Result-Analysis-Elite-Wealth

 

Result Analysis: Sun Pharmaceutical Ltd. Result Update Q3FY22

 

Particulars (In ₹. Cr) Q3FY22 Q2FY22 Q3FY21 QoQ % YoY%
Revenue From Operation 9814.17 9556.74 8808.83 2.69% 11.41%
Other Operating Revenue 48.89 69.19 27.95 -29.34% 74.92%
Other Income 432.50 222.89 314.95 94.04% 37.32%
Total Income 10295.56 9848.82 9151.73 4.54% 12.50%
Material Expenses 1713.70 1548.90 1427.60 10.64% 20.04%
Employee Cost as % of Revenue 17.46 16.21 16.21 7.74% 7.74%
Other Expenses 6115.68 6013.40 5561.00 1.70% 9.97%
EBITDA 2606.00 2560.80 2407.00 1.77% 8.27%
EBITDA Margin 26.55% 26.80% 27.32% -0.90% -2.82%
PAT 2059.00 2047.00 1759.90 0.59% 17.00%
PAT Margin 20.98% 21.42% 19.98% -2.05% 5.01%
Basic EPS (in Rs.) 8.60 8.50 7.70 1.18% 11.69%
Revenue Breakup Q3FY22 Q2FY22 Q3FY21 QoQ % YoY%
India Formulation 3167.50 3187.80 2752.70 -0.64% 15.07%
US Formulation 2971.70 2677.30 2762.88 11.00% 7.56%
Emerging Market 1789.91 1800.54 1507.26 -0.59% 18.75%
ROW Formulations 1353.15 1392.60 1299.11 -2.83% 4.16%

Result Highlight: 

  • Sun Pharma Consolidated Revenues at Rs. 9814.2 Crore, up 11% Y-o-Y. Other income saw a growth of 94.04% QoQ to ₹ 432.50

  • India formulation sales at Rs. 3167.50 crores, up 15.07% over same quarter last year.

  • EBITDA at Rs. 2606 crores, up by about 8.27% over Q3 last year, with EBITDA margin at 26.55%

  • US formulation sales at Rs.2971.70 crores, growth of 7.56% over Q3 last year.

  • Emerging Markets formulation sales at 1789.91, up by 18.75% over Q3 last year.

  • Rest of World formulation sales at Rs. 1353.15, up by 4.16% over same quarter last year

  • R&D investments at Rs. 547.1 crores compared to Rs. 559.5 crores for Q3FY21.

  • The company has repaid debt of about US$ 254 million in 9mFY22 compared to the debt as of March 31, 2021.

  • For Q3FY22, the company launched 25 new products in the Indian market.

  • The Board has declared an Interim dividend of Rs. 7.0 per share for the year FY22 against Rs. 5.50 per share interim dividend for the previous year.

Taro Performance:

Taro posted Q3FY22 sales of US$ 139 million, nearly flat YoY and net profit of about US$ 26.3 million, lower by 20% over Q3 last year. For the first nine months, sales were US$ 418 million, up by about 4% over the nine month period last year. Excluding the impact from the settlement and loss contingencies charges in both periods, adjusted net profit for 9mFY22 was US$ 99.2 million compared to US$ 107 million for 9mFY21. Taro’s reported net profit for 9mFY22 was US$ 30.9 million.

Active Pharmaceutical Ingredients (API):

Strategic strength For Q3FY22, external sales of API were at Rs. 471 crores, higher by about 5% over Q3 last year. For the first nine months, API sales were at Rs. 1421.8 crores, down by about 6% over the same period last year. API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supplies for captive consumption relating to key products.

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