Sun Pharma Q3 Results Review - Performance Largely Inline: Dolat Capital
Despite higher specialty sales, gross margins were flattish impacted by inventory provision of Halol plant.
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Dolat Capital Report
Sun Pharmaceutical Industries Ltd.'s Q3 FY23 result was largely in-line with regards to revenue and Ebitda, while profit after tax came above estimates on higher other income and lower taxes.
Sun Pharma's revenues were at Rs 112.4 billion (inline) grew by 14% YoY/2.6% QoQ aided by strong global specialty sales. Ebitda stood at Rs 30.1 billion, grew 14.9% YoY/declined 6% QoQ and Ebitda margin at 26.7% (inline) expanded by 22 basis points YoY/contracted 245 bps QoQ.
Employee and selling, general and administrative expenses were higher YoY and QoQ on
increased research and development expenses,
Alchemee consolidation,
expansion of field force in India,
higher sales and distribution cost across geographies.
Despite higher specialty sales, gross margins were flattish impacted by inventory provision of Halol plant.
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