Sun Pharma Industries Ltd

Research report by 'Ventura Securities Ltd'
     
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Sun Pharma, primarily driven by robust growth in domestic operations and one time sale of Eloxatin brand in Q1FY11, reported a rise of 77.7% in Net Sales to Rs 1399.7 crore. On the back of better product mix (Eloxatin and domestic operations) and stable employee cost, EBITDA margins in Q1FY11 improved by 2770 bps to 44.0%. Despite lower other income, Net Profit margin in Q1FY11 grew by 2250 bps to 41.3% on the account of lower tax provisioning. Management has reiterated its guidance of 18%-20% growth in topline for FY11.


   
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