Sharekhan's research report on Sun Pharmaceutical Industries
Sun Pharma reported healthy results for Q4FY2020; however numbers missed estimates. Sun Pharmaceutical industries (Sun Pharma) is witnessing sustained competitive pressures in the US generic business, which are unlikely to abate in the near to medium term. Also the momentum for the specialty business is likely to slow down in the near term due to covid impact. Domestic formulations, could also witness a slowdown in the current quarter on the back of Covid related issues which could impact the demand due to lower prescriptions written and advance stocking of chronic medicines.
Given persistent uncertainties in US business and India business in the near-medium term, we hold back from taking a constructive view and retain a Hold recommendation on the stock with a revised PT of Rs 510.
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