Sun Pharma rallies 10% on strong June quarter results
The company's revenue was up 28.2% at Rs 9,669.4 crore against Rs 7,582.5 crore, year-on-year
Shares of Sun Pharmaceuticals Industries hit an over four-year high as they rallied over 10% to Rs 774 on the BSE in intra-day trade on Friday after the company reported strong results for the June quarter (Q1FY22). The pharma major on July 30 reported a net profit of Rs 1,444.1 crore in the quarter ended Q1FY22 against a loss of Rs 1,655.6 crore in the year-ago period.
The company’s revenue was up 28.2% at Rs 9,669.4 crore against Rs 7,582.5 crore, year-on-year (YoY). EBITDA (earnings before interest, tax, depreciation, and amortisation) was up 53.3% at Rs 2,821 crore versus Rs 1,840.6 crore and the margin was up at 29% against 24.3%, YoY.
The management said the company witnessed a strong Q1, driven by a combination of robust core business growth, low base and some sale of Covid products. The management is enthused by the all-around growth across all businesses compared to Q4 last year. “We continue to focus on growing our overall business and simultaneously strengthening our global specialty portfolio. The recent in-licensing of Winlevi for the US and Canada is a step forward in this direction,” Dilip Shanghvi, Managing Director of Sun Pharma said.
At 3:27 the shares were trading 774.75 apiece gaining as much as 10.17%. On an intraday basis, it made a high of Rs 780.10.