Sun Pharma releases September quarter results, profit increases by 5 percent, shares rise

Sun Pharma, India's fourth largest drug manufacturer, has released its second-quarter results for FY24. According to the results, Sun Pharmaceutical Industries' consolidated net profit has increased by 5 percent in the September quarter.

Sun Pharma said that the company's net profit has increased by 5 percent to Rs 2,375 crore. The company has attributed this to strong sales in the domestic and American markets. Whereas in the same quarter a year ago, Sun Pharma's profit was Rs 2,262 crore.

Releasing the financial results, the company said that total revenue from operations increased to Rs 12,192 crore in the second quarter of the current financial year, compared to Rs 10,952 crore in the year-ago period.

The company's earnings before EBITDA stood at Rs 3,179 crore, compared to Rs 2,956.5 crore in the year-ago period. EBITDA margin stood at 26.1 percent compared to 27 percent in the year-ago period.

Sun Pharma's formulation sales in India stood at Rs 3842.5 crore, up 11.1 percent over the same quarter last year, while US formulation sales stood at $430 million, up 4.2 percent over the same period last year.

Sun Pharma Managing Director Dilip Shanghvi said the approval of deuruxolitinib NDA by the US FDA for the treatment of moderate to severe alopecia areata is an important milestone for the company.

Till the time of writing the news, on the third day of the trading week, the company's shares are trading at Rs 1,116.70, up by 2.58 percent i.e. Rs 28.10.