For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Sun Pharmaceuticals Industries has increased 9.63% to Rs 11982.9 crore compared to quarter ended March 2023. Operating profit margin has declined from 25.64% to 25.33%, leading to 8.32% rise in operating profit to Rs 3,035.15 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 16.56% to 13.67%. Purchase of finished goods cost rose from 7.78% to 8.02%. Employee cost decreased from 19.00% to 18.75%. Other expenses rose from 32.24% to 34.81%. Other income rose 62.33% to Rs 605.94 crore. PBIDT rose 14.67% to Rs 3641.09 crore. Provision for interest fell 20.67% to Rs 73.57 crore. Loan funds declined from Rs 6,885.87 crore as of 31 March 2023 to Rs 3,273.67 crore as of 31 March 2024. Inventories declined from Rs 10,513.05 crore as of 31 March 2023 to Rs 9,868.29 crore as of 31 March 2024. Sundry debtors were lower at Rs 11,249.37 crore as of 31 March 2024 compared to Rs 11,438.51 crore as of 31 March 2023. Cash and bank balance rose to Rs 10,520.68 crore as of 31 March 2024 from Rs 5,770.29 crore as of 31 March 2023. Investments rose to Rs 15,025.77 crore as of 31 March 2024 from Rs 14,824.34 crore as of 31 March 2023 .
PBDT rose 15.73% to Rs 3567.52 crore. Provision for depreciation fell 3.15% to Rs 650.36 crore. Fixed assets declined from Rs 20,680.57 crore as of 31 March 2023 to Rs 19,966.31 crore as of 31 March 2024. Intangible assets increased from Rs 8,358.03 crore to Rs 8,598.95 crore.
Profit before tax grew 20.99% to Rs 2,917.16 crore. Share of profit/loss was 76.83% higher at Rs -7.85 crore. Extraordinary items were increased to Rs -101.64 crore. Provision for tax was expense of Rs 148.93 crore, compared to Rs 222.91 crore. Effective tax rate was 5.30% compared to 10.11%.
Net profit attributable to owners of the company increased 33.77% to Rs 2,654.58 crore. Equity capital stood at Rs 239.93 crore as of 31 March 2024 to Rs 239.93 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 54.48% as of 31 March 2024 ,compared to 54.48% as of 31 March 2023 . Promoters pledged stake was 2.05% as of 31 March 2024 ,compared to 1.78% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Sun Pharmaceuticals Industries has increased 10.51% to Rs 48496.85 crore. Operating profit margin has jumped from 26.54% to 26.85%, leading to 11.82% rise in operating profit to Rs 13,023.13 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 17.45% to 14.32%. Purchase of finished goods cost fell from 8.01% to 7.19%. Employee cost increased from 18.61% to 19.56%. Other expenses rose from 29.80% to 31.91%. Other income rose 113.42% to Rs 1354.19 crore. PBIDT rose 17.07% to Rs 14377.32 crore. Provision for interest rose 38.65% to Rs 238.47 crore. Loan funds declined from Rs 6,885.87 crore as of 31 March 2023 to Rs 3,273.67 crore as of 31 March 2024. Inventories declined from Rs 10,513.05 crore as of 31 March 2023 to Rs 9,868.29 crore as of 31 March 2024. Sundry debtors were lower at Rs 11,249.37 crore as of 31 March 2024 compared to Rs 11,438.51 crore as of 31 March 2023. Cash and bank balance rose to Rs 10,520.68 crore as of 31 March 2024 from Rs 5,770.29 crore as of 31 March 2023. Investments rose to Rs 15,025.77 crore as of 31 March 2024 from Rs 14,824.34 crore as of 31 March 2023 .
PBDT rose 16.76% to Rs 14138.85 crore. Provision for depreciation rose 1.08% to Rs 2556.64 crore. Fixed assets declined from Rs 20,680.57 crore as of 31 March 2023 to Rs 19,966.31 crore as of 31 March 2024. Intangible assets increased from Rs 8,358.03 crore to Rs 8,598.95 crore.
Profit before tax grew 20.90% to Rs 11,582.21 crore. Share of profit/loss was 19.81% higher at Rs -38.41 crore. Extraordinary items were decreased to Rs -494.32 crore. Provision for tax was expense of Rs 1439.45 crore, compared to Rs 847.59 crore. Effective tax rate was 13.03% compared to 9.05%.
Minority interest decreased 14.51% to Rs 33.65 crore. Net profit attributable to owners of the company increased 13.01% to Rs 9,576.38 crore.
Equity capital stood at Rs 239.93 crore as of 31 March 2024 to Rs 239.93 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 54.48% as of 31 March 2024 ,compared to 54.48% as of 31 March 2023 . Promoters pledged stake was 2.05% as of 31 March 2024 ,compared to 1.78% as of 31 March 2023 .
Other Highlights
Board
declared Final dividend of Rs 5 per equity share of Re
1 each for FY24.
In
Q4 FY24, India formulation sales went up 10.2% compared to Q4 FY23. US
formulation sales grew 10.9%, Emerging Markets formulation sales up 10.8% and
Rest of World formulation sales went up 2.5% on YoY basis.
In
FY24, India formulation sales went up 9.5% compared to FY23. US formulation
sales grew 10.1%, Emerging Markets formulation sales went up 5.9% and Rest of
World formulation sales went up 7.8% on YoY basis.
R&D
investments stood at Rs 900 crore in Q4 FY24.