This pharmaceutical company shines with 187 per cent PAT!
Company's recommended 400 per cent dividend
Today Sun Pharmaceutical Industries Ltd has declared results. On a consolidated basis, the company recorded a 187.14 per cent increase in net profit for the fourth quarter ended March 31, 2023, to Rs 1,984.47 crore from net loss of Rs 2,277.25 crore in the same quarter previous year. In the same period company's total revenue increased to Rs 11,303.95 crore from Rs 9560.35 crore.
A one-time charge for the antitrust payment and other lawsuit settlements made in the U.S. involving its subsidiary Taro Pharmaceuticals was a major factor in the loss in Q4FY22. This cost the business a staggering Rs 3,723 crore in legal settlements.
On a consolidated basis, the company recorded a 158.91 per cent increase in net profit for the year ended March 31, 2023, from Rs 3,272.73 crore to Rs 8,473.58 crore. In FY23, company's total revenue increased by 12.49 per cent to Rs 44,520.20 crore from Rs 39,576.00 crore in the year ended March 31, 2022.
The company's board has suggested a dividend of Rs 4 per equity share with a face value of Rs 1 for FY23, representing a dividend of 400 per cent, subject to approval by the shareholders at the upcoming 31st Annual General Meeting.
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In the last trading session, the stock closed at Rs 944.70. Today, it opened at Rs 947.45 and closed at Rs 970.65, up by 2.75 per cent. The company has a 52-week high of Rs 1071.90 and a 52-week low of Rs 789.75 and it has market cap of around 2,32,800 crore.
Sun Pharmaceutical Industries Ltd is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients. The company and its subsidiaries have various manufacturing facilities spread across the world with trading and other incidental and related activities extending to global market.