Sharekhan's research report on Sun Pharmaceutical Industries
We reiterate our Buy rating on Sun Pharma due to a strong uptick in specialty products and its dominant position in the IPM. Reports reveal that Sun’s API unit in Ankleshwar has received an NAI (No Action indicated) status with an ‘all clear’ to manufacture and export products. As per February 2024 AWACS MAT data, Sun Pharma reported 8.8% growth (IPM growth for Feb’24 at 6.7%) while volume grew by 1.5% (IPM’s volumes fell 0.3%) largely driven by key drug Rosuvas (23% y-o-y growth).
Outlook
As Sun Pharma’s specialty portfolio continues to gain traction followed by dominant position in the IPM, we have increased our EPS estimates by 1% and 3% for FY25E and FY26E increasing price target to Rs. 1,727 for the stock (ascribing PE of 30x on FY26E).
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