Sun Pharma Going Strong; Maintain Hold :Emkay

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Sun Pharma

Going Strong; Maintain Hold

HOLD

CMP: Rs517                                        Target Price: Rs 519

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n     Sun Pharma’s Q1FY12 was above expectations with Revenues at Rs16.4bn (up 20% YoY), EBITDA at Rs5.5bn (down 11% YoY) and PAT at Rs5bn (down 11% YoY)

n     Revenue growth was led by 12% growth in domestic branded business and 14% YoY growth in Taro. Ex-Taro/FTFs, base USbusiness grew by 12%

n     Taro’s contribution of 31% to the top-line at US$112mn and PAT at US$36mn was above expectations

n     Maintain Hold with a revised target price of Rs519 (23xFY13 Core EPS of Rs22.6)