Sun Pharma Records Rs 2,277 Crore March Quarter Net Loss

Sun Pharmaceutical Industries on Monday said its consolidated net loss stood at Rs 2,277 crore for the fourth quarter ended March 2022

Sun Pharma Records Rs 2,277 Crore March Quarter Net Loss

Sun Pharmaceuticals' net loss for March quarter stood at Rs 2,277 crore

New Delhi:

Sun Pharmaceutical Industries on Monday said its consolidated net loss stood at Rs 2,277 crore for the fourth quarter ended March 2022, mainly on account of a one-time exceptional loss.

The Mumbai-based drug major had reported a net profit of Rs 894 crore in the January-March period of 2020-21.

Consolidated sales from operations stood at Rs 9,386 crore in the fourth quarter.

The company had reported sales from operations at Rs 8,464 crore in the year-ago period.

During the period under review, the company said it incurred a one-time cost of Rs 56.35 crore for restructuring operations in certain countries.

Total loss cited as an exceptional item during the fourth quarter, stood at Rs 3,936 crore.

For the year ended March 2022, the company reported a consolidated net profit of Rs 3,273 crore. The same stood at Rs 2,904 crore in FY21.

Revenues from operations stood at Rs 38,426 crore in the last fiscal. It was Rs 33,233 crore in 2020-21.

During the quarter and year ended March 2022, the company said its unit Taro Pharmaceutical Industries has acquired Alchemee, formerly The Proactiv Company (TPC), from Galderma.

Accordingly, the results for the quarter and year ended March 2022 are not comparable to the earlier periods presented, it added.

Sun Pharma Managing Director Dilip Shanghvi said, "FY22 was a good year with strong topline and EBITDA growth. All our geographies have recorded double-digit growth and profitability has improved despite rising costs."

The speciality business continues to ramp up strongly, with global Ilumya sales recording 81 per cent growth to reach $315 million in FY22, he added.

"Our India business continues to grow faster than the market, leading to an increase in market share. We continue to focus on expanding our global speciality business, growing all our businesses and improving operational efficiencies," Mr Shanghvi stated.

The company said its board has proposed a final dividend of Rs 3 per share for FY22.

This is in addition to the interim dividend of Rs 7 per share paid in FY22, taking the total dividend for FY22 to Rs 10 per share compared to Rs 7.5 per share for FY21.

The company's board also approved the re-appointment of Dilip Shanghvi as the Managing Director for a further term of five years with effect from April 1, 2023, up to March 31, 2028, subject to the approval of the shareholders.

The board also appointed Pawan Goenka as the Lead Independent Director with immediate effect.

Shares of the company ended 1.75 per cent down at Rs 888.10 apiece on the BSE. 

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