Sun Pharmaceutical Industries rallied 5.09% to Rs 940.25 after the pharma major's consolidated net profit surged 42.7% to Rs 2,060.88 crore on 10.08% increase in revenue from operations to Rs 10,643.97 crore in Q1 FY23 over Q1 FY22.
The drug maker said that excluding covid products sales for Q1 last year, overall sales are up about 14%.
Consolidated profit before tax (PBT) jumped 26.64% to Rs 2,284.84 crore in the first quarter from Rs 1804.22 crore posted in the same period last year.
The R&D investments stood at Rs 460.8 crore in Q1 FY23 as compared to Rs 592.6 crore recorded in Q1 FY22. EBITDA was at Rs 2,884.4 crore (including other operating revenues), with EBITDA margin at 26.8%.
Sales of formulations in India for Q1 FY23 were at Rs 3,387.1 crore, up 13% on like-to-like basis, excluding covid products sales of Q1 last year. On reported basis, the growth is 2.4% over Q1 FY22. India formulation sales accounted for about 32% of total consolidated sales.
Formulation sales in the US stood at $420 million in Q1 FY23, recording a growth of 10.7% as against the corresponding quarter last year; accounting for over 30% of total consolidated sales.
The emerging markets formulation sales stood at $245 million for Q1FY23, registering a growth of 12.6% over Q1 last year. Overall sales in Emerging Markets accounted for about 18% of total consolidated sales for the quarter.
Formulation sales in Rest of World (ROW) markets, excluding US and Emerging Markets, were $190 million in Q1 FY23, up by 2.6% over Q1 FY22 and accounted for approximately 14% of total consolidated sales.
Dilip Shanghvi, managing director of the company said, For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-round growth across markets. Specialty business has grown by 29% driven by Ilumya, Cequa, Odomzo and Winlevi. Our India business continues to grow faster than market, leading to increase in market share. We have been able to report healthy margins despite rising costs. We continue to focus on expanding our global specialty business, growing all our businesses and improving our market share.
Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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