased 33.8% in the fourth quarter of fiscal 2024, and surpassed analysts' estimates.

The company posted a net profit of Rs 2,654 crore in the quarter-ended March, as compared with Rs 1,984 crore in the year-ago period, according to an exchange filing on Wednesday. Analysts tracked by Bloomberg had estimated a profit of Rs 2,441 crore.

The other income for the company increased 62% YoY to Rs 605 crore versus Rs 373 crore.

• Revenue up 9.6% to Rs 11,983 crore (Bloomberg estimate: Rs 12,233.06 crore).

• Ebitda up 9.3% to Rs 3,092 crore (Bloomberg estimate: Rs 3,234.42 crore).

• Margin at 25.8% versus 25.9% (Bloomberg estimate: 26.40%).

• Net profit up 33.8% to Rs 2,654 crore (Bloomberg estimate: Rs 2,441.25 crore).

India Formulations

For the full year FY24, sales of formulations in India were at Rs 148,89.3 crore, up by 9.5% over the same period last year. India formulations sales were at Rs 37,07.8 crore for Q4, a growth of 10.2% over the same period last year, and accounted for 31.4% of total consolidated sales for the quarter.

US Formulations (including Taro)

Sales in the US for the full year FY24 were at $1,854 million, up 10.1% over the same period last year. US formulation sales were at $476 million for Q4 FY24, a growth of 10.9% over the same quarter last year, and accounted for 33.5% of total consolidated sales for the quarter.

Taro Pharmaceuticals

Taro’s full year FY24 sales was at $629 million, up 9.8%. Taro’s reported net profit for FY24 was $53.9 million, as compared with $25.4 million in FY23. Taro posted Q4 FY24 sales of $165 million, up by 12.5%.

Emerging Markets

Formulation sales in Emerging Markets for the full year FY24 was at $1,041 million, up 5.9% over the same period last year. Emerging Markets sales was at $245 million for Q4, a growth of 10.8% over the same quarter last year, and accounted for 17.2% of total consolidated sales for the quarter.

Rest Of World Markets

Formulation sales in Rest of World markets for the full year FY24 was at $811 million, up 7.8% over the same period last year.

RoW market sales was at $196 million for Q4 FY24, a growth of 2.5% over the same quarter last year, and accounted for approximately 13.8% of total consolidated sales for the quarter.

Active Pharmaceutical Ingredients

For the full year FY24, external API sales was at Rs 19,18.7 crore, lower by 2.7% over the same period last year. External sales of API was at Rs 4,15.8 crore for Q4 FY24, up by 7.9%. The company continues to focus on increasing API supply for captive consumption for key products, it said.

Shares of Sun Pharmaceutical Industries were trading 0.4% lower at Rs 1,534.95 apiece on the NSE, as compared with a 0.3% gain in the benchmark Nifty 50.