1 Feb 2022 , 09:01 AM
During the December 2021 quarter, the India formulation sales grew by 15% yoy, US formulations grew 6% at $397 million while the emerging markets formulations business grew by 17% yoy. Even the rest of the world saw a marginal 3% growth in top line on a yoy basis.
Over a 9 month period, the India business was the fastest growing at 26% as India traction built up substantially in the last couple of years. The board of Sun Pharma has also declared an interim dividend of Rs.7 per share.
Sun Pharma reported sharp growth in the India business where it dominates with nearly 8.2% market share. In the US, Taro reported lower net profits by 20% yoy on price pressure in the generics business.
Operating margins fell marginally from 21.21% in Dec-20 quarter to 20.81% in the Dec-21 quarter. Operating margins were lower on a sequential basis by 21 bps.
Sun Pharma has repaid $254 million of debt, reducing its financial risk further with internal resources. The API business continues to be under pressure, but that has been the trend globally.
PAT margins fell marginally from 20.96% in the Dec-20 quarter to 20.87% in the Dec-21 quarter. The PAT margins were also lower on a sequential basis.
Financial highlights for Dec-21 compared yoy and sequentially
Sun Pharma | |||||
Rs in Crore | Dec-21 | Dec-20 | YOY | Sep-21 | QOQ |
Total Income (Rs cr) | ₹ 9,863.06 | ₹ 8,836.78 | 11.61% | ₹ 9,625.93 | 2.46% |
EBITDA (Rs cr) | ₹ 2,052.65 | ₹ 1,874.20 | 9.52% | ₹ 2,099.57 | -2.23% |
Net Profit (Rs cr) | ₹ 2,058.80 | ₹ 1,852.48 | 11.14% | ₹ 2,047.01 | 0.58% |
Diluted EPS (Rs) | ₹ 8.60 | ₹ 7.70 | ₹ 8.50 | ||
EBITDA Margin | 20.81% | 21.21% | 21.81% | ||
Net Margins | 20.87% | 20.96% | 21.27% |
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