Sun Pharma Q2 net profit rises 13% to Rs 2,047 crore

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Updated: November 02, 2021 4:33 PM

The company had posted a net profit of Rs 1,812.79 crore for the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing.

sun pharmaShares of Sun Pharmaceutical Industries were trading at Rs 816.05 per scrip on BSE, up 0.53 per cent from its previous close.

Drug major Sun Pharmaceutical Industries on Tuesday reported a 12.92 per cent rise in its consolidated net profit to Rs 2,047.01 crore for the quarter ended September 30, 2021, on account of robust sales across markets.

The company had posted a net profit of Rs 1,812.79 crore for the corresponding period of the previous financial year, Sun Pharma said in a regulatory filing.

Its consolidated revenue from operations during July-September 2021 stood at Rs 9,625.93 crore, compared with Rs 8,553.13 crore in the year-ago period, it added.

“Following our good Q1 performance, we have sustained the positive momentum in Q2 (second quarter) with a topline (revenue) growth of 13 per cent y-o-y, driven by a broad-based growth across multiple geographies,” Sun Pharmaceutical Industries Managing Director Dilip Shanghvi said.

The company’s global specialty business has grown by 43 per cent over Q2 last year. Ilumya has grown both year-on-year and sequentially. Its India business continues to do well with a growth of 26 per cent year-on-year, it added.

“We remain steadfast in our focus on growing our overall business and simultaneously strengthening our global specialty portfolio. The recent launch of Winlevi in US and Ilumya in Canada is a step forward in this direction,” Shanghvi said.

The company has repaid debt of about USD 209 million in the first half of FY22 compared to the debt as of March 31, 2021. With this debt repayment, Sun Pharma had a net cash of about USD 200 million as of September 30, 2021, on ex-Taro basis, Sun Pharma said.

“Sale of branded formulations in India for Q2FY22 was at Rs 3,187.8 crore, up by 26 per cent over Q2 last year and accounting for 33 per cent of the total sales,” it added.

The company is ranked No. 1 and has increased its market share to 8.1 per cent in the Indian pharmaceutical market, as per AIOCD AWACS MAT September-2021 report. For Q2FY22, the company launched 28 new products in the Indian market, Sun Pharma said.

The sales in the US, including Taro, were at USD 361 million (around Rs 2,695 crore), a growth of eight per cent over the second quarter last year and accounting for about 28 per cent of the total consolidated sales, it added.

“Our sales in emerging markets were at USD 243 million (around Rs 1,814 crore) for Q2, a growth of 16 per cent over Q2 last year and accounting for about 19 per cent of total consolidated sales for the quarter,” Sun Pharma said.

Formulation sales in the rest of world (ROW) markets, excluding US and emerging markets, stood at USD 188 million (around Rs 1,400 crore) in the second quarter of FY22, up by about five per cent over the same quarter last year and accounting for about 15 per cent of the total consolidated sales, it added.

For the second quarter of FY22, external sales of active pharmaceutical ingredients (API) stood at Rs 435.8 crore, lower by about 15 per cent over the corresponding period of the last year, driven mainly by lower opiates sales, Sun Pharma said.

“Our API (active pharmaceutical ingredient) business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supplies for captive consumption relating to our key products,” it added.

Consolidated research and development investment for the second quarter of FY22 was Rs 536.4 crore, compared with Rs 612.7 crore for Q2 last year.

The reduction is due to spill-over of certain clinical studies into subsequent quarters, Sun Pharma said.

Shares of Sun Pharmaceutical Industries on Tuesday closed at Rs 814.60 per scrip on the BSE, up 0.35 per cent from its previous close.

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