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Sun Pharma Q2 Results: Profit Rises 5%, Meets Estimates

Revenue rose 11% to Rs 12,192 crore.

<div class="paragraphs"><p>Representational Image (Source: Unsplash)</p></div>
Representational Image (Source: Unsplash)

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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