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ICICI Securities Report
Sun Pharmaceutical Industries Ltd.'s Q1 FY23 performance has been better than our estimates on all fronts. Consolidated revenue grew 10.7% YoY to Rs 107.6 billion (our estimate: Rs 94.4 billion) and adjusted profit after tax was up 4.1% to Rs 20.6 billion (our estimate: Rs 15.3 billion).
Ebitda margin stood at 26.8% (our estimate: 23.5%). Specialty portfolio grew 2.2% QoQ to $191 million (our estimate: $185 million) led by growth in Ilumya, Cequa and Winlevi.
India business (ex-Covid) grew ~13% YoY led by an increase in the overall market share.
We remain positive on Sun Pharma's long-term outlook considering strong India business, scale up in specialty sales and focus on margin expansion through superior revenue mix and operational efficiency.
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