Sun Pharma Q3 Review - In-Line Sales, Higher Margin Amid Lower SG&A Cost: ICICI Direct 
The Sun Pharmaceutical Industries Ltd. logo sits on a sign on pharmaceutical and medical supply storage racks. (Photographer: Jasper Juinen/Bloomberg)

Sun Pharma Q3 Review - In-Line Sales, Higher Margin Amid Lower SG&A Cost: ICICI Direct 

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ICICI Direct Report

Sun Pharmaceutical Industries Ltd.’s Q3 revenues grew 8.4% YoY to Rs 8837 crore (our estimate Rs 8636 crore).

U.S. formulations grew 10.8% YoY to Rs 2761 crore. Indian formulations grew 9.4% YoY to Rs 2753 crore.

Emerging markets business grew 8.4% YoY to Rs 1507 crore. Rest of the world markets business grew 15.6% YoY to Rs 1276 crore.

Active pharmaceutical ingredient segment de-grew 9.4% YoY to Rs 485 crore.

Ebitda margins expanded 465 basis points YoY to 27.2% (our estimate 23.0%) due to lower other expenditure and better gross margins.

Click on the attachment to read the full report:

ICICI Direct SunPharma Q3FY21 Result Update.pdf

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