Leading drugmaker Sun Pharmaceutical has reported a net profit of Rs 2,836 crore, up over 40 percent on-year in the June quarter, driven by higher realization leading to better margins.
Total sales rose over 6 percent to Rs 12,524.5 crore in the reporting quarter, the company said in a statement Thursday.
India formulation sales rose 16.4 percent to Rs 4,144.5 crore, while US formulation sales declined 1 percent to $466 million and global specialty sales rose 14.7 percent to $266 million, accounting for 17.7 percent of the quarterly sales. Formulation sales in emerging markets inched up 8.8 percent to $284 million and formulation sales in the rest of the world stood at $190 million, down 2.9 percent.
The company said its R&D investments rose to Rs 794 crore in the quarter from Rs 679.6 crore.
The bottom line was boosted by higher margins which rose to 28.5 percent from 27.9 percent.
Dilip Shanghvi, the chairman and managing director, said the company has recently attained several milestones with the approval of Leqselvi in the US, the filing of Nidlegy in Europe and the completion of acquisition of Taro minority shares. "These steps advance our innovative as well as generic business offerings, and will help us serve patients better," he said.
Formulation sales in the domestic market rose 16.4 percent to Rs 4144.5 crore and accounted for about 33.1 percent of total consolidated sales, he said, adding the US formulations sales at $466 million accounted for 31.1 percent of total consolidated sales.
Active pharmaceutical ingredients sales were at Rs 494.6 crore, lower by 8.3 percent.