Sun Pharma Q3 results: Net profit up 17% YoY at Rs 2,524 crore; stock hits one-year high

Sun Pharmaceutical Industries Ltd on Wednesday reported a 16.52 per cent rise in third-quarter (Q3 FY24) profit, driven by strong sales in key markets such as the United States.

The company's consolidated profit after tax came at Rs 2,523.75 crore for the quarter ended December 31, 2023, as against Rs 2,166.01 crore in the same period last fiscal.

The company's board has declared an interim dividend of Rs 8.50 per share for FY24 against Rs 7.50 per share interim dividend for the previous year. 

Dilip Shanghvi, Managing Director of the company said, "We are pleased by our continued broad-based growth including in Global Specialty. We are keenly looking forward to EMA filing of Nidlegy in coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe."

Sales of formulations in India for Q3 FY24 were Rs 3,778.5 crore, up 11.4 per cent and accounting for about 31 per cent of total sales.

Formulation sales in the US were $477 million recording a growth of 13.2 per cent and accounting for over 33 per cent of total sales.

For Q3 FY24, external sales of API (Active Pharmaceutical Ingredients) were Rs 466.1 crore, lower by 9.6 per cent. We continue to focus on increasing API supply for captive consumption for key products, the pharma giant said.

The stock jumped 4.88 per cent to scale its one-year high level of Rs 1,438.50.

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