Sunpharma / Q3-FY24

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Positive2024-01-23Back to SUNPHARMA

Revenue

₹12,381 Cr

verified against source

Revenue YoY

9.5%

reported change

EBITDA

₹3,476.8 Cr

latest reported figure

Source

nse xbrl

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
EBITDA (₹ Cr)PositiveWatchNegative
11 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 3,308 · Watch source sentiment · 2023-08-10Q1 FY24Q2 FY24: 3,179.4 · Watch source sentiment · 2023-11-15Q2 FY24Q3 FY24: 3,476.8 · Positive source sentiment · 2024-01-23Q3 FY24Q4 FY24: 3,035.2 · Watch source sentiment · 2024-05-15Q4 FY24Q1 FY25: 3,607.6 · Positive source sentiment · 2024-08-01Q1 FY25Q2 FY25: 3,939 · Positive source sentiment · 2024-11-14Q2 FY25Q3 FY25: 4,009 · Positive source sentiment · 2025-02-13Q3 FY25Q4 FY25: 3,716.1 · Watch source sentiment · 2025-05-15Q4 FY25Q1 FY26: 4,301.7 · Positive source sentiment · 2025-08-01Q1 FY26Q2 FY26: 4,527.1 · Positive source sentiment · 2025-11-14Q2 FY26Q3 FY26: 4,948.5 · Positive source sentiment · 2026-02-07Q3 FY264,948.53,035.2
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Sun Pharma reported Q3 FY24 consolidated revenue of INR 12,157 crore, up 9.5% YoY, driven by strong specialty sales (up 26.1% to $296M) and India formulation growth of 11.4%. EBITDA margin expanded 140bps to 28.1%, aided by better product mix and lower material costs. Adjusted PAT grew 19.7% to INR 2,594 crore. U.S. specialty continued to perform well, though generic business remained flattish due to Halol/Mohali plant issues. Management highlighted a healthy pipeline, including Nidlegy filing in Europe and Phase II/III starts for MM-II and GL0034 in H2 2024. The Taro merger at $43/share offers strategic benefits. Key risk: ongoing regulatory challenges at Mohali plant may delay generic supply recovery.

Colored figures show movement against the previous available record.

Guidance to track

  • Management indicated that R&D spend for the full year is expected to reach the lower end of the 7% of sales guidance.
  • Phase III for MM-II and Phase II for GL0034, initially expected early 2024, are now slated to begin in the second half of 2024.
  • Partner product Nidlegy is expected to be filed with European authorities during the first half of 2024.

Risks flagged

  • Supplies from Mohali plant are not normal; issues with product prioritization and quality clearances are causing delays.
  • CEQUA's market share has declined due to generic Restasis and new entrants with different mechanisms of action.
  • Management is monitoring the Red Sea situation; potential for shipment delays if situation does not normalize.
  • The $43/share offer requires approval from Taro's minority shareholders; failure could derail the merger.

Key quotes

  • Generic REVLIMID sales were very small in this quarter.
  • If you see any IL-23 and ILUMYA also, there is a good mix of treatment-naive patients who get onto the product, along with almost an equal proportion of patients who have failed on some other product before they come on to ours.
  • We believe that with our overall performance that we've seen in healthy subjects for our product, it has a compelling therapeutic efficacy likely to be there when the product comes to market.

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