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Excellent results from Sun Pharma

May 2, 2000

Sun Pharma has declared excellent results for the year ended March 2000. While the turnover has increased by 35% and the net profits have grown 53%. Even if one were to take into account the turnover accruing in the current year of Rs 291 m due to the amalgamation of Gujarat Lyka, still the turnover has grown by 26% in a year when the domestic formulations have grown only by 9.2%.

(Rs m)FY1999FY2000Change
Sales 3,555.9 4,785.5 34.6%
Other Income 26.9 36.3 34.9%
Expenditure 2,848.7 3,717.5 30.5%
Operating Profit (EBDIT) 707.2 1,068.0 51.0%
Operating Profit Margin (%)19.9%22.3% 
Interest 49.3 14.4 -70.8%
Depreciation 86.6 126.9 46.5%
Profit before Tax 598.2 963.0 61.0%
Other Adjustments 12.0 -  
Tax 19.5 58.7 201.0%
Profit after Tax/(Loss) 590.7 904.3 53.1%
Net profit margin (%)16.6%18.9% 
Earnings per share* 38.3 19.6  

The company’s strategy of focussing on therapeutic areas such as oncology (anti–cancer), cardiology, gastro–enteritis has paid of immensely as evidenced by the growth in the topline and the improvement of operating margins. The company has written off the entire R & D expenses (Rs 15 m) incurred in the current year apart from a one time write off of Rs 40.7 m.

The stock quotes at Rs 358 currently at an earnings multiple of 18.31 times. The earnings have been taken on a fully diluted equity after a 2:1 bonus (2 shares for every one held).

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