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Dolat Capital Report
Sun Pharmaceutical Industries Ltd. reported in-line sales in Q2 (up 6% YoY), but lower opex, improved product mix aided Ebitda margins at 27% beat our margins at 21.5%.
While large part of the operating improvement will taper in ensuing quarters, management’s commentary on two aspects
1. Some portion of costs savings in India might be permanent in nature – digital product launches and
2. some products in the specialty segment to achieve breakeven by FY22; could drive operating leverage by approximately 100-150 basis points going ahead.
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