Sun Pharma’s consolidated revenue came in higher at Rs 9,626 crore for the quarter, compared to Rs 8,553 crore in September 2020 quarter, registering a 12.5 percent growth.
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Sun Pharmaceutical Industries share price rose in the early trade on November 3 after the company had declared its September quarter earnings.
Indian pharmaceutical major, Sun Pharmaceutical Industries, has declared a profit after tax of Rs 2,047 crore for the quarter ended in September, increasing by 12.9 percent compared to Rs 1,813 crore reported in the same quarter in 2020.
Consolidated revenue came in higher at Rs 9,626 crore for the quarter, compared to Rs 8,553 crore in September 2020 quarter, registering a 12.5 percent growth.
The sequential growth in profit and revenue was 41.8 percent and (-1) percent respectively.
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Here is what brokerages have to say about the stock and the company post September quarter earnings:
Morgan Stanly
Research house kept an overweight rating on the stock with a target at Rs 895.
The company continues to show broad-based growth across India, US, EMs & RoW and expect margin to continue to improve.
The specialty ramp-up, balance sheet strengthening & potential Halol remediation drivers for re-rating.
Credit Suisse
Broking firm has maintained an underperform call and raised the target price to Rs 695.
The company turned net cash even on ex-Taro and repaid debt of USD 209 million in H1FY22.
Credit Suisse has lifted FY22/FY23/FY24 EPS by 6%/2%/3%.
CLSA
Research firm has maintained buy call and raised the target price to Rs 1,050 per share as specialty ramp-up is on track & earnings upgrades to continue.
It was another quarterly margin surprise that drove a Q2 result beat.
The company is well placed to boost specialty sales & achieve EBITDA breakeven in FY23 and raise the earnings estimates 4-11 percent over 22-24.
Macquarie
Macquarie kept an outperform call and raised the target to Rs 964 from Rs 925 after the company delivered a solid Q2 surpassing the EBITDA estimate by 8 percent.
There was a beat on PAT even higher due to a low tax rate.
Macquarie expects the company to report healthy EBITDA margin in the 26-27 percent range in H2 and raises FY22-24 EPS estimates by 3-10 percent.
Citi
Broking house Citi has maintained buy call and raised the target to Rs 1,000.
It was a strong Q2 despite a hiccup in the US and expect H2 US generics & specialty sales likely to be better than H1.
It raises FY22-24 EPS estimates by 1-3%.
Motilal Oswal
Broking house raises earnings estimate by 7/3 percent for FY22E/FY23E, factoring in a) a continued ramp-up in specialty sales in the US, including the newly launched Winlevi, b) the strong revival of non-COVID sales in the DF segment, c) increasing product offerings / gains in critical mass in Emerging Markets sales, and d) the postponement of R&D expenses.
Accordingly, it raised the target price to Rs 970 on a 25x 12M forward earnings basis.
We remain positive on stock on a) a burgeoning global Specialty portfolio / Branded Generics across geographies and b) a robust ANDA pipeline to sustain the US Generics business despite severe price erosion. Maintain buy rating.
At 09:19 hrs Sun Pharmaceutical Industries was quoting at Rs 814.00, down Rs 0.60, or 0.07 percent on the BSE.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
