Sun Pharma Q4 net more than doubles to Rs 894 cr; declares dividend of Rs 2

Its revenue from operations came in at Rs 8,522 crore for the quarter under review, an increase of 4 per cent from the previous year

Sun Pharma on Thursday reported 123 per cent year-on-year increase in consolidated net profit at Rs 894 crore for the quarter ending March 31, 2021. It was Rs 399.8 crore in the year-ago period.

However, the profit was still below the Street's expectation of over Rs 1,200 crore on account of exceptional loss worth Rs 672.8 crore related to various litigation settlements pertaining to some of its subsidiaries.

Sun Pharma said the adjusted net profit came in at Rs 1,343 crore, up 103 per cent year-on-year. 

Its revenue from operations came in at Rs 8,522 crore for the quarter under review, an increase of 4 per cent from Rs 8,184 crore in the same quarter last year. 

Commenting on the performance, Dilip Shanghvi, Managing Director of Sun Pharma said, “FY21 was a year marked by a highly volatile business environment due to the global Covid-19 pandemic and lockdowns in various countries. Despite these challenges, I am happy to see that we have been able to maintain business continuity and record positive overall growth. While our India business continues to outperform the average industry growth, our global specialty sales have continued to show an improving trend. Global Ilumya sales for the year have grown by 51 per cent to $143 million."

India sales during the March quarter stood at Rs 2,670 crore, registering a growth of 12.9 per cent compared to previous year. Sale of branded formulations from India business accounted for 31.7 per cent of total sales. 

US finished dosage sales at $370 million, decline of 1.3 per cent over same period last year.

Meanwhile, other income for the March quarter is at Rs 111 crore. At the operating level, earnings before interest, tax, deprecitation and amortisation (EBITDA) stood at Rs 1,956 crore, up by 55.8 per cent over last year, with a resulting margin of 23.2 per cent.

The company's board has recommended a final dividend of Rs 2 per share for the financial year ended March, 2021.

Taro recorded a weak performance during the reported quarter with sales of $148 million, down 15.3 per cent year-on-year and adjusted net profit of $31 million, down by 42.6 per cent. 

"Taro’s reported net loss for Q4FY21 was $29.8 million," the company said in a filing.

Ahead of the results, the company's scrip was down 0.47 per cent at Rs 700.5 on NSE.