Sun Pharma Q1 Results Fy22-2023

The Indian multinational pharmaceuticals company, Sun Pharma, announced its financial results for the first quarter of FY23 on 29th July 2022. The company displayed a 53.9% YoY growth in its profit after tax (PAT), which stood at Rs. 2,060.88 crore in Q1 FY23 as against Rs. 1,444.17 crore in Q1 FY22. 

This growth in profits is supported by a 10.73% YoY increase in the revenue from operations of Sun Pharma, which stood at Rs. 10,761.76 crore in Q1 FY23, as against Rs. 9,718.74 crore in Q1 FY22. There was also a decline in the finance costs for the company, and a positive growth in the gain on foreign currency transactions that helped Sun Pharma achieve its stellar results in the quarter. 

EBITDA of the Mumbai-headquartered company was reported at Rs. 2,884.4 crore in Q1 FY23, including other operating revenues, with the EBITDA margin standing at 26.8% in the quarter under review.

The gross sales of the pharmaceutical giant were recorded at Rs. 10,644 crore, displaying a growth of 10.1% YoY from Q1 last year. Excluding the sales of Covid products in Q1 FY22, the overall sales in Q1 FY23 were up by about 14% YoY. 

Looking at the segment wise performance, the India formulation sales stood at Rs. 3,387.1 crore, up 13% YoY on a like-to-like basis, excluding Covid products sales of Q1 last year. The US formulation sales stood at US$ 42 crore, displaying a 10.7% YoY growth. Emerging Markets formulation sales were reported at US$ 24.5 crore, up by 12.6% YoY. Moreover, sales from Rest of World formulations were at US$ 19 crore, up by 2.6% YoY. However, the R&D investments, which is one of the key metrics that analysts and investors look forward to, saw a decline to Rs. 460.8 crore in Q1 FY23 as compared to Rs. 592.6 crore in Q1 FY22.

As per the AIOCD AWACS MAT June-2022 report, Sun Pharma was ranked No. 1 in the Indian pharmaceutical market, with its market share increasing to 8.5% in Q1 FY23 from 8.0% in the year ago period. In the quarter ended 30th June 2022, the company launched 22 new products in the Indian market. 

The earnings per share (EPS) of the company in this quarter stood at Rs. 8.6 increasing 43.33% YoY from Rs. 6.0 in Q1 FY22. The Sun Pharma share reacted positively to the quarterly results, which were announced during the market hours, and traded at Rs. 931.75 per share, up 4.12% at around 1:54 pm, minutes after the results were released. 

Hits of Sun Pharma Q1 Results

• PAT increased 53.9% YoY to Rs. 2,060.88 crore in Q1 FY23 as against Rs. 1,444.17 crore in Q1 FY22. 

• Revenue from operations increased 10.73% YoY to Rs. 10,761.76 crore in Q1 FY23.

• EBITDA was reported at Rs. 2,884.4 crore in Q1 FY23 with the EBITDA margin standing at 26.8%.
• Gross sales were recorded at Rs. 10,644.0 crore, displaying a growth of 10.1% YoY.
• Sun Pharma was ranked No. 1 in the Indian pharmaceutical market, with its market share increasing to 8.5% in Q1 FY23.
• EPS stood at Rs. 8.6 in Q1 FY23, increasing 43.33% YoY from Rs. 6.0 in Q1 FY22.

Misses of Sun Pharma Results

• R&D investments saw a decline to Rs. 460.8 crore in Q1 FY23 as compared to Rs. 592.6 crore in Q1 FY22.