Sun Pharma logs 11% y-o-y jump in Q1FY24 revenue; stock hits fresh high

3 Aug 2023 , 03:25 PM

Sun Pharmaceutical reported a nearly 2% year-on-year (YoY) decline in total net profit to Rs 2,023 crore for the quarter ended June 2023. Operating revenue climbed by roughly 11% year-on-year to Rs 11,941 crore.

The drop in earnings was caused mainly on account of one-time charges of Rs 323 crore.

In addition, the business paid a one-time transitional cost of Rs 51 crore in connection with the transfer of Alchemee activities from California to New York.

The drugmaker’s EBITDA, increased 15.5% year-on-year to Rs 3,332 crore in the quarter, while the operating margin increased 109 basis points to 27.90%.

Other income increased to Rs 204 crore in the reporting period, up from Rs 2.1 crore the previous year.

The share of loss from associates and joint ventures decreased significantly sequentially but increased on a year-on-year basis. The losses for the quarter were Rs 7.4 crore, compared to a loss of Rs 33.9 crore the previous quarter and a loss of Rs 2.5 crore the previous year.

India formulation sales up 5% year on year to Rs 3,560 crore, while US formulation sales increased 12% to $471 million.

At around 3.22 PM, Sun Pharma was trading 0.34% higher at Rs 1,139.10 per piece, against the previous close of Rs 1,135.25 on NSE. The counter touched a new 52-week high of Rs 1,169.70.

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