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Dolat Capital Report
Sun Pharmaceutical Industries Ltd.'s Q2 FY25 earnings were above estimates on account of higher gross margin and lower R&D costs.
The company lowered its research and development expense guidance from 8-10% to 7-8% of sales, for FY25. India business is expected to grow inline or above the IPM.
We upgrade our FY25E/FY26E earnings per share estimate by 2.0%/4.1% assuming lower R&D and depreciation cost. Rolling over to FY27 we maintain ‘Reduce' rating with a revised target price of Rs 1,921 at 30 times FY27E P/E.
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