Sun Pharmaceutical Industries Ltd has reported impressive financial performance during the year ended March 2007 with higher sales, exports and net profit. The company's consolidated net profit has taken a quantum jump of 35 per cent and reached at Rs 774.08 crore from Rs 573.25 crore in the previous year. Its consolidated net sales also increased by 30.3 per cent to Rs 2132.06 crore from Rs 1636.82 crore. With strong growth in profits, its basic earning per share moved up to Rs 41.2 from Rs 30.9 in the last period. The company has paid the interim dividend at the rate of 135 per cent (Rs 6.75 per share), which is treated as final for the year 2006-07.
Commenting on financial working, Dilip Shanghvi, chairman and managing director, said, "The demerger of our R&D programmes for NCE and NDDS into a new company will help reinforce the focus with which we have always run our core business. This move positions us to strongly participate in the excellent potential that exists for generics, worldwide. We have again shown strong results in 2006-07 across all our business segments, as the first steps of our integration of acquired plants begin to show results. We are on course to creating a competitive global generics business as we pursue expansion opportunities in existing and new geographies."
Sun Pharma's exports went up by 39.2 per cent to Rs 968.66 crore during 2006-07 from Rs 695.78 crore in the previous year, contributing over 43 per cent of total sales as against 41.1 per cent in the last year. The formulations exports increased by 44.8 per cent to Rs 729.01 crore from Rs 503.56 core and that from bulk drugs increased by 25.1 per cent to Rs 236.15 crore from Rs 188.78 crore.
The domestic sales improved by 21.8 per cent to Rs 1268.63 crore from s 1041.37 crore in 2005-06. Its domestic formulations sales increased by 23 per cent to Rs 1180.98 crore from Rs 959.59 crore and that of bulk drugs went up marginally by 5.7 per cent to Rs 86.18 crore from Rs 81.52 crore.
The company's research and development expenditure increased significantly by 45.2 per cent to Rs 292.37 crore from Rs 201.42 crore. This worked out to 13.1 per cent of sales in 2006-07 as compared to 11.6 per cent in the last year.
The total ANDAs approved by US FDA for Sun Pharma and its US subsidiary Caraco Pharma Labs reached at 34 as against 22 ANDAs in the last year. A total of 16 ANDAs have been filed during the fourth quarter, 8 from Sun Pharma and 8 from its subsidiary. With this, 77 ANDAs await US FDA approval including 7 tentative approvals; 6 from Sun and 1 from Caraco. The company received final approval for generic phenytoin, nimodipine and gabepentin which have since been launched and a tentative approval for Amifostine for injection. A cumulative of 86 DMF/CEP applications made with 43 approved. The total number of patents applications submitted now sands at 380 with 70 patents granted.
The company's standalone net sales improved by 28.7 per cent to Rs 1662.56 crore in 2006-07 from Rs 1291.64 crore in the previous year. Its standalone net profit went up by 36.3 per cent to Rs 628.93 crore from s 461.29 crore. The other income i.e. share of income from partnership firm, net interest income and other income, saw a growth of 44.4 per cent at Rs 741.49 crore as against Rs 513.48 crore.