Below is the views on Sun Pharmaceutical Industries Limited 3QFY2017 Results by Ms. Sarabjit Kour Nangra (VP- Research IT, Angel Broking Pvt Ltd)
Sun Pharmaceuticals (CMP: INR 650 / TP: INR 890 / Upside: 30.3%)
“Sun Pharmaceuticals posted results marginally lower than expected on sales front, while OPM, came in much below expectation and net profit slightly above expectations (on back of the other income coming in higher than expectations). Sales came in at INR 7,683cr V/s INR 7800cr expected and V/s INR 7047cr in 3QFY2016, a YoY growth of 9.0%. Indian sales at INR 1,969cr, posted a YoY growth of 5%, while USA finished dosage sales (45% of sales) at US$507mn, posted a YoY growth of 4%. On EBITDA front, the company posted an EBITDA of 28.6% V/s 33.6% expected V/s 30.3% in 3QFY2016. Consequently, Adj. PAT came in at INR 1,722cr V/s INR 1,733cr expected V/s INR 1,417cr in 3QFY2016, a YoY growth of 21.5%. The PAT growth came in higher than the EBDITA growth of mere 4.0% YoY; mainly on back of higher other income. Other income came in at INR 351.6cr V/s INR 254.7cr in 3QFY2016, a YoY growth of 38.0%. We maintain our BUY rating on the stock.
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