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ICICI Securities Report
Sun Pharmaceutical Industries Ltd.'s reported Q3 FY22 performance exhibited a beat on all fronts, mainly due robust growth in the global specialty portfolio.
Consolidated revenue grew 11.6% YoY to Rs 98.6 billion (our estimate: Rs 95.0 billion) and adjusted profit after tax was up 11.1% to Rs 20.6 billion.
Ebitda margin stood at 26.4% as against our estimate of 25.7%. Specialty portfolio grew 16.6% QoQ to $183mn (our estimate: $154 million) despite higher base of milestone income led by strong ramp-up in Ilumya, Cequa, Levulan and Absorica, partially supported by favorable seasonality impact.
India business grew by a robust 15.1% 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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