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Sun Pharma sails through the tide after strong Q1 results

Capital Market 

Drug maker Sun Pharmaceuticals Industries rose 3.71% to end at Rs 437.55 on BSE after consolidated net profit rose 31.22% to Rs 1387.48 crore on a 15.69% rise in net sales to Rs 8,259 crore in Q1 June 2019 compared with Q1 June 2018.

The result was announced during the market hours today, 13 August 2019.

Meanwhile, the S&P BSE Sensex tanked 623.75 points or 1.66% and closed at 36,958.16.

On the BSE, 9.04 lakh shares were traded in the counter so far compared with average daily volumes of 2.91 lakh shares in the past two weeks. The stock hit a high of Rs 444.8 and a low of Rs 420.8 so far during the day. The stock hit a 52-week high of Rs 678.8 on 06 Sep 2018. The stock hit a 52-week low of Rs 350.4 on 13 May 2019.

The company's earnings before interest tax depreciation and amortization (EBITDA) stood at Rs 1881 crore with an EBITDA margin of 22.8% in Q1 June 2019.

The company's R&D investments stood at Rs 422 crores (5.1% of sales) in Q1 June 2019 as compared to Rs. 500 crores (7% of sales) in Q1 June 2018.

Commenting on company's Q1 performance, Dilip Shanghvi, managing director of the company said, We have recorded growth across most of the markets for the quarter and our performance is in-line with our full-year guidance. We are consistently focusing on improving our efficiencies and cost structure to ensure reasonable returns for our generics business. At the same time, we continue our unwavering efforts on building the specialty business and are encouraged by the potential of one of our pre-clinical research molecules which is likely to enter clinical trials next year.

Sun Pharma is the world's fourth 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: Tue, August 13 2019. 16:35 IST