Groww Logo
Home>Blog>News>Sun Pharma Q1 Results Fy22-2023

Sun Pharma Q1 Results Fy22-2023

03 August 2022

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.

Segment-wise revenue

  • India Formulations: Revenue increased 2.38% YoY to Rs. 3,387.10 crore in Q1 FY23 from Rs. 3,308.35 crore in Q1 FY22.
  • US Formulations: Revenue increased 15.58% YoY to Rs. 32,437.1 crore in Q1 FY23 from Rs. 28,000.1 crore in Q1 FY22.
  • Emerging Market: Revenue increased 17.8% YoY to Rs. 18,910.8 crore in Q1 FY23 from Rs. 16,052.6 crore in Q1 FY22.
  • ROW Formulations: Revenue increased 7.3% YoY to Rs. 14,678.2 crore in Q1 FY23 from Rs. 13,680.0 crore in Q1 FY22.

What the management says

Dilip Shanghvi, Managing Director of the Company said, “For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-round growth across markets. Specialty business has grown by 29% driven by Ilumya, Cequa, Odomzo and Winlevi. Our India business continues to grow faster than market, leading to increase in market share. We have been able to report healthy margins despite rising costs. We continue to focus on expanding our global specialty business, growing all our businesses and improving our market share.”

Other things to know

  • The P/E ratio of Sun Pharma stood at 65.27 as against the sector P/E ratio of 34.13.
  • The P/B ratio of Sun Pharma stood at 4.34 as against the sector P/B ratio of 4.45.

To read the RA disclaimer, please click here
Research Analyst: Bavadharini KS

Do you like this edition?
LEAVE A FEEDBACK
ⓒ 2016-2022 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 3.2.4
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI