Sun Pharma, Taro back on track; margins improve further :: ICICI Securities, PDF link

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Taro back on track; margins improve further
• Revenues grew 13.4% YoY to | 4769.5 crore (in line with I-direct
estimate of | 4715.3 crore) on account of 21% growth in branded
generic sales in India to | 1152 crore and 15% growth in US finished
dosage to | 2911.8 crore
• EBITDA margins improved ~190 bps to 45.7% compared to I-direct
estimate of 43.5% mainly on account of higher Taro margins.
EBITDA in absolute term grew 18.3% YoY to | 2180.1 crore, higher
than I-direct estimate of | 2049.3 crore
• Net profit witnessed growth of 15.4% YoY to | 1572.4 crore higher
than I-direct estimate of | 1465.9 crore on account of higher EBITDA
margins

LINK
http://content.icicidirect.com/mailimages/IDirect_SunPharma_Q2FY15.pdf