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Time of India
3 days ago
- Business
- Time of India
New launches to drive Sun Pharma's future growth; PAT may take a hit by tax surge
Sun Pharmaceutical Industries has underperformed the BSE Healthcare index over a one-month and three-month periods amid the likely pressure on profitability in the coming quarters. While the company expects to retain the revenue growth momentum for FY26 after clocking 8% growth in FY25, its plan to spend over $100 million in marketing and promotion of specialty products is expected to dent profitability for the current fiscal year. Analysts have slashed FY26 EPS targets by 3-8%. The company's net profit fell by 19% year-on-year to Rs2,149.9 crore for the March quarter due to higher tax outgo. Revenue grew by 8% to Rs12,958.8 crore. The tax expense for the quarter was Rs1,093.7 crore compared to Rs148.9 crore a year ago. The company expects the tax expense to increase further in FY26, due to exhaustion of tax loss from previous accounting periods. The operating margin before depreciation and amortisation (EBITDA margin) improved to 28.7% in the March 2025 quarter from 25.3% in the year-ago quarter. For the full year, the company's revenue and net profit grew by 9% and 14% to Rs52,041.3 crore and Rs10,929 crore respectively. The research & development (R&D) expense was Rs3,248.4 crore for FY25, representing 6.4% of sales. It is expected to be 6-8% of sales for next fiscal year. The pharma company has guided for a mid-to-high single digit year-on-year revenue growth in FY26. The company expanded market share in the domestic formulations business to 8.3% in the March quarter from 8%a year ago. In the September 2025 quarter, Sun Pharma is expected to launch Leqselvi (deuruxolitinib),which is used to treat severe alopecia areata, a type of hair loss. Elara Capital estimates the drug to be more than $200million product in three-four years. In FY26, the company also plans to launch Unloxcyt (cosibelimab), a drug developed by the US based Checkpoint Therapeutics, which it acquired in March 2025 for $355 million. The company is seeking partners to further develop and commercialize MM-II (Large Liposomes of DPPC and DMPC) for select geographies. Phase 3 clinical trials are underway for this drug. 'It has been implementing efforts to not only expand offerings but also enhance marketing franchise in regulated markets for differentiated products,' Motilal Oswal Financial Services said in a report. The brokerage has reduced its earnings estimates by 3% and 1% for FY26 and FY27, considering the additional expense on specialty products marketing . It expects earnings to grow by 17% annually FY25-27. It has maintained 'BUY' with a target price of Rs2,000. On Friday, the stock was last traded at Rs1,678.3 on the BSE.
Express Tribune
5 days ago
- Business
- Express Tribune
Railways posts Rs83b revenue
Listen to article Pakistan Railways has announced earning a record-breaking Rs83 billion in revenue during the first eleven months of the current financial year FY25, showing a growth of 7.8% over the corresponding period. According to the Railways spokesperson, this is the highest revenue collected by the organisation in any similar eleven-month period in its history. Federal Railways Minister Muhammad Hanif Abbasi hailed the achievement as historic, stating that "through hard work and dedication, we will put Railways back on its feet." The revenue breakdown shows passenger trains contributed Rs42 billion, while freight services generated Rs29 billion. Other income sources, including property leases and commercial activities, added Rs12 billion. Regional performance varied significantly, with Karachi Division emerging as the top performer — earning Rs13 billion from passengers and a substantial Rs25 billion from freight. Lahore Division reported Rs10 billion from passengers but less than Rs1 billion from freight. Both Rawalpindi and Multan Divisions earned Rs4 billion each from passengers, totalling Rs8 billion combined. This performance represents a notable improvement over the same period last year, when revenue stood at Rs77 billion. The current figures suggest Pakistan Railways might surpass its full-year target of Rs88 billion with one month remaining. This financial milestone comes against a backdrop of persistent challenges. For years, Pakistan Railways has struggled with aging infrastructure, frequent service disruptions, and safety concerns that have eroded public confidence. Many mainline tracks and bridges date back to the British colonial era, causing speed restrictions and delays. The organisation still operates at a significant operational loss when accounting for full infrastructure maintenance costs, despite this revenue increase. While the Rs83 billion revenue demonstrates progress in financial management and operational efficiency, industry analysts said this represents recovery rather than transformation. Sustained investment in infrastructure modernisation, consistent service quality, and resolution of long-standing debt issues are still needed before Pakistan Railways can be considered fully revitalised. "The revenue achievement offers hope, but the organisation's journey to becoming a truly modern, reliable, and profitable national transport service has just begun," they added.
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Business Standard
22-05-2025
- Business
- Business Standard
ONGC Q4 results: Net profit falls 35% to ₹6,448 cr on lower oil, gas prices
State-owned Oil and Natural Gas Corporation (ONGC) reported a 35 per cent drop in its March quarter net profit as it realised lower oil prices on almost static output. Net profit stood at Rs 6,448 crore in January-March - the fourth quarter of FY25 (April 2024 to March 2025 ) - compared to Rs 9,869 crore in the same period last year, according to a company statement. The firm got $73.72 per barrel of crude oil that it produced and sold to refiners for processing into petrol and diesel in the fourth quarter, down from $80.81 per barrel a year back. Revenue was up 1 per cent at Rs 34,982 crore. ONGC produced 4.7 million tonnes of crude oil in the quarter, marginally lower than 4.714 million tonnes in January-March 2024. Production of natural gas, which is used to generate electricity, make fertiliser and turned into CNG as well as used for cooking in kitchens, was lower at 4.893 Billion Cubic Metres (BCM) in Q4 as opposed to 4.951 BCM. For the full fiscal (FY25), ONGC's net profit was down 12 per cent at Rs 35,610 crore on almost unchanged revenue of Rs 1.37 lakh crore. Oil price realisation was down 4.8 per cent at an average of $76.90 per barrel in the full financial year. Gas price in Q4 and the full fiscal year was unchanged at $6.5 per million British thermal unit. "The standalone crude oil production during FY25 was 18.558 million tonnes with an increase of 0.9 per cent over FY24. The standalone natural gas production was 19.654 BCM in FY25 as against 19.978 BCM in FY24," ONGC said. ONGC said it drilled 578 wells, the highest recorded in the past 35 years, comprising 109 exploratory and 469 development wells. The firm had drilled 544 wells in the previous 2023-24 fiscal year. The company is drilling more wells as the government has guaranteed a 10 per cent higher price for any gas produced from new wells. "ONGC invested around Rs 62,000 crore capex in FY25, including Rs 18,365 crore in OPaL, Rs 4,600 crore in ONGC Green Ltd for acquisition of PTC Energy and Ayana Renewables," the statement said adding apex in the previous 2023-24 was Rs 37,494 crore. Its overseas arm, ONGC Videsh Ltd, oil production saw a marginal increase of 1.2 per cent to 7.265 million tonnes in FY25 from 7.178 million tonnes a year back. "This positive performance was driven by strong contributions from the key operated/ jointly operated assets" in Colombia and in South Sudan, despite geopolitical headwinds, natural decline, and local issues, it said. Gas production output moderated to 3.013 BCM in FY25 from 3.340 BCM in FY24, primarily due to the end of production life in Block 06.1, Vietnam. OVL's turnover was down at Rs12,995 crore during FY25 from Rs13,197 crore in the previous year, mainly due to lower realised crude oil price ($70.23 per barrel as against $71.47 a barrel in FY'25). Net profit was also down at Rs 418 crore in FY25, as against Rs 490 crore (restated) in FY24. ONGC said it made a total of 9 discoveries (5 in onland and 4 in offshore) during FY 2024-25 in its operated acreages. "Eight hydrocarbon discoveries have been monetised during the FY 2024-25, including the two discoveries notified during the fiscal year of 2024-25.
Business Recorder
16-05-2025
- Business
- Business Recorder
Budget 2025-26: KCCI urges govt to expand tax net, targets 4.6mn unregistered entities
Frustrated by the rising tax burden on already compliant businesses, Pakistan's business community has called on the government to expand the tax net by bringing 4.6 million identified but unregistered industrial and commercial entities into the tax net, instead of imposing additional duties on the existing taxpayers. The demand was made through budget proposals submitted by the Karachi Chamber of Commerce and Industry (KCCI) to the Ministry of Finance ahead of the federal budget for fiscal year 2025-26. KCCI noted that several businesses and individuals remain outside the tax net, despite being traceable through official data such as electricity and gas connections, vehicle and property registrations, travel and banking records. This gap results in an unfair tax regime, KCCI argues, overburdening compliant taxpayers and contributing to revenue shortfalls. 'For instance, data from the National Electric Power Regulatory Authority (Nepra) till June 2024, indicates that there are 4.6 million commercial and industrial electricity connections, while only 396,383 entities are registered for sales tax.' Budget FY26: Sindh CM takes step aimed at finalising proposals, allocations 'This indicates the untapped potential within the system,' the business chamber highlighted in its proposals. KCCI urged the government to utilise available datasets, such as electricity records from Wapda and KE, to identify and register these entities. The chamber was of the view that integrating them into the tax net would enhance revenue collection, reduce reliance on punitive measures like the Further Tax, and promote equity and compliance within the tax system. As of November 6, 2024, the Federal Board of Revenue (FBR) had received 5.215 million tax returns, showing a 76% year-on-year increase from 2.959 million filed during the same period in 2023. However, despite this improvement in compliance, the FBR collected Rs9,309 billion during July-April FY2024-25—falling short of its Rs10,130 billion target by Rs821 billion. The government has already revised the FBR's annual target downward, from Rs12,913 billion to Rs12,334 billion for the ongoing fiscal year. PCDMA submits budget proposals to FBR Nonetheless, a shortfall exceeding Rs600 billion is projected for the full year. Provisional figures suggest that the tax collection target for the upcoming FY2025-26 will be raised to around Rs14,300 billion, making it imperative for the government to broaden the tax base. In addition to urging a crackdown on unregistered taxpayers, KCCI recommended targeted tax relief and policy adjustments to support growth across various sectors. Proposals include introducing reforms to revive the real economy, reinstating zero-rating for local supplies under the Export Facilitation Scheme (EFS), and abolishing taxes on shrimp broodstock to support seafood exports. The chamber also proposed reinstating zero-rating for gold, permitting gold exports with at least 20% value addition, and removing motorcycle and auto parts from the third schedule, classifying them as intermediate goods. Oil and gas sector tax proposals for Federal Budget 2025-26 For the tea industry, KCCI called for a review of existing policies and measures to curb revenue leakages. According to KCCI, these recommendations, if implemented, could ease the tax burden on compliant businesses, incentivise growth in key sectors, and help the government meet its ambitious revenue targets for the upcoming fiscal year. The federal government will present the next fiscal year's budget on June 2.
Time of India
15-05-2025
- Business
- Time of India
Scheme roads in Coimbatore to get fresh push
Coimbatore: The city corporation has begun work to evaluate the status of scheme roads planned in its limits over the past three decades and revive those proposals. Scheme roads serve as a link connecting arterial roads such as Avinashi Road, Sathyamangalam Road, Mettupalayam Road and Trichy Road. Some of the important scheme roads proposed years ago but are yet to get approval are a 30ft road from Aishwarya Nagar to Marudhamalai Road, a 60ft road from Saravanampatty to Thudiyalur via Meenakshi Nagar and Anna Nagar, a 40ft road from Fun Mall to Sowripalayam, an 80ft road from Vilankurichi to Codissia and another one from Chinnavedampatti to Thudiyalur. A proposal for seven such scheme roads at a cost of Rs144 crores was sent to the state govt in 2021. However, none of these roads have been granted approvals. Now, the city corporation has sent a reminder letter, seeking funds for the three roads in the first phase - Rs12 crore for the scheme road from Aishwarya Nagar to Maruthamalai Road, Rs4 crore for the one from Thudiyalur Main Road to Anna Nagar via Meenakshi Nagar and Rs3 crore for Thenvadal Project Road. The corporation is awaiting allocation of funds from the local planning authority and the state govt. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Commenting on the need for scheme roads, activist S P Thiyagarajan told TOI, "The city has planned nearly 300 scheme roads since 1994. If these were executed immediately after they were planned, the land acquisition would have been simpler and cost effective. Now, land acquisition will cost a lot." A resident of Cooperative Colony at Vilankurichi said the Codissia to Vilankurichi Road was an important one. "Many people from Gandhipuram, FCI Road and Thaneerpandal Road would benefit, as this will offer easy access to Avinashi Road. This was announced in 2010, but a private school functioning on this road had obtained a stay against the development. While the Madras high court had quashed the stay order in 2018, there is no significant progress yet. " Developing the Vilankurichi-Codissia road will ease the traffic movement within the city. Also, the road would spur economic activity. Delay in creating a link road has kept this location away from economic growth. Though companies are approaching for office spaces in Hope College and Peelamedu areas, not many come up to set up their establishments along this route due to the lack of accessibility. Meanwhile, corporation commissioner M Sivaguru Prabhakaran stated that the second master plan had excluded the scheme roads. "We have requested the state authorities to include those roads. We are also requesting allocation of funds. Once the funds are sanctioned, the work will begin immediately."
