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Dolat Capital Report
Sun Pharmaceutical Industries Ltd.'s revenues were at Rs 109.5 billion (in line) grew by 13.8% YoY/1.8% QoQ.
Ebitda excluding forex loss stood at Rs 31.9 billion, grew 18.2%/16.8% YoY/QoQ and Ebitda margin at 29.2% (above our estimate) expanded by 108 bps/375 bps YoY/QoQ mainly on higher gross margin (up 147 bps/222 bps YoY/QoQ) driven by higher specialty sales.
Employee and selling, general and administrative expenses were higher YoY on-
annual increments,
Alchemee consolidation and
expansion of field force in India.
Sun Pharma's profit after tax at Rs 22.6 billion (above our estimate) grew by 10.5% YoY. The growth in profit after tax was lower compared to Ebitda on back of lower other income.
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