SUNPHARMA · Healthcare
Sun Pharmaceutical Industries Ltd. reported revenue of ₹11,983 cr for January to March 2024, — on the year and −3.2% on the quarter.
Operating profit (EBITDA) was ₹3,035 cr, a margin of 25.3%, — on the year and −276 bps on the quarter.
Net profit was ₹2,659 cr, — on the year and +3.8% on the quarter, with earnings per share of ₹11.06.
On earnings per share of ₹39.91 over the last four quarters, the stock at ₹1,754.30 trades at 44.0 times trailing earnings.
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.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 5.0% against 15.7% over the previous quarters, worth about ₹300 cr of profit.
Source: Quarterly statements
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹12,192 cr | ₹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 |
| YoY | — | — | — | +6% | +9% | +10% | +8% | +9% | +9% | +13% | +13% | +10% |
| EBITDA margin | 26.1% | 28.1% | 25.3% | 28.5% | 29.6% | 29.3% | 28.7% | 31.1% | 31.3% | 31.9% | 27.1% | 28.9% |
| Other income, % of PBT | 11% | 6% | 18% | 16% | 10% | 4% | 8% | −11% | 11% | 2% | 13% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 14% | 14% | 5% | 16% | 16% | 16% | 34% | 27% | 25% | 20% | 23% | 29% |
| Net profit | ₹2,385 cr | ₹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 |
| YoY | — | — | — | +43% | +27% | +14% | −19% | −20% | +3% | +16% | +26% | +27% |
| Core profit YoY | — | — | — | +11% | +30% | +18% | +30% | +22% | +14% | +24% | +3% | +1% |
| EPS | ₹9.90 | ₹10.52 | ₹11.06 | ₹11.82 | ₹12.67 | ₹12.10 | ₹8.96 | ₹9.50 | ₹13.00 | ₹14.04 | ₹11.31 | ₹12.06 |
| Flags | · | · | 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 ₹11,983 cr (— on the year) and net profit of ₹2,659 cr (— on the year) for January to March 2024.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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