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Dolat Capital Report
Sun Pharmaceutical Industries Ltd. reported a stellar Q2 primarily driven by higher domestic growth aptly supported by specialty sales in the U.S.
Revenue growth of 13% YoY was in-line with estimates while profits at Rs 21 billion were 20% above estimate driven by $10 million milestone payment from U.S. specialty sales, lower research and development spend and lower tax outgo.
Gross margins at 73.6% (high contribution from U.S.), controlled spend aided adjusted for milestone income, Ebitda margins at 27.6% (150 basis points beat, reported 28%).
Debt reduction of $209 million in H1 FY21 led to lower interest outgo.
Sun Pharma added ‘Winlevi' to its specialty portfolio (in-licensing deal for U.S.) strengthening its derma franchise.
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