Sun Pharma Q1 Results: Net profit drops 2% YoY to Rs 2023 crore
Sun Pharma on Thursday reported a 2% year-on-year (YoY) drop in net profit to Rs 2023 crore in Q1FY24 due to exceptional items worth Rs 323 crore. The company reported a net profit of Rs 2061 crore during the corresponding quarter of the same period. Revenue rose 10.7% YoY to Rs 11,785 crore in Q1FY24.
Excluding exceptional items, net profit for Q1FY24 has grown 13.8% to Rs. 2345 crore. The exceptional items included a Rs 149 crore impairment charge of an acquired intangible asset under development, Rs 123 crore loss foreign exchange loss pertaining to Ranbaxy Nigeria due to the devaluation of local currency there against the US dollar, and $6.2 million planned relocation of Achemee operations from California to New York.
The earnings for interest, tax, depreciation, and ammortisation (EBITDA) rose 15.5% to Rs. 3332 crore in Q1, and EBITDA margins expanded 110 basis points YoY to 27.9%. India formulation sales rose 5.1% YoY to Rs.
3560 crore in Q1FY24. India accounts for 30% of Sun Pharma's sales. Sun Pharma holds 8.3% market share and is ranked number one in the Rs.
Rs 1,86 lakh crore Indian pharmaceutical market as per AIOCD AWACS MAT June-2023 report. In Q1FY24, the company launched 10 new products in the Indian market. The US formulation sales were up 12% YoY to 3871 crore.
US formulation sales accounted for one-third of consolidated sales. While emerging markets formulation sales rose 6.5% YoY to Rs 2145 crore, rest-of-the-world (RoW) formulation sales grew 2.6% YoY to Rs 1604 crore. Global specialty drug sales accounted for 16.2% of Q1 sales.
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