Sun Pharma - Steady Q4, Internals Remain Strong: ICICI Securities

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ICICI Securities Report

Sun Pharmaceutical Industries Ltd. reported Q4 FY21 performance was in-line with our estimates.

India growth was strong at 12.9% while global specialty revenue remained stable.

Consolidated revenue grew 4.1% YoY to Rs 85.2 billion (our estimate: Rs 87.5 billion) and adjusted profit after tax was up 103.4% to Rs 13.4 billion.

Ebitda margin dropped 320 basis points QoQ to 24.0% (our estimate: 23.7%) as expected with increasing selling, general and administrative expenses.

Specialty product Ilumya reported sales growth ~51% in FY21 to $143 million, globally.

Generic entry in Absorica will impact the revenue in near term but it was already estimated.

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