Pharmaceutical giant Sun Pharma posted its Q4 FY22 results on May 30, 2022.
The company reported a surprise loss of Rs 2,277 crore in the quarter under review from a net profit of Rs 2,058 crore in the previous quarter and a net profit of Rs 894 crore last year.
The surprising loss in Q4 FY22 was attributed largely to a one-time charge of the antitrust payment and other lawsuit settlements made in the U.S related to its subsidiary Taro Pharmaceuticals. This cost the company a whopping Rs 3,723 crore in lawsuit settlements. In addition to this, Sun Pharma also made an expenditure of Rs 56.35 crore to restructure its operations in certain countries.
The company’s revenue from operations was down by 4.2% QoQ (Quarter on Quarter) to Rs 9,446 crore in the quarter under review from Rs 9,863 crore in the previous quarter. On a YoY (Year on Year) basis, the revenue from operations was up 10.8%.
Sun Pharma’s Board of Directors recommended a final dividend of Rs 3 per equity share, subject to the shareholders’ approval.
Dilip Shanghvi, Managing Director, Sun Pharmaceuticals said, that FY22 was a good year with strong topline and EBITDA growth. All geographies have recorded double-digit growth and profitability has improved despite rising costs. The specialty business continues to ramp up strongly with global Ilumya sales recording 81% growth to reach US$315 million in FY22.
To read the RA disclaimer, please click here
Research Analyst: Bavadharini KS