Q4 Revenues up by 60% yoy and 9% qoq at Rs23.3bn; 6% higher than our expectations
Result table
(Rs m) | Q4FY12 | Q4FY11 | % yoy | Q3FY12 | % qoq |
Net sales | 23,299 | 14,633 | 59.2 | 21,451 | 8.6 |
Inc/(dec) in stock | (1,073) | (2,879) | (62.7) | (1,386) | (22.6) |
Con of Materials | (4,960) | (5,616) | (11.7) | (4,678) | 6.0 |
Purch of traded goods | (1,022) | (395) | 158.5 | (487) | 110.0 |
Employees' Cost | (3,480) | (2,540) | 37.0 | (2,885) | 20.6 |
Other Expenditure | (5,346) | (4,525) | 18.1 | (5,148) | 3.8 |
Operating profit | 9,565 | 4,436 | 115.6 | 9,640 | (0.8) |
OPM (%) | 41.1 | 30.32 | 1073 bps | 44.94 | (389) bps |
Depreciation | (823) | (482) | 70.6 | (774) | 6.3 |
Net Interest income | (112) | (210) | (46.7) | (13) | 761.5 |
Other income | 2,181 | 1,318 | 65.5 | (257) | (947.7) |
PBT | 10,811 | 5,062 | 113.6 | 8,595 | 25.8 |
Tax | (1,768) | (22) | 7,799.0 | (634) | 178.8 |
Effective tax rate (%) | 16.4 | 0.4 | 1591 bps | 7 | 898 bps |
PAT | 9,043 | 5,039 | 79.4 | 7,961 | 13.6 |
PAT margin (%) | 841 | 612 | 37.4 | 1,274 | (34.0) |
Minority Interest | 8,202 | 4,427 | 85.3 | 6,687 | 22.7 |
PAT | 35.2 | 30.26 | 495 bps | 31.2 | 403 bps |
Ann. EPS (Rs) | 32 | 17.1 | 85.3 | 26 | 22.7 |
Q4 Revenues up by 60% yoy and 9% qoq at Rs23.3bn; 6% higher than our expectations
Sun Pharma reported 60% growth in sales to Rs23.3bn in Q4 FY12, is 5% ahead of our expectation. Higher than expected growth in revenues is primarily led by higher than expected growth in its US subsidiary, Taro , one-off like cancer drug Doxil in US, forex impact, higher other income and one time additional sale of Rs1.8bn in domestic business. At constant dollars, rest of the world growth is 40% for the quarter four, and 34% for the year
Domestic market grew by 49% to Rs8.7bn; (21% after adjusting for Rs1.8bn one-off)
The company reported Rs1.8bn of additional sales this year in the fourth quarter. The higher base will negatively impact domestic sales in the first half of FY13. Excluding the impact of the nonrecurring sales, growth in the core business was 21% for the quarter and 20% for the year. The segment grew well above ~16% of total domestic pharmaceutical market.
Sales Breakup (Rs mn) | Q4FY12 | Q4FY11 | % yoy | Q3FY12 | % qoq |
India Formulations | 8,767 | 5,887 | 48.9 | 6,956 | 26.0 |
US Formulations | 10,106 | 5,439 | 85.8 | 10,400 | (2.8) |
ROW Formulations | 3,226 | 2,322 | 38.9 | 2,810 | 14.8 |
Total Export Formulation | 13,332 | 7,761 | 71.8 | 13,210 | 0.9 |
Total Formulations | 22,099 | 13,648 | 61.9 | 20,166 | 9.6 |
Bulk | 1,531 | 1,167 | 31.2 | 1,536 | (0.3) |
Others | 8 | 66 | (87.7) | 17 | (53.5) |
Total Sales | 23,638 | 14,881 | 58.8 | 21,720 | 8.8 |