Sun Pharma Q2 results: Profit rises 5% to Rs 2,376 crore YoY; revenue up 11%

Sun Pharmaceutical Industries Ltd on Wednesday reported a rise in its second-quarter (Q2) consolidated net profit for the financial year 2023-24 (FY24). The company's net profit came at Rs 2,376 crore, up 5.04 per cent from Rs 2,262 crore in the year-ago period.

Sun Pharma's revenue from operations stood at Rs 12,192 crore in Q2 FY24, an 11.32 per cent (year-on-year) rise from Rs 10,952 crore in the corresponding period last year.

The company said it posted gross sales of Rs 12,003.1 crore in the September quarter, a growth of 11 per cent over same period last year. India formulation sales was at Rs 3,842.5 crore, up 11.1 per cent as against Q2 last year.

Emerging markets formulation sales at $284 million, up 9.4 per cent over Q2 last year.

EBITDA (Earnings before interest, taxes, depreciation, and amortization) came at Rs 3,179.4 crore (including other operating revenues) in Q2 FY24, up 7.5 per cent YoY. EBITDA margin for Q2 was at 26.1 per cent compared to 27 per cent for Q2 last year.

For Q2 FY24, external sales of API (Active Pharmaceutical Ingredients) were at Rs 497.2 crore, up by 5.1 per cent YoY. "Our API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supply for captive consumption for key products," Sun Pharma stated.

Shares of the pharma giant were last seen trading 1.36 per cent higher at Rs 1,103.55. The company, founded in 1983, makes generics and specialty medications for chronic and acute treatments, over-the-counter medications, anti-retrovirals and active pharmaceutical ingredients.

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