Sun Pharma stock trades ~2% lower on Q3FY23 muted performance

1 Feb 2023 , 11:45 AM

Sun Pharma reported a consolidated net profit of Rs2,166 crore for the quarter ended December 2022, up 5% from the same period last year. In the same quarter last year, the profit was Rs2,058 crore.

Revenue from operations increased 14% to Rs11,240 crore during the quarter, compared to Rs9,863 crore in the previous year’s corresponding quarter.

In addition, the company declared an interim dividend of Rs7.50 per equity share for the fiscal year 2022-23.

The interim dividend has a fixed record date of February 8 and will be paid on or before February 2023.

The company informed exchanges that Kalyanasundaram Subramanian’s term as Whole-time Director of the company would end on February 13 and that he would retire from the position as of that date.

India formulation sales were Rs3,391 crore, up 7.1% from the third quarter of last year, while US formulation sales increased 6% to $422 million.

EBITDA for the December quarter was Rs3,003 crore, a 15% increase year on year, with margins of 26.7%. During the quarter, global specialty sales totalled $235 million, including a $12.5 million milestone achieved in Q3. This market segment accounted for 16% of total sales.

Following this development, Sun Pharma was trading at Rs1,009.85, down by 2.27% against the previous close of Rs1,034.50 on NSE. The counter opened at Rs1,036.45 and touched an intraday high and low of Rs1,043.95 and Rs1,006.30 respectively.

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