687.80 -0.50 (-0.07%)
3.4M NSE+BSE Volume
NSEJul 28, 2021 03:31 PM
The 30 reports from 13 analysts offering long term price targets for Sun Pharmaceutical Industries Ltd. have an average target of 690.50. The consensus estimate represents an upside of 0.39% from the last price of 687.80.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2021-06-02||Sun Pharmaceutical I.. +||Geojit BNP Paribas||673.95||783.00||673.95 (2.06%)||13.84||Buy|
|2021-05-28||Sun Pharmaceutical I.. +||HDFC Securities||669.75||740.00||669.75 (2.70%)||7.59||Accumulate|
HSIE Results Daily: Sun Pharma, Bharat Petroleum Corporation, Eicher Motors, Cadila Healthcare, V-Guard Industries, J. Kumar ...
V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted 50% YoY growth (1% 2-year CAGR) while non-south region registered 71% YoY growth (16% 2-year CAGR). Strong growth was visible across categories as Electronics (Stabilizer, UPS, etc), Electrical (Wires, Pump, etc) and Consumer Durables (Fan, Water Heater, KEA, etc) segments registered 62/58/55% YoY growth, clocking 2-year CAGR of 9/4/12%. Gross margin declined by 191/120bps YoY/QoQ to 31%. While oplev and cost control resulted in 450bps YoY EBITDA margin expansion to 12.9% (HSIE 11.5%). EBITDA grew by 143% YoY to INR 1.1bn (HSIE INR 0.98bn). Despite several challenges, FY21 saw 9% revenue growth (3% 2-year CAGR) and 21% YoY EBITDA growth (18% 2-year CAGR). Lockdown is expected to impact near term demand but healthy construction activities and normal trade inventory can result in quick recovery post ease-out in lockdown. We cut EPS by 5% for FY22 while maintain FY23. We value V-Guard at 35x P/E on Jun-23 EPS to derive a target price of INR 265. Maintain ADD. J. Kumar Infraprojects: JKIL reported 4QFY21 revenue/EBITDA/APAT beat/(miss) of 4%/(23%)/(45%). Whilst revenue was ahead of expectation, APAT underperformed on margin contraction. JKIL highlighted that the second wave of the pandemic impacted execution from Feb-21 onwards, with labour reducing to 70%. The revenue shortfall has led to fixed price under absorption. Commodity prices also contributed to lower margins. Excluding the other bank balances (mostly margin money), net debt reduced to INR 4.9bn from INR 6.1bn in Mar-20....
|2021-05-28||Sun Pharmaceutical I.. +||Motilal Oswal||669.75||830.00||669.75 (2.70%)||20.67||Buy|
Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation (DF) business growth has been strengthening for three consecutive quarters now. Marketing efforts are driving strong performance in Illumya, a specialty product 51% YoY growth was reported for FY21. It further intends to build a Biosimilar portfolio for launch over CY2830. We raise our earnings estimate by 9%/8% for FY22E/FY23E, factoring in a) continued ramp-up in Illumya, led by the Specialty portfolio, b) healthy...
|2021-05-28||Sun Pharmaceutical I.. +||Prabhudas Lilladhar||668.30||773.00||668.30 (2.92%)||12.39||Accumulate|
Better product mix and lower overheads drive core EBITDAM to 24.5% in FY21E from 20% in FY20 without one-time benefits from Covid-19 sales We downgrade our recommendation to Accumulate' from Buy' for SUNP, while remain positive and increase our assigned PE by 22x (from 20x) on FY23E earnings to derive TP of Rs773 (earlier 696). We cut our estimates by 3% for FY22E due to lower sales in ROW and EM markets. However, we...
|2021-05-28||Sun Pharmaceutical I.. +||SMC online||668.30||668.30 (2.92%)|
The company has repaid debt of about $580 million in Fy21. The sale of branded formulations in India business for Q4 FY21 stood at Rs 2,670.90 crore, rising 12.9% over Q4 FY20, accounting for 31.7% of total sales. Sun Pharmaceutical Industries holds approximately 8.2% market share in the over Rs 1,474 billion Indian pharmaceutical market as per AIOCD AWACS MAT March 2021 report. For Q4 FY21, the company launched 31 new products in the Indian market. For US formulations (including Taro), sales were at $370 million, recording a decline of 1.3% over Q4 last year and accounting for about 32% of total consolidated sales. Taro, a US-based...
|2021-05-28||Sun Pharmaceutical I.. +||ICICI Securities Limited||669.75||700.00||669.75 (2.70%)||1.77||Hold|
ICICI Securities Limited
Q4 operational performance was in-line with I-direct estimates whereas PAT was below expectations due to lower other income. While the company's US generics front is going through calibrated product rationalisation, specialty segment looks promising due to robust product pipeline, steady progress. This metamorphic shift from generics to specialty, however, is likely to weigh on US growth in the near term. That said, higher contribution from specialty and strong domestic franchise is likely to change the product mix towards more remunerative businesses by FY23. This would have...
|2021-03-11||Sun Pharmaceutical I.. +||Emkay||584.75||700.00||584.75 (17.62%)||Target met||Buy|
|2021-02-03||Sun Pharmaceutical I.. +||Geojit BNP Paribas||634.75||703.00||634.75 (8.36%)||Target met||Buy|
|2021-01-31||Sun Pharmaceutical I.. +||ICICI Securities Limited||586.20||675.00||586.20 (17.33%)||Target met||Buy|
ICICI Securities Limited
Q3 revenues grew 8.4% YoY to | 8837 crore (I-direct estimate: | 8636 crore). US formulations grew 10.8% YoY to | 2761 crore. Indian formulations grew 9.4% YoY to | 2753 crore. Emerging markets business grew 8.4% YoY to | 1507 crore. RoW markets business grew 15.6% YoY to | 1276 crore. API segment de-grew 9.4% YoY to | 485 crore. EBITDA margins expanded 465 bps YoY to 27.2% (I-direct estimate: 23.0%) due to lower other expenditure and better gross margins. Delta vis--vis I-direct estimates was mainly due to significantly lower other expenditure. EBITDA grew 30.7% YoY to | 2406...
|2021-01-30||Sun Pharmaceutical I.. +||BOB Capital Markets Ltd.||590.15||630.00||590.15 (16.55%)||Target met||Accumulate|
|2021-01-28||Sun Pharmaceutical I.. +||Prabhudas Lilladhar||586.20||602.00||586.20 (17.33%)||Target met||Hold|
Taro's revenue was sequentially flattish while gross profit and gross margin were lower QoQ indicating continual price erosion, unfavorable product mix and impact from COVID. We expect sales growth to be muted and quarterly revenue to remain stable in the range of US$140-150m. Key event for Taro in the near-term would be utilization of US$1.55bn cash and cash equivalent for...
|2020-12-28||Sun Pharmaceutical I.. +||Edelweiss||586.95||655.00||586.95 (17.18%)||Target met||Neutral|
|2020-11-07||Sun Pharmaceutical I.. +||Geojit BNP Paribas||508.45||582.00||508.45 (35.27%)||Target met||Buy|
|2020-11-05||Sun Pharmaceutical I.. +||Sharekhan||512.50||612.00||512.50 (34.20%)||Target met||Buy|
Q2 performance was strong with revenue and earnings beating estimates. Management expects domestic formulations business to improve further led by new launches and a gradual improvement in the acute therapies, while the chronic segment is likely to grow strongly. Pick up in the specialty business and sturdy new product pipeline would enable US business growth....
|2020-11-05||Sun Pharmaceutical I.. +||SMC online||509.15||509.15 (35.09%)|
Sun Pharma records Q2 net profit of Rs 1813 cr, above estimates Total Income has reported 5.29% to Rs 8553.13 crore in Q2 September 2020 as against Rs 8123.35 crore in Q2 September 2019. Consolidated profit before tax (PBT) soared 33.75% to Rs 1,917.18 crore in Q2 September 2020 as against Rs 1,433.38 crore in Q2 September 2019. Current tax expense for the quarter fell 3.36% to Rs 257.08 crore as against Rs 266.03 crore in Q2 September 2019. Consolidated profit after tax (PAT) after minority interes has soared 70%...
|2020-11-04||Sun Pharmaceutical I.. +||HDFC Securities||504.65||565.00||504.65 (36.29%)||Target met||Accumulate|
Maintain ADD. TP Rs565/sh. Recovery in specialty business (USD 108mn, +38% QoQ) along with improved gross margin and lower other expenses helped Sun deliver a 14%/26% beat on EBITDA/ net income. Management commentary was optimistic on Ilumya and steady on US generics. However, they hinted at normalization of specialty spends from Q4 onwards. We maintain that scale up of specialty business will be the most critical catalyst for the stock. We increase our estimates for FY21 by 11% to factor the Q2 beat. Our estimates for FY22/23 largely remain unchanged.
|2020-11-04||Sun Pharmaceutical I.. +||ICICI Securities Limited||504.65||585.00||504.65 (36.29%)||Target met||Buy|
ICICI Securities Limited
Q2 revenues grew 5.3% YoY to | 8553 crore (I-direct estimate: | 8069 crore). US formulations grew 4.3% YoY to | 2492 crore amid currency tailwinds and specialty traction. India business remained flattish (up 0.7%) YoY at | 2531 crore whereas Emerging Markets business grew 10.4% YoY to | 1559 crore. RoW markets business grew 16.3% YoY to | 1322 crore. EBITDA margins expanded 361 bps YoY to 25.6% (I-direct estimate of 22.5%) mainly due to a better product mix (higher specialty sales) and lower other expenditure. Delta vis--vis I-direct estimates was mainly due to lower staff costs and...
|2020-11-04||Sun Pharmaceutical I.. +||BOB Capital Markets Ltd.||504.65||540.00||504.65 (36.29%)||Target met||Sell|
|2020-09-21||Sun Pharmaceutical I.. +||Dolat Capital||503.65||660.00||503.65 (36.56%)||Target met||Buy|
Given the structural headwinds in the US faced by Indian generic companies, Sun's investments to build a branded specialty business is a key differentiator. However, Specialty pharma is a vastly different business model compared to traditional generics requiring significantly...
|2020-08-11||Sun Pharmaceutical I.. +||SMC online||520.80||520.80 (32.07%)||Results Update|
Sun Pharma records Q1 net loss of Rs 1641 cr, misses estimates Total income declined 9.6% on a year-on-year (YoY) basis to Rs 7,467.19 crore in the first quarter of the financial year 2020-21. Research and development expenses rose 2.1% YoY to Rs 415.19 crore in Q1 June 2020....