 "Sun Pharma posts net loss of Rs 2,277 cr in Q4, declares Rs 3 dividend")
Pharma major Sun Pharma on Monday reported a surprise consolidated net loss of Rs 2,277 crore for the quarter ending March 31, 2022. It reported consolidated net profit of Rs 848 crore in the year-ago period.
Total loss cited as an exceptional item during the fourth quarter, stood at Rs 3,936 crore. During the quarter and year ended March 2022, the company said its unit Taro Pharmaceutical Industries has acquired Alchemee, formerly The Proactiv Company (TPC), from Galderma. Accordingly, the results for the quarter and year ended March 2022 are not comparable to the earlier periods presented, it added.
Sun Pharma's consolidated revenue rose 10% to Rs 9,446 crore as against Rs 8,523 crore in Q4FY21.
Sun Pharma Managing Director Dilip Shanghvi said: "FY22 was a good year with strong topline and EBITDA growth. All our geographies have recorded double-digit growth and profitability has improved despite rising costs".
The speciality business continues to ramp up strongly, with global Ilumya sales recording 81 per cent growth to reach USD 315 million in FY22, he added.
"Our India business continues to grow faster than the market, leading to an increase in market share. We continue to focus on expanding our global speciality business, growing all our businesses and improving operational efficiencies," Shanghvi stated.
The company said its board has proposed a final dividend of Rs 3 per share for FY22.
This is in addition to the interim dividend of Rs 7 per share paid in FY22, taking the total dividend for FY22 to Rs 10 per share compared to Rs 7.5 per share for FY21.
The company's board also approved the re-appointment of Dilip Shanghvi as the Managing Director for a further term of five years with effect from April 1, 2023, up to March 31, 2028, subject to the approval of the shareholders.
The board also appointed Pawan Goenka as the Lead Independent Director with immediate effect.
Shares of the company ended 1.75 per cent down at Rs 888.10 apiece on the BSE.
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