Sun Pharma Q3 PAT spurts 11% YoY to Rs 2,059 cr

Sun Pharmaceutical Industries' consolidated net profit grew 11.13% to Rs 2,058.80 crore on a 11.61% rise in total revenue from operations to Rs 9,863.06 crore in Q3 December 2021 over Q3 December 2020.

Consolidated profit before tax (PBT) jumped 14.01% to Rs 2,466.19 crore in Q3 FY22 from Rs 2,163.05 crore in Q3 FY21.

India formulation sales stood at Rs 3,167.60 crore, rising 15% over same quarter last year. The US formulation sales was at $397 million, recording a growth of 6% over Q3 last year. The emerging markets formulation sales stood at $239 million, growing 17% over Q3 last year. The rest of world formulation sales was at $181 million, rising 3% over same quarter last year.

The R&D investments stood at Rs 547.10 crore as compared to Rs 559.50 crore for Q3 FY21. The EBITDA was at Rs 2,557.40 crore, up 8% over Q3 last year, with an EBITDA margin at 26.1%.

On a standalone basis, the company's net profit advanced 10.38% to Rs 515.43 crore on a 2.55% decline in total revenue from operations to Rs 3,770.66 crore in Q3 FY22 over Q3 FY21.

The company has repaid a debt of about $254 million in 9M FY22 as compared to the debt as of 31 March 2021.

Sun Pharmaceutical Industries has declared an interim dividend of Rs 7 per equity share of Re 1 each of the company for the financial year ending on 31 March 2022.

Dilip Shanghvi, the managing director (MD) of the company, said, We achieved a sustained momentum and good growth across businesses; despite rising costs, we have achieved higher profitability. Our India business continues to grow faster than market, leading to increase in market share. Our global specialty business for the first nine months has already crossed previous full-year revenues. We remain steadfast in our focus on topline growth, operational efficiencies and business continuity while simultaneously continuing to expand our global specialty presence.

Separately, the pharma major has accepted the resignation of Sunil Ajmera as the company secretary and compliance officer w.e.f. close of business hours on 31 January 2022. As per the resignation letter of Mr Ajmera, his resignation was due to change in his role and responsibilities within the organisation.

Meanwhile, the board has appointed Anoop Deshpande as the company secretary and compliance officer w.e.f. close of business hours on 31 January 2022. Mr Deshpande is a qualified company secretary and is an associate member of the Institute of Company Secretaries of India since 2009. Mr Deshpande also holds bachelor degrees in Law and Commerce from Pune University.

Mr Deshpande has experience of more than 12 years in corporate laws. He is working with Sun Pharmaceuticals since April 2021. Prior to joining the company, Mr Deshpande has worked with organizations like Price Waterhouse & Co. LLP, Ernst & Young LLP, Therrnax.

Shares of Sun Pharmaceutical Industries rose 0.05% to Rs 827.65 on BSE. Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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