ICICI Direct: Sun Pharma’s Significant Beat On All Fronts In Q2
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ICICI Direct Report
Sun Pharmaceutical Industries Ltd.’s Q2 revenues grew 5.3% YoY to Rs 8553 crore (our estimate Rs 8069 crore).
U.S. formulations grew 4.3% YoY to Rs 2492 crore amid currency tailwinds and specialty traction.
India business remained flattish (up 0.7%) YoY at Rs 2531 crore whereas Emerging Markets business grew 10.4% YoY to Rs 1559 crore.
Rest of World markets business grew 16.3% YoY to Rs 1322 crore.
Ebitda margins expanded 361 basis points YoY to 25.6% (our estimate of 22.5%) mainly due to a better product mix (higher specialty sales) and lower other expenditure.
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