Drug major Sun Pharmaceutical Industries Ltd on Friday reported a 42.7 percent year-on-year (YoY) jump in consolidated net profit at Rs 2,061 crore for the first quarter ended June 30, 2022, with robust sales across markets.

In the corresponding quarter last year, the company posted a net profit of Rs 1,444.2 crore. CNBC-TV18 polls had predicted a profit of Rs 1,496 crore for the quarter under review.

Total revenue from operations stood at Rs 10,762 crore during the period under review, up 10.7 percent against Rs 9,718.7 crore in the corresponding period of the preceding fiscal.

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At the operating level, EBITDA jumped 2.2 percent to Rs 2,884 crore in the first quarter of this fiscal over Rs 2,821 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 26.8 percent in the reporting quarter as compared to 29 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation and amortization.

India Sales

Sales of formulations in India for the first quarter of this fiscal were at Rs 3,387.1 crore, up 13 percent on a like-to-like basis, excluding COVID products sales of Q1 last year.

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On a reported basis, the growth is 2.4 percent over Q1 last year. India formulation sales accounted for about 32 percent of total consolidated sales.

US Sales

Formulation sales in the US were $420 million recording a growth of 10.7 percent over Q1 last year, accounting for over 30 percent of total consolidated sales. For the first quarter of this fiscal, Taro posted sales of $157 million and a net profit of $14 million. Taro’s financials include the first full quarter of consolidation of the Alchemee acquisition.

Emerging Markets

Sun Pharma's sales in emerging markets were at $245 million for Q1, a growth of 12.6 percent over Q1 last year. Overall sales in emerging markets accounted for about 18 percent of total consolidated sales for the quarter.

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Formulation sales in the Rest of the World markets, excluding US and emerging markets, were $190 million in the reporting quarter, up by 2.6 percent over Q1 last year and accounted for approximately 14 percent of total consolidated sales.

Dilip Shanghvi, managing director, said, "For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-around growth across markets."

"Specialty business has grown by 29 percent 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," he added.

First Published:Jul 29, 2022 3:26 PM IST