Sun Pharmaceutical Industries Ltd., announced a significant increase in its net profit for the fourth quarter of the fiscal year 2023-24. The company’s consolidated net profit surged by 34% to Rs 2,654.5 crore compared to the same period the previous year, driven by robust sales and strategic market expansions.
Financial Highlights
Sun Pharma’s consolidated revenue for the January-March quarter rose to Rs 11,982.9 crore, marking a 9% increase from Rs 10,930.6 crore in the same quarter last year. The company’s operational performance was strong, with EBITDA growing 8.3% to Rs 3,034 crore, up from Rs 2,802 crore in the previous year’s corresponding quarter.
Reflecting its healthy financial performance, the board of directors declared a final dividend of Rs 5 per equity share for the financial year 2023-24.
US Market Performance
The company’s formulation sales in the US, a key market, reached $1,854 million for the full year FY24, representing a 10.1% year-over-year increase. For the fourth quarter alone, US formulation sales climbed 10.9% to $476 million, accounting for 33.5% of Sun Pharma’s total consolidated sales for the quarter.
Strategic Achievements
Sun Pharma’s Chairman and Managing Director, Dilip Shanghvi, highlighted the company’s strategic milestones during the fiscal year. “During FY24, two of our businesses surpassed $1 billion in annual sales, namely Global Specialty and Emerging Markets. We shall continue to build our specialty portfolio and invest further to gain scale across our businesses,” Shanghvi stated.
The growth in the Global Specialty business and Emerging Markets underscores Sun Pharma’s successful diversification and strategic investments aimed at expanding its global footprint and enhancing its specialty drug portfolio.
Looking Ahead
With a strong performance in the fourth quarter and significant achievements in key markets, Sun Pharma is well-positioned for continued growth. The company’s focus on building its specialty portfolio and scaling its operations in emerging markets is expected to drive future growth and shareholder value.
As the pharmaceutical industry continues to evolve, Sun Pharma’s strategic initiatives and robust financial health highlight its capability to navigate challenges and capitalize on opportunities in the global market.
