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Sun Pharmaceutical Ind (SPIL) | Q2FY13 first cut analysis




IndiaNivesh Securities Pvt Ltd


08 Nov 2012





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First Cut Analysis Sun Pharmaceutical Industries Limited (SPIL) | Q2FY13 first cut analysis: ….robust numbers continue Valuations: On the back of better realization of certain derma products by Taro & supply of Lipodox to US market in the last 3 quarters, Sun Pharma has reported healthy growth & improvement in margins. However, considering the fact that Johnson & Johnson has restored almost 75% supply of Doxil & likely to restore supply completely by the end of Dec 2012, We expect Sun’s US revenue from Q3FY12 onwards to be impacted negatively, therefore coming quarters are not likely to be as robust as the previous ones have been. At CMP of Rs 696, the stock is trading at PE multiple of 25.4x of FY13E & 23.5x of FY14E street earnings estimates. At current price stock’s valuations are stretched. We intend to come out with detailed analysis after attending con call scheduled for today (09th Nov 2012).

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