Sun Pharma Q3 profit rises by four fold
Sun Pharmaceutical Industries Sales / Income from operations at Rs. 7,657 crores, growth of 16% over same quarter last year. India sales at Rs. 2,235 crores, growth of 7%. It reported financials for the third quarter & nine month ending December 31st, 2018.
EBITDA at Rs. 2,069 crores grew by 48% with resulting EBITDA margin of 27%. Margins were partly driven by forex gains. Net profit for Q3FY19 was at Rs. 1,242 crores with resulting net profit margin at 16.2%. Net profit for Q3 last year was adversely impacted by one-time deferred tax adjustment of Rs. 513 crores related to changes in US tax rates. Adjusted for this, net profit growth for Q3FY19 was 49% YoY.
Dilip Shanghvi, Managing Director of the Company said, “Our focus on execution is reflected in the Q3 performance. We remain committed towards executing our global specialty strategy, strengthening our core operations and enhancing our overall efficiencies. The Ilumya launch in US has been well received by doctors. We recently commercialized Xelpros in the US and are preparing to launch Cequa in the coming months."
Sales in the US were US$ 362 million for the quarter, a growth of 10% over same period last year and accounted for 34% of total sales. For nine month period, sales were US$ 1,083 million recording a growth of 10% over same period last year. At the same time, Taro posted Q3FY19 sales of US$ 176 million, up 13% over Q3 last year. For the nine month, sales were US$ 490 million, marginally up over nine-month last year. Taro’s net profit for Q3 was US$ 93 million while for the nine month period, it reported a net profit of US$ 223 million.
Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were US$ 125 million in Q3FY19, a growth of 4% over Q3 last year and accounting for approximately 12% of revenues. For the nine month, sales were US$ 340 million, down 2% over nine-month last year.