External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<p>HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>In the US, Sun diversifying into specialty products like Ilumya, Levulan, BromSite, Cequa, Xelpros, Odomzo, Yonsa, winlwvi etc. Key Risk: (i) Price erosion impact...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In the US, Sun diversifying into specialty products like Ilumya, Levulan, BromSite, Cequa, Xelpros, Odomzo, Yonsa, winlwvi etc. Key Risk: (i) Price erosion impact...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun Pharmaceutical Industries: Strong Q1 Beat on All Fronts but Upside Capped

<p>V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted 50% YoY growth (1% 2-year CAGR) while non-south region registered 71% YoY growth (16% 2-year CAGR). Strong growth was visible across categories as Electronics (Stabilizer, UPS, etc), Electrical (Wires, Pump, etc) and Consumer Durables (Fan, Water Heater, KEA, etc) segments registered 62/58/55% YoY growth, clocking 2-year CAGR of 9/4/12%. Gross margin declined by 191/120bps YoY/QoQ to 31%.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted 50% YoY growth (1% 2-year CAGR) while non-south region registered 71% YoY growth (16% 2-year CAGR). Strong growth was visible across categories as Electronics (Stabilizer, UPS, etc), Electrical (Wires, Pump, etc) and Consumer Durables (Fan, Water Heater, KEA, etc) segments registered 62/58/55% YoY growth, clocking 2-year CAGR of 9/4/12%. Gross margin declined by 191/120bps YoY/QoQ to 31%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Sun Pharma, Bharat Petroleum Corporation, Eicher Motors, Cadila Healthcare, V...

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation (DF) business growth has been strengthening for three consecutive quarters now. Marketing efforts are driving strong performance in Illumya, a specialty product 51% YoY growth was reported for FY21. It further intends to build a Biosimilar portfolio for launch over CY2830.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation (DF) business growth has been strengthening for three consecutive quarters now. Marketing efforts are driving strong performance in Illumya, a specialty product 51% YoY growth was reported for FY21. It further intends to build a Biosimilar portfolio for launch over CY2830.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sun Pharmaceutical Industries (SUNP IN)

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage...

HDFC Securities

Sun Pharmaceutical Industries: Strong Q1 Beat on All Fronts but Upside Capped

In the US, Sun diversifying into specialty products like Ilumya, Levulan, BromSite, Cequa, Xelpros, Odomzo, Yonsa, winlwvi etc. Key Risk: (i) Price...

ICICI Securities Limited

HSIE Results Daily: Sun Pharma, Bharat Petroleum Corporation, Eicher Motors, Cadila Healthcare, V...

V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted...

HDFC Securities

Domestic Formulation on steady footing

Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)