Sun Pharmaceuticals Limited, a prominent Indian pharmaceutical company, reported a consolidated net profit of Rs 1,984 crore in the fourth quarter of the fiscal year 2022-23. This represents a significant turnaround from the net loss of Rs 2,277 crore recorded in the corresponding quarter of the previous fiscal year. The company’s robust performance was evident in its financial statements, which showcased a 15.7% growth in revenue from operations during the quarter, reaching Rs 10,930.6 crore compared to Rs 9,446.8 crore in the same period last year.
In a regulatory filing, Sun Pharma also announced the approval of a final dividend of Rs 4 per equity share. However, this dividend is subject to the shareholders’ approval. The final dividend comes in addition to the interim dividend of Rs 7.5 per share paid during the fiscal year 2022-23. Consequently, the total dividend for the year amounts to Rs 11.5 per share, an increase from the previous year’s Rs 10 per share.
The year-on-year revenue growth can be attributed to strong performances in the specialty segment and domestic formulations business, along with contributions from the sales of the generic drug Revlimid in the US market. Sun Pharma highlighted these factors in its regulatory filing, emphasizing that double-digit growth in the specialty segment and robust domestic sales significantly contributed to the positive financial results. Additionally, the company reported formulation sales of Rs 168.4 crore in the US for the fiscal year 2022-23, reflecting a 10.3% increase compared to the previous year.
Dilip Shanghvi, the Managing Director of Sun Pharma, expressed satisfaction with the company’s performance in various business segments. He specifically mentioned the continued progress of their specialty, India, and emerging markets businesses. Shanghvi also emphasized the company’s commitment to expanding its specialty business further. The recent acquisition of Concert is expected to strengthen Sun Pharma’s dermatology portfolio. Shanghvi further expressed optimism regarding the potential of deuruxolitinib, a product aimed at addressing the unmet needs of patients with alopecia areata, and expressed hopes for it to become a leading product in the market.
Sun Pharmaceuticals Limited, a prominent Indian pharmaceutical company, reported a consolidated net profit of Rs 1,984 crore in the fourth quarter of the fiscal year 2022-23.
In addition to the impressive financial results, Sun Pharma’s board of directors approved a final dividend of Rs 4 per equity share. However, this dividend is subject to the approval of the shareholders, who will have the opportunity to benefit from the company’s success. It’s worth noting that this final dividend is in addition to the interim dividend of Rs 7.5 per share that was paid during the fiscal year 2022-23. Thus, the total dividend for the year amounts to Rs 11.5 per share, demonstrating Sun Pharma’s commitment to rewarding its shareholders for their trust and investment.
The company attributes its substantial year-on-year revenue growth to several key factors. Sun Pharma highlighted the strong performance of its specialty segment, which experienced double-digit growth, as well as robust sales in the domestic formulations business. These positive trends were further augmented by the contribution from the sales of the generic drug Revlimid in the competitive US market. Sun Pharma’s regulatory filing also revealed that the company’s formulation sales in the US for the fiscal year 2022-23 amounted to Rs 168.4 crore, marking a commendable 10.3% increase compared to the previous year.
Sun Pharmaceuticals’ exceptional financial performance, marked by a substantial net profit turnaround and significant revenue growth, is a testament to the company’s resilience, strategic focus, and ability to adapt to market dynamics. The company’s commitment to rewarding shareholders through dividend payments showcases its dedication to shareholder value creation. With a strong emphasis on the specialty segment, robust domestic sales, and contributions from the US market, Sun Pharma is well-positioned to capitalize on future opportunities and maintain its position as a key player in the pharmaceutical industry.
