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Last Updated : Sep 18, 2018 01:28 PM IST | Source: Moneycontrol.com

Buy Sun Pharma; target of Rs 670: HDFC Securities

HDFC Securities is bullish on Sun Pharma has recommended buy rating on the stock with a target price of Rs 670 in its research report dated August 16, 2018.

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HDFC Securities' research report on Sun Pharma


Sun Pharma (SUNP) posted good numbers in 1QFY19. Revenue grew ~16%YoY to Rs 72.2bn, and the EBITDA margin expanded 460bps to 22.2%, ~100bps above our estimates. EBITDA at Rs 16.1bn and PAT at Rs 9.8bn were up 46.6% and 86.9% YoY respectively. Despite challenges in the US generics space and decline in the Taro business, SUNP managed 12% growth in revenues in the US market.


Outlook


Sun Pharma (SUNP) posted good numbers in 1QFY19. Revenue grew ~16%YoY to Rs 72.2bn, and the EBITDA margin expanded 460bps to 22.2%, ~100bps above our estimates. EBITDA at Rs 16.1bn and PAT at Rs 9.8bn were up 46.6% and 86.9% YoY respectively. Despite challenges in the US generics space and decline in the Taro business, SUNP managed 12% growth in revenues in the US market.


For all recommendations report, click here


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First Published on Aug 21, 2018 05:06 pm
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