Sun Pharma Q4 ReviewAmid One-Offs, Margins Steady: Centrum Broking

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Sun Pharmaceutical Industries Ltd. reported numbers in-line with our estimates adjusting for exceptional charges.

Indian markets continue to be strong at 12.9% YoY growth. The ex-Taro business in U.S. reported growth amid pandemic recovery.

Global specialty sales stood at $ 139 million, sequential decline was owing to weak business environment amid pandemic.

Rest of world/emerging markets posted weaker than estimated revenue growth of 4-5%.

Ebitda margins at 24% reflect lower research and development spend and lower promotional/travel expenses proportionate to revenue growth.

The U.S. business the promotional, travel expenses are expected to normalize as the vaccination drive reaches masses.

Click on the attachment to read the full report:

Centrum Broking Sun Pharma – Q4FY21 Result Update.pdf


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