Sun Pharma beats estimates; Q1 profit up by 31% to ₹1387 crore

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Sun Pharmaceuticals has said on tuesday that its Q1 net profit rose to 31.2 per cent year-on-year to ₹1387 crore in the June quarter from ₹1057 crore in the corresponding quarter last year.

Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company headquartered in Mumbai, Maharashtra that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients primarily in India and the United States.

It has said on tuesday that its Q1 net profit rose to 31.2 per cent year-on-year to ₹1387 crore in the June quarter from ₹1057 crore in the corresponding quarter last year.

The experts of an ET NOW poll survey had expected ₹994 crore profit for the quarter.

Higher profit came on the back of a forex gain of Rs 67 crore compared to a loss a year ago. Restructuring of domestic business had hurt the company’s bottom line in the quarter ended March.

Sun Pharma’s revenue increased 15.9 percent over the last year to Rs 8,374 crore in the April-June period—in line with the Rs 8,120-crore estimate.

Sun Pharma’s earnings before interest, tax, depreciation and amortisation rose 13.7 percent to Rs 1,696 crore. Its operating margin narrowed 50 basis points to 23 percent.

Shares of the drugmaker rose as much as 5.3 per cent to ₹444.5.The stock has risen 0.5 percent so far this year compared with a more than 10 percent fall in the benchmark NSE Nifty Pharma Index. Besides Divi’s Laboratories Ltd., Sun Pharma is the only stock that has gained in the index.This is even when the BSE sensex was down 600 points.

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