Sun Pharma Q4 Results 2024: Net Profit Rises 34% to ₹2,654.5 Crore, Final Dividend of ₹5 Announced

Tanushree Jaiswal Tanushree Jaiswal 22nd May 2024 - 05:43 pm
Listen icon

Synopsis

Sun Pharmaceutical Industries Ltd. announced a consolidated net profit of ₹2,654.5 crore for the quarter ending in March, exceeding analysts' expectations and marking a 34% increase from the same period in the previous year.

Quarter Result Performance

Sun Pharmaceutical Industries, India's largest domestic drug manufacturer, announced a significant 33.8% increase in its consolidated net profit for the quarter ending March 21, 2023 (Q4), reaching ₹2,654.58 crore. In the corresponding period of the previous financial year (FY23), the pharmaceutical company had reported a net profit of ₹1,984.47 crore. Sequentially, the profit witnessed a modest 5.2% growth from ₹2,523.75 crore recorded in the preceding quarter (Q3).

The company's total revenue from operations for Q4 was ₹11,982.9 crore, a 9.6% increase compared to ₹10,930.67 crore in Q4 of the previous year. However, revenue declined by 3.2% sequentially, from ₹12,380.7 crore reported in Q3.

The company's Ebitda for the fourth quarter ended March 31, 2024, increased by 8.3% year-over-year, reaching ₹3,034 crore. This result closely matched the anticipated figure of ₹3,032 crore.

Despite a slight 30 basis point decrease from the previous year, the Ebitda margin experienced a 70 basis point increase, rising from an estimated 24.6% to 25.3%.

India's formulation sales witnessed a 10.2% YoY surge, amounting to ₹3,707 crore, accounting for 31.4% of the overall consolidated sales. Sun Pharma's US formulation sales surged by 10.9% to $476 million compared to the previous year, while the emerging markets formulation sales increased by 10.8% to $245 million for the quarter.

The pharmaceutical company achieved a consolidated net profit of ₹9,576.38 crore for the fiscal year, representing a 13% increase compared to the ₹8,473.58 crore reported at the end of the previous fiscal year. Revenue from operations grew by 10.5% to ₹48,496.85 crore, up from ₹43,885.68 crore at the end of the prior fiscal year.

India's formulation sales for FY24 amounted to ₹14,889.3 crore, exhibiting a 9.5% growth. United States sales surged by 10.1% to reach $1,854 million. Sales in the rest of the world experienced a 7.8% growth, reaching $811 million. Formulation sales in emerging markets saw a 5.9% increase, reaching $1,041 million.

The board of the company also recommended a final dividend of ₹5 per equity share of ₹1, for the financial year 2023-24.

Sun Pharmaceutical Industries Ltd. Commentary

Speaking on the quarter results, Chairman and Managing Director Dilip Shanghvi said, "During FY24, two of our businesses surpassed $1 billion in annual sales, namely Global Specialty and Emerging Markets. This achievement of critical mass in key markets is a testimony to several years of hard work put in by respective teams. We shall continue to build our specialty portfolio and invest further to gain scale across our businesses.”

How do you rate this article?

Characters remaining (1500)

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

FREE Trading & Demat Account
+91
''
Resend OTP
''
''
Please Enter OTP
''
By proceeding, you agree T&C*
Mobile No. belongs to