Sun Pharma in its fourth quarter, posted earnings in line with street estimates. Revenues jumped 16 percent year on year to Rs 10,931 crore versus the CNBC-TV18 poll of Rs 11,109 crore.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 20 percent year on year to Rs 2,803 crore versus the CNBC-TV18 poll of Rs 2,781 crore. EBITDA margins improved 80 bps to 25.6 percent, while the estimates were at 25 percent. Net profits for the pharmaceuticals major at Rs 1,985 crore are marginally higher than the estimated Rs 1,949 crore.

For the fourth quarter, the US sales are 10 percent higher at $430 million, while global specialty sales grew 28 percent to $244 million. India formulation sales at Rs 3,364 crore is 9 percent higher year on year and emerging markets formulation sales are 8 percent higher at $221 million.

The board has recommended final dividend for financial year 2022-23 of Rs 4 per share. This is in addition to the interim dividend of Rs. 7.5 per share

paid in FY23, taking the total dividend for FY23 to Rs. 11.5 per share compared to Rs. 10 per share for FY22.

Dilip Shanghvi, Managing Director of Sun pharma said "Our Specialty business remains on growth path and we are committed to continue scaling it up. Acquisition of Concert helps further strengthen our portfolio in dermatology. I believe deuruxolitinib can become a leading product to address highly unmet need in alopecia areata patients.”

FY23 performance across geographies

For the full year FY23, sales of formulations in India were Rs 13,603 crore, up by 6.6 percent. Sun Pharma holds 8.3 percent market share and is ranked a top player in the Indian pharmaceutical market as per AIOCD AWACS MAT March-2023 report. For Q4FY23, the company launched 24 new products in the Indian market.

Formulation sales in the US for the full year FY23 were $1,684 million up 10.3 percent. Taro’s full year FY23 sales were $ 573 million, up about 2.1 percent. Formulation sales in emerging Markets for FY23 were $983 million, up 8.6 percent. Formulation sales in Rest of World markets, excluding US and Emerging Markets, for FY23 were $752 million, up 2.7 percent.

The stock is trading 1.5 percent higher post its result declaration on May 26.