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Results - Analysis

OP down 17.98%

Sanofi India

01-Aug-2025, 09:48
On standalone basis

Quarter ended June 2025 compared with Quarter ended June 2024.

Net sales (including other operating income) of Sanofi India has declined 12.34% to Rs 406.30 crore. Operating profit margin has declined from 24.96% to 23.36%, leading to 17.98% decline in operating profit to Rs 94.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 19.69% to 21.03%. Purchase of finished goods cost fell from 22.18% to 12.06%. Employee cost increased from 14.44% to 15.20%. Other expenses rose from 15.95% to 19.57%.

Other income up 81.25% to Rs 8.7 crore. PBIDT fell 14.02% to Rs 103.6 crore. Provision for interest remained nil. Loan funds declined from Rs 22.10 crore as of 30 June 2024 to Rs 20.90 crore as of 30 June 2025. Inventories declined from Rs 356.20 crore as of 30 June 2024 to Rs 271.70 crore as of 30 June 2025. Sundry debtors were lower at Rs 161.40 crore as of 30 June 2025 compared to Rs 179.80 crore as of 30 June 2024. Cash and bank balance rose to Rs 312.60 crore as of 30 June 2025 from Rs 260.20 crore as of 30 June 2024.

PBDT fell 14.07% to Rs 103.2 crore. Provision for depreciation rose 1.11% to Rs 9.1 crore. Fixed assets declined from Rs 329.90 crore as of 30 June 2024 to Rs 324.00 crore as of 30 June 2025. Intangible assets declined from Rs 1.60 crore to Rs 0.90 crore.

Profit before tax down 15.30% to Rs 94.10 crore. Provision for tax was expense of Rs 24.6 crore, compared to Rs 23.9 crore. Effective tax rate was 26.14% compared to 25.95%.

Profit after tax rose 1.91% to Rs 69.50 crore.

Equity capital stood at Rs 23.00 crore as of 30 June 2025 to Rs 23.00 crore as of 30 June 2024. Per share face Value remained same at Rs 10.00.

Promoters' stake was 60.40% as of 30 June 2025 ,compared to 60.40% as of 30 June 2024 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Sanofi India has declined 3.29% to Rs 942.20 crore.

Operating profit margin has jumped from 25.95% to 28.32%, leading to 5.54% rise in operating profit to Rs 266.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 20.18% to 18.36%. Purchase of finished goods cost rose from 15.74% to 15.95%. Employee cost decreased from 16.46% to 13.15%. Other expenses rose from 15.52% to 16.99%.

Other income up 44.58% to Rs 12 crore. PBIDT rose 6.78% to Rs 278.8 crore. Provision for interest remained nil. Loan funds declined from Rs 22.10 crore as of 30 June 2024 to Rs 20.90 crore as of 30 June 2025. Inventories declined from Rs 356.20 crore as of 30 June 2024 to Rs 271.70 crore as of 30 June 2025. Sundry debtors were lower at Rs 161.40 crore as of 30 June 2025 compared to Rs 179.80 crore as of 30 June 2024. Cash and bank balance rose to Rs 312.60 crore as of 30 June 2025 from Rs 260.20 crore as of 30 June 2024.

PBDT rose 6.80% to Rs 278.1 crore. Provision for depreciation rose 3.31% to Rs 18.7 crore. Fixed assets declined from Rs 329.90 crore as of 30 June 2024 to Rs 324.00 crore as of 30 June 2025. Intangible assets declined from Rs 1.60 crore to Rs 0.90 crore. Profit before tax grew 7.06% to Rs 259.40 crore. Provision for tax was expense of Rs 70.4 crore, compared to Rs 56.4 crore. Effective tax rate was 27.14% compared to 28.69%.Profit after tax rose 34.81% to Rs 189.00 crore.

Equity capital stood at Rs 23.00 crore as of 30 June 2025 to Rs 23.00 crore as of 30 June 2024. Per share face Value remained same at Rs 10.00.

Promoters' stake was 60.40% as of 30 June 2025 ,compared to 60.40% as of 30 June 2024 .

Cash flow from operating activities decreased to Rs 291.00 crore for YTD ended June 2025 from Rs 362.00 crore for YTD ended June 2024. Cash flow used in acquiring fixed assets during the YTD ended June 2025 stood at Rs 14.40 crore, compared to Rs 23.10 crore during the YTD ended June 2024.

Full year results analysis

Net sales (including other operating income) of Sanofi India has increased 0.86% to Rs 2,013.20 crore. Operating profit margin has declined from 24.43% to 24.38%, leading to 0.64% rise in operating profit to Rs 490.80 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 15.08% to 18.17%. Purchase of finished goods cost fell from 39.18% to 28.89%. Employee cost decreased from 12.31% to 12.30%. Other expenses rose from 12.03% to 15.51%.

Other income fell 73.04% to Rs 16.5 crore. PBIDT fell 7.58% to Rs 507.3 crore. Provision for interest fell 11.76% to Rs 1.5 crore. Loan funds rose to Rs 19.30 crore as of 31 December 2024 from Rs 19.00 crore as of 31 December 2023. Inventories declined from Rs 663.80 crore as of 31 December 2023 to Rs 499.80 crore as of 31 December 2024. Sundry debtors were higher at Rs 230.00 crore as of 31 December 2024 compared to Rs 131.70 crore as of 31 December 2023. Cash and bank balance declined from Rs 404.90 crore as of 31 December 2023 to Rs 294.80 crore as of 31 December 2024.

PBDT fell 7.57% to Rs 505.8 crore. Provision for depreciation rose 0.55% to Rs 36.7 crore. Fixed assets increased to Rs 329.30 crore as of 31 December 2024 from Rs 323.30 crore as of 31 December 2023. Intangible assets declined from Rs 7.50 crore to Rs 1.30 crore.

Profit before tax down 8.15% to Rs 469.10 crore. Provision for tax was expense of Rs 117.7 crore, compared to Rs 163.9 crore. Effective tax rate was 27.28% compared to 31.01%.

Profit after tax fell 13.96% to Rs 313.70 crore.

Equity capital stood at Rs 23.00 crore as of 30 June 2025 to Rs 23.00 crore as of 30 June 2024. Per share face Value remained same at Rs 10.00.

Promoters' stake was 60.40% as of 31 December 2024 ,compared to 60.40% as of 31 December 2023 .

Cash flow from operating activities increased to Rs 461.70 crore for year ended December 2024 from Rs 230.80 crore for year ended December 2023. Cash flow used in acquiring fixed assets during the year ended December 2024 stood at Rs 36.40 crore, compared to Rs 34.30 crore during the year ended December 2023.

Sanofi India : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202506	202406	Var.(%)	202506	202406	Var.(%)	202412	202312	Var.(%)
Net Sales (including other operating income)	406.30	463.50	-12.34	942.20	974.30	-3.29	2,013.20	1,996.10	0.86
OPM (%)	23.36	24.96	-161 bps	28.32	25.95	237 bps	24.38	24.43	-5 bps
OP	94.90	115.70	-17.98	266.80	252.80	5.54	490.80	487.70	0.64
Other Inc.	8.70	4.80	81.25	12.00	8.30	44.58	16.50	61.20	-73.04
PBIDT	103.60	120.50	-14.02	278.80	261.10	6.78	507.30	548.90	-7.58
Interest	0.4	0.4	0.00	0.7	0.7	0.00	1.5	1.7	-11.76
PBDT	103.20	120.10	-14.07	278.10	260.40	6.80	505.80	547.20	-7.57
Depreciation	9.1	9	1.11	18.7	18.1	3.31	36.7	36.5	0.55
PBT	94.10	111.10	-15.30	259.4	242.3	7.06	469.1	510.7	-8.15
PBT before EO	94.1	111.1	-15.30	259.4	242.3	7.06	469.1	510.7	-8.15
EO Income	0	-19	-	0	-45.7	-	-37.7	17.8	PL
PBT after EO	94.1	92.1	2.17	259.4	196.6	31.94	431.4	528.5	-18.37
Taxation	24.6	23.9	2.93	70.4	56.4	24.82	117.7	163.9	-28.19
PAT	69.5	68.2	1.91	189	140.2	34.81	313.7	364.6	-13.96
P/(L) from discontinued operations net of tax	0	35.2	-	0	99.8	-	99.8	238.6	-58.17
Net profit after discontinued operations	69.5	103.4	-32.79	189	240	-21.25	413.5	603.2	-31.45
EPS (Rs)*	30.18	35.72	-15.52	82.07	75.03	9.38	148.12	152.98	-3.18

* EPS is on current equity of Rs 23.03 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database