Strong domestic sales helped Sun Pharmaceutical, the biggest pharmaceutical company in India by revenue, report a higher-than-expected quarterly profit on Friday.
According to data compiled by LSEG, the Mumbai-based company's consolidated net profit increased 15% to Rs 2,903 crore ($335.3 million) in the third quarter, exceeding analysts' average estimate of Rs 2,881 crore.
Sales in India, Sun Pharma's biggest source of income, increased by 14% to Rs 4,300 crore, or roughly 31% of total sales. That exceeded the previous quarter's 11 percent increase.
Its high-margin worldwide specialty pharmaceutical division, which sells medications for psoriasis and alopecia, saw a 17.5% increase in sales to $370 million, or 21% of total sales.
The company's total revenue increased by 10.5% to Rs 13,675 crore, exceeding the Rs 13,422 crore predicted by analysts.
That was in spite of a meager 0.7% increase in US sales.
The majority of generic drug manufacturers in India get a sizable portion of their income from the US, where profit margins have been negatively impacted by lower drug prices brought on by fierce competition.
Cipla outperformed its competitors, while Dr. Reddy's missed quarterly profit projections. However, in their important North American market, both generic drug manufacturers experienced modest growth. $1 is equal to 86.5860 Indian rupees.
