Sun Pharmaceutical Industries Ltd. reported financials for the first quarter ending June, 2013.
Dilip Shanghvi, Managing Director of the Company said, "All our businesses continue to perform in-line with our expectations.We remain focused on strengthening our existing businesses and developing a differentiated and speciality driven product basket. We also continue to review opportunities to expand and strengthen our global footprint."
Highlights of Q1FY14 consolidated financials:
- Branded generic sales in India, at Rs. 849 crores, grew by 44% over Q1 last year. Adjusted sales growth of the domestic formulation business.
- US finished dosages sale is US$ 364 million recording a growth of 28% over Q1 last year.
- International formulation sales is US$ 81 milion and grew by 19% over same quarter last year.
- EBITDA at Rs. 1531 crores grew by 26% YoY while EBITDA margins were at 44%, compared to 46% in Q1 last year.
- Recurring Net profit at rs 1241 crores witnessed a growth of 56% over Q1 last year; resulting margin of 36%
- Reported net loss at rs. 1276 crores, on account of a provision of rs 2517 crores towards patent infringement litigation related to generic versions of 'Protonix'.
Taro posted over all sales of US$ 153 million for Q1 FY14, a decline of 4% from the corresponding quarter last year. Excluding the one time charge related to price adjustments on contractual obligations, sales would have been higher by 10%. Taro's net profit for Q1 was US$ 59 million.
