Sun Pharma Q1 results: Net profit down 2% at Rs 2,203 cr; stock jumps 2.5%

Pharma major Sun Pharmaceuticals Industries Ltd on Thursday reported marginal decline in net profit for June quarter at Rs 2,203 crore, hurt by a rise in expenses. The firm reported consolidated net profit of Rs 2,061 crore in the year-ago period.

Sun Pharma's revenue rose 11% to Rs 11,941 crore for the quarter ending June 30, 2023 as against Rs 10,762 crore in the year-ago period. In Q1FY24, the firm reported one-time loss of Rs 323 crore.

At 1415 hours on Thursday, Sun Pharma's scrip on BSE was trading 2.5% higher at Rs 1,164.

Dilip Shanghvi, Managing Director of the company, said: “All our business continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24. US has led the revenue growth in Q1 and Global Specialty has continued to increase as a share of our revenues. I am excited about the progress in our specialty pipeline and the potential for offering new treatments for patients in need.”

The company said research and development (R&D) expenses for the quarter rose 47.5% to Rs 679 crore, compared to Rs 461 crore a year ago.

Global specialty sales, which accounted for 16.2% of total sales during the quarter, rose 21% percent in the quarter, the company said.

Sales in India formulations rose 5.1% to Rs 3,560 crore during the quarter, while sales in the United States rose 19.3% to Rs 3,871 crore. India and US sales account for over 30% and 33% of total consolidated sales at the firm.