Shares of Sun Pharmaceutical Industries moved higher by 6 per cent to Rs 600, bouncing back 8 per cent from day’s low of Rs 554, after the company’s net profit more-than-doubled at Rs 1,852 crore in December quarter (Q3FY21). The company had reoported a profit of Rs 914 crore in the corresponding quarter last year.
Consolidated sales from operations grew 9.2 per cent year on year (YoY) at Rs 8,782 crore, as against Rs 8,039 crore in the corresponding quarter of the previous fiscal. Ebitda (earnings before interest, taxes, depreciation, and amortization) jumped 36.3 per cent at Rs 2,351 crore, with resulting Ebitda margin of 26.8 per cent, an improvement of 531 basis points (bps) over the previous year quarter.
Analysts had expected the revenues to grow around 6 per cent YoY and Ebitda margins expected to improve 42 bps YoY to 23 per cent.
Dilip Shanghvi, managing director of Sun Pharma said, “Q3 performance reflects continued profitable business growth in a market that is gradually recovering from the impact of the global pandemic. Most of businesses have done well over Q3 last year. The global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. Global Ilumya sales for nine months ended December 2020 have already crossed last full year’s sales."
Meanwhile, the board has declared an interim dividend of Rs 5.50 per equity share of Re 1 each of the Company for the financial year ending on March 31, 2021. It has fixed February 10, 2021 as the record date to determine the names of the equity shareholders who shall be entitled to receive payment towards interim dividend. "The payment of the interim dividend would be made to the eligible shareholders on or before February 19, 2021," Sun Pharma said.
At 03:08 pm; Sun Pharma was trading 4 per cent higher at Rs 585 on the BSE, against 1.2 per cent decline in the S&P BSE Sensex. A combined around 20.5 million equity shares changed hands on the NSE and BSE.
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