Sun Pharma Q1 Net Profit Falls 2% to Rs 2,022 Crore

Indian pharma firm, Sun Pharmaceutical Industries, on Thursday clocked a 2 per cent fall in its consolidated net profit at Rs 2,022 crore for the first quarter (Q1) ended June 30. The drug company had logged a net profit of Rs 2,061 crore in April-June in the year-ago period. The Mumbai-based drugmaker said its adjusted net profit (excluding the exceptional items) for the June quarter stood at Rs 2,345 crore, up 14 per cent over the same period last year.

The company's total income rose to Rs 12,145 crore in the first quarter as against Rs 10,764 crore in the year-ago period, Sun Pharma said in a regulatory filing. "All our businesses continued to have growth this quarter and we are well positioned to meet our growth guidance for FY24," Sun Pharma Managing Director Dilip Shanghvi said.

The US has led the revenue growth in the first quarter and global specialty business has continued to increase as a share of the revenues. "US has led the revenue growth in Q1 and global specialty has continued to increase as a share of our revenues," said Shanghvi said in a press statement.