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Sun Pharma shares fall over 4% as Q4 US sales miss market estimates
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2 min read | Updated on May 23, 2024, 10:36 IST
SUMMARY
Sun Pharma’s net profit in the March quarter increased 33.7% year-on-year, but the stock slipped as the market seemed unimpressed with the sales clocked by the drugmaker in the United States. As against an estimate of $485 million to $531 million, the company clocked US sales valuing $476 million.
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For the entire FY23, the net profit increased 13 per cent to ₹9,576.3 crore
The stock hit an intraday low of 4.6% at ₹1,467 apiece in the morning trade after the company's US business sales stood at $476 million in Q4 FY24, below market estimates. Analysts had projected US sales between $485 million to $531 million.
At 10:25 am, the scrip was trading 3.9% lower at ₹1,478 on the NSE. It was down 3.9% at ₹1,480 on the BSE.
Sun Pharma Q4 results
Sun Pharma reported a consolidated net profit of ₹2,654.5 crore in the fourth quarter of financial year 2023-24 as compared to ₹1,984.4 crore in the same period last year, marking a 33.7% year-on-year increase.
Revenue from operations also climbed 10.1% to ₹11,811.3 crore in the quarter ended on March 31 compared to ₹10,725.5 crore in the year-ago period.
For the quarter under review, the company's EBITDA was reported at ₹3,034 crore, while the EBITDA margin was 25.3%. The drug manufacturer also recommended a dividend of ₹5 per equity share.
For the full FY24, the net profit rose 13% to ₹9,576.3 crore, while the revenue increased 10.3% to ₹47,758.4 crore.
Dilip Shanghvi, Chairman and Managing Director (CMD) of Sun Pharma, said, "During FY24, two of our businesses surpassed USD 1 Billion in annual sales, namely global specialty and emerging markets".
According to the AIOCD AWACS MAT March 2024 report, Sun Pharma is ranked number one with an 8.5% market share in the Indian pharmaceutical market.
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