Sun Pharma Q2 Results FY2023, Net Profit at Rs. 22622 million

On 1st November 2022, Sun Pharma announced its quarterly results for the second quarter of FY2023.

Q2FY23 Performance updates:

- Gross sales at Rs. 108,092 million, growth of 13.1% over Q2 last year 
- EBITDA at Rs. 29,565 million (including other operating revenues), up 12.4% YoY.
- EBITDA margin for Q2 at 27% versus 27.3% for Q2 last year 
- Net profit for the quarter was at Rs. 22,622 million, up by 10.5% YoY, impacted by lower other income 

Business Highlights:

- Sales of formulations in India for Q2FY23 were at Rs. 34,600 million, up 8.5% YoY. India formulation sales accounted for about 32% of total consolidated sales. 
- Formulation sales in the US were $ 412 million recording a growth of 14.1% over Q2 last year; accounting for over 30% of total consolidated sales. For first half sales were US$ 833 million recording a growth of 12.4% over same period last year. 
- Taro posted Q2FY23 sales of US$ 130 million, marginally lower over Q2 last year and net loss of US$ 2.8 million. 
- Formulation sales in Emerging Markets were at US$ 259 million for Q2, a growth of 6.7% over Q2 last year and accounting for about 19% of total consolidated sales for the quarter. 
- Formulation sales in Rest of World (ROW) markets, excluding US and Emerging Markets, were US$ 181 million in Q2FY23, lower by about 3.8% over Q2 last year and accounting for approximately 13% of total consolidated sales. 
- For Q2FY23, external sales of API were at Rs. 4,730 million, up by 8.5% over Q2 last year.
- Consolidated R&D investment for Q2FY23 was Rs. 5,710 million as compared to Rs. 5,364 million for Q2 last year.

Commenting on the results, Dilip Shanghvi, Managing Director of the Company said, “For Q2, we recorded double-digit topline growth and strong margins driven by market share gain in India, sustained ramp-up of our global specialty business and growth in Emerging Markets. Global specialty business has grown by 27.5% driven by Ilumya, Cequa and Winlevi. We continue to focus on expanding our global specialty business and growing all our businesses.”
 

Sun Pharma share price grew by 1.48%