Sun Pharma Q1 Review - Strong Beat On All Fronts But Upside Capped: ICICI Direct
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ICICI Direct Report
Sun Pharmaceutical Industries Ltd. reported robust Q1FY22 results. Revenues grew 28.1% YoY to Rs 9,718.7 crore.
Indian formulations grew 38.5% YoY to Rs 3,308.4 crore. U.S. formulations grew to Rs 2,800 crore, up 31.1% YoY.
Emerging markets business grew 22% YoY to Rs 1,605.3 crore while rest of world markets business grew 32.8% YoY to Rs 1,368 crore.
Active pharmaceutical ingredient segment declined 1.4% YoY to Rs 587.8 crore.
Ebitda margins expanded 472 basis points YoY to 29.0% mainly due steady employee expense.
Subsequently, Sun Pharma's Ebitda grew 53% YoY to Rs 2,821.1 crore.
Adjusting for exceptional items in current and base quarter, profit after tax grew 81.1% YoY to Rs 2,075.1 crore.
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