Sun Pharmaceutical Industries on Monday reported a net profit of Rs 2,059 crore for the December quarter, an increase of 11.1 percent on a year-on-year basis. The quarterly net profit exceeded Street estimates by a wide margin.

Sun Pharma shares rose as much as 2.7 percent to Rs 849.5 on BSE after the earnings announcement, coming within 2.5 percent of a 52-week high of Rs 871 hit on January 13.

The drug maker's revenue increased 11.6 percent to Rs 9,863 crore for the October-December period, according to a regulatory filing.

Analysts in a CNBC-TV18 poll had estimated the pharmaceutical company's net profit at Rs 1,759.9 crore and revenue at Rs 9,549.8 crore.

Sun Pharma posted Rs 2,606 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the third quarter of the current financial year. Its EBITDA margin came in at 26.4 percent in Q3 of FY22, as against 27.2 percent in the corresponding period a year ago.

Analysts had predicted the company's EBITDA at Rs 2,545 crore and EBITDA margin at 26.7 percent.

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The company's board declared an interim dividend of Rs 7 per equity share for the financial year ending March 2022.

Sun Pharma's revenue from the US market including subsidiary Taro increased six percent on year to $397 million. Excluding Taro, its US revenue increased 10 percent to $258 million.

The company's global specialty business has already crossed the previous full year's revenue in the first nine months of FY22, said Dilip Shanghvi, Managing Director, Sun Pharma.

The stock finished the day at Rs 834.2 apiece, up 0.8 percent.

Sun Pharma stock has rewarded investors with a return of 41.7 percent in the past year, as against the Nifty's 21.7 percent.

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(Edited by : Sandeep Singh)

First Published:Jan 31, 2022 2:16 PM IST