SUNPHARMA · Healthcare
Sun Pharmaceutical Industries Ltd. reported revenue of ₹12,959 cr for January to March 2025, +8.1% on the year and −5.2% on the quarter. Over the last four quarters revenue comes to ₹52,578 cr, +8.4% on the four before.
Operating profit (EBITDA) was ₹3,716 cr, a margin of 28.7%, +335 bps on the year and −64 bps on the quarter. Over the last 8 quarters the margin has ranged from 25.3% to 29.6%, averaging 27.9%. Operating costs grew +3.3% against revenue growth of +8.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,154 cr, −19.0% on the year and −26.1% on the quarter, with earnings per share of ₹8.96. Profit before other income, one-offs and tax grew faster, at +29.9%; other income, one-offs or tax held the headline back. The tax rate was 34% against an average of 14% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹10,965 cr, +14.1% on the four before.
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.
On earnings per share of ₹45.55 over the last four quarters, the stock at ₹1,754.30 trades at 38.5 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −19.0% on the year; profit before other income, exceptional items and tax +29.9%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
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 ₹12,959 cr (+8.1% on the year) and net profit of ₹2,154 cr (−19.0% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +29.9% on the year, against −19.0% for reported profit.
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