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Sun Pharma: 3QFY02 net up 36% - Views on News from Equitymaster
 
 
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  • Jan 22, 2002

    Sun Pharma: 3QFY02 net up 36%

    Sun Pharmaceuticals has posted a growth of 36% in net profit for 3QFY02, compared to the corresponding period last fiscal. Sales has jumped by more than 25% to touch Rs 1,968 m. On a sequential basis however, revenues have remained flat. Operating margins increased by 160 basis points to 26.5%, which is amongst the best in the industry.

    (Rs m) 3QFY01 3QFY02 Change
    Sales 1,578 1,968 24.7%
    Other Income 10 12 18.8%
    Expenditure 1,185 1,446 22.1%
    Operating Profit (EBDIT) 394 522 32.5%
    Operating Profit Margin (%) 24.9% 26.5%  
    Interest (4) (12.7) 217.5%
    Depreciation 40 44 9.5%
    Profit before Tax 368 502.8 36.6%
    Other Adjustments   -  
    Tax 27 39 41.2%
    Profit after Tax/(Loss) 341 464 36.3%
    Net profit margin (%) 21.6% 23.6%  
    No. of Shares (eoy) (m) 46.8 46.8  
    Diluted Earnings per share* 29.1 39.7  
    P/E (at current price)   16.2  
    *(annualised)      

    The sales performance was fuelled by 33% growth in exports, particularly bulk exports. On the other hand, domestic sales also grew at a healthy rate of 23%, far outperforming industry growth rates. The growth in domestic market was on the back of aggressive launch of new products. Sun Pharma has launched 10 new products in last six months.

    Sun Pharma recently informed that Caraco Pharma, its US subsidiary, has received a approval for manufacturing and marketing metformin in the US markets, which is a generic name for US$ 1.8 bn drug Glucophage. Over the last six months, Caraco has received 4 drug approvals and is targeting 5 more approvals by the end of the year.

    The stock price of the company has moved up sharply after the company announced drug approvals for Caraco Pharma. Markets are expecting that the company would stick to its target of achieving breakeven in Caraco Pharma by the end of the current year. At Rs 642, the company trades at a P/E multiple of 16x annualised earnings for 3QFY02. The performance of Caraco and time taken for its turnaround would be the key valuation driver going forward.

     

     

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