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Sun Pharma net soars by 74% to Rs.1,531 cr in Q3

Our Bureau, MumbaiThursday, February 13, 2014, 16:20 Hrs  [IST]

Sun Pharmaceutical Industries, which clinched the No 1 spot in the Indian pharmaceutical segment keeping behind Ranbaxy Laboratories, has posted strong financial performance during the third quarter ended December 2013. Its consolidated net profit has taken a jump of 73.8 per cent and touched to Rs.1,531 crore as compared to Rs.881 crore in the corresponding period of last year. Its EBDITA also moved up by 59.1 per cent to Rs.2,135 crore from Rs.1,342 crore. Its EPS, after considering rise in equity capital on account of bonus shares, worked out to Rs.7.4 as against Rs.4.3 in the last period. The equity capital increased to Rs.207 crore from Rs.104 crore.

The company's consolidated net sales went up by 50.3 per cent to Rs.4,287 crore during the third quarter from Rs.2,852 crore. Its formulation sales increased by 54.9 per cent to Rs.4,147 crore from Rs.2,677 crore. However, its sales of bulk drugs declined by 16.7 per cent to Rs.174 crore from Rs.209 crore.

Dilip Shanghvi, managing director, said, “Our overall performance reflects the focus on execution of our strategy. We are developing a differentiated and specialty business and continue to evaluate opportunities to enhance our global presence.”

The formulation sales in US registered solid growth of 79.2 per cent to Rs.2,679 crore from Rs.1,495 crore and that in rest of the world recorded growth of 57.5 per cent to Rs.521 crore from Rs.394 crore. The international revenue accounted for more than 75 per cent of total revenues during the quarter. Its branded generic sales in India improved by 20.1 per cent to Rs.947 crore from Rs.788 crore.

R&D expenditure increased by 62.2 per cent to Rs.306 crore from Rs.188 crore. A cumulative of 252 DMF/CEP applications have been made with 172 approved so far. It filed 5 ANDAs during third quarter ended December 2014. After counting these, and adjusting for filings that were dropped, cumulatively ANDAs for 468 products have been filed with the US FDA. It received approval for 4 ANDAs in the third quarter, taking the total number of approvals to 337. ANDAs for 131 products now await US FDA approval, including 14 tentative approvals. Its total number of patent applications submitted now stands at 534 with 342 patents granted so far.

Sun Pharma's consolidated net sales for the nine months period ended December 2013 increased by 46.5 per cent to Rs.11,961 crore from Rs.8,167 crore in the similar period of last year and its EBDITA moved up by 46.4 per cent to Rs.5,709 crore from Rs.3,901 crore. However, its net profit declined by 19 per cent to Rs.1,617 crore from Rs.1,997 crore mainly due to exceptional items of Rs.2,517 crore as against Rs.684 crore in the same period of last year. EPS after exceptional items related to generic Protonix litigation in the US, declined to Rs.7.8 from Rs.9.6 in the last period.

The company's formulation sales increased by 50 per cent in the first nine months increased to Rs.11,507 crore from Rs.7,685 crore and its sales of bulk drugs declined by 1.7 per cent to Rs.579 crore from Rs.585 crore. Its US sales of formulations increased by 67.2 per cent to Rs.7,298 crore from Rs.4,366 crore and that in Rest of the World grew by 29.2 per cent to Rs.1,4634 crore from Rs.1,133 crore. Its formulation in India moved up by 25.6 per cent to Rs.2,745 crore from Rs.2,186 crore.

 
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