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SMR
06-12-2015, 06:50 AM
Sun Pharmaceutical Industries Ltd. (Sun) is a specialty pharmaceutical company. The Company manufactures and markets a range of pharmaceutical formulations as branded generics, as well as generics, in the United States, India and other markets. It operates through four segments: US Generics, Indian Branded Generics, International Branded Generics (rest of the world, except the United States) and Active Pharmaceutical Ingredients (API). Sun manufactures specialty APIs, including peptides, steroids, hormones and anticancers. The Company’s API products include Acamprosate Calcium, Alendronate Sodium, Bortezomib, Cisplatin, Choline Fenofibrate and Carvedilol. It offers products across five continents in over 150 nations with a presence in the United States, India, Asia, Europe, South Africa, Commonwealth of Independent States and Russia, and Latin America. It also offers specialty and generic products across a range of chronic and acute prescription drugs.

Official website: www.sunpharma.com

SMR
06-12-2015, 06:51 AM
For 4QFY2015, Sun Pharmaceuticals Industries (Sun Pharma) posted numbers lower than expected. The company posted sales of Rs6,145cr (V/s Rs7,000cr expected and V/s Rs4,044cr in 4QFY2014), a yoy growth of 52.0%, driven by Ranbaxy Labs’ merger. The Indian, US, Emerging, and ROW markets posted a yoy growth of 65.8%, 22.6%, 264.9% and 124.6%, respectively. On the operating front, the EBITDA margin came in at 14.3% V/s 35.1% expected and V/s 44.2% in 4QFY2014. The PAT came in at Rs888cr V/s Rs1,751cr expected and V/s Rs1,587cr in 4QFY2014, a yoy de-growth of 44.0%. This was aided by the other income of Rs395.8cr for the quarter V/s Rs193.8cr in 4QFY2014. Also, during the period, there was a tax credit of ~Rs600cr. Thus, adjusted for merger related expenses, the Adj. PAT came in at Rs1,622cr, posting a yoy growth of 2.2%. On back of the dip in the stock price in the past few sessions, the stock has become attractive; hence, we recommend a Buy on the stock. Results lower than expected: The company posted sales of Rs6,145cr (V/s Rs7,000cr expected and V/s Rs4,044cr in 4QFY2014), a yoy growth of 52.0%, driven by Ranbaxy Labs’ merger. The Indian, US, Emerging, and ROW markets posted a yoy growth of 65.8%, 22.6%, 264.9% and 124.6%, respectively. On the operating front, the EBITDA margin came in at 14.3% V/s 35.1% expected and V/s 44.2% in 4QFY2014. The EBITDA as well as net profit of the company were adversely impacted by a few items, relating to professional charges, harmonization of policies of erstwhile Ranbaxy Labs with the company, etc. The PAT came in at Rs888cr V/s Rs1,751cr expected and V/s Rs1,587cr in 4QFY2014, a yoy de-growth of 44.0%. Outlook and valuation: Sun Pharma is one of the largest and fastest growing Indian pharmaceutical companies. We expect its net sales to post a 34.4% CAGR (including Ranbaxy Laboratories) to Rs49,294cr and EPS to post an 25.8% CAGR to Rs36.2 over FY2015–17E. We recommend a buy on the stock, given the valuations.

Source: http://www.angelbroking.com

SMR
08-14-2015, 05:20 PM
For 1QFY2016, Sun Pharmaceuticals Industries (Sun Pharma) posted better-thanexpected results on the sales and OPM fronts. The sales came in at Rs6,522cr (V/s an expected Rs6,200cr), a yoy growth of 3.3%. Sales growth was driven by the Indian formulation market (Rs1,784cr), which posted a yoy growth of 11%; while the US (Rs3,090cr) posted a yoy growth of 2.2%. On the operating front, the gross margin came in at 73.7% V/s an expected 74.4% and V/s 73.9% in 1QFY2015. The OPM consequently has come in at 24.8% in 1QFY2016 V/s 25.8% expected and V/s 30.3% in 1QFY2015. Further, the company has posted an Adj. net profit of Rs993cr for the quarter V/s an expected Rs1,203cr and V/s Rs1,410cr in 1QFY2015, ie a dip of 29.6% yoy. We recommend an Accumulate on the stock. Results better than expected: The sales came in at Rs6,522cr (V/s an expected Rs6,200cr), a yoy growth of 3.3%. Sales growth was driven by the Indian formulation market (Rs1,784cr), which posted a yoy growth of 11%; while the US (Rs3,090cr) posted a yoy growth of 2.2%. The OPM has come in at 24.8% in 1QFY2016 V/s an expected 25.8% and V/s 30.3% in 1QFY2015. The margin dip is more on back of lower sales; adjusted for normalised sales, the OPM would have been around 30%. The yoy dip in margin is also owing to higher other expenditure, which has surged by 18% yoy, while staff cost inched up by 11.9% yoy. The company has posted an Adj net profit of Rs993cr for the quarter V/s an expected Rs1,203cr and V/s Rs1,410cr in the corresponding period of last year, ie a dip of 29.6% yoy. Outlook and valuation: Sun Pharma is one of the largest and fastest growing Indian pharmaceutical companies. We expect its net sales to post a 10.9% CAGR (including Ranbaxy Laboratories) to Rs33, 542cr and EPS to post an 8.3% CAGR to Rs26.9 over FY2015–17E. We recommend an Accumulate on the stock.

Source: http://www.angelbroking.com/