Drug major Sun Pharmaceutical Industries on Thursday reported an over two-fold jump in consolidated net profit to Rs 894.15 crore for the quarter ended March 2021, mainly on account of robust performance in the Indian market.
The company had posted a net profit of Rs 399.84 crore in the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing.
Consolidated total revenue from operations stood at Rs 8,522.98 crore for the quarter under consideration. It was Rs 8,184.94 crore in the same period a year ago, it added.
For the full fiscal 2020-21, the company posted a net profit of Rs 2,903.82 crore as against Rs 3,764.93 crore in the previous financial year.
The company’s total revenue from operations stood at Rs 33,498.14 crore for the financial year ended March 2021. It was Rs 32,837.50 crore in FY20, it added.
“FY21 was a year marked by a highly volatile business environment due to the global Covid-19 pandemic and lockdowns in various countries.
“Despite these challenges, I am happy to see that we have been able to maintain business continuity and record positive overall growth,” Sun Pharmaceutical Industries MD Dilip Shanghvi said.
While the company’s India business continues to outperform the average industry growth, its global specialty sales have continued to show an improving trend. Global sales of drug Ilumya for the year have grown by 51 per cent to USD 143 million, he added.
“The company has repaid debt of about USD 580 million in FY21 compared to the debt as of March 31, 2020,” Sun Pharma said.
Sales of branded formulations in India for Q4 FY21 were at Rs 2,670.9 crore, up by 12.9 per cent over the fourth quarter last year, accounting for 31.7 per cent of total sales.
For the full year FY21, sales rose 6.5 per cent to Rs 10,343.2 crore, it added.
“Sales in the US were USD 370 million, a decline of 1.3 per cent over Q4 last year and accounting for about 32 per cent of total consolidated sales. For full year FY21, sales were USD 1,360 million recording a de-growth of 8.5 per cent over same period last year,” Sun Pharma said.
The company’s sales in emerging markets were at USD 192 million for the fourth quarter, a growth of 2.8 per cent over Q4 last year. Overall sales in the emerging markets accounted for about 17 per cent of total consolidated sales for the quarter.
For the full year FY21, sales were USD 780 million, flat over the same period last year, it added.
“Formulation sales in Rest of World (ROW) markets, excluding US and Emerging Markets, were USD 163 million in Q4FY21, up by 5.5 per cent over Q4 last year and accounted for approximately 14 per cent of total consolidated sales.
“For the full year FY21, sales were USD 650 million, up by 1.9 per cent over same period last year,” Sun Pharma said.
For the fourth quarter of fiscal year 2020-21, external sales of API were at Rs 435.7 crore, down 9.9 per cent over Q4 last year. For FY21,
API sales were at Rs 1,950.4 crore, up by 1.8 per cent.
Consolidated R&D investment for the quarter under consideration was Rs 557.1 crore, or 6.6 per cent of sales as compared to Rs 536 crore (6.6 per cent of sales) for Q4 last year.
For the full year FY21, R&D expense was Rs 2,149.9 crore, or 6.5 per cent of sales, Sun Pharma said.
The company’s board has recommended payment of final dividend of Rs 2 per equity share of Re 1 each for the year ended March 31, 2021, it added.
Shares of Sun Pharmaceutical Industries closed at Rs 699.75 per scrip on BSE, down 0.55 per cent from its previous close.