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ICICI Securities Report
Sun Pharmaceutical Industries Ltd.'s Q2 FY23 performance has been better than our estimates. Consolidated revenues grew 14.7% YoY to Rs 109.5 billion (our estimate: Rs 105.9 billion) and adjusted profit after tax was up 14.3% to Rs 22.6 billion (our estimate: Rs 18.6 billion).
Ebitda margin stood at 27.0% (our estimate: 25.7%). Specialty portfolio grew 5.2% QoQ to $201 million (our estimate: $190 million) led by growth in Ilumya, Cequa and Winlevi.
India business (excluding Covid) grew ~11% YoY on the back of an increase in overall market share.
We remain positive on Sun Pharma's long-term outlook considering its strong India business, scale-up in specialty sales and focus on margin expansion through superior revenue mix and operational efficiency.
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