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Sun Pharma rises after strong Q3 results

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Sun Pharmaceutical Industries rose 2.12% to Rs 446 at 10:01 IST on BSE after consolidated net profit rose 310% to Rs 1,461.03 crore on 16.04% increase in net sales to Rs 7,656.71 crore in Q3 December 2018 over Q3 December 2017.

The result was announced after market hours yesterday, 12 February 2019.

Meanwhile, the S&P BSE Sensex was up 111.70 points, or 0.31% to 36,265.32.

On the BSE, 6.52 lakh shares were traded in the counter so far compared with average daily volumes of 5.57 lakh shares in the past two weeks. The stock had hit a high of Rs 454.40 and a low of Rs 445 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 375.40 on 18 January 2019.

The company said that net profit for Q3 last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.

EBITDA was reported at Rs 2,069 crore in Q3 December 2018, up by 48% over Q3 December 2017, with resulting EBITDA margin of 27%. Margins were partly driven by forex gains, the company said.

Dilip Shanghvi, managing director of the company said, "Our focus on execution is reflected in the Q3 performance. We remain committed towards executing our global specialty strategy, strengthening our core operations and enhancing our overall efficiencies. The Ilumya launch in US has been well received by doctors. We recently commercialized Xelpros in the US and are preparing to launch Cequa in the coming months."

Sale of branded formulations in India in Q3 was Rs 2,235 crore, up by 7% and accounted for 29% of total sales. Sales in the US were $362 million for the quarter, a growth of 10% over same period last year and accounted for 34% of total sales. Sales in emerging markets were at $203 million in Q3, up 7% over same quarter last year and accounted for 19% of total sales. Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were $125 million in Q3, a growth of 4% over Q3 last year and accounted for approximately 12% of revenues.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 13 2019. 09:58 IST