Sun Pharmaceutical Industries, the leading Indian pharma company with net sales of Rs.16,000 crore plus, has registered a net profit of Rs.1,391 crore during the first quarter ended June 2014 as against a net loss of Rs.1,276 crore in the corresponding period of last year. The company provided Rs.2,517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix' during the previous year quarter ended June 2013. Excluding exceptional items its net profit increase by 12.1 per cent. The consolidated net sales moved up by 12.8 per cent to Rs.3,927 crore from Rs.3,482 crore.
The board of directors declared equity dividend of Rs.1.50 per share of Rs.1 for the year 2013-14. The company has appointed Uday Baldota as the chief financial officer (CFO) of the company with immediate effect.
The company's EBDITA increased by 5.7 per cent to Rs.1,825 crore from Rs.1,726 crore. EBDITA margins worked out to 46.4 per cent as against 49.3 per cent in the similar quarter of last year. Its other operating income declined by 57.5 per cent to Rs.8.73 crore from Rs.20.55 crore, but other income increased by 23.5 per cent to Rs.92.38 crore from Rs.74.83 crore.
Its consolidated R&D expenditure reached at Rs.257 crore which worked out to 6.6 per cent of sales. The company has total approval for 350 products and 140 products are awaiting approval from US FDA. During the first quarter, it filed 14 ANDAs and received approval for six ANDAs. Its total number of patent applications submitted now stands at 575 with 349 patents granted so far.
Dilip Shanghvi, managing director, said, “Our Q1 performance was in-line with our expectations. While we are intensively planning for the integration with Ranabxy, we remain focused on strengthening our existing businesses and developing a differentiated and specialty driven product basket. We also continue to review opportunities to expand and strengthen our global footprint.”
The company sales of branded prescription formulations in India improved by 17 per cent to Rs.992 crore and it launched seven new products in the Indian market during the quarter under review. Its sales in US went up by 7 per cent to $389 million and contributed 58 per cent to its revenues. Its formulations sales in other markets improved by 2 per cent to $82 million. Its APIs sales, however, declined by 10 per cent to Rs.174 crore. The company increased the API supply for captive consumption significantly for key products which enabled it to enjoy the benefits of strategic vertical integration. It filed 259 DMF/CEP and received approval for 176 so far.
The company's standalone net sales during the quarter ended June 2014 declined by 5 per cent to Rs.559 crore from Rs.588 crore in the same period of last year and standalone net profit improved marginally to Rs.47.56 crore from Rs.45.70 crore.