Sun Pharma Q1 net profit down 23% to ₹2,232 crore
The Hindu
Sun Pharmaceutical Industries Ltd. reported consolidated first quarter net profit dropped 23% to ₹2,232 crore as compared with ₹2,916.8 crore in the year-earlier period, dragged down by the lower profitability at Taro.
Sun Pharmaceutical Industries Ltd. reported consolidated first quarter net profit dropped 23% to ₹2,232 crore as compared with ₹2,916.8 crore in the year-earlier period, dragged down by the lower profitability at Taro.
Gross sales, at ₹11,785 crore, grew 10.7% against the same period the earlier year, the company said in a filing.
India formulation sales, at ₹3,560 crore, grew 5.1% year-over-year (YoY). India formulation sales accounted for about 30% of total consolidated sales.
US formulation sales including Taro at $471 million was up 12% YoY. Taro posted first quarter sales of $159 million, up 1.4% YoY and reported a net profit of about $10million, lower by 28.9% over the net profit of the year-earlier period.
Excluding the impact from certain one-time items in the current year quarter, net income was $14.9 million as against the net profit of $14.1 million of Q1 FY23, Sun Pharma said.
The company said its global specialty sales at $232 million, grew 21% YoY and global specialty sales accounted for 16.2% of the quarterly sales.
Emerging Markets formulation sales at $261 million, grew 6.5% YoY and Rest of World formulation sales, at US$ 195 million, grew 2.6% YoY.
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