Sun Pharma gains after Q2 PAT rises 13% YoY to Rs 2047 cr

Sun Pharmaceutical Industries rose 1.54% to Rs 824.25 after the company's consolidated net profit rose 12.92% to Rs 2047.01 crore on 12.54% increase in total revenue from operations to Rs 9625.93 crore in Q2 September 2021 over Q2 September 2020.

On a consolidated basis, profit before tax (PBT) rose 19.26% to Rs 2,286.51 crore in Q2 September 2021 over Q2 September 2020. EBITDA was reported at Rs 2560.80 crore, up 21% over Q2 last year, with resulting EBITDA margin of 26.8%.

The company's total expenses in the quarter rose 9.7% year-on-year to Rs 7,562.31 crore.

During the quarter, India sales stood at Rs 3187.80 crore, up 26% over same quarter last year (accounting for 33% of total sales). US finished dosage sales were at $361 million, a growth of 8% over Q2 last year (accounting for about 28% of total consolidated sales). Emerging markets sales were at $243 million, up 16% over Q2 last year (accounting for about 19% of total consolidated sales for the quarter). Rest of World sales stood at $188 million, up 5% over same quarter last year (accounting for approximately 15% of total consolidated sales).

 

R&D investments stood at Rs 536.40 crore compared with Rs 612.70 crore for Q2 FY21. The reduction is due to spill-over of certain clinical studies into subsequent quarters.

Dilip Shanghvi, managing director of the company said: "Following our good Q1 performance, we have sustained the positive momentum in Q2 with a topline growth of 13% YoY, driven by a broad-based growth across multiple geographies. Our global specialty business has grown by 43% over Q2 last year. Ilumya has grown both YoY and sequentially. Our India business continues to do well with a growth of 26% YoY. We remain steadfast in our focus on growing our overall business and simultaneously strengthening our global specialty portfolio. The recent launch of Winlevi in US and Ilumya in Canada is a step forward in this direction."

The company said that it has repaid debt of about $209 million in H1FY22 compared to the debt as of 31 March 2021. With this debt repayment, Sun Pharma had a net cash of about $200 million as of 30 September 2021, on ex-Taro basis.

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

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