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Sun Pharmaceutical published its Q1 financials wherein the company reported a 43% YoY growth in profits. The figure for profits reached Rs 2,061 crores during the quarter ended in June 2022 against Rs 1,444 crores reported last year.
Revenues of the company grew 10.7% YoY and 14% QoQ to reach Rs 10,762 crores. The company did not report any exceptional items this quarter unlike last year and last quarter when the company had paid large sums to settle lawsuits, asset impairments, etc.
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The Indian business grew faster than the market which enabled the company to capture market share. The Indian formulation business grew by 13%, Emerging Markets by 12.6%, the US by 10.7% & Rest of the World by 2.6%.
The specialty business of the company grew 29% as growth was driven by Ilumya, Cequa, Odomzo, and Winlevi medications. The company's Israeli subsidiary Taro posted sales of $157 million and a profit of $14 million.
Despite rising costs, the company managed to report healthy margins during the quarter. Although costs rose annually, they declined quarterly. EBITDA stood at Rs 2,884 crores as the EBITDA margin was 26.8%.
“For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-around growth across markets. We have been able to report healthy margins despite rising costs. We continue to focus on expanding our global specialty business, growing all our businesses, and improving our market share,” said Dilip Sanghvi, MD of SPIL.
The stock closed at Rs 918.70 per share, down 2.6%, on Monday.
Article by Aman Agarwal.
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