Highlights of Q2 performance
The Consolidated net sales of the Sun Pharmaceuticals showed strong growth of 76%at Rs 1177.84 crore for the quarter ended September’08. Revenues from the productslaunched at risk, ie, Protonix and Ethyol, powered top line growth.Operating profit margin increased by whopping 1290 bps to 45.7% on back of fall in allexpenditure over heads as percentage to sales, net of stock adjustment. Operatingprofit spurted by 145% to Rs 537.96 crore.Other income increased by whopping 377% to Rs 23.47 crore, which boosted thePBIDT to 150% at Rs 561.43 crore.The interest income rose marginally by 12% to Rs 31.04 crore. The depreciationincreased moderately by 25% over corresponding previous period to Rs 28.65 crore,improved PBT to report growth of 146% at Rs 563.82 crore. The rise of 510 bps ineffective tax rate to 5.10% resulted PAT to increase by 134% to Rs 535.07 crore.After accounting for minority interest of Rs 22.30 crore compared to Rs 10.39 crore inthe corresponding previous period, the net profit grew by whopping 135% to Rs 512.77crore
Other Developments
Domestic sales grew in line with industry domestic sales (22%); and contributed 40% of totalsales.International sales zoomed by 141% over Q2 FY08; contributed 60% of total sales.In the quarter ended September’08, formulation business reported massive growth of 79%to Rs 1071.76 crore on back of 174% increase in the exports to Rs 624.46 crore. Domesticformulation revenues grew by 20% to Rs 447.30 crore.Bulk drugs revenue improved by 44% to Rs 134.92 crore for the quarter under review.Domestic bulk drugs revenues went up by 62% to Rs 34.11 crore and International bulkdrugs revenues improved by 39% to Rs 100.81 crore.Sun Pharma has filed 7 ANDAs and Caraco filed 3 ANDA in the quarter, taking the totalnumber pending approval to 96 filings.Consolidated R & D expenses for the quarter stood at 88.39 crore, or 7.5% of net sales.In the quarter, 3 products have been approved by the USFDA
Outlook
Company had strong performance across all its business segments. The generic business in theUS, the branded prescription businesses in India and international markets continue to poststeady growth. This performance validates belief in the potential for these markets and theinvestments co. have made in setting up, nurturing and expanding these businesses
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