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.
Dilip Shanghvi, Managing Director, Sun Pharma in a statement said, “All our business continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24.”
“US has led the revenue growth in Q1 and Global Specialty has continued to increase as a share of our revenues. I am excited about the progress in our specialty pipeline and the potential for offering new treatments for patients in need,” he added.
The consolidated R&D investment for the first quarter was ₹679.6 crore as compared with ₹460.8 crore in the year-earlier period, the company said.
