ICICI Direct: Sun Pharma’s U.S. Arm Taro’s Revenue Declines In Q1 But Margins Improve

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Direct Report.Sun Pharmaceuticals Ltd.’s revenues de-grew 9.4% YoY to Rs 7585 crore (our estimate Rs 7948 crore) mainly due to 27.5% YoY decline in U.S. formulations to Rs 2136 crore due to high base and continued pressure on dermatology segment (Taro included).India business grew 3.2% YoY to Rs 2388 crore whereas emerging markets business de-grew 2.4% YoY to Rs 1316 crore.Rest of world markets business also degrew 11.1% YoY to Rs 1030 crore. Ebitda margins expanded 47 basis points YoY, 765 basis points QoQ to 24.3% (our estimate 17.0%) despite higher employee expenses mainly due to lower other expenditure and better gross margins.Ebitda de-grew 7.6% YoY to Rs 1844 crore (our estimate Rs 1351 crore). Adjusted profit after tax de-grew 17.4% YoY to Rs 1146 crore (our estimate Rs 621 crore).Exceptional expense of Rs 3633 crore pertain to Taro's settlement with U.S. Department of Justice (cumulative $419 million) and $60 million provision for multi-jurisdiction antitrust matters..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Direct: Sun Pharma’s U.S. Arm Taro’s Revenue Declines In Q1 But Margins Improve

ICICI Direct: Sun Pharma’s U.S. Arm Taro’s Revenue Declines In Q1 But Margins Improve

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