Sun Pharma posts net profit of ₹2,654.58 crore in January-March quarter

Sun Pharmaceutical Industries Ltd on Wednesday reported a consolidated net profit of ₹2,654.58 crore in the fourth quarter ended on March 31, 2024. The company had posted a consolidated net profit of ₹1,984.47 crore in the fourth quarter of the previous fiscal, Sun Pharmaceutical Industries said in a regulatory filing.

Consolidated total revenue from operations in the fourth quarter was at ₹11,982.9 crore in the quarter under review. It was at ₹10,930.67 crore in the same quarter a year ago, it added. India formulation sales were at ₹3,707.8 crore while US formulation sales were at $476 million (around ₹3,964 crore) in the fourth quarter.

Sun Pharma said the results for the quarter ended on December 31, 2023, and the quarter and the year ended on March 31, 2024, are not comparable with other periods due to the acquisition of 60 per cent shareholding in Vivaldis Health and Foods Pvt Ltd which was completed during the quarter ended June 30, 2023.

The board has recommended a final dividend of ₹5 per equity share of ₹1 each subject to approval by shareholders at the ensuing annual general meeting, the company said. This is in addition to the interim dividend of ₹8.5 per share paid in FY24, taking the total dividend for FY24 to ₹13.5 per share compared to ₹11.5 per share for FY23, it added.

Further, the board of directors also approved the appointment of Dilip Shanghvi, Managing Director of the company, as the Chairman of the Board with immediate effect, Sun Pharma said. For the fiscal ended March 31, 2024, consolidated net profit was at ₹9,576.38 crore. It was at ₹8,473.58 crore in the previous fiscal.

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In FY24, consolidated total revenue from operations was at ₹48,496.85 crore. The same was at ₹43,885.68 crore in FY23. India formulation sales were at ₹14,889.3 crore and US formulation sales were at $1,854 million.

"During FY24, two of our businesses surpassed $1 billion in annual sales, namely Global Specialty and Emerging Markets. This achievement of critical mass in key markets is a testimony to several years of hard work put in by respective teams," Shanghvi said. He further said the company would continue to build its specialty portfolio and invest further to gain scale across businesses.

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