Sun Pharma posts Q4FY23 profit at Rs 1,984.47 crore, revenue up 15.7% on-year; dividend declared

Sun Pharmaceutical on Friday posted its fiscal fourth quarter profit at Rs 1,984.47 crore in comparison to a loss of Rs 2,277.25 crore in the same quarter last year. It posted revenue from operations at Rs 10,930.67 crore, up 15.7 per cent as against Rs 9,446.76 crore in the fourth quarter of FY22. According to a CNBC TV18 poll, Sun Pharma was expected to post a profit of Rs 1949.4 crore and revenue for the quarter at Rs 11,108.5 crore. Sun Pharma’s total income for the fourth quarter was at Rs 11,303.95 crore while total expenses during the quarter was Rs 8,892.81 crore. The Board also recommended a final dividend of Rs 4 per equity share of Re 1 each. “This is in addition to the interim dividend of Rs 7.5 per share paid in FY23, taking the total dividend for FY23 to Rs 11.5 per share compared to Rs 10 per share for FY22,” it said in the regulatory filing. 

“Several of our businesses including Specialty, India and Emerging markets have continued to progress well. Our Specialty business remains on a 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 needs in alopecia areata patients,” said Dilip Shanghvi, Managing Director, Sun Pharma. Sun Pharma announced the successful completion of its acquisition of Concert Pharmaceuticals, Inc in March 2023.

Sun Pharma’s performance across business verticals

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While Sun Pharma’s gross sales for the quarter was at Rs 10725.60 crore, up 14.3 per cent vs Q4 last year, its India formulation sales was at Rs 3364.10 crore, US formulation sales at Rs 3534.32 crore, emerging markets sales at Rs 1820.37 crore and rest of the world formulation at Rs 1574.39 crore. Global specialty sales accounted for 18.2 per cent of Q4FY23 overall sales and R&D investments for the quarter was at Rs 665.70 crore compared to Rs 543.30 crore for Q4 last year. The company EBITDA stood at Rs 2802.10 crore, up 19.7 per cent from Q4FY22. 

“Sun Pharma holds 8.3 per cent market share and is ranked No. 1 in the Rs. 185.00 thousand crore plus Indian pharmaceutical market as per AIOCD AWACS MAT March-2023 report. For Q4FY23, the company launched 24 new products in the Indian market,” it said.