Sun Pharma Taro spearheads the growth - Maintain Accumulate : :Emkay

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Sun Pharma

Taro spearheads the growth - Maintain Accumulate

ACCUMULATE

CMP: Rs504                                        Target Price: Rs554

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n     Sun Pharma’s Q2FY12 was in-line with expectations - Revenues at Rs19bn (up 38% YoY), EBITDA at Rs7.8bn (up 68% YoY) and RPAT at Rs6bn (up 19% YoY)

n     Revenue growth was led by 15% growth in domestic business and 77% growth in US business largely driven by Taro and new launches– Gemzar, Taxotere, Uroxatral and Imitrex

n     Going forward - Management has maintained its guidance of 28-30% growth in top-line for FY12

n     With strong traction from Taro and a stable domestic business – we maintain Accumulate rating with a revised target price of Rs554