Drug major Sun Pharmaceutical Industries on Tuesday reported 31.22 per cent year-on-year (YoY) rise in consolidated net profit at Rs 1,387.48 crore for the first quarter ended June 30, 2019.
"The Mumbai-headquartered pharma firm had reported a net profit of Rs 1,057.29 crore in the June quarter of FY19 (Q1FY19)," Sun Pharma said in a filing to the Bombay Stock Exchange.
The healthcare firm's net sales grew 15.69 per cent to Rs 8,259.30 crore as against Rs 7,138.83 crore in the corresponding quarter.
India sales, which accounted for 28 per cent of total sales, climbed 8 per cent YoY to Rs 2,314 crore in April-June period of this fiscal. During the quarter under review, the company launched 10 new products in the Indian market.
"Sun Pharma is ranked No. 1 and holds approximately 8.2 per cent market share in the over Rs 132,000 crore Indian pharmaceutical market as per AIOCD AWACS June-2019 report," the drug major said in a regulatory filing.
Sales in the US were $ 424 million for the quarter, a growth of 12 per cent over same period last year and accounted for 36 per cent of total sales.
In emerging markets, sales were flat at $ 194 million in Q1FY20, while rest of world sales stood at $ 167 million, growth of 56 per cent over Q1 last year.
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) rose 24.2 per cent YoY to Rs 1,996 crore and margin expanded by 160 basis points YoY to 23.8 per cent in June quarter.
Consolidated research and development (R&D) investment for Q1FY20 was Rs 422 crore, or 5.1 per cent of sales compared to Rs 500 crores or 7 per cent of sales for Q1 last year.
Commenting on Q1 earnings, Dilip Shanghvi, Managing Director of Sun Pharmaceutical Industries said, "We have recorded growth across most of the markets for the quarter and our performance is in-line with our full-year guidance. We are consistently focusing on improving our efficiencies and cost structure to ensure reasonable returns for our generics business."
"...we continue our unwavering efforts on building the specialty business and are encouraged by the potential of one of our pre-clinical research molecules which is likely to enter clinical trials next year. The recent out-licensing of Tildrakizumab and Cequa for Greater China market and the regulatory filing of Tildrakizumab in Japan reflects our global aspirations for the specialty business. Ilumya/Ilumetri is gradually gaining traction in the US and Western Europe," Shanghvi added.
Boosted by strong Q1, shares of Sun Pharmaceutical Industries closed 3.71 per cent higher at Rs 437.55 apiece on the Bombay Stock Exchange.
Edited by Chitranjan Kumar
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today