Buy Sun Pharmaceutical; target of Rs 786: Dolat Capital Market
Dolat Capital Market’s research report on Sun Pharmaceutical
Sun missed our estimate on the top-line with sales in Q4 at Rs84bn (up 4% YoY) primarily due to lower US sales at US$370mn (down US$5mn QoQ). India growth was robust at 13% YoY. Controlled spend aided EBITDA margins at 24.2%. Debt reduction of $580mn in FY21 led to lower interest outgo. One-time provision of US$80mn (w.r.t Taros anti-trust cases in the US), led to recognition of higher deferred tax. Adjusting for the one-off, PAT came…
