ECONOMY

Sun Pharma Q4 Review – India Growth Partly Offset By Taro Decline: ICICI Direct

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Sun Pharmaceutical Industries Ltd.’s Q4 revenues grew 4.1% YoY to Rs 8523 crore (our estimate: Rs 8760 crore).

Indian formulations grew 12.9% YoY to Rs 2671 crore. U.S. formulations remained subdued at Rs 2695 crore, down 0.7% YoY.

Emerging markets business grew 3.5% YoY to Rs 1402 crore. The rest of the world markets business grew 6.3% YoY to Rs 1191 crore.

Active pharmaceutical ingredient segment de-grew 9.9% YoY to Rs 473 crore.

Ebitda margins expanded 738 basis points YoY to 24.0% (our estimates of 23.0%) mainly due to lower other expenditure and better gross margins.

Subsequently, Ebitda grew 50.3% YoY to Rs 2048 crore (our estimate: Rs 2015 crore).

Click on the attachment to read the full report:

ICICI Direct Sun Pharma Q4FY21 Result Update.pdf

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