Angel Broking neutral on Sun Pharma

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26 Aug, 2025 12:21

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Angel Broking has maintained neutral rating on Sun Pharma, in its February 08, 2013 research report.
 
“Sun Pharmaceutical Industries (Sun Pharma) reported a much higher-thanexpected 3QFY2013 performance. Its net sales reported a 33.0% yoy growth. The adjusted net profit grew by 31.9% yoy, driven by a higher-than-expected improvement in sales and a higher-than-expected expansion in the OPM, which came in at 44.2% vs our expectation of 40.6%. However, on account of the stock’s rich valuation, we recommend a Neutral rating on the stock.”
 
“For 3QFY2013, Sun Pharma reported net sales of Rs2,852cr, up 33.0% yoy, mainly driven by exports. The company’s OPM contracted to 44.2% in 3QFY2013 from 44.9% in 3QFY2012. Also, the gross margin came in lower at 80.4% from 82.4% in 3QFY2012. The net profit during the quarter reported a 31.9% yoy growth to Rs881cr, which is higher than our expectations, mainly on the back of a higher sales growth and expansion in the OPM.”
 
“Sun Pharma is one of the largest and fastest growing Indian pharmaceutical companies. We expect its net sales to post a 25.2% CAGR over FY2012-14 to Rs12,563cr. However, on account of higher taxation, we expect a flat EPS of Rs29.8 over FY2012–14. However, on account of rich valuations, we recommend a Neutral stance on the stock,” says Angel Broking research report.

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