Sun Pharma Q3 profit up 5 pc at Rs 2,166 cr

NewsDrum Desk
31 Jan 2023

New Delhi, Jan 31 (PTI) Sun Pharma on Tuesday said its consolidated net profit increased 5 per cent to Rs 2,166 crore in December quarter 2022-23, helped by robust sales across domestic as well as US market.

The Mumbai-based company had logged a net profit of Rs 2,059 crore in the year-ago period.

Total revenue from operations rose to Rs 11,241 crore in the period under review from Rs 9,863 crore in the year-ago quarter, Sun Pharmaceutical Industries said in a statement.

The company said its India formulation sales rose 7 per cent year-on-year to Rs 3,392 crore in the third quarter over the same period of last year.

Similarly, the US formulation sales rose to USD 422 million, up 6 per cent as against the year-ago period, it added.

"Specialty is expected to continue as a key growth driver for Sun. We are investing to scale up this business, especially in our core therapy areas. Proposed Concert acquisition is a step forward in this direction," Sun Pharma Managing Director Dilip Shanghvi said.

Concert's lead asset, deuroxolitinib has a potential best-in-class profile in Alopecia Areata, an area of dermatology with high unmet need, he added.

"We are excited to offer this new treatment option to dermatologists worldwide. Given our commercial strength, we would be well-positioned to bring this product to market," Shanghvi noted.

Earlier this month, Sun inked a pact to acquire US-based Concert Pharmaceuticals in a USD 576 million (around Rs 4,688 crore) deal. The company's board, which met on Tuesday, also approved an interim dividend of Rs 7.50 per share of Re 1 for 2022-23.

Shares of the company were trading 2.02 per cent down at Rs 1,029.70 apiece on the BSE. PTI MSS ANU ANU

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