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Sun Pharma: Steady growth… - Views on News from Equitymaster
 
 
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  • Oct 28, 2002

    Sun Pharma: Steady growth…

    Sun Pharma has reported over 10% growth in sales during September quarter 2002. Operating costs grew at a slower rate, consequently expanding the operating margins to 28.5%. Operating profit was up over 16% YoY during the quarter. A 43% growth in tax provisioning saw net profit growth slow down to 11% YoY.

    (Rs m) 2QFY02 2QFY03 Change
    Net Sales 1,962 2,166 10.4%
    Other Income 23 12 -47.8%
    Expenditure 1,431 1,549 8.3%
    Operating Profit (EBDIT) 531 617 16.2%
    Operating Profit Margin (%) 27.1% 28.5%  
    Interest (net) -12 -12 2.6%
    Depreciation 43 50 16.7%
    Profit before Tax 522 591 13.1%
    Tax 40 58 43.1%
    Profit after Tax 482 533 10.6%
    Net profit margin (%) 24.6% 24.6%  
    Effective tax rate (%) 7.7% 9.8%  
    No. of Shares (eoy) (m) 46.8 46.8  
    Diluted earnings per share* 41.2 45.6  
    P/E ratio   12.3  
    (* annualised)      

    The board has approved the split of the company's equity shares of Rs 10 each into 2 equity shares of Rs 5 each. The company has also decided to buyback its equity shares with a maximum outlay of Rs 1,200 m for a maximum price of Rs 750 per equity share of Rs 10 each. Both the aforesaid moves are subject to shareholder approval. The shareholders meeting in both the purposes will be held on December 20, 2002.

    Cost break-up
    (Rs m) 2QFY02 2QFY03 % change
    - (Increase) / decrease in stock in trade -5.1 -32.3  
    - Material Cost 806 855  
    Total Cost of goods 801 822 2.6%
    - Staff Cost 101 122 21.1%
    - Indirect taxes 216 269 24.8%
    - Other Expenditure 313 336 7.3%
    Total expenditure 1431 1549 8.3%

    The maximum buyback price is at a 34% premium to the current share price of Rs 560. At the current price, the stock is trading at 12.3x annualised 2QFY03 earnings. The stock may see some strength owing to the buyback offer in the short term.

     

     

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