SUNPHARMA · Healthcare
Sun Pharmaceutical Industries Ltd. reported revenue of ₹12,192 cr for July to September 2023, — on the year and +2.1% on the quarter.
Operating profit (EBITDA) was ₹3,179 cr, a margin of 26.1%, — on the year and −183 bps on the quarter.
Net profit was ₹2,385 cr, — on the year and +18.9% on the quarter, with earnings per share of ₹9.90.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹12,381 cr | ₹11,983 cr | ₹12,653 cr | ₹13,291 cr | ₹13,675 cr | ₹12,959 cr | ₹13,851 cr | ₹14,478 cr | ₹15,521 cr | ₹14,612 cr | ₹15,300 cr | ₹16,199 cr |
| YoY | — | — | +6% | +9% | +10% | +8% | +9% | +9% | +13% | +13% | +10% | +12% |
| EBITDA margin | 28.1% | 25.3% | 28.5% | 29.6% | 29.3% | 28.7% | 31.1% | 31.3% | 31.9% | 27.1% | 28.9% | 29.3% |
| Other income, % of PBT | 6% | 18% | 16% | 10% | 4% | 8% | −11% | 11% | 2% | 13% | 18% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹204 cr | −₹1,269 cr |
| Tax rate | 14% | 5% | 16% | 16% | 16% | 34% | 27% | 25% | 20% | 23% | 29% | 37% |
| Net profit | ₹2,561 cr | ₹2,659 cr | ₹2,861 cr | ₹3,037 cr | ₹2,913 cr | ₹2,154 cr | ₹2,293 cr | ₹3,125 cr | ₹3,381 cr | ₹2,710 cr | ₹2,901 cr | ₹1,995 cr |
| YoY | — | — | +43% | +27% | +14% | −19% | −20% | +3% | +16% | +26% | +27% | −36% |
| Core profit YoY | — | — | +11% | +30% | +18% | +30% | +22% | +14% | +24% | +3% | +1% | +6% |
| EPS | ₹10.52 | ₹11.06 | ₹11.82 | ₹12.67 | ₹12.10 | ₹8.96 | ₹9.50 | ₹13.00 | ₹14.04 | ₹11.31 | ₹12.10 | ₹8.30 |
| Flags | · | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Sun Pharmaceutical Industries Ltd. reported revenue of ₹12,192 cr (— on the year) and net profit of ₹2,385 cr (— on the year) for July to September 2023.
None of the 2 checks that could run raised a question.
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