Rs 8.5/Share Dividend: Pharma Major Declares 15% Jump In Net Profit To Rs 2524 Cr

Large cap pharma major Sun Pharmaceutical Industries Ltd shares zoomed 3.42% on Wednesday after it reported its consolidated profit after tax at Rs 2,524 crores ($304 million) for the quarter ended December 31, 2023.

Meanwhile, sales in its US formulations business surged approximately 15% to Rs 3974 crore and sales from the India formulations jumped over 11% to Rs 3,779 crore. Sun Pharmaceutical also declared an interim dividend of Rs 8.5/- per equity share for the financial year 2023-24. Check details below:

Sun Pharmaceutical Declares Interim Dividend: As per the BSE filing of the company dated January 31, 2024, "An interim dividend of Rs. 8.5/- (Rupees Eight and fifty paisa only) per equity share of Re. 1/- (Rupee one only) each of the Company for the financial year 2023-24 is declared. As intimated on January 15, 2024, the Record Date for entitlement of interim dividend for the financial year 2023-24 is February 09, 2024. The interim dividend shall be paid on or before February 23, 2024."

Sun Pharmaceutical Stock Performance & Return: Last trading price of Sun Pharmaceutical shares on BSE is Rs 1418.50 per share. The 52-week high price of Sun Pharmaceutical shares on BSE is Rs 1438.50 apiece and 52-week low price is Rs 922.55 apiece, respectively. The company has a market capitalisation of Rs 3,40,337.69 crore. Sun Pharmaceutical shares gained 9.18% in last 2-weeks, soared 24% in last 6-months, and rallied 37% in last 1-year. In last 2-years, Sun Pharmaceutical shares rallied 70% and rose 142% in last 3-years. The scrip jumped 233% in last 5-years.

Sun Pharmaceutical Q3: The company's global specialty drug sales arrived at $296 million, up 24% without a 'milestone' of $20 million, said Sun Pharma. Meanwhile, revenue from operations surged 10% to Rs 12,381 crore for the December quarter. The company's BITDA declared at Rs 34,768 million (including other operating revenues), up 15.8%. EBITDA margin for Q3 at 28.1% vs 26.7% during Q3FY23. Adjusted net profit (excluding the exceptional items) for Q3FY24 was Rs. 25,936 million, up 19.7%. Reported net profit for Q3FY24 was Rs. 25,238 million compared to Rs. 21,660 mn during Q3FY23, as per the BSE filing.

Dilip Shanghvi, Managing Director of the Company said, "We are pleased by our continued broad-based growth including in Global Specialty. We are keenly looking forward to EMA filing of Nidlegy in coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe."

Sales of formulations in India for Q3FY24 were Rs. 37,785 million, up 11.4% and accounting for about 31% of total sales. For the first 9 months, sales were at Rs. 111,814 million, up 9.2%.

Formulation sales in the US were US$ 477 million recording a growth of 13.2% and accounting for over 33% of total sales. For the first nine months, sales were US$ 1,378 million, recording a growth of 9.8%.

About: Sun Pharma is the world's fourth largest specialty generics company with presence in Specialty, Generics and Consumer Healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the US as well as Global Emerging Markets. Sun's high growth Global Specialty portfolio spans innovative products in dermatology, ophthalmology, and onco-dermatology and accounts for over 16% of company sales. The company's vertically integrated operations deliver high-quality medicines, trusted by physicians and consumers in over 100 countries. Its manufacturing facilities are spread across six continents.

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