Sun Pharma Q1 Results FY2023, PAT at Rs. 20609 million

On 30th July 2022, Sun Pharma announced its quarterly results for the first quarter of FY2023.

Key Highlights:

- Gross sales at Rs. 107,617 million, a growth of 10.73% 

- EBITDA at Rs. 28,844 million (including other operating revenues), with EBITDA margin at 26.8% 

- Net profit for the quarter was at Rs. 20,609 million, up by 42.7% YoY. Excluding the exceptional items of Q1 last year, adjusted net profit was up by 4.1%. 

Business Highlights:

- Sales of formulations in India for Q1FY23 were at 33,871 million, up 13% on like-to-like basis, excluding Covid product sales of Q1 last year. On a reported basis, the growth is 2.4% over Q1 last year. India formulation sales accounted for about 32% of total consolidated sales.

- Formulation sales in the US were US$ 420 million recording a growth of 10.7% over Q1 last year; accounting for over 30% of total consolidated sales.

- Taro posted Q1FY23 sales of US$ 157 million and a net profit of US$ 14 million. Taro’s financials include the first full quarter of consolidation of the Alchemee acquisition. 

- The sales in Emerging Markets were at US$ 245 million for Q1, a growth of 12.6% over Q1 last year. Overall sales in Emerging Markets accounted for about 18% of total consolidated sales for the quarter.

- Formulation sales in Rest of World (ROW) markets, excluding US and Emerging Markets, were US$ 190 million in Q1FY23, up by 2.6% over Q1 last year and accounted for approximately 14% of total consolidated sales.  

- For Q1FY23, external sales of API were at Rs. 5,987 million, up by 16.3% over Q1 last year.

Commenting on the results, Dilip Shanghvi, Managing Director of the Company said, “For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-round growth across markets. The specialty business has grown by 29% driven by Ilumya, Cequa, Odomzo, and Winlevi. Our India business continues to grow faster than the market, leading to an increase in market share. We have been able to report healthy margins despite rising costs. We continue to focus on expanding our global specialty business, growing all our businesses, and improving our market share.”