Sun Pharma Q4FY23 PAT turns around to Rs1,983 crore on 19.7% growth in EBITDA yoy

Sun Pharma reported 15.71% growth in net sales revenues for the March 2023 quarter on consolidated basis at Rs10,931 crore. Revenues were lower by -2.76% on sequential basis. For the quarter, India formulation sales were up 8.7% at Rs3,364 crore while the US formulation sales were up 10.5% at $430 million. Global specialty sales were up 28% yoy at $244 million. Even emerging markets (EM) formulation sales for the quarter were up 7.5% at $221 million. ROW formulation sales grew 7.5% yoy at 191 million in Q4FY23.

The EBITDA for the quarter grew 19.7% at Rs2,802 crore. In the Q4FY22 quarter, Sun Pharma has made an exceptional provision of Rs3,935 crore on account of impairments and mainly on account of possible damages payable towards anti-trust legal cases. For the quarter, the R&D expenses were more than 20% higher at Rs666 core and it accounted for over 6% of net sales for the quarter, which is a globally comparable number.

Financial highlights for Mar-23 compared yoy and sequentially

 Sun Pharma    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 10,931

₹ 9,447

15.71%

₹ 11,241

-2.76%

Operating Profit (Rs cr)

₹ 2,158

₹ 1,623

32.96%

₹ 2,347

-8.06%

Net Profit (Rs cr)

₹ 1,983

₹ -2,227

-189.02%

₹ 2,181

-9.07%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 8.30

₹ -9.50

 

₹ 9.00

 

OPM

19.74%

17.18%

 

20.88%

 

Net Margins

18.14%

-23.58%

 

19.40%

 

 

The growth in operating profits on a yoy basis is a clear indication that the company has much better hang on the raw material costs, supply chain constraints and inventory efficiency gains. The net profits are not comparable due to the huge write off taken in the year ago quarter. The company has proposed final dividend of Rs4 per share taking the total dividend for the year to Rs11.50 per share.

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