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Motilal Oswal Report
Sun Pharmaceutical Industries Ltd.'s Q3 FY22 performance was operationally better than our estimates, driven by branded generics and U.S. (excluding Taro) segments.
It posted an elevated Ebitda run-rate of Rs 26 billion for the third consecutive quarter. It has a net cash of $2 billion, implying funds at its disposal for inorganic growth.
We remain positive on Sun Pharma on the back of:
superior execution in its specialty portfolio,
better-than-industry growth in the branded generics market of domestic formulation as well as other emerging markets,
sustained launch momentum in U.S. generics, and
delayed research and development spend in the specialty portfolio.
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