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Homegrown pharma major Sun Pharmaceuticals Limited on Friday announced that its consolidated net profit grew to Rs 1,984 crore in the fourth quarter of the fiscal year 2022-23. According to the company’s regulatory filing, the profit after tax rose as compared to a net loss of Rs 2,277 crore in the corresponding quarter of FY 2021-22. The pharma major’s revenue from operations during the quarter clocked a 15.7% growth at Rs 10,930.6 crore, against Rs 9,446.8 crore in the year-ago period.
The company also approved a final dividend of Rs 4 per equity share, which will be subject to the approval of the shareholders. This is in addition to the interim dividend of Rs 7.5 per share paid in FY23, taking the total dividend for FY23 to Rs 11.5 per share compared to Rs 10 per share for FY22.
The yearly rise in revenue was aided by double-digit growth in the specialty segment and robust sales in the domestic formulations business, along with some contribution from the sales of the generic Revlimid in the US market, the company said in its regulatory filing.
The company’s formulation sales in the US for FY23 were at Rs 168.4 crore up 10.3% over last year. Dilip Shanghvi, MD, Sun Pharma, said, “Several of our businesses including Specialty, India and Emerging markets have continued to progress well. Our Specialty business remains on a growth path and we are committed to continue scaling it up. The acquisition of Concert helps further strengthen our portfolio in dermatology. I believe deuruxolitinib can become a leading product to address highly unmet need in alopecia areata patients.”
Earlier this year, Sun Pharma also announced the completion of its acquisition of Concert Pharmaceuticals.