Emkay's research report on Sun Pharmaceutical Industries
"Sun Pharma Q1FY15 results (vs. expectations) - Revenue at Rs39.4bn (vs. Rs39.1bn), EBITDA at Rs17.3bn (vs. Rs15.1bn) and Adjusted PAT at Rs13.9bn (vs. Rs11.6bn)
US sales up by 14.4% yoy (up 7% to USD 389mn), despite decline in Taro sales (down 15% yoy) due to price protection charges. Domestic formulations were up 17% yoy
Expect steady growth momentum in the domestic formulations business; US growth to be steady driven by price increases in Taro portfolio and niche launches in FY16
We expect a top-line growth of 16% (CAGR) in FY14-16E. Margin is expected to be in the vicinity of 45% over the same period.
We have built in sales growth at a CAGR of 16% in FY14-16E, while we believe EBITDA margin will remain in the vicinity of 45-46%. We maintain a BUY, with a revised target price of Rs 928 (25x FY16E EPS of Rs 37.1)", says Emkay Global Financial Services research.
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