NEW DELHI: Pharmaceuticals major Sun Pharmaceutical Industries on Thursday reported a doubling in its net profit for the quarter ended March 31, 2021. The company’s consolidated net profit rose to Rs 894.15 crore during the quarter primarily due to a robust performance in the Indian market. Sun Pharma had recorded a net profit of Rs 399.84 crore in the corresponding period of last year.
According to the company’s exchange filings, its consolidated total revenue for the quarter from operations stood at Rs 8,522.98 crore against Rs 8,184.94 crore in the corresponding period of last year. For the full financial year 2020-21, Sun recorded a net profit of Rs 2,903.82 crore compared to Rs 3,764.93 crore in the previous year.
Sun’s total revenue from operations stood at Rs 33,498.14 crore for FY21 compared to Rs 32,837.50 crore in FY20. “FY21 was a year marked by a highly volatile business environment due to the global Covid-19 pandemic and lockdowns in various countries. Despite these challenges... we have been able to maintain business continuity and record positive overall growth,” Sun’s MD Dilip Shanghvi said.
While Sun’s India business continued to outperform average industry growth, global specialty sales have also improved. In specific, drug Ilumya has seen global sales rise 51 per cent to Rs 143 million. As for debt, a statement said that “the company has repaid debt of about $580 million in FY21”.
Meanwhile, sales of branded formulations in India during the March quarter stood at Rs 2,670.9 crore, up 12.9 per cent year-on-year. The India business accounted for 31.7 per cent of total sales. For the full year FY21, sales rose 6.5 per cent to Rs 10,343.2 crore. “Sales in the US were $370 million, a decline of 1.3 per cent over Q4 last year and accounting for about 32 per cent of total consolidated sales. For full year FY21, sales were $1,360 million recording a de-growth of 8.5 per cent”.
R&D expenses grow marginally
Consolidated R&D investment for the quarter stood at Rs 557.1 crore—6.6 per cent of sales; this figure had stood at Rs 536 crore (6.6 per cent of sales) in the fourth quarter of the previous year.