With biz well positioned, Sun Pharma eyes high single-digit revenue growth in FY24

New Delhi, Jul 30 (PTI) Sun Pharma is looking at high single-digit growth in its consolidated topline this fiscal on the back of robust performance from all its business verticals, according to company’s Managing Director Dilip Shanghvi.

The Mumbai-based company had reported a consolidated revenue of Rs 43,278 crore in 2022-23.

“All our businesses are well-positioned, and we expect high-single-digit consolidated topline growth for FY24,” Shanghvi informed shareholders through company’s Annual Report for 2022-23.

He noted that the global pharmaceutical industry remains quite dynamic, and always buzzing with new avenues for capital deployment.
Pursuing any one of these options can place considerable pressure on the balance sheet, he added. “Success is not guaranteed, and it is important for us that we remain thoughtful and selective in deciding which options to pursue. However, we will not shy away from making disproportionate investments to grow our businesses, should an opportunity present itself,” Shanghvi said.

The drug maker is currently sitting on a net cash position of around USD 1.5 billion, he said.

“Our strong cash position enables us to explore inorganic opportunities, including but not limited to strengthening our global specialty portfolio,” he added.

Elaborating on top priorities for the company in the ongoing fiscal, Shanghvi said the drug major would focus on sustainable and profitable business growth.

Besides, ensuring supply chain continuity along with focus on inventory optimisation would also be a focus area, he noted. The company would also focus on cost and operational efficiency, increased investments in IT to ensure secure systems, facilitate business operations and digital transformation, Shanghvi said.

The company also expects expansion of its global specialty business to continue in the ongoing financial year. Shanghvi noted that the company’s R&D spending is expected to be 7-8 per cent of sales in FY24 with an increasing share of spending expected on clinical trials for specialty products.