Sun Pharmaceutical Industries Ltd. second-quarter consolidated net profit rose 10% to ₹2,262 crore driven by growth in market share in India.
Gross sales at ₹10,809 crore grew 13.1% year-on-year. India formulation sales grew 8.5% to ₹3,460 crore. U.S. formulation sales at $412 million rose 14.1%.
“For Q2, we recorded double-digit topline growth and strong margins driven by market share gain in India, sustained ramp-up of our global specialty business and growth in emerging markets,” MD Dilip Shanghvi said.
“Global specialty business has grown by 27.5% driven by Ilumya, Cequa and Winlevi. We continue to focus on expanding our global specialty business and growing all our businesses,” he added.
India formulation sales accounted for about 32% of total consolidated sales. U.S. formulations (including Taro) sales accounted for more than 30% of total consolidated sales.
Taro posted Q2FY23 sales of $130 million, marginally lower than the year-earlier period, Taro reported net loss of $2.8 million. Formulation sales in emerging markets rose 6.7% to $259 million.
Formulation sales in Rest of World (ROW) markets, excluding U.S. and emerging markets, were $181 million in Q2FY23, lower by about 3.8%.
For Q2FY23, external sales of API were at ₹473 crore, up by 8.5% over Q2 last year. “Our API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supply for captive consumption for key products,” the company said.