Sun Pharma: Steady growth… - Views on News from Equitymaster

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Sun Pharma: Steady growth…

Oct 28, 2002

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)2QFY022QFY03Change
Net Sales 1,9622,16610.4%
Other Income2312-47.8%
Expenditure1,4311,5498.3%
Operating Profit (EBDIT)53161716.2%
Operating Profit Margin (%)27.1%28.5% 
Interest (net)-12-122.6%
Depreciation435016.7%
Profit before Tax52259113.1%
Tax405843.1%
Profit after Tax48253310.6%
Net profit margin (%)24.6%24.6% 
Effective tax rate (%)7.7%9.8% 
No. of Shares (eoy) (m)46.846.8 
Diluted earnings per share*41.245.6 
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)2QFY022QFY03% change
- (Increase) / decrease in stock in trade-5.1-32.3 
- Material Cost806855 
Total Cost of goods8018222.6%
- Staff Cost10112221.1%
- Indirect taxes21626924.8%
- Other Expenditure3133367.3%
Total expenditure143115498.3%

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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