Sun Pharma rises after strong Q3 result

Sun Pharmaceutical Industries gained 2.28% to Rs 577.25 after the drug major reported an 102.78% jump in consolidated net profit to Rs 1,852.48 crore on 8.3% rise in revenue from operations to Rs 8,836.78 crore in Q3 FY21 over Q3 FY20.

Profit before tax surged 60% year on year to Rs 2163.05 crore in Q3 FY21. Tax expense declined 25.2% to Rs 244.94 crore in Q3 FY21 over Q3 FY20. The result was announced during market hours today, 29 January 2021.

EBITDA was reported at Rs 2,351 crore, up by 36.3% over Q3 last year, with resulting EBITDA margin of 26.8%. India sales stood at Rs 2,753 crore, a growth of 9.4% compared to Q3 last year. US finished dosage sales were at $374 million, a growth of 7% compared to Q3 last year. Emerging markets sales were at $204 million, up by 4.7% over Q3 last year. Rest of World sales stood at $173 million, up by 11.7% over Q3 last year. R&D investments were at Rs 560 crore (6.4% of sales) compared with Rs 527 crore (6.6% of sales) for Q3 FY20. The company has declared an interim dividend of Rs 5.5 per equity share.

Dilip Shanghvi, managing director of the company said, Our Q3 performance reflects continued profitable business growth in a market that is gradually recovering from the impact of the global pandemic. Most of our businesses have done well over Q3 last year. Our global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. Global Ilumya sales for nine months ended Dec'20 have already crossed last full year's sales.

The company has repaid debt of about $490 million in 9m FY21 compared to the debt as of 31 March 2020.

Taro posted Q3FY21 sales of $140 million, down 5.1% YoY and net profit of $33 million, down by 51.2% over Q3 last year.

Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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