Motilal Oswal: Sun Pharma Q2 - Product Mix, Operating Leverage Drive Earnings
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Motilal Oswal Report
Sun Pharmaceutical Industries Ltd. delivered all-time high quarterly sales of Rs 84.5 billion for Q2 FY21, led by the Rest of World/ active pharmaceutical ingredient segment.
A superior product mix (including the higher share of specialty products), complemented by cost optimization measures, led to a strong beat on Q2 FY21 earnings.
We increase our earnings estimate by 22%/5% for FY21/FY22E, factoring in
1. increased contribution from the specialty portfolio and 2. lower opex for an extended period on account of Covid-19.
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