Sun Pharmaceutical Industries, the country's largest pharmaceutical company, has reported 27.20 per cent growth in consolidated net profit at Rs 2,665.42 crore as compared to Rs 2,095.70 crore in the last fiscal.
"Consolidated net sales increased to Rs 28,686 crore from Rs 28,085.94 crore reported in the financial year 2017-18, registering a growth of 10 per cent," Sun Pharmaceutical Industries said in a filing to the Bombay Stock Exchange.
India sales stood at Rs 7,348 crore, down by 8 per cent over last year, due to the one-time impact of approximately Rs 1,085 crore related to the change in distribution for domestic business, it said. Sun Pharma holds approximately 8.2 per cent market share in the over Rs 131,000 crore Indian pharmaceutical market as per AIOCD AWACS March-2019 report.
While sales in the US were up 12% year-on-year at USD 1,526 million, sales in emerging markets stood at USD 767 million, up by 2 per cent over the full year last year.
The operating profit (EBITDA) of Sun Pharma stood at Rs 5,928 crore for the financial year ended March 31, 2019, while EBITDA margin was 21 per cent.
During the January-March quarter, Sun Pharma's net profit declined to Rs 635.88 crore from Rs 1,342.50 crore in the same quarter last year.
"The net profit for Q4 FY19 is not comparable with Q4 of last year due to the one-time impact of distribution change for India business during this quarter as well as the one-time tax benefit of Rs 259 crore for same quarter during the last year," it said in the exchange filing.
Revenue from operations was at Rs 7,044.26 crore versus Rs 6,711.01 crore in the corresponding quarter last year, up by 5 per cent.
Commenting on financial performance, Dilip Shanghvi, Managing Director of the Company said, "In spite of the one-time impact for India business, our full year sales have grown by double digits. We continue to focus on executing our global specialty strategy."
"Ilumya is expected to gradually gain traction in US in FY20 while Cequa launch is expected in the coming months. At the same time, we are strengthening our core operations, optimizing the cost structure and enhancing our overall efficiencies," he added.
Sun Pharma's board has recommended payment of dividend of Rs 2.75 per equity share of Rs 1 each of the company for the year ended March 31, 2019, subject to the shareholders' approval at the annual general meeting.
Ahead of earnings announcement, shares of Sun Pharmaceutical Industries closed trade at Rs 412.90 apiece, down 0.43 per cent, on the Bombay Stock Exchange.
Edited by Chitranjan Kumar