Sun Pharma's Profit Falls By 1.8%, Sales Grow By 10.7% YoY In Q1FY24

The Indian pharmaceutical giant Sun Pharma reported its quarter-one earnings on Thursday, the pharma major has recorded gross sales worth Rs 11,785 crores for the quarter that ended in June 2023, a 10.7 per cent rise over the same quarter in the previous year. 

Sun Pharma's Profit After Tax (PAT) fell by 1.8 per cent YoY to Rs 2,022 crores against Rs 2,060 crores in the corresponding quarter of the previous year.

The company’s sales in India saw a jump of 5.1 per cent YoY to Rs 3,560 crore. At the same time, the sales in the US were up by 12 per cent YoY and stood at USD 471 million.

The pharma company recorded a 15.5 per cent rise year on year in EBITDA and stood at Rs 3,331 crores, while the EBITDA margins for the second quarter saw a drop of 1.1 per cent to be recorded at 27.9 against 26.8 per cent in the corresponding quarter last year.

Sun Pharma’s R&D investments also saw a boost in the June quarter, it was recorded at Rs 679 crores against Rs 460 crore in the same quarter last year. 

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's stock closed 0.40 per cent higher at Rs 1,140.85 per scrip on Thursday.