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.
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