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.
<div class="paragraphs"><p>Sun Pharma facility. (Source: Company website)</p></div>
Sun Pharma facility. (Source: Company website)

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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

  1. increased research and development expenses,

  2. Alchemee consolidation,

  3. expansion of field force in India,

  4. higher sales and distribution cost across geographies.

Despite higher specialty sales, gross margins were flattish impacted by inventory provision of Halol plant.

Click on the attachment to read the full report:

Dolat Capital Sun pharma Q3FY23 Result Update.pdf
Sun Pharma Q3 Results Review - Inline Performance; Growth Levers In Place: Systematix


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