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Sun Pharma reports 16.5 percent rise in net profit to Rs 2,523.8 crore in Q3

Ruchika SharmaWritten by Ruchika Sharma Published On 2024-02-01T15:15:44+05:30  |  Updated On 22 March 2024 1:52 PM IST
Sun Pharma to acquire Checkpoint Therapeutics
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Mumbai: Sun Pharmaceutical Industries Ltd has reported a 16.52 per cent rise in its consolidated net profit to Rs 2,523.8 crore in the third quarter ended December 31, 2023.

The company had posted a consolidated net profit of Rs 2,166 crore in the year-ago period, Sun Pharmaceutical Industries said in a statement.

Consolidated total revenue from operations during the quarter under review stood at Rs 12,380.7 crore as compared to Rs 11,240.97 crore in the corresponding period a year ago, it added.

Total expenses were higher at Rs 9,560.74 crore as against Rs 8,943.38 crore in the same quarter of FY23.

The company's board has declared an interim dividend of Rs 8.50 per share for the year FY24 against Rs 7.50 per share interim dividend for the previous year, the statement said.

"We are pleased by our continued broad-based growth, including in global specialty. We are keenly looking forward to the EMA filing of Nidlegy in the coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe," Sun Pharma managing director Dilip Shanghvi said.

Nidlegy is a biopharmaceutical product developed aimed at treating melanoma and other types of non-melanoma skin cancers.

Sun Pharma said its India formulations clocked sales of Rs 3,778.5 crore in the third quarter, up 11.4 per cent, while the US formulations, including Taro, had 13.2 per cent higher sales at $477 million.

On the other hand, emerging markets formulation sales were 2.3 per cent lower at $252 million.

Formulation sales in the rest of world markets were $214 million in Q3 FY24, up 12.9 per cent, the company said.

External sales of active pharmaceutical ingredients (API) were at Rs 466.1 crore, lower by 9.6 per cent, it said, adding that the company continues to focus on increasing API supply for captive consumption for key products.

Sun Pharma said its consolidated R&D investment in the third quarter was Rs 824.5 crore, 6.8 per cent of sales as compared to Rs 670.2 crore in the year-ago period.

Read also: Sun Pharma gets CDSCO Panel Nod To study Leuprolide acetate for depot suspension

Original news source: https://www.ptinews.com/story/business/sun-pharma-q3-net-profit-rises-16-5-pc-to-rs-2-523-8-crore/1255206

sun pharmasun pharma newsnet profitQ3 resultsfinancial resultsNidlegymelanomaskin cancer
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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