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Sun Pharma Q1 results: Net profit at Rs 1,444 crore; revenue beats estimates

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Sun Pharma reported a net profit of Rs 1,444.17 crore for the quarter ended June 30, against a net loss of Rs 1,655.6 crore for the corresponding period a year ago. its shares jumped 10.06 percent to end at Rs 774 after the earnings announcement.

Sun Pharma Q1 results: Net profit at Rs 1,444 crore; revenue beats estimates
Sun Pharmaceutical Industries on Friday reported a net profit of Rs 1,444.17 crore for the quarter ended June 30. The drug major had reported a net loss of Rs 1,655.6 crore for the corresponding period a year ago.
The company posted 29.17 percent top-line growth to Rs 9,669.43 crore for the April-June period. The sales from operations grew 14.25 percent on a sequential basis.
The pharmaceutical company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 2,771.8 crore, up 59 percent compared to the year-ago period. Its EBITDA margin stood at 28.7 percent.
Though Sun Pharma missed Street estimates on the net profit front, its quarterly revenue, EBITDA and margin beat forecasts.
Analysts in a CNBC-TV18 poll had estimated the company's net profit in the quarter at Rs 1,567.6 crore over revenue of Rs 8,789.9 crore. They had expected its EBITDA at Rs 2,219.8 crore and margin at 25.3 percent.
Sun Pharma said its India sales rose 39 percent on year to Rs 3,308.4 crore. US finished dosage sales grew 35 percent to $380 million, and emerging market sales at 25 percent to $218 million.
“We witnessed a strong Q1, driven by a combination of robust core business growth, low base and some sale of Covid products. We are enthused by the all-round growth across all our businesses compared to Q4 last year. Our India business continues to do well while our global specialty revenues have grown over Q4,” said Dilip Shanghvi, Managing Director, Sun Pharma.
The adjusted net profit for the quarter was at Rs 1,979.2 crore after excluding exceptional items of Rs 631.1 crore and relevant minority interest of Rs 96 crore, the company said in a press release. Its adjusted net profit margin was at 20.5 percent, Sun Pharma said.
The company said it had repaid debt of about $185 million in the first quarter of FY22.
Sun Pharma shares jumped 10.06 percent to end at Rs 774 apiece on BSE after the earnings announcement. During the session, the stock registered a 52-week peak of Rs 780.10 apiece.
The stock sharply outperformed the benchmark S&P BSE Sensex index, which ended a choppy session with a cut of 66.23 points or 0.13 percent at 52,586.84.