Sun Pharma shares Q4 results. Profit at Rs 1,985 crore, Rs 4 dividend announced; stock up

Sun Pharmaceuticals Industries Ltd (Sun Pharma) on Friday reported a consolidated net profit of Rs 1,984.47 crore for the March quarte compared with a profit of Rs 2,166 crore in the March quarter and a loss of Rs 2,277.25 crore in the same quarter last year. Excluding the exceptional items, adjusted net profit for Q4FY23 was Rs 2,155.90 crore, up 36.3 per cent. The adjusted profit growth print came in better than Street expectations.

Revenue for the quarter rose 14.27 per cent YoY to Rs 10,725.57 crore compared with Rs 9,386.08 crore in teh corresponding quarter last year. The revenue growth was in line with analyst projections of 14-17 per cent growth.

The company, which completed the acquisition of Concert Pharmaceuticals in the March quarte, said its board has declared a final dividend of Rs 4 per share for FY23. Following the results, Sun Pharma shares rose 3.38 per cent to hit a high of Rs 976.65 on BSE.

Sun Pharma said India Formulation sales stood at Rs 3,364.10 crore for the March quarter, up 8.7 per cent YoY. India Formulation sales accounted for 31 per cent of total consolidated sales for the quarter. Adjusting for the Covid-related product sales in the year-ago quarter, the sales growth for the Q4FY23 was 9.8 per cent. Sun Pharma said it holds 8.3 per cent market share and is ranked one in the Rs 1,85,000 crore Indian pharmaceutical market as per AIOCD AWACS MAT March-2023 report. For the March quarter, the company launched 24 new products in the Indian market

US formulation sales for the quarter stood at $430 million, up 10.5 per cent YoY. Global specialty sales stood at $ 244 million, which included including $6.8 million milestone received in Q4. Ex-milestone, up sales was up 28 per cent YoY.

Taro posted sales of $147 million for the quarter, up 2.3 per cent YoY. Taro's profit came in at $6.9 million, down 74.7 per cent over adjusted net profit of Q4 last year.

External sales of active pharma ingredients (APIs) stood at Rs 385.20 crore for Q4FY23, down 6.9 per cent YoY.

.Managing Director Dilip Shanghvi said, “I am pleased with well-rounded growth demonstrated in FY23 by the company. Several of our businesses including Specialty, India and Emerging markets have continued to progress well. Our Specialty business remains on growth path and we are committed to continue scaling it up. Acquisition of Concert helps further strengthen our portfolio in dermatology. I believe deuruxolitinib can become a leading product to address highly unmet need in alopecia areata patients.”

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