Sun Pharma Taro holds the key; Maintain Hold :Emkay

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Sun Pharma

Taro holds the key; Maintain Hold

HOLD

CMP: Rs 465                                        Target Price: Rs 497

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n     Sun Pharma’s Q4’11 was above expectations with Revenues at Rs14.6bn (up 32% YoY), EBITDA at Rs4.44bn (up 6% YoY) and PAT at Rs4.43bn (up 12% YoY)

n     Revenue growth was led by 20% growth in domestic branded business and 21% YoY growth in Taro. Ex-Taro, revenues declined by 13%

n     Taro’s contribution of 34% to the top-line at US$108mn and PAT at US$25mn was above expectations

n     Taro remains the key to future performance; Maintain Hold with a revised target price of Rs497 (22xFY13 Core EPS)