Sun Pharma posts Rs 1,444.17 cr net profit in June qtr

We continue to focus on increasing API supply for captive consumption for key products, it added.Consolidated research and development investment for Q1 FY22 was Rs 592.6 crore as compared to Rs 420.6 crore for the first quarter last year, Sun Pharma said.The company has repaid debt of about USD 185 million in Q1 FY22 compared to the debt as of March 31, 2021.

Drug major Sun Pharmaceutical Industries on Friday reported a consolidated net profit of Rs 1,444.17 crore for the June 2021 quarter, mainly on account of robust sales across markets.

The company had posted a net loss of Rs 1,655.60 crore for the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing.

Consolidated total revenue from operations stood at Rs 9,718.74 crore for the quarter under consideration. It was Rs 7,585.25 crore for the same period a year ago.

''We witnessed a strong Q1, driven by a combination of robust core business growth, low base and some sale of Covid products,'' Sun Pharmaceutical Industries Managing Director Dilip Shanghvi said.

''We continue to focus on growing our overall business and simultaneously strengthening our global specialty portfolio. The recent in-licensing of Winlevi for the US and Canada is a step forward in this direction,'' he added.

Sales of branded formulations in India for the first quarter of FY'22 were at Rs 3,308.4 crore, up by 39 percent over Q1 last year, and accounting for 34 percent of total sales.

Sun Pharma is ranked number one and holds above 8 percent market share in the Indian pharmaceutical market as per AIOCD AWACS MAT June-2021 report, it added.

The company's formulations sales in the US including Taro were at Rs 2,800 crore, a growth of 35 percent over the first quarter last year accounting for about 29 percent of total consolidated sales, Sun Pharma said.

The company's sales in Emerging Markets were at Rs 1,605.26 crore for the quarter under consideration, a growth of 25 percent over the first quarter of last year. Overall sales in Emerging Markets accounted for about 17 percent of total consolidated sales for the quarter, it added.

Formulation sales in the Rest of the World (ROW) markets, excluding US and Emerging Markets, were at Rs 1,368 crore in Q1 FY'22, up by 35 percent over Q1 last year and accounted for approximately 14 percent of total consolidated sales, Sun Pharma said.

''For Q1 FY'22, external sales of API were at Rs 514.9 crore, down 7 percent over Q1 last year. Our API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supply for captive consumption for key products,'' it added.

Consolidated research and development investment for Q1 FY'22 was Rs 592.6 crore as compared to Rs 420.6 crore for the first quarter last year, Sun Pharma said.

''The company has repaid debt of about USD 185 million in Q1 FY'22 compared to the debt as of March 31, 2021. Over the last 5 quarters, the company has repaid debt of about USD 765 million,'' Sun Pharma said.

Shares of Sun Pharmaceutical Industries closed at Rs 774 per scrip on BSE, up 10.06 percent from their previous close.