Sunshine shows favourable growth in ‘new normal’ challenges in 2Q 

Sunshine Holdings, recording another quarter of sound financial performance in a pandemic-affected economic backdrop, has posted consolidated revenue of Rs. 11 billion for the six months ending 30 September (1HFY21), an increase of 9.3 per cent YoY compared to the corresponding period of last year. 
Profit after tax (PAT) for the period in review rose to Rs. 1.3 billion, an increase of 34.8 per centy YoY, on the back of the profit arising from the improved performance in the agribusiness sector, the company said in a media release.
The PAT margins increased to 11.7 per cent for 1HFY21 from 9.5 per cent in 1HFY20 mainly due to the margin increase in the agribusiness sector. Net Asset Value per share also increased to Rs. 59.33 as at end 1HFY21, compared to Rs. 56.26 at the end of 1HFY20. 
The group’s Healthcare business emerged as the largest contributor to Sunshine’s top-line performance, accounting for 53 per cent of total revenue. In comparison, Consumer and Agribusiness sectors of the group contributed 25 per cent and 19 per cent respectively of the total revenue.
During the second quarter of FY 2020/21 (2QFY21), Sunshine Holdings posted a consolidated revenue of Rs. 6.2 billion (an increase of 15.7 per cent YoY) with a post-tax profit of Rs. 733 million, an increase of 11 per cent YoY compared to the same quarter in last year. 
Commenting on the performance, Sunshine Holdings Group Managing Director Vish Govindsamy said as a group, Sunshine has been facing challenges in some of its core sectors and will continue to do so in the short to medium term due to the negative economic impact due to the COVID-19 pandemic and subsequent lockdowns. 
“However, the group’s robust cost management initiatives, process reengineering efforts backed by digital technologies to ensure overall efficiency and business continuity have helped Sunshine to outdo last year’s results and drive strong performance in 1HFY21, where the group has been able to rebound from the adverse impacts brought by two black swan incidents—the Easter attacks and the first wave of the present health crisis. We are proud that the group has remained resilient in the face of such difficulties, and we remain optimistic about consolidating our operations to strengthen the overall performance of the group further. All possible measures have been taken to ensure business sustainability and continuity in the coming months,” he said.