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Sun Pharmaceutical’s (Sun) Q4FY23 performance was decent, aided by traction in specialty portfolio, India branded and launch of Revlimid in the US. Specialty business sales contribution had increased to 16.6% in FY23 (14% in FY22) and key assets like Ilumya, Winlevi and Cequa will likely improve the share to 21% by FY25E.
Consumer sector overvaluation in May’23 is at 27% (per I-Sec Consumer Momentum Indicator (ICMI)) versus 22% in Dec’22. Though Staples' demand environment continues to be (relatively) muted, there have been sequential improvement in demand (especially in rural) over the quarters in FY23.