Sun Pharmaceutical Industries on Wednesday reported a profit growth of 33.8 per cent on-year to Rs 2654.58 crore in comparison to Rs 1984.47 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 11,982.90 crore, up 9.6 per cent as against Rs 10,930.67 crore during the fourth quarter of previous fiscal year. The company EBITDA stood at Rs 3034 crore. According to a CNBC TV18 poll, Sun Pharma was expected to report Q4 profit at Rs 2377.2 crore and revenue was estimated at Rs 12,316.8 crore.
The company board recommended a final dividend of Rs 5 per equity share of Re 1 each to the shareholders for their approval at the ensuing Annual General Meeting of the company. This, it added, is in addition to the interim dividend of Rs 8.5 per share paid in FY24, taking the total dividend for FY24 to Rs 13.5 per share compared to Rs 11.5 per share for FY23.
The company also approved the appointment of Dilip Shanghvi, Managing Director of the company, as the Chairman of the Board with immediate effect.
Dilip Shanghvi, Chairman and Managing Director, said, “During FY24, two of our businesses surpassed USD 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.”
Sun Pharma Q4 performance across businesses
India Formulations: For the full year FY24, sales of formulations in India were 148,893 million, up by 9.5 per cent over the same period last year. India formulations sales were Rs 3707.80 crore for Q4FY24, up 10.2 per cent from Q4 last year and accounted for 31.4 per cent of total consolidated sales for the quarter.
US Formulations (including Taro): Formulation sales in the US for the full year FY24 were US$ 1,854 million, up 10.1 per cent over the same period last year. US formulation sales were US$ 476 million for Q4FY24, recording a growth of 10.9 per cent over Q4 last year and accounted for 33.5 per cent of total consolidated sales for the quarter.
Taro Pharmaceuticals: Taro’s full year FY24 sales were US$ 629 million, up 9.8 per cent. Taro’s reported net profit for FY24 was US$ 53.9 million in comparison to US$ 25.4 million in FY23. Taro posted Q4FY24 sales of US$ 165 million.
Emerging Markets: Sun Pharma said that formulation sales in emerging markets for the full year FY24 were US$ 1,041 million, up 5.9 per cent over the same period last year. Emerging Markets sales were US$ 245 million for Q4FY24, up 10.8 per cent over Q4 last year and accounted for 17.2 per cent of total consolidated sales for the quarter.
Rest of World Markets: Formulation sales in Rest of World (RoW) markets for the full year FY24 were US$ 811 million, up 7.8 per cent YoY. RoW market sales were US$ 196 million for Q4FY24, up 2.5 per cent over Q4 last year and accounted for approximately 13.8 per cent of total consolidated sales for the quarter.
Active Pharmaceutical Ingredients (API): For the full year FY24, external API sales were at Rs 1918.70 crore, down 2.7 per cent on-year. External sales of API were at Rs 415.80 crore for Q4FY24, up by 7.9 per cent.
R&D update
“Our R&D efforts span across both specialty and generic businesses and we continue to invest in strengthening the product pipeline for various markets. Our specialty R&D pipeline comprises 6 molecules undergoing clinical studies,” the company said. Sun Pharma has a comprehensive product offering in the US market consisting of 531 approved ANDAs while filings for 104 ANDAs await US FDA approval, including 29 tentative approvals. Additionally, the portfolio included 51 approved NDAs while 14 NDAs await US FDA approval. For the quarter, 11 ANDA were filed and 2 approvals were received, it stated.