Sun Pharma Q4 Review – Miss On Top-Line; Sustained Margins, Specialty To Drive Growth: Dolat Capital

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Sun Pharmaceutical Industries Ltd. missed our estimate on the top-line with sales in Q4 at Rs 84 billion (up 4% YoY) primarily due to lower U.S. sales at $370 million (down $5 million QoQ).

India growth was robust at 13% YoY.

Controlled spend aided Ebitda margins at 24.2%. Debt reduction of $580 million in FY21 led to lower interest outgo.

One-time provision of $80 million (with respect to Taro’s anti-trust cases in the U.S.), led to recognition of higher deferred tax.

Management refrained from any guidance for FY22E citing Covid-19 related uncertainties; Q1 to witness high growth led by India sales and lower selling, general and administrative expenses (aided by Covid).

Click on the attachment to read the full report:

Dolat Capital Sun Pharma Q4FY21 Result Update.pdf


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